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	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-75,319-0.8%	$158.74M	8,988,399
Q4 2023Dec 31, 2023	TPR Tapestry, Inc.	Tapestry, Inc.	Sell - Position Exit	-83,146-100.0%	$0.00	-
Q4 2023Dec 31, 2023	GSK GSK plc	GSK plc	Sell	-86,105-60.9%	$2.05M	55,392
Q4 2023Dec 31, 2023	KMX CarMax Inc	CarMax Inc	Sell	-88,127-11.4%	$52.32M	681,768
Q4 2023Dec 31, 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-95,442-7.5%	$42.27M	1,179,001
Q4 2023Dec 31, 2023	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-100,170-32.4%	$60.46M	209,322
Q4 2023Dec 31, 2023	G02602103 Amdocs	Amdocs	Sell	-106,745-20.6%	$36.10M	410,733
Q4 2023Dec 31, 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-107,904-62.1%	$3.36M	65,769
Q4 2023Dec 31, 2023	NOV NOV Inc.	NOV Inc.	Sell	-119,743-7.0%	$32.24M	1,589,766
Q4 2023Dec 31, 2023	ZIMV ZimVie Inc.	ZimVie Inc.	Sell	-123,187-39.7%	$3.32M	186,827
Q4 2023Dec 31, 2023	JHG Janus Henderson	Janus Henderson	Sell	-172,077-5.7%	$85.80M	2,845,855
Q4 2023Dec 31, 2023	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-174,247-18.9%	$60.74M	749,740
Q4 2023Dec 31, 2023	MAT Mattel, Inc.	Mattel, Inc.	Sell	-184,688-1.2%	$292.08M	15,470,507
Q4 2023Dec 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-185,500-22.9%	$51.82M	625,486
Q4 2023Dec 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-210,715-36.4%	$138.26M	367,682
Q4 2023Dec 31, 2023	RCL Royal Caribbean	Royal Caribbean	Sell	-218,535-13.8%	$177.32M	1,369,396
Q4 2023Dec 31, 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell - Position Exit	-287,523-100.0%	$0.00	-
Q4 2023Dec 31, 2023	NVT nVent Electric	nVent Electric	Sell	-298,124-14.0%	$108.41M	1,834,628
Q4 2023Dec 31, 2023	MAS Masco Corporation	Masco Corporation	Sell	-298,258-18.5%	$88.00M	1,313,816
Q4 2023Dec 31, 2023	PARA Paramount Global	Paramount Global	Sell	-309,475-2.7%	$163.01M	11,021,375
Q4 2023Dec 31, 2023	TIMB TIM S.A.	TIM S.A.	Sell	-309,484-79.7%	$1.45M	78,754
Q4 2023Dec 31, 2023	KMT Kennametal Inc.	Kennametal Inc.	Sell	-323,063-3.3%	$242.78M	9,413,890
Q4 2023Dec 31, 2023	GNTX Gentex Corporation	Gentex Corporation	Sell	-359,480-5.2%	$214.09M	6,555,072
Q4 2023Dec 31, 2023	AXTA Axalta	Axalta	Sell	-363,251-7.1%	$162.36M	4,779,430
Q4 2023Dec 31, 2023	OSW OneSpaWorld	OneSpaWorld	Sell	-390,394-2.8%	$189.07M	13,409,080
Q4 2023Dec 31, 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-433,170-13.5%	$163.45M	2,772,618
Q4 2023Dec 31, 2023	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-442,584-94.8%	$3.80M	24,259
Q4 2023Dec 31, 2023	BAP Credicorp	Credicorp	Sell	-489,643-45.0%	$89.55M	597,310
Q4 2023Dec 31, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-618,355-28.8%	$181.97M	1,527,971
Q4 2023Dec 31, 2023	IQ iQIYI, Inc.	iQIYI, Inc.	Sell - Position Exit	-704,589-100.0%	$0.00	-

Page 26 of 176 • 5272 total trades

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