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
Q1 2023Mar 31, 2023	EQC Equity	Equity	Buy	+676,086+11.2%	$138.88M	6,705,738
Q1 2023Mar 31, 2023	TIMB TIM S.A.	TIM S.A.	Buy	+473,368+119.4%	$10.75M	869,669
Q1 2023Mar 31, 2023	BAP Credicorp	Credicorp	Buy	+404,508+38.4%	$192.90M	1,457,090
Q1 2023Mar 31, 2023	MAT Mattel, Inc.	Mattel, Inc.	Buy	+375,245+2.4%	$299.69M	16,278,857
Q1 2023Mar 31, 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+366,421+35.8%	$24.77M	1,388,986
Q1 2023Mar 31, 2023	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+350,904+26.7%	$179.60M	1,662,783
Q1 2023Mar 31, 2023	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Buy	+334,197+51.8%	$18.09M	979,037
Q1 2023Mar 31, 2023	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+272,963+31.1%	$39.81M	1,151,176
Q1 2023Mar 31, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+226,955+6.7%	$140.42M	3,610,631
Q1 2023Mar 31, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+148,280+11.4%	$210.68M	1,448,075
Q1 2023Mar 31, 2023	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+129,359+14.6%	$53.10M	1,013,765
Q1 2023Mar 31, 2023	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+124,615+2.5%	$211.31M	5,169,070
Q1 2023Mar 31, 2023	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+124,252+5.5%	$209.21M	2,373,935
Q1 2023Mar 31, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+106,228+3.6%	$94.19M	3,032,620
Q1 2023Mar 31, 2023	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+84,814+18.3%	$28.38M	549,193
Q1 2023Mar 31, 2023	GNTX Gentex Corporation	Gentex Corporation	Buy	+79,694+0.9%	$250.36M	8,931,690
Q1 2023Mar 31, 2023	ZIMV ZimVie Inc.	ZimVie Inc.	Buy	+54,039+21.0%	$2.25M	311,683
Q1 2023Mar 31, 2023	KMX CarMax Inc	CarMax Inc	Buy	+49,830+5.9%	$57.68M	897,339
Q1 2023Mar 31, 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+45,292+7.1%	$137.85M	683,054
Q1 2023Mar 31, 2023	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+25,644+3.1%	$53.80M	859,087
Q1 2023Mar 31, 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+25,415+26.5%	$3.47M	121,454
Q1 2023Mar 31, 2023	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Buy	+18,301+9.2%	$50.94M	217,977
Q1 2023Mar 31, 2023	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+18,031+0.5%	$30.63M	3,921,930
Q1 2023Mar 31, 2023	KFY Korn Ferry	Korn Ferry	Buy	+11,843+1.5%	$41.67M	805,422
Q1 2023Mar 31, 2023	JHG Janus Henderson	Janus Henderson	Buy	+7,516+0.2%	$96.41M	3,619,098
Q1 2023Mar 31, 2023	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+6,595+1.0%	$51.57M	639,961
Q1 2023Mar 31, 2023	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+5,964+0.3%	$197.32M	1,968,868
Q1 2023Mar 31, 2023	APA APA Corporation	APA Corporation	Buy	+5,580+3.0%	$6.90M	191,442
Q1 2023Mar 31, 2023	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+4,944+1.5%	$11.33M	338,307
Q1 2023Mar 31, 2023	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Buy	+4,876+1.5%	$14.44M	329,167

Page 35 of 176 • 5272 total trades

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