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
Q4 2022Dec 31, 2022	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-5,135-0.5%	$16.20M	1,022,565
Q4 2022Dec 31, 2022	G02602103 Amdocs	Amdocs	Sell	-5,571-0.9%	$58.60M	644,701
Q4 2022Dec 31, 2022	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-5,723-2.8%	$47.59M	199,676
Q4 2022Dec 31, 2022	CHKP Check Point	Check Point	Sell	-8,607-1.6%	$68.64M	544,070
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-9,261-0.9%	$239.78M	999,813
Q4 2022Dec 31, 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-9,868-1.2%	$56.82M	789,666
Q4 2022Dec 31, 2022	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-12,346-3.2%	$81.93M	372,091
Q4 2022Dec 31, 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-12,736-2.0%	$138.97M	637,762
Q4 2022Dec 31, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-13,589-51.1%	$4.02M	12,999
Q4 2022Dec 31, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-14,152-0.4%	$360.85M	3,565,404
Q4 2022Dec 31, 2022	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-14,902-5.2%	$93.14M	271,237
Q4 2022Dec 31, 2022	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-15,384-2.4%	$55.49M	625,824
Q4 2022Dec 31, 2022	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-16,577-0.7%	$199.07M	2,249,683
Q4 2022Dec 31, 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-16,947-1.5%	$178.76M	1,128,307
Q4 2022Dec 31, 2022	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-17,958-5.1%	$12.46M	333,363
Q4 2022Dec 31, 2022	ORCL Oracle Corporation	Oracle Corporation	Sell	-19,927-22.2%	$5.71M	69,850
Q4 2022Dec 31, 2022	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-24,268-23.6%	$3.58M	78,663
Q4 2022Dec 31, 2022	ZIMV ZimVie Inc.	ZimVie Inc.	Sell	-28,294-9.9%	$2.41M	257,644
Q4 2022Dec 31, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-29,081-2.2%	$207.15M	1,299,795
Q4 2022Dec 31, 2022	EVR Evercore Inc.	Evercore Inc.	Sell	-29,955-16.3%	$16.81M	154,111
Q4 2022Dec 31, 2022	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-34,769-52.2%	$13.41M	31,896
Q4 2022Dec 31, 2022	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-35,846-9.1%	$45.71M	358,506
Q4 2022Dec 31, 2022	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-39,682-35.9%	$9.19M	70,885
Q4 2022Dec 31, 2022	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-40,945-23.5%	$5.84M	133,182
Q4 2022Dec 31, 2022	KFY Korn Ferry	Korn Ferry	Sell	-42,718-5.1%	$40.17M	793,579
Q4 2022Dec 31, 2022	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Sell	-43,230-4.9%	$52.17M	833,443
Q4 2022Dec 31, 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-49,492-5.3%	$63.89M	888,053
Q4 2022Dec 31, 2022	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-56,228-11.1%	$4.55M	449,564
Q4 2022Dec 31, 2022	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-77,876-23.6%	$4.33M	252,188
Q4 2022Dec 31, 2022	WU Western Union Company (The)	Western Union Company (The)	Sell	-83,825-23.6%	$3.74M	271,761

Page 40 of 176 • 5272 total trades

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