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	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-230,032-40.1%	$28.24K	343,081
Q2 2014Jun 30, 2014	FORM FormFactor, Inc.	FormFactor, Inc.	Sell	-240,200-59.4%	$1.37K	164,475
Q2 2014Jun 30, 2014	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-254,719-15.4%	$94.75K	1,394,888
Q2 2014Jun 30, 2014	IEX IDEX Corporation	IDEX Corporation	Sell	-286,200-34.0%	$44.85K	555,536
Q2 2014Jun 30, 2014	RCL Royal Caribbean	Royal Caribbean	Sell	-510,875-26.7%	$78.15K	1,405,561
Q2 2014Jun 30, 2014	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-649,701-13.0%	$139.21K	4,344,931
Q2 2014Jun 30, 2014	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-666,166-10.2%	$143.00K	5,877,570
Q2 2014Jun 30, 2014	TILE Interface, Inc.	Interface, Inc.	Sell	-1,239,031-54.6%	$19.43K	1,031,034
Q2 2014Jun 30, 2014	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-1,596,521-11.8%	$233.76K	11,981,407
Q1 2014Mar 31, 2014	WU Western Union Company (The)	Western Union Company (The)	Buy	+1,576,539+13.0%	$224.89K	13,746,342
Q1 2014Mar 31, 2014	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+774,938+92.9%	$156.51K	1,609,516
Q1 2014Mar 31, 2014	AWRE Aware, Inc.	Aware, Inc.	Buy	+738,321+134.6%	$7.45K	1,286,905
Q1 2014Mar 31, 2014	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+477,214+52.4%	$112.72K	1,387,527
Q1 2014Mar 31, 2014	BRC Brady Corporation	Brady Corporation	Buy	+445,103+15.5%	$90.28K	3,325,294
Q1 2014Mar 31, 2014	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+359,282+35.9%	$9.98K	1,360,374
Q1 2014Mar 31, 2014	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy - Position Entry	+356,146	$2.55K	356,146
Q1 2014Mar 31, 2014	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Buy	+349,180+17.0%	$26.86K	2,406,902
Q1 2014Mar 31, 2014	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+268,699+31.2%	$14.68K	1,129,400
Q1 2014Mar 31, 2014	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+232,059+23.3%	$89.05K	1,226,593
Q1 2014Mar 31, 2014	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+208,146+14.1%	$91.54K	1,689,506
Q1 2014Mar 31, 2014	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+162,258+4.5%	$27.50K	3,793,689
Q1 2014Mar 31, 2014	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+124,760+4.9%	$11.99K	2,663,520
Q1 2014Mar 31, 2014	TDS Telephone and Data Systems, Inc	Telephone and Data Systems, Inc	Buy - Position Entry	+112,530	$2.95K	112,530
Q1 2014Mar 31, 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy - Position Entry	+109,580	$4.45K	109,580
Q1 2014Mar 31, 2014	FORM FormFactor, Inc.	FormFactor, Inc.	Buy	+94,000+30.3%	$2.59K	404,675
Q1 2014Mar 31, 2014	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+88,788+5.7%	$103.02K	1,649,607
Q1 2014Mar 31, 2014	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+78,728+403.5%	$3.89K	98,238
Q1 2014Mar 31, 2014	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+76,325+15.4%	$39.78K	573,113
Q1 2014Mar 31, 2014	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+75,812+90.5%	$2.20K	159,547
Q1 2014Mar 31, 2014	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+72,971+22.5%	$28.15K	397,273

Page 165 of 176 • 5272 total trades

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