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 2025Jun 30, 2025	ZIMV ZimVie Inc.	ZimVie Inc.	Buy	+38,685+23.1%	$1.93M	206,401
Q2 2025Jun 30, 2025	OC Owens Corning Inc	Owens Corning Inc	Buy	+27,871+24.8%	$19.31M	140,449
Q2 2025Jun 30, 2025	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+27,533+305.8%	$25.86M	36,538
Q2 2025Jun 30, 2025	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+27,084+9.8%	$40.19M	302,109
Q2 2025Jun 30, 2025	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+23,307+0.5%	$51.47M	4,452,562
Q2 2025Jun 30, 2025	IFS Intercorp Financial	Intercorp Financial	Buy	+10,213+55.1%	$1.10M	28,734
Q2 2025Jun 30, 2025	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+7,300+5.2%	$5.41M	148,340
Q2 2025Jun 30, 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+7,022+5.1%	$18.65M	144,643
Q2 2025Jun 30, 2025	KSPI Joint Stock Company Kaspi.kz -	Joint Stock Company Kaspi.kz -	Buy	+3,879+54.4%	$934.55K	11,009
Q2 2025Jun 30, 2025	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+2,088+94.7%	$832.99K	4,294
Q2 2025Jun 30, 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-13-5.5%	$409.46K	224
Q2 2025Jun 30, 2025	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Sell	-41-5.1%	$321.23K	764
Q2 2025Jun 30, 2025	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-43-5.2%	$209.49K	785
Q2 2025Jun 30, 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-77-0.3%	$6.80M	30,031
Q2 2025Jun 30, 2025	PHIN PHINIA Inc.	PHINIA Inc.	Sell	-80-0.1%	$6.24M	140,160
Q2 2025Jun 30, 2025	BRC Brady Corporation	Brady Corporation	Sell	-200-5.2%	$248.77K	3,660
Q2 2025Jun 30, 2025	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-1,981-5.7%	$10.27M	33,005
Q2 2025Jun 30, 2025	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-2,808-1.3%	$22.84M	216,615
Q2 2025Jun 30, 2025	LH Labcorp Holdings Inc.	Labcorp Holdings Inc.	Sell	-2,865-0.8%	$95.92M	365,398
Q2 2025Jun 30, 2025	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-2,883-2.6%	$16.87M	108,613
Q2 2025Jun 30, 2025	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-4,051-0.9%	$28.76M	424,573
Q2 2025Jun 30, 2025	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-4,717-3.8%	$18.75M	119,332
Q2 2025Jun 30, 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-6,123-16.1%	$6.97M	31,885
Q2 2025Jun 30, 2025	KMX CarMax Inc	CarMax Inc	Sell	-6,172-1.1%	$37.17M	552,977
Q2 2025Jun 30, 2025	BCO Brinks Company (The)	Brinks Company (The)	Sell	-10,830-0.8%	$123.53M	1,383,454
Q2 2025Jun 30, 2025	WEX WEX Inc.	WEX Inc.	Sell	-11,161-2.7%	$58.92M	401,086
Q2 2025Jun 30, 2025	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-11,391-3.7%	$66.66M	294,001
Q2 2025Jun 30, 2025	KN Knowles Corporation	Knowles Corporation	Sell	-14,183-0.3%	$81.82M	4,643,564
Q2 2025Jun 30, 2025	KFY Korn Ferry	Korn Ferry	Sell	-17,569-3.0%	$41.91M	571,576
Q2 2025Jun 30, 2025	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-18,523-1.0%	$174.74M	1,789,772

Page 2 of 176 • 5272 total trades

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