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
Q3 2014Sep 30, 2014	STT State Street Corporation	State Street Corporation	Buy	+344+2.5%	$1.05K	14,256
Q3 2014Sep 30, 2014	ACN Accenture plc	Accenture plc	Buy	+284+2.5%	$954.00	11,731
Q3 2014Sep 30, 2014	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+185+2.5%	$929.00	7,537
Q3 2014Sep 30, 2014	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+164+3.2%	$654.00	5,221
Q3 2014Sep 30, 2014	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-700-0.7%	$8.71K	98,825
Q3 2014Sep 30, 2014	IEX IDEX Corporation	IDEX Corporation	Sell	-1,235-0.2%	$40.12K	554,301
Q3 2014Sep 30, 2014	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-1,325-0.1%	$9.68K	1,298,832
Q3 2014Sep 30, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-1,397-0.3%	$59.86K	443,985
Q3 2014Sep 30, 2014	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-2,925-5.1%	$9.88K	54,060
Q3 2014Sep 30, 2014	CVS CVS Health Corporation	CVS Health Corporation	Sell	-3,145-3.2%	$7.58K	95,275
Q3 2014Sep 30, 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-3,156-5.8%	$35.95K	51,386
Q3 2014Sep 30, 2014	ALV Autoliv, Inc.	Autoliv, Inc.	Sell	-3,181-27.7%	$762.00	8,285
Q3 2014Sep 30, 2014	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-4,018-1.1%	$21.17K	348,910
Q3 2014Sep 30, 2014	MATW Matthews International Corporat	Matthews International Corporat	Sell	-4,332-1.4%	$13.32K	303,412
Q3 2014Sep 30, 2014	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-5,875-1.4%	$11.95K	418,959
Q3 2014Sep 30, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-10,484-30.7%	$2.68K	23,686
Q3 2014Sep 30, 2014	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-10,956-9.6%	$4.18K	102,948
Q3 2014Sep 30, 2014	TGT Target Corporation	Target Corporation	Sell	-16,695-14.2%	$6.31K	100,650
Q3 2014Sep 30, 2014	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Sell	-18,515-26.5%	$2.61K	51,289
Q3 2014Sep 30, 2014	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Sell	-19,149-23.8%	$3.63K	61,206
Q3 2014Sep 30, 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-28,381-26.9%	$3.22K	77,281
Q3 2014Sep 30, 2014	BCO Brinks Company (The)	Brinks Company (The)	Sell	-29,423-2.6%	$26.06K	1,084,110
Q3 2014Sep 30, 2014	CHRW C.H. Robinson Worldwide, Inc.	C.H. Robinson Worldwide, Inc.	Sell - Position Exit	-42,448-100.0%	$0.00	-
Q3 2014Sep 30, 2014	RCL Royal Caribbean	Royal Caribbean	Sell	-43,150-3.1%	$91.68K	1,362,411
Q3 2014Sep 30, 2014	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-55,058-28.7%	$8.25K	136,634
Q3 2014Sep 30, 2014	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-55,919-2.1%	$12.88K	2,607,251
Q3 2014Sep 30, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-70,335-5.0%	$61.75K	1,331,896
Q3 2014Sep 30, 2014	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-148,319-7.8%	$96.46K	1,750,666
Q3 2014Sep 30, 2014	FORM FormFactor, Inc.	FormFactor, Inc.	Sell - Position Exit	-164,475-100.0%	$0.00	-
Q3 2014Sep 30, 2014	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-193,707-10.1%	$218.11K	1,726,379

Page 161 of 176 • 5272 total trades

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