John W. Rogers Jr. – Ariel Appreciation Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – First Solar, Inc. (FSLR), Barrick Gold (B), Walt Disney Company (The) (DIS)

Increases – Algonquin Power & Utilities Cor (AQN), Norwegian Cruise Line (NCLH), Leslie's, Inc. (LESL), Core Laboratories Inc. (CLB), OneSpaWorld (OSW), and 32 more

Reductions – Fair Isaac Corporation (FICO), Motorola Solutions, Inc. (MSI), Progressive Corporation (The) (PGR), Taiwan Semiconductor Manufactur (TSM), PHINIA Inc. (PHIN), and 56 more

Complete Exits – Vanguard Total International St (VXUS), AbbVie Inc. (ABBV), Philip Morris International Inc (PM), Barrick Gold Corporation (GOLD), CNH Industrial (CNH)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Ariel Appreciation Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2014Dec 31, 2014	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+389,060+30.3%	$28.35K	1,673,475
Q4 2014Dec 31, 2014	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+371,378+3347.6%	$4.98K	382,472
Q4 2014Dec 31, 2014	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Buy - Position Entry	+357,204	$23.69K	357,204
Q4 2014Dec 31, 2014	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy - Position Entry	+348,964	$16.32K	348,964
Q4 2014Dec 31, 2014	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+291,105+3.1%	$202.56K	9,752,565
Q4 2014Dec 31, 2014	WU Western Union Company (The)	Western Union Company (The)	Buy	+288,215+2.1%	$249.63K	13,937,811
Q4 2014Dec 31, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+274,776+20.6%	$74.63K	1,606,672
Q4 2014Dec 31, 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+252,964+327.3%	$13.22K	330,245
Q4 2014Dec 31, 2014	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+242,625+8.3%	$109.99K	3,178,871
Q4 2014Dec 31, 2014	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+162,335+10.9%	$158.59K	1,650,591
Q4 2014Dec 31, 2014	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+159,240+2.7%	$142.08K	6,121,560
Q4 2014Dec 31, 2014	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+158,907+24.7%	$75.67K	802,803
Q4 2014Dec 31, 2014	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy - Position Entry	+154,683	$15.73K	154,683
Q4 2014Dec 31, 2014	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+135,010+9.0%	$100.16K	1,639,462
Q4 2014Dec 31, 2014	BRC Brady Corporation	Brady Corporation	Buy	+134,120+3.1%	$122.01K	4,462,578
Q4 2014Dec 31, 2014	USB U.S. Bancorp	U.S. Bancorp	Buy	+105,099+30.5%	$20.23K	449,995
Q4 2014Dec 31, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+95,516+17.8%	$66.10K	632,132
Q4 2014Dec 31, 2014	SO Southern Company (The)	Southern Company (The)	Buy	+88,782+77.8%	$9.96K	202,853
Q4 2014Dec 31, 2014	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+81,650+4.5%	$191.37K	1,895,126
Q4 2014Dec 31, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+69,081+49.2%	$17.07K	209,522
Q4 2014Dec 31, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+60,512+54.8%	$38.98K	170,968
Q4 2014Dec 31, 2014	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Buy - Position Entry	+56,244	$10.60K	56,244
Q4 2014Dec 31, 2014	TILE Interface, Inc.	Interface, Inc.	Buy	+51,150+4.2%	$20.98K	1,273,939
Q4 2014Dec 31, 2014	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy	+49,166+29.0%	$4.39K	218,965
Q4 2014Dec 31, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+41,735+433.5%	$4.39K	51,362
Q4 2014Dec 31, 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+40,600+47.5%	$4.78K	126,000
Q4 2014Dec 31, 2014	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+39,799+7.4%	$72.73K	580,501
Q4 2014Dec 31, 2014	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+37,598+10.8%	$25.92K	386,508
Q4 2014Dec 31, 2014	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+37,212+17.3%	$3.81K	252,328
Q4 2014Dec 31, 2014	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+28,489+1.8%	$16.05K	1,571,757

Page 156 of 176 • 5272 total trades

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