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
Q3 2023Sep 30, 2023	GNTX Gentex Corporation	Gentex Corporation	Sell	-1,536,371-18.2%	$225.00M	6,914,552
Q3 2023Sep 30, 2023	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-2,998,704-22.8%	$54.57M	10,161,278
Q2 2023Jun 30, 2023	CLB Core Laboratories Inc.	Core Laboratories Inc.	Buy - Position Entry	+9,631,723	$223.94M	9,631,723
Q2 2023Jun 30, 2023	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy - Position Entry	+6,997,080	$235.24M	6,997,080
Q2 2023Jun 30, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+4,742,161+40.0%	$155.77M	16,588,929
Q2 2023Jun 30, 2023	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+2,954,172+28.9%	$77.64M	13,159,982
Q2 2023Jun 30, 2023	ADT ADT Inc.	ADT Inc.	Buy	+2,543,989+13.6%	$128.45M	21,302,098
Q2 2023Jun 30, 2023	PARA Paramount Global	Paramount Global	Buy	+2,512,163+35.4%	$152.72M	9,599,136
Q2 2023Jun 30, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+2,413,794+79.6%	$174.01M	5,446,414
Q2 2023Jun 30, 2023	IQ iQIYI, Inc.	iQIYI, Inc.	Buy - Position Entry	+913,751	$4.88M	913,751
Q2 2023Jun 30, 2023	NOV NOV Inc.	NOV Inc.	Buy	+709,081+69.7%	$27.70M	1,726,683
Q2 2023Jun 30, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+633,053+17.5%	$157.82M	4,243,684
Q2 2023Jun 30, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+600,978+29.3%	$30.65M	2,649,391
Q2 2023Jun 30, 2023	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+477,702+12.2%	$33.17M	4,399,632
Q2 2023Jun 30, 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+364,786+53.4%	$220.31M	1,047,840
Q2 2023Jun 30, 2023	EQC Equity	Equity	Buy	+259,555+3.9%	$141.12M	6,965,293
Q2 2023Jun 30, 2023	EDU New Oriental Education & Techno	New Oriental Education & Techno	Buy - Position Entry	+216,727	$8.56M	216,727
Q2 2023Jun 30, 2023	MAT Mattel, Inc.	Mattel, Inc.	Buy	+187,157+1.1%	$321.75M	16,466,014
Q2 2023Jun 30, 2023	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+136,228+30.3%	$27.08M	586,477
Q2 2023Jun 30, 2023	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+132,116+5.6%	$185.80M	2,506,051
Q2 2023Jun 30, 2023	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+107,606+9.3%	$35.86M	1,258,782
Q2 2023Jun 30, 2023	WU Western Union Company (The)	Western Union Company (The)	Buy	+91,768+41.8%	$3.65M	311,434
Q2 2023Jun 30, 2023	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+86,511+5.2%	$260.87M	1,749,294
Q2 2023Jun 30, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+72,334+5.0%	$236.88M	1,520,409
Q2 2023Jun 30, 2023	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+66,655+7.8%	$55.02M	925,742
Q2 2023Jun 30, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+50,781+1.7%	$290.86M	2,979,537
Q2 2023Jun 30, 2023	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+46,012+0.6%	$81.35M	7,476,765
Q2 2023Jun 30, 2023	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+35,759+3.5%	$59.49M	1,049,524
Q2 2023Jun 30, 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+23,917+19.7%	$4.17M	145,371
Q2 2023Jun 30, 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+22,232+19.8%	$6.61M	134,395

Page 31 of 176 • 5272 total trades

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