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	WMT Walmart Inc.	Walmart Inc.	Buy - Position Entry	+16,088	$1.19K	16,088
Q3 2013Sep 30, 2013	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+15,455+0.6%	$127.21K	2,749,905
Q3 2013Sep 30, 2013	GPN Global Payments Inc.	Global Payments Inc.	Buy - Position Entry	+14,223	$727.00	14,223
Q3 2013Sep 30, 2013	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy	+12,904+345.4%	$1.01K	16,640
Q3 2013Sep 30, 2013	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+12,493+1.4%	$81.28K	897,458
Q3 2013Sep 30, 2013	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy - Position Entry	+11,736	$637.00	11,736
Q3 2013Sep 30, 2013	MATW Matthews International Corporat	Matthews International Corporat	Buy	+11,120+3.4%	$12.86K	337,683
Q3 2013Sep 30, 2013	PM Philip Morris International Inc	Philip Morris International Inc	Buy - Position Entry	+11,057	$957.00	11,057
Q3 2013Sep 30, 2013	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy - Position Entry	+8,264	$599.00	8,264
Q3 2013Sep 30, 2013	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+7,198+2.1%	$24.99K	347,360
Q3 2013Sep 30, 2013	ALV Autoliv, Inc.	Autoliv, Inc.	Buy - Position Entry	+7,068	$618.00	7,068
Q3 2013Sep 30, 2013	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+6,810+0.3%	$113.96K	2,061,534
Q3 2013Sep 30, 2013	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy - Position Entry	+5,855	$665.00	5,855
Q3 2013Sep 30, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Buy - Position Entry	+5,068	$223.00	5,068
Q3 2013Sep 30, 2013	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy - Position Entry	+4,239	$397.00	4,239
Q3 2013Sep 30, 2013	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+4,238+62.9%	$970.00	10,981
Q3 2013Sep 30, 2013	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+3,447+30.2%	$2.31K	14,879
Q3 2013Sep 30, 2013	IWC iShares Microcap ETF	iShares Microcap ETF	Buy - Position Entry	+3,100	$212.00	3,100
Q3 2013Sep 30, 2013	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy	+1,591+65.5%	$515.00	4,021
Q3 2013Sep 30, 2013	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+500+0.6%	$4.38K	84,736
Q3 2013Sep 30, 2013	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+400+0.4%	$3.43K	113,525
Q3 2013Sep 30, 2013	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-1,535-2.3%	$13.42K	64,224
Q3 2013Sep 30, 2013	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-5,355-0.9%	$74.39K	571,146
Q3 2013Sep 30, 2013	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Sell	-7,820-33.0%	$234.00	15,866
Q3 2013Sep 30, 2013	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-13,298-0.9%	$77.89K	1,432,264
Q3 2013Sep 30, 2013	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-14,455-1.4%	$80.47K	1,028,835
Q3 2013Sep 30, 2013	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Sell	-15,643-0.7%	$10.35K	2,254,864
Q3 2013Sep 30, 2013	MKL Markel Group Inc.	Markel Group Inc.	Sell - Position Exit	-16,893-100.0%	$0.00	-
Q3 2013Sep 30, 2013	GNTX Gentex Corporation	Gentex Corporation	Sell - Position Exit	-17,720-100.0%	$0.00	-
Q3 2013Sep 30, 2013	IEX IDEX Corporation	IDEX Corporation	Sell	-23,477-1.8%	$84.04K	1,287,907

Page 173 of 176 • 5272 total trades

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