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	ST Sensata Technologies	Sensata Technologies	Buy	+495+6.8%	$290.38K	7,729
Q4 2023Dec 31, 2023	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+427+6.8%	$179.02K	6,670
Q4 2023Dec 31, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+275+6.8%	$573.34K	4,316
Q4 2023Dec 31, 2023	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+158+1.7%	$1.28M	9,332
Q4 2023Dec 31, 2023	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+97+6.9%	$240.99K	1,513
Q4 2023Dec 31, 2023	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+91+0.0%	$172.19M	946,982
Q4 2023Dec 31, 2023	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+55+6.8%	$271.76K	868
Q4 2023Dec 31, 2023	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+22+6.7%	$409.73K	352
Q4 2023Dec 31, 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-52-1.1%	$1.45M	4,477
Q4 2023Dec 31, 2023	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-218-0.0%	$128.59M	470,461
Q4 2023Dec 31, 2023	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-275-0.1%	$46.13M	216,094
Q4 2023Dec 31, 2023	FTRE Fortrea Holdings Inc.	Fortrea Holdings Inc.	Sell	-495-2.6%	$654.69K	18,759
Q4 2023Dec 31, 2023	USB U.S. Bancorp	U.S. Bancorp	Sell	-1,090-0.7%	$6.96M	160,839
Q4 2023Dec 31, 2023	EVR Evercore Inc.	Evercore Inc.	Sell	-2,085-1.3%	$27.84M	162,750
Q4 2023Dec 31, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-3,358-1.1%	$38.13M	313,348
Q4 2023Dec 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-3,408-0.4%	$74.10M	795,965
Q4 2023Dec 31, 2023	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-13,271-100.0%	$0.00	-
Q4 2023Dec 31, 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-15,902-1.5%	$248.39M	1,050,698
Q4 2023Dec 31, 2023	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-18,318-8.0%	$81.31M	210,779
Q4 2023Dec 31, 2023	VXUS Vanguard Total International St	Vanguard Total International St	Sell - Position Exit	-19,705-100.0%	$0.00	-
Q4 2023Dec 31, 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-24,762-1.3%	$165.74M	1,884,461
Q4 2023Dec 31, 2023	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-26,588-6.3%	$78.66M	397,310
Q4 2023Dec 31, 2023	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-28,763-4.8%	$56.26M	573,487
Q4 2023Dec 31, 2023	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-31,453-3.2%	$66.21M	962,296
Q4 2023Dec 31, 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-36,394-1.6%	$191.52M	2,236,025
Q4 2023Dec 31, 2023	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-36,561-8.7%	$23.54M	384,562
Q4 2023Dec 31, 2023	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-43,671-7.4%	$69.17M	547,326
Q4 2023Dec 31, 2023	KVUE Kenvue Inc.	Kenvue Inc.	Sell - Position Exit	-54,688-100.0%	$0.00	-
Q4 2023Dec 31, 2023	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-59,289-7.9%	$15.83M	695,175
Q4 2023Dec 31, 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-65,399-10.8%	$44.50M	539,397

Page 25 of 176 • 5272 total trades

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