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 2013Sep 30, 2013	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Buy	+218,998+20.1%	$9.45K	1,309,133
Q3 2013Sep 30, 2013	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+206,130+2.9%	$151.64K	7,368,225
Q3 2013Sep 30, 2013	MODG Topgolf Callaway Brands Corp.	Topgolf Callaway Brands Corp.	Buy	+199,785+19.7%	$8.64K	1,213,905
Q3 2013Sep 30, 2013	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy	+143,413+13.7%	$90.54K	1,187,080
Q3 2013Sep 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+140,463+51.0%	$13.84K	415,887
Q3 2013Sep 30, 2013	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+91,058+92.4%	$1.23K	189,624
Q3 2013Sep 30, 2013	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+86,937+13.0%	$8.28K	755,379
Q3 2013Sep 30, 2013	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy	+85,090+475.6%	$1.60K	102,980
Q3 2013Sep 30, 2013	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+84,207+8.3%	$128.92K	1,096,613
Q3 2013Sep 30, 2013	AZTA Azenta, Inc.	Azenta, Inc.	Buy - Position Entry	+76,800	$715.00	76,800
Q3 2013Sep 30, 2013	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+75,331+536.0%	$2.06K	89,386
Q3 2013Sep 30, 2013	BCO Brinks Company (The)	Brinks Company (The)	Buy	+67,240+6.5%	$31.27K	1,104,796
Q3 2013Sep 30, 2013	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+60,676+85.3%	$5.22K	131,829
Q3 2013Sep 30, 2013	CVS CVS Health Corporation	CVS Health Corporation	Buy - Position Entry	+55,685	$3.16K	55,685
Q3 2013Sep 30, 2013	MOS Mosaic Company (The)	Mosaic Company (The)	Buy - Position Entry	+55,190	$2.37K	55,190
Q3 2013Sep 30, 2013	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+53,209+441.3%	$4.10K	65,265
Q3 2013Sep 30, 2013	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+41,494+557.3%	$3.02K	48,939
Q3 2013Sep 30, 2013	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+37,580+1.5%	$84.20K	2,585,223
Q3 2013Sep 30, 2013	SUP Superior Industries Internation	Superior Industries Internation	Buy - Position Entry	+37,000	$660.00	37,000
Q3 2013Sep 30, 2013	USB U.S. Bancorp	U.S. Bancorp	Buy - Position Entry	+32,872	$1.20K	32,872
Q3 2013Sep 30, 2013	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+32,765+7.6%	$13.24K	466,599
Q3 2013Sep 30, 2013	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+32,189+33.7%	$11.06K	127,576
Q3 2013Sep 30, 2013	EBS Emergent BioSolutions Inc.	Emergent BioSolutions Inc.	Buy	+32,100+116.7%	$1.14K	59,600
Q3 2013Sep 30, 2013	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+30,105+2.2%	$88.66K	1,430,215
Q3 2013Sep 30, 2013	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+29,713+3.4%	$74.80K	910,624
Q3 2013Sep 30, 2013	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy - Position Entry	+21,253	$1.18K	21,253
Q3 2013Sep 30, 2013	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+19,900+92.1%	$1.02K	41,500
Q3 2013Sep 30, 2013	BRC Brady Corporation	Brady Corporation	Buy	+19,175+0.8%	$77.58K	2,543,427
Q3 2013Sep 30, 2013	CCL Carnival Corporation	Carnival Corporation	Buy	+17,460+2.3%	$25.49K	780,997
Q3 2013Sep 30, 2013	IBM International Business Machines	International Business Machines	Buy	+16,850+51.8%	$9.15K	49,402

Page 172 of 176 • 5272 total trades

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