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 2013Jun 30, 2013	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy - Position Entry	+84,236	$4.45K	84,236
Q2 2013Jun 30, 2013	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy - Position Entry	+71,153	$2.53K	71,153
Q2 2013Jun 30, 2013	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+67,730	$6.12K	67,730
Q2 2013Jun 30, 2013	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+65,759	$11.19K	65,759
Q2 2013Jun 30, 2013	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy - Position Entry	+62,870	$6.82K	62,870
Q2 2013Jun 30, 2013	BAX Baxter International Inc.	Baxter International Inc.	Buy - Position Entry	+49,271	$3.41K	49,271
Q2 2013Jun 30, 2013	IBM International Business Machines	International Business Machines	Buy - Position Entry	+32,552	$6.22K	32,552
Q2 2013Jun 30, 2013	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy - Position Entry	+32,395	$4.90K	32,395
Q2 2013Jun 30, 2013	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Buy - Position Entry	+29,509	$1.42K	29,509
Q2 2013Jun 30, 2013	EBS Emergent BioSolutions Inc.	Emergent BioSolutions Inc.	Buy - Position Entry	+27,500	$397.00	27,500
Q2 2013Jun 30, 2013	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy - Position Entry	+23,686	$340.00	23,686
Q2 2013Jun 30, 2013	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy - Position Entry	+21,600	$414.00	21,600
Q2 2013Jun 30, 2013	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy - Position Entry	+17,890	$251.00	17,890
Q2 2013Jun 30, 2013	GNTX Gentex Corporation	Gentex Corporation	Buy - Position Entry	+17,720	$408.00	17,720
Q2 2013Jun 30, 2013	MKL Markel Group Inc.	Markel Group Inc.	Buy - Position Entry	+16,893	$8.90K	16,893
Q2 2013Jun 30, 2013	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy - Position Entry	+14,055	$314.00	14,055
Q2 2013Jun 30, 2013	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy - Position Entry	+12,056	$618.00	12,056
Q2 2013Jun 30, 2013	BIDU Baidu, Inc.	Baidu, Inc.	Buy - Position Entry	+11,432	$1.08K	11,432
Q2 2013Jun 30, 2013	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy - Position Entry	+7,445	$451.00	7,445
Q2 2013Jun 30, 2013	SLB Schlumberger N.V.	Schlumberger N.V.	Buy - Position Entry	+6,743	$483.00	6,743
Q2 2013Jun 30, 2013	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy - Position Entry	+3,736	$209.00	3,736
Q2 2013Jun 30, 2013	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy - Position Entry	+2,430	$293.00	2,430

Page 176 of 176 • 5272 total trades

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