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
Q2 2014Jun 30, 2014	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+48,705+43.2%	$7.99K	161,530
Q2 2014Jun 30, 2014	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+42,140+2.3%	$121.08K	1,898,985
Q2 2014Jun 30, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+41,509+45.1%	$11.26K	133,594
Q2 2014Jun 30, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+41,261+61.2%	$20.31K	108,698
Q2 2014Jun 30, 2014	BCO Brinks Company (The)	Brinks Company (The)	Buy	+35,640+3.3%	$31.42K	1,113,533
Q2 2014Jun 30, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+26,120+52.8%	$6.73K	75,624
Q2 2014Jun 30, 2014	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy - Position Entry	+24,272	$1.84K	24,272
Q2 2014Jun 30, 2014	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Buy	+22,825+1.0%	$12.94K	2,208,349
Q2 2014Jun 30, 2014	ORCL Oracle Corporation	Oracle Corporation	Buy	+20,760+15.2%	$6.38K	157,405
Q2 2014Jun 30, 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+18,225+29.2%	$2.90K	80,600
Q2 2014Jun 30, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+16,508+52.7%	$6.05K	47,832
Q2 2014Jun 30, 2014	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+16,506+19.3%	$5.87K	101,902
Q2 2014Jun 30, 2014	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+15,666+15.9%	$5.03K	113,904
Q2 2014Jun 30, 2014	CHRW C.H. Robinson Worldwide, Inc.	C.H. Robinson Worldwide, Inc.	Buy	+14,669+52.8%	$2.71K	42,448
Q2 2014Jun 30, 2014	STT State Street Corporation	State Street Corporation	Buy - Position Entry	+13,912	$936.00	13,912
Q2 2014Jun 30, 2014	ACN Accenture plc	Accenture plc	Buy - Position Entry	+11,447	$925.00	11,447
Q2 2014Jun 30, 2014	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy	+9,100+159.1%	$1.77K	14,818
Q2 2014Jun 30, 2014	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+6,800+4.4%	$3.46K	160,875
Q2 2014Jun 30, 2014	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy	+6,176+8.3%	$5.00K	80,355
Q2 2014Jun 30, 2014	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+5,640+20.4%	$5.57K	33,275
Q2 2014Jun 30, 2014	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy - Position Entry	+5,057	$582.00	5,057
Q2 2014Jun 30, 2014	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+4,850+7.5%	$3.55K	69,804
Q2 2014Jun 30, 2014	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+2,805+61.7%	$912.00	7,352
Q2 2014Jun 30, 2014	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+1,593+0.1%	$96.64K	1,505,034
Q2 2014Jun 30, 2014	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+263+0.1%	$38.68K	458,223
Q2 2014Jun 30, 2014	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-5-0.0%	$9.16K	56,985
Q2 2014Jun 30, 2014	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-45-0.0%	$4.23K	112,815
Q2 2014Jun 30, 2014	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-350-0.0%	$11.98K	2,663,170
Q2 2014Jun 30, 2014	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-1,775-0.1%	$30.04K	2,405,127
Q2 2014Jun 30, 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-3,520-6.1%	$39.17K	54,542

Page 163 of 176 • 5272 total trades

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