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
Q4 2013Dec 31, 2013	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+28,765+2.0%	$85.52K	1,481,360
Q4 2013Dec 31, 2013	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+28,512+191.6%	$7.72K	43,391
Q4 2013Dec 31, 2013	BCO Brinks Company (The)	Brinks Company (The)	Buy	+27,002+2.4%	$38.64K	1,131,798
Q4 2013Dec 31, 2013	ALV Autoliv, Inc.	Autoliv, Inc.	Buy	+25,864+365.9%	$3.02K	32,932
Q4 2013Dec 31, 2013	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+24,848+211.7%	$2.02K	36,584
Q4 2013Dec 31, 2013	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+23,601+403.1%	$3.49K	29,456
Q4 2013Dec 31, 2013	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy	+22,565+1.9%	$101.71K	1,209,645
Q4 2013Dec 31, 2013	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+20,113+0.8%	$95.69K	2,605,336
Q4 2013Dec 31, 2013	BTI British American Tobacco Indus	British American Tobacco Indus	Buy - Position Entry	+19,558	$2.10K	19,558
Q4 2013Dec 31, 2013	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+18,136+2.0%	$86.55K	928,760
Q4 2013Dec 31, 2013	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+17,726+1.8%	$73.96K	994,534
Q4 2013Dec 31, 2013	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+16,430+2.0%	$94.28K	846,655
Q4 2013Dec 31, 2013	NWL Newell Brands Inc.	Newell Brands Inc.	Buy	+15,639+0.4%	$123.05K	3,796,717
Q4 2013Dec 31, 2013	ACN Accenture plc	Accenture plc	Buy - Position Entry	+14,616	$1.20K	14,616
Q4 2013Dec 31, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+14,442+285.0%	$863.00	19,510
Q4 2013Dec 31, 2013	TGT Target Corporation	Target Corporation	Buy	+14,375+14.0%	$7.41K	117,110
Q4 2013Dec 31, 2013	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+12,855+1.4%	$73.45K	910,313
Q4 2013Dec 31, 2013	BAX Baxter International Inc.	Baxter International Inc.	Buy	+11,980+24.3%	$4.26K	61,251
Q4 2013Dec 31, 2013	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Buy	+7,363+25.0%	$2.17K	36,872
Q4 2013Dec 31, 2013	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Buy	+7,175+0.5%	$10.23K	1,316,308
Q4 2013Dec 31, 2013	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+5,994+0.5%	$136.29K	1,102,607
Q4 2013Dec 31, 2013	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+4,258+38.8%	$1.37K	15,239
Q4 2013Dec 31, 2013	MTB M&T Bank Corporation	M&T Bank Corporation	Buy - Position Entry	+4,254	$495.00	4,254
Q4 2013Dec 31, 2013	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy	+1,677+41.7%	$695.00	5,698
Q4 2013Dec 31, 2013	IWC iShares Microcap ETF	iShares Microcap ETF	Buy	+900+29.0%	$300.00	4,000
Q4 2013Dec 31, 2013	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+460+0.5%	$4.98K	85,196
Q4 2013Dec 31, 2013	IBM International Business Machines	International Business Machines	Sell	-20-0.0%	$9.26K	49,382
Q4 2013Dec 31, 2013	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-30-0.0%	$9.34K	62,840
Q4 2013Dec 31, 2013	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-35-0.1%	$6.85K	67,695
Q4 2013Dec 31, 2013	MATW Matthews International Corporat	Matthews International Corporat	Sell	-64-0.0%	$14.39K	337,619

Page 170 of 176 • 5272 total trades

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