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
Q1 2024Mar 31, 2024	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-120-7.9%	$288.10K	1,393
Q1 2024Mar 31, 2024	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-479-0.1%	$56.11M	573,008
Q1 2024Mar 31, 2024	USB U.S. Bancorp	U.S. Bancorp	Sell	-544-0.3%	$7.17M	160,295
Q1 2024Mar 31, 2024	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-1,264-0.2%	$46.20M	538,133
Q1 2024Mar 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,891-0.5%	$153.90M	365,791
Q1 2024Mar 31, 2024	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-1,921-0.5%	$3.35M	376,475
Q1 2024Mar 31, 2024	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-2,106-0.8%	$41.50M	265,351
Q1 2024Mar 31, 2024	BRC Brady Corporation	Brady Corporation	Sell	-3,616-1.2%	$17.15M	289,233
Q1 2024Mar 31, 2024	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-4,307-9.5%	$6.52M	41,040
Q1 2024Mar 31, 2024	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell	-4,472-70.4%	$235.62K	1,880
Q1 2024Mar 31, 2024	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-6,693-71.7%	$383.82K	2,639
Q1 2024Mar 31, 2024	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-6,840-0.9%	$54.42M	742,900
Q1 2024Mar 31, 2024	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-8,784-4.2%	$84.37M	201,995
Q1 2024Mar 31, 2024	KFY Korn Ferry	Korn Ferry	Sell	-8,820-1.1%	$53.71M	816,690
Q1 2024Mar 31, 2024	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-9,857-1.0%	$172.92M	937,125
Q1 2024Mar 31, 2024	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-10,666-1.5%	$16.63M	684,509
Q1 2024Mar 31, 2024	INTC Intel Corporation	Intel Corporation	Sell	-14,914-1.1%	$57.84M	1,309,523
Q1 2024Mar 31, 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-18,256-10.2%	$21.78M	160,054
Q1 2024Mar 31, 2024	FTRE Fortrea Holdings Inc.	Fortrea Holdings Inc.	Sell - Position Exit	-18,759-100.0%	$0.00	-
Q1 2024Mar 31, 2024	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-20,109-0.9%	$270.30M	2,142,852
Q1 2024Mar 31, 2024	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-24,539-7.8%	$38.12M	288,809
Q1 2024Mar 31, 2024	KMX CarMax Inc	CarMax Inc	Sell	-28,621-4.2%	$56.90M	653,147
Q1 2024Mar 31, 2024	EVR Evercore Inc.	Evercore Inc.	Sell	-36,507-22.4%	$24.31M	126,243
Q1 2024Mar 31, 2024	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-38,654-10.8%	$16.61M	318,915
Q1 2024Mar 31, 2024	DVA DaVita Inc.	DaVita Inc.	Sell	-42,548-6.5%	$85.08M	616,270
Q1 2024Mar 31, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Sell	-42,633-4.0%	$39.96M	1,025,069
Q1 2024Mar 31, 2024	BAP Credicorp	Credicorp	Sell	-45,969-7.7%	$93.41M	551,341
Q1 2024Mar 31, 2024	GSK GSK plc	GSK plc	Sell - Position Exit	-55,392-100.0%	$0.00	-
Q1 2024Mar 31, 2024	TIMB TIM S.A.	TIM S.A.	Sell	-55,418-70.4%	$414.21K	23,336
Q1 2024Mar 31, 2024	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-58,027-14.6%	$69.61M	339,283

Page 21 of 176 • 5272 total trades

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