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	WU Western Union Company (The)	Western Union Company (The)	Sell	-308,385-2.2%	$218.94K	13,649,596
Q3 2014Sep 30, 2014	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-311,617-64.7%	$3.13K	169,799
Q3 2014Sep 30, 2014	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-345,995-8.0%	$118.93K	3,998,936
Q3 2014Sep 30, 2014	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Sell	-530,973-24.0%	$13.59K	1,677,376
Q3 2014Sep 30, 2014	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-595,571-24.8%	$22.17K	1,809,556
Q3 2014Sep 30, 2014	AWRE Aware, Inc.	Aware, Inc.	Sell - Position Exit	-1,557,371-100.0%	$0.00	-
Q3 2014Sep 30, 2014	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-2,519,947-21.0%	$173.33K	9,461,460
Q2 2014Jun 30, 2014	KMT Kennametal Inc.	Kennametal Inc.	Buy - Position Entry	+1,417,909	$65.62K	1,417,909
Q2 2014Jun 30, 2014	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+671,529+49.4%	$15.36K	2,031,903
Q2 2014Jun 30, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+384,988+37.8%	$58.47K	1,402,231
Q2 2014Jun 30, 2014	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+374,245+42.6%	$22.24K	1,252,726
Q2 2014Jun 30, 2014	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+362,279+101.7%	$4.16K	718,425
Q2 2014Jun 30, 2014	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy - Position Entry	+322,268	$5.90K	322,268
Q2 2014Jun 30, 2014	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+295,208+26.1%	$18.05K	1,424,608
Q2 2014Jun 30, 2014	AWRE Aware, Inc.	Aware, Inc.	Buy	+270,466+21.0%	$10.22K	1,557,371
Q2 2014Jun 30, 2014	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+241,461+60.8%	$52.96K	638,734
Q2 2014Jun 30, 2014	WU Western Union Company (The)	Western Union Company (The)	Buy	+211,639+1.5%	$242.03K	13,957,981
Q2 2014Jun 30, 2014	NWL Newell Brands Inc.	Newell Brands Inc.	Buy	+181,559+5.1%	$116.93K	3,773,084
Q2 2014Jun 30, 2014	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+166,675+4.4%	$16.12K	3,960,364
Q2 2014Jun 30, 2014	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+160,006+17.3%	$14.75K	1,085,544
Q2 2014Jun 30, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+155,809+42.5%	$54.69K	522,727
Q2 2014Jun 30, 2014	USB U.S. Bancorp	U.S. Bancorp	Buy	+116,300+52.8%	$14.58K	336,533
Q2 2014Jun 30, 2014	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+96,698+101.8%	$11.93K	191,692
Q2 2014Jun 30, 2014	WMT Walmart Inc.	Walmart Inc.	Buy	+80,417+94.7%	$12.41K	165,321
Q2 2014Jun 30, 2014	SO Southern Company (The)	Southern Company (The)	Buy - Position Entry	+70,487	$3.20K	70,487
Q2 2014Jun 30, 2014	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+66,435+4.8%	$127.69K	1,453,962
Q2 2014Jun 30, 2014	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+65,541+192.9%	$8.23K	99,525
Q2 2014Jun 30, 2014	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+57,769+19.6%	$20.71K	352,928
Q2 2014Jun 30, 2014	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+53,840+3.2%	$100.83K	1,743,346
Q2 2014Jun 30, 2014	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+50,059+31.4%	$3.27K	209,606

Page 162 of 176 • 5272 total trades

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