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	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-3,466-0.9%	$98.82M	368,625
Q1 2023Mar 31, 2023	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-3,522-0.3%	$97.51M	1,175,228
Q1 2023Mar 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-4,758-0.4%	$94.40M	1,296,578
Q1 2023Mar 31, 2023	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-5,606-1.2%	$4.90M	443,958
Q1 2023Mar 31, 2023	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-6,800-2.5%	$86.50M	264,437
Q1 2023Mar 31, 2023	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-7,455-1.2%	$100.31M	637,398
Q1 2023Mar 31, 2023	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-8,451-100.0%	$0.00	-
Q1 2023Mar 31, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-18,115-0.6%	$427.83M	2,834,783
Q1 2023Mar 31, 2023	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-18,507-1.7%	$205.21M	1,053,167
Q1 2023Mar 31, 2023	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-19,241-3.9%	$151.49M	476,385
Q1 2023Mar 31, 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-19,260-14.7%	$5.47M	112,163
Q1 2023Mar 31, 2023	FAF First American Corporation (New	First American Corporation (New	Sell	-21,788-0.5%	$222.41M	3,995,930
Q1 2023Mar 31, 2023	AZN Astrazeneca PLC	Astrazeneca PLC	Sell - Position Exit	-22,396-100.0%	$0.00	-
Q1 2023Mar 31, 2023	RCL Royal Caribbean	Royal Caribbean	Sell	-25,803-0.9%	$179.98M	2,756,278
Q1 2023Mar 31, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell	-26,984-0.6%	$183.01M	4,196,524
Q1 2023Mar 31, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-32,376-0.5%	$393.41M	6,660,144
Q1 2023Mar 31, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-36,147-3.2%	$155.55M	1,092,160
Q1 2023Mar 31, 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-36,315-1.8%	$132.35M	1,981,267
Q1 2023Mar 31, 2023	CHKP Check Point	Check Point	Sell	-41,085-7.6%	$65.39M	502,985
Q1 2023Mar 31, 2023	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-44,723-15.8%	$8.97M	238,174
Q1 2023Mar 31, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-52,008-1.6%	$16.17M	3,292,824
Q1 2023Mar 31, 2023	WU Western Union Company (The)	Western Union Company (The)	Sell	-52,095-19.2%	$2.45M	219,666
Q1 2023Mar 31, 2023	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-63,229-12.3%	$20.34M	450,249
Q1 2023Mar 31, 2023	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-69,507-98.1%	$197.14K	1,378
Q1 2023Mar 31, 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-69,898-4.2%	$79.27M	1,614,207
Q1 2023Mar 31, 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-80,238-3.0%	$216.66M	2,566,711
Q1 2023Mar 31, 2023	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-84,879-2.3%	$26.85M	3,547,146
Q1 2023Mar 31, 2023	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-93,961-26.7%	$19.52M	258,578
Q1 2023Mar 31, 2023	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-126,124-24.4%	$96.60M	391,254
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-126,340-12.6%	$251.82M	873,473

Page 37 of 176 • 5272 total trades

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