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	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-3,672-0.8%	$8.93K	481,416
Q2 2014Jun 30, 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-3,918-3.6%	$4.56K	105,662
Q2 2014Jun 30, 2014	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-5,657-13.3%	$2.21K	36,872
Q2 2014Jun 30, 2014	HDB HDFC Bank Limited	HDFC Bank Limited	Sell - Position Exit	-6,400-100.0%	$0.00	-
Q2 2014Jun 30, 2014	MATW Matthews International Corporat	Matthews International Corporat	Sell	-7,670-2.4%	$12.79K	307,744
Q2 2014Jun 30, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-7,996-19.0%	$4.07K	34,170
Q2 2014Jun 30, 2014	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-8,975-2.1%	$13.29K	424,834
Q2 2014Jun 30, 2014	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-12,431-0.9%	$10.13K	1,300,157
Q2 2014Jun 30, 2014	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-15,761-6.4%	$9.82K	230,682
Q2 2014Jun 30, 2014	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-19,166-3.4%	$63.36K	536,928
Q2 2014Jun 30, 2014	ALV Autoliv, Inc.	Autoliv, Inc.	Sell	-21,947-65.7%	$1.22K	11,466
Q2 2014Jun 30, 2014	GPN Global Payments Inc.	Global Payments Inc.	Sell - Position Exit	-24,801-100.0%	$0.00	-
Q2 2014Jun 30, 2014	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-26,406-70.4%	$160.00	11,094
Q2 2014Jun 30, 2014	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Sell - Position Exit	-39,891-100.0%	$0.00	-
Q2 2014Jun 30, 2014	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-41,277-4.0%	$117.73K	983,452
Q2 2014Jun 30, 2014	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-48,749-4.0%	$83.89K	1,177,844
Q2 2014Jun 30, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-58,150-11.5%	$61.61K	445,382
Q2 2014Jun 30, 2014	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-58,605-2.9%	$104.40K	1,950,657
Q2 2014Jun 30, 2014	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-59,916-3.7%	$165.14K	1,549,600
Q2 2014Jun 30, 2014	BRC Brady Corporation	Brady Corporation	Sell	-69,912-2.1%	$97.24K	3,255,382
Q2 2014Jun 30, 2014	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-82,066-5.5%	$87.96K	1,413,052
Q2 2014Jun 30, 2014	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-104,840-11.2%	$76.92K	827,499
Q2 2014Jun 30, 2014	TDS Telephone and Data Systems, Inc	Telephone and Data Systems, Inc	Sell - Position Exit	-112,530-100.0%	$0.00	-
Q2 2014Jun 30, 2014	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-160,624-7.7%	$242.68K	1,920,086
Q2 2014Jun 30, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-183,060-81.3%	$3.02K	42,160
Q2 2014Jun 30, 2014	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-184,361-15.2%	$122.10K	1,030,177
Q2 2014Jun 30, 2014	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-196,100-7.7%	$85.66K	2,355,891
Q2 2014Jun 30, 2014	FAF First American Corporation (New	First American Corporation (New	Sell	-198,561-2.1%	$261.35K	9,404,467
Q2 2014Jun 30, 2014	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-199,419-20.9%	$78.21K	753,063
Q2 2014Jun 30, 2014	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-216,536-19.2%	$79.82K	911,635

Page 164 of 176 • 5272 total trades

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