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	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-1,088,010-7.9%	$238.49M	12,672,096
Q4 2023Dec 31, 2023	ABEV Ambev S.A.	Ambev S.A.	Sell - Position Exit	-1,091,998-100.0%	$0.00	-
Q4 2023Dec 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,164,768-47.4%	$121.79M	1,294,542
Q4 2023Dec 31, 2023	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-1,265,492-49.7%	$14.02M	1,281,097
Q4 2023Dec 31, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-1,293,153-38.0%	$79.65M	2,112,712
Q4 2023Dec 31, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell - Position Exit	-2,290,872-100.0%	$0.00	-
Q4 2023Dec 31, 2023	EQC Equity	Equity	Sell	-4,305,166-78.3%	$22.87M	1,191,361
Q4 2023Dec 31, 2023	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell - Position Exit	-10,161,278-100.0%	$0.00	-
Q3 2023Sep 30, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+8,398,488+50.6%	$141.43M	24,987,417
Q3 2023Sep 30, 2023	PARA Paramount Global	Paramount Global	Buy	+1,731,714+18.0%	$146.17M	11,330,850
Q3 2023Sep 30, 2023	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+1,609,044+173.8%	$144.96M	2,534,786
Q3 2023Sep 30, 2023	ADT ADT Inc.	ADT Inc.	Buy	+1,127,309+5.3%	$134.58M	22,429,407
Q3 2023Sep 30, 2023	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+995,293+13.3%	$61.00M	8,472,058
Q3 2023Sep 30, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+918,114+16.9%	$191.95M	6,364,528
Q3 2023Sep 30, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+908,481+34.3%	$35.54M	3,557,872
Q3 2023Sep 30, 2023	CHKP Check Point	Check Point	Buy	+593,623+121.2%	$144.39M	1,083,364
Q3 2023Sep 30, 2023	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+261,050+14.9%	$219.05M	2,010,344
Q3 2023Sep 30, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+233,612+5.7%	$193.51M	4,328,036
Q3 2023Sep 30, 2023	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+218,461+4.3%	$148.76M	5,335,578
Q3 2023Sep 30, 2023	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy	+199,654+2.9%	$236.84M	7,196,734
Q3 2023Sep 30, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+179,684+25.0%	$68.23M	899,155
Q3 2023Sep 30, 2023	PHIN PHINIA Inc.	PHINIA Inc.	Buy - Position Entry	+137,955	$3.70M	137,955
Q3 2023Sep 30, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+120,977+11.3%	$154.86M	1,188,146
Q3 2023Sep 30, 2023	OSW OneSpaWorld	OneSpaWorld	Buy	+91,070+0.7%	$154.83M	13,799,474
Q3 2023Sep 30, 2023	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+84,924+6.7%	$29.88M	1,343,706
Q3 2023Sep 30, 2023	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+77,974+3.9%	$176.69M	2,059,100
Q3 2023Sep 30, 2023	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+68,443+2.7%	$178.88M	2,574,494
Q3 2023Sep 30, 2023	WU Western Union Company (The)	Western Union Company (The)	Buy	+58,448+18.8%	$4.88M	369,882
Q3 2023Sep 30, 2023	KVUE Kenvue Inc.	Kenvue Inc.	Buy - Position Entry	+54,688	$1.10M	54,688
Q3 2023Sep 30, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+53,883+3.5%	$222.26M	1,574,292

Page 27 of 176 • 5272 total trades

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