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
Q4 2023Dec 31, 2023	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy - Position Entry	+105,918	$10.90M	105,918
Q4 2023Dec 31, 2023	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+89,376+4.3%	$222.37M	2,148,476
Q4 2023Dec 31, 2023	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+80,596+3.1%	$224.04M	2,655,090
Q4 2023Dec 31, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+64,547+1.5%	$217.70M	4,392,583
Q4 2023Dec 31, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+54,550+4.6%	$188.17M	1,242,696
Q4 2023Dec 31, 2023	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+53,173+24.8%	$42.55M	267,457
Q4 2023Dec 31, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+30,517+3.4%	$81.96M	929,672
Q4 2023Dec 31, 2023	CVX Chevron Corporation	Chevron Corporation	Buy	+22,851+232.9%	$4.87M	32,663
Q4 2023Dec 31, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+22,790+0.4%	$259.90M	6,387,318
Q4 2023Dec 31, 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+22,216+0.7%	$192.35M	3,072,165
Q4 2023Dec 31, 2023	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+20,991+0.8%	$156.46M	2,555,777
Q4 2023Dec 31, 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+20,273+12.9%	$5.96M	176,881
Q4 2023Dec 31, 2023	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+19,696+76.8%	$7.04M	45,347
Q4 2023Dec 31, 2023	ADT ADT Inc.	ADT Inc.	Buy	+18,440+0.1%	$153.09M	22,447,847
Q4 2023Dec 31, 2023	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy	+14,725+0.2%	$229.25M	7,211,459
Q4 2023Dec 31, 2023	MANU Manchester United	Manchester United	Buy	+14,083+0.3%	$114.73M	5,629,579
Q4 2023Dec 31, 2023	KFY Korn Ferry	Korn Ferry	Buy	+12,734+1.6%	$48.99M	825,510
Q4 2023Dec 31, 2023	PHIN PHINIA Inc.	PHINIA Inc.	Buy	+10,480+7.6%	$4.50M	148,435
Q4 2023Dec 31, 2023	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+8,383+0.2%	$39.80M	4,442,113
Q4 2023Dec 31, 2023	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Buy - Position Entry	+6,352	$738.67K	6,352
Q4 2023Dec 31, 2023	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+6,157+1.9%	$15.72M	328,283
Q4 2023Dec 31, 2023	FAF First American Corporation (New	First American Corporation (New	Buy	+5,778+0.2%	$235.62M	3,656,484
Q4 2023Dec 31, 2023	BRC Brady Corporation	Brady Corporation	Buy	+5,244+1.8%	$17.19M	292,849
Q4 2023Dec 31, 2023	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+4,835+1.4%	$11.31M	345,816
Q4 2023Dec 31, 2023	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+3,421+1.2%	$43.78M	297,464
Q4 2023Dec 31, 2023	ORCL Oracle Corporation	Oracle Corporation	Buy	+3,051+5.2%	$6.48M	61,510
Q4 2023Dec 31, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+1,666+0.1%	$297.65M	1,575,958
Q4 2023Dec 31, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+1,340+0.4%	$91.29M	341,193
Q4 2023Dec 31, 2023	VOD Vodafone Group Plc	Vodafone Group Plc	Buy	+943+0.2%	$3.29M	378,396
Q4 2023Dec 31, 2023	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+537+6.8%	$238.70K	8,390

Page 24 of 176 • 5272 total trades

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