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	MS Morgan Stanley	Morgan Stanley	Sell	-28,050-12.9%	$5.08K	188,575
Q3 2013Sep 30, 2013	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-34,690-13.2%	$14.71K	227,275
Q3 2013Sep 30, 2013	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-38,517-2.9%	$127.46K	1,280,994
Q3 2013Sep 30, 2013	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-54,793-6.2%	$76.50K	830,225
Q3 2013Sep 30, 2013	TILE Interface, Inc.	Interface, Inc.	Sell	-88,230-2.4%	$71.42K	3,599,185
Q3 2013Sep 30, 2013	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-93,071-15.8%	$51.96K	494,663
Q3 2013Sep 30, 2013	NWL Newell Brands Inc.	Newell Brands Inc.	Sell	-116,890-3.0%	$103.98K	3,781,078
Q3 2013Sep 30, 2013	WU Western Union Company (The)	Western Union Company (The)	Sell	-147,070-1.4%	$196.77K	10,544,783
Q3 2013Sep 30, 2013	CSPI CSP Inc.	CSP Inc.	Sell	-232,206-62.9%	$969.00	137,030
Q3 2013Sep 30, 2013	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Sell	-285,980-8.2%	$11.98K	3,186,218
Q3 2013Sep 30, 2013	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-2,080,387-12.6%	$248.75K	14,479,119
Q2 2013Jun 30, 2013	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy - Position Entry	+16,559,506	$240.94K	16,559,506
Q2 2013Jun 30, 2013	WU Western Union Company (The)	Western Union Company (The)	Buy - Position Entry	+10,691,853	$182.94K	10,691,853
Q2 2013Jun 30, 2013	FAF First American Corporation (New	First American Corporation (New	Buy - Position Entry	+8,650,370	$190.65K	8,650,370
Q2 2013Jun 30, 2013	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+7,162,095	$140.81K	7,162,095
Q2 2013Jun 30, 2013	NWL Newell Brands Inc.	Newell Brands Inc.	Buy - Position Entry	+3,897,968	$102.32K	3,897,968
Q2 2013Jun 30, 2013	CBRE CBRE Group Inc	CBRE Group Inc	Buy - Position Entry	+3,853,368	$90.02K	3,853,368
Q2 2013Jun 30, 2013	TILE Interface, Inc.	Interface, Inc.	Buy - Position Entry	+3,687,415	$62.58K	3,687,415
Q2 2013Jun 30, 2013	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy - Position Entry	+3,472,198	$8.61K	3,472,198
Q2 2013Jun 30, 2013	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy - Position Entry	+2,734,450	$112.19K	2,734,450
Q2 2013Jun 30, 2013	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy - Position Entry	+2,547,643	$74.95K	2,547,643
Q2 2013Jun 30, 2013	BRC Brady Corporation	Brady Corporation	Buy - Position Entry	+2,524,252	$77.57K	2,524,252
Q2 2013Jun 30, 2013	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Buy - Position Entry	+2,270,507	$9.08K	2,270,507
Q2 2013Jun 30, 2013	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy - Position Entry	+2,054,724	$94.17K	2,054,724
Q2 2013Jun 30, 2013	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy - Position Entry	+1,864,432	$169.92K	1,864,432
Q2 2013Jun 30, 2013	RCL Royal Caribbean	Royal Caribbean	Buy - Position Entry	+1,818,766	$60.64K	1,818,766
Q2 2013Jun 30, 2013	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy - Position Entry	+1,445,562	$83.70K	1,445,562
Q2 2013Jun 30, 2013	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy - Position Entry	+1,425,705	$7.29K	1,425,705
Q2 2013Jun 30, 2013	AFL AFLAC Incorporated	AFLAC Incorporated	Buy - Position Entry	+1,400,110	$81.37K	1,400,110
Q2 2013Jun 30, 2013	SNA Snap-On Incorporated	Snap-On Incorporated	Buy - Position Entry	+1,319,511	$117.94K	1,319,511

Page 174 of 176 • 5272 total trades

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