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
Q2 2023Jun 30, 2023	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-126,723-3.6%	$31.23M	3,420,423
Q2 2023Jun 30, 2023	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Sell	-127,080-38.6%	$6.77M	202,087
Q2 2023Jun 30, 2023	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-134,622-1.0%	$246.50M	13,958,059
Q2 2023Jun 30, 2023	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-142,347-22.6%	$67.46M	487,072
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-157,142-18.0%	$243.94M	716,331
Q2 2023Jun 30, 2023	FAF First American Corporation (New	First American Corporation (New	Sell	-157,621-3.9%	$218.86M	3,838,309
Q2 2023Jun 30, 2023	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-181,433-2.7%	$144.18M	6,622,682
Q2 2023Jun 30, 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-187,902-4.9%	$124.42M	3,623,194
Q2 2023Jun 30, 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-199,947-7.8%	$191.19M	2,366,764
Q2 2023Jun 30, 2023	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell - Position Exit	-258,578-100.0%	$0.00	-
Q2 2023Jun 30, 2023	KN Knowles Corporation	Knowles Corporation	Sell	-270,883-5.6%	$81.94M	4,537,318
Q2 2023Jun 30, 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-278,588-17.3%	$65.33M	1,335,619
Q2 2023Jun 30, 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-279,816-31.4%	$42.65M	611,020
Q2 2023Jun 30, 2023	KMT Kennametal Inc.	Kennametal Inc.	Sell	-310,079-3.0%	$280.43M	9,877,760
Q2 2023Jun 30, 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-342,299-9.9%	$215.94M	3,112,821
Q2 2023Jun 30, 2023	MANU Manchester United	Manchester United	Sell	-439,902-6.3%	$158.40M	6,497,307
Q2 2023Jun 30, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-468,615-36.1%	$66.82M	827,963
Q2 2023Jun 30, 2023	GNTX Gentex Corporation	Gentex Corporation	Sell	-480,767-5.4%	$247.27M	8,450,923
Q2 2023Jun 30, 2023	NVT nVent Electric	nVent Electric	Sell	-695,585-20.9%	$136.41M	2,640,087
Q2 2023Jun 30, 2023	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-716,369-12.2%	$198.37M	5,141,660
Q2 2023Jun 30, 2023	RCL Royal Caribbean	Royal Caribbean	Sell	-727,326-26.4%	$210.48M	2,028,952
Q2 2023Jun 30, 2023	AXTA Axalta	Axalta	Sell	-808,431-12.6%	$184.59M	5,626,019
Q2 2023Jun 30, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-1,273,454-19.1%	$147.54M	5,386,690
Q1 2023Mar 31, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+10,042,959+556.8%	$130.43M	11,846,768
Q1 2023Mar 31, 2023	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+9,416,341+1192.7%	$49.70M	10,205,810
Q1 2023Mar 31, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+2,036,029+16440.8%	$24.05M	2,048,413
Q1 2023Mar 31, 2023	ADT ADT Inc.	ADT Inc.	Buy	+1,933,159+11.5%	$135.62M	18,758,109
Q1 2023Mar 31, 2023	ABEV Ambev S.A.	Ambev S.A.	Buy - Position Entry	+1,431,326	$4.04M	1,431,326
Q1 2023Mar 31, 2023	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+1,037,492+16.2%	$71.04M	7,430,753
Q1 2023Mar 31, 2023	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+733,158+5.5%	$257.61M	14,092,681

Page 34 of 176 • 5272 total trades

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