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	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+25,995+19.0%	$9.78K	162,629
Q4 2014Dec 31, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+22,552+29.1%	$9.13K	100,053
Q4 2014Dec 31, 2014	CME CME Group Inc.	CME Group Inc.	Buy - Position Entry	+21,672	$1.92K	21,672
Q4 2014Dec 31, 2014	ACN Accenture plc	Accenture plc	Buy	+18,822+160.4%	$2.73K	30,553
Q4 2014Dec 31, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+14,952+30.5%	$9.61K	63,968
Q4 2014Dec 31, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+10,814+45.7%	$3.72K	34,500
Q4 2014Dec 31, 2014	SUP Superior Industries Internation	Superior Industries Internation	Buy	+10,225+8.7%	$2.54K	128,375
Q4 2014Dec 31, 2014	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+9,024+29.0%	$3.30K	40,190
Q4 2014Dec 31, 2014	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+7,785+0.4%	$127.54K	2,004,055
Q4 2014Dec 31, 2014	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+6,950+2.6%	$3.55K	278,750
Q4 2014Dec 31, 2014	STT State Street Corporation	State Street Corporation	Buy	+4,214+29.6%	$1.45K	18,470
Q4 2014Dec 31, 2014	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+4,170+4.1%	$6.66K	106,466
Q4 2014Dec 31, 2014	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+4,007+0.3%	$19.27K	1,167,646
Q4 2014Dec 31, 2014	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+2,244+29.8%	$1.23K	9,781
Q4 2014Dec 31, 2014	MATW Matthews International Corporat	Matthews International Corporat	Buy	+2,155+0.7%	$14.87K	305,567
Q4 2014Dec 31, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+2,002+0.5%	$69.29K	445,987
Q4 2014Dec 31, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+1,925+4.5%	$3.31K	44,486
Q4 2014Dec 31, 2014	AXP American Express Company	American Express Company	Buy	+1,590+29.0%	$659.00	7,082
Q4 2014Dec 31, 2014	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+360+0.1%	$27.33K	353,039
Q4 2014Dec 31, 2014	IBM International Business Machines	International Business Machines	Sell	-100-0.2%	$8.21K	51,182
Q4 2014Dec 31, 2014	BAX Baxter International Inc.	Baxter International Inc.	Sell	-100-0.2%	$4.61K	62,951
Q4 2014Dec 31, 2014	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-100-0.1%	$7.91K	85,510
Q4 2014Dec 31, 2014	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-200-0.2%	$4.73K	116,515
Q4 2014Dec 31, 2014	MS Morgan Stanley	Morgan Stanley	Sell	-200-0.1%	$6.18K	159,380
Q4 2014Dec 31, 2014	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-365-0.0%	$85.40K	883,410
Q4 2014Dec 31, 2014	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-1,125-1.1%	$9.68K	97,700
Q4 2014Dec 31, 2014	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-1,300-0.8%	$7.42K	162,630
Q4 2014Dec 31, 2014	CVS CVS Health Corporation	CVS Health Corporation	Sell	-1,600-1.7%	$9.02K	93,675
Q4 2014Dec 31, 2014	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-1,832-35.1%	$480.00	3,389
Q4 2014Dec 31, 2014	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-1,892-0.4%	$39.48K	459,806

Page 157 of 176 • 5272 total trades

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