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 2024Jun 30, 2024	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-20,138-10.0%	$82.26M	181,857
Q2 2024Jun 30, 2024	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-21,159-3.9%	$46.17M	516,974
Q2 2024Jun 30, 2024	TIMB TIM S.A.	TIM S.A.	Sell - Position Exit	-23,336-100.0%	$0.00	-
Q2 2024Jun 30, 2024	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-24,154-3.5%	$14.34M	660,355
Q2 2024Jun 30, 2024	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-25,514-4.5%	$43.74M	547,494
Q2 2024Jun 30, 2024	ZIMV ZimVie Inc.	ZimVie Inc.	Sell	-26,139-24.5%	$1.47M	80,465
Q2 2024Jun 30, 2024	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-26,670-2.9%	$187.19M	906,137
Q2 2024Jun 30, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Sell	-29,464-2.9%	$38.68M	995,605
Q2 2024Jun 30, 2024	WU Western Union Company (The)	Western Union Company (The)	Sell	-29,754-8.0%	$4.16M	340,128
Q2 2024Jun 30, 2024	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-31,867-43.7%	$10.71M	40,976
Q2 2024Jun 30, 2024	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-34,741-84.7%	$959.34K	6,299
Q2 2024Jun 30, 2024	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-40,537-2.3%	$71.11M	1,724,311
Q2 2024Jun 30, 2024	CHKP Check Point	Check Point	Sell	-46,255-3.3%	$220.49M	1,336,278
Q2 2024Jun 30, 2024	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-46,469-4.1%	$94.54M	1,093,252
Q2 2024Jun 30, 2024	RCL Royal Caribbean	Royal Caribbean	Sell	-47,964-3.9%	$188.80M	1,184,249
Q2 2024Jun 30, 2024	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-49,826-13.1%	$102.07M	330,386
Q2 2024Jun 30, 2024	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-54,084-2.9%	$206.36M	1,816,676
Q2 2024Jun 30, 2024	AXTA Axalta	Axalta	Sell	-68,923-1.5%	$150.59M	4,406,964
Q2 2024Jun 30, 2024	KFY Korn Ferry	Korn Ferry	Sell	-76,185-9.3%	$49.72M	740,505
Q2 2024Jun 30, 2024	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-76,619-7.6%	$29.86M	926,171
Q2 2024Jun 30, 2024	INTC Intel Corporation	Intel Corporation	Sell	-78,540-6.0%	$38.12M	1,230,983
Q2 2024Jun 30, 2024	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-79,194-42.7%	$11.97M	106,282
Q2 2024Jun 30, 2024	KN Knowles Corporation	Knowles Corporation	Sell	-95,095-1.8%	$87.89M	5,092,049
Q2 2024Jun 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-100,353-27.4%	$118.64M	265,438
Q2 2024Jun 30, 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-103,951-24.6%	$32.32M	318,937
Q2 2024Jun 30, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-110,581-7.7%	$272.22M	1,326,074
Q2 2024Jun 30, 2024	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-137,584-4.5%	$200.66M	2,941,733
Q2 2024Jun 30, 2024	BAP Credicorp	Credicorp	Sell	-141,705-25.7%	$66.09M	409,636
Q2 2024Jun 30, 2024	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-152,898-32.2%	$33.82M	321,348
Q2 2024Jun 30, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-153,685-3.5%	$38.82M	4,192,449

Page 18 of 176 • 5272 total trades

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