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 2025Jun 30, 2025	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Sell	-316,614-12.6%	$175.86M	2,202,327
Q2 2025Jun 30, 2025	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-352,646-18.7%	$150.14M	1,528,938
Q2 2025Jun 30, 2025	BAC Bank of America Corporation	Bank of America Corporation	Sell	-362,026-43.1%	$22.61M	477,903
Q2 2025Jun 30, 2025	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-481,191-25.9%	$175.03M	1,375,687
Q2 2025Jun 30, 2025	MAS Masco Corporation	Masco Corporation	Sell	-540,062-57.3%	$25.87M	401,924
Q2 2025Jun 30, 2025	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-580,895-29.7%	$174.51M	1,376,364
Q2 2025Jun 30, 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-621,015-90.5%	$2.18M	64,987
Q2 2025Jun 30, 2025	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-708,462-7.3%	$197.57M	8,956,209
Q2 2025Jun 30, 2025	CNP CenterPoint Energy, Inc (Holdin	CenterPoint Energy, Inc (Holdin	Sell	-770,495-46.6%	$32.48M	884,095
Q2 2025Jun 30, 2025	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Sell	-885,715-11.4%	$80.43M	6,892,053
Q2 2025Jun 30, 2025	PARA Paramount Global	Paramount Global	Sell	-1,852,154-13.0%	$159.48M	12,363,100
Q2 2025Jun 30, 2025	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-2,096,499-39.7%	$77.86M	3,180,658
Q2 2025Jun 30, 2025	CNH CNH Industrial	CNH Industrial	Sell - Position Exit	-2,187,205-100.0%	$0.00	-
Q2 2025Jun 30, 2025	KMT Kennametal Inc.	Kennametal Inc.	Sell	-2,764,046-35.7%	$114.14M	4,971,198
Q2 2025Jun 30, 2025	ADT ADT Inc.	ADT Inc.	Sell	-3,812,697-14.1%	$196.88M	23,244,598
Q2 2025Jun 30, 2025	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-3,977,525-99.5%	$176.28K	19,393
Q1 2025Mar 31, 2025	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+7,649,626+15.1%	$42.79M	58,177,415
Q1 2025Mar 31, 2025	AQN Algonquin Power & Utilities Cor	Algonquin Power & Utilities Cor	Buy - Position Entry	+6,952,341	$35.74M	6,952,341
Q1 2025Mar 31, 2025	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+5,077,531+126.8%	$172.18M	9,081,170
Q1 2025Mar 31, 2025	OSW OneSpaWorld	OneSpaWorld	Buy	+2,932,284+37.7%	$179.88M	10,713,305
Q1 2025Mar 31, 2025	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+975,223+5096.5%	$41.56M	994,358
Q1 2025Mar 31, 2025	CLB Core Laboratories Inc.	Core Laboratories Inc.	Buy	+709,455+7.4%	$155.03M	10,342,025
Q1 2025Mar 31, 2025	GNTX Gentex Corporation	Gentex Corporation	Buy	+687,329+10.7%	$165.01M	7,082,055
Q1 2025Mar 31, 2025	BAC Bank of America Corporation	Bank of America Corporation	Buy	+675,109+409.6%	$35.05M	839,929
Q1 2025Mar 31, 2025	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+553,947+9.6%	$206.08M	6,298,139
Q1 2025Mar 31, 2025	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+465,571+5.1%	$171.06M	9,664,671
Q1 2025Mar 31, 2025	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+441,046+6.0%	$72.10M	7,777,768
Q1 2025Mar 31, 2025	MANU Manchester United	Manchester United	Buy	+205,807+2.5%	$112.25M	8,575,329
Q1 2025Mar 31, 2025	CNP CenterPoint Energy, Inc (Holdin	CenterPoint Energy, Inc (Holdin	Buy	+195,987+13.4%	$59.95M	1,654,590
Q1 2025Mar 31, 2025	KN Knowles Corporation	Knowles Corporation	Buy	+174,549+3.9%	$70.80M	4,657,747

Page 4 of 176 • 5272 total trades

«‹

2 3 4 5 6

›»