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	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-1,495,360-55.9%	$101.20M	1,178,750
Q4 2022Dec 31, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,431,601-71.2%	$45.58M	981,829
Q4 2022Dec 31, 2022	MANU Manchester United	Manchester United	Sell	-2,970,473-26.0%	$197.24M	8,454,466
Q3 2022Sep 30, 2022	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy - Position Entry	+2,753,204	$21.72K	2,753,204
Q3 2022Sep 30, 2022	EQC Equity	Equity	Buy	+1,717,081+50.4%	$124.85K	5,125,117
Q3 2022Sep 30, 2022	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+1,454,945+32.2%	$40.37K	5,971,652
Q3 2022Sep 30, 2022	PARA Paramount Global	Paramount Global	Buy	+1,013,442+16.5%	$136.12K	7,149,210
Q3 2022Sep 30, 2022	KN Knowles Corporation	Knowles Corporation	Buy	+774,331+22.2%	$51.96K	4,269,383
Q3 2022Sep 30, 2022	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+729,479+11.4%	$81.07K	7,136,480
Q3 2022Sep 30, 2022	RCL Royal Caribbean	Royal Caribbean	Buy	+721,661+29.5%	$120.00K	3,166,254
Q3 2022Sep 30, 2022	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+410,781+5.0%	$219.28K	8,565,669
Q3 2022Sep 30, 2022	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+375,907+41953.9%	$67.12K	376,803
Q3 2022Sep 30, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+278,247+16.8%	$73.28K	1,929,890
Q3 2022Sep 30, 2022	HLN Haleon plc	Haleon plc	Buy - Position Entry	+211,285	$1.29K	211,285
Q3 2022Sep 30, 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+206,895+6.2%	$169.79K	3,563,366
Q3 2022Sep 30, 2022	GSK GSK plc	GSK plc	Buy - Position Entry	+169,561	$4.99K	169,561
Q3 2022Sep 30, 2022	OSW OneSpaWorld	OneSpaWorld	Buy	+137,418+0.8%	$143.11K	17,036,969
Q3 2022Sep 30, 2022	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+136,363+1.1%	$245.10K	12,859,162
Q3 2022Sep 30, 2022	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+136,075+7.5%	$178.70K	1,959,598
Q3 2022Sep 30, 2022	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+118,402+33.0%	$125.01K	477,118
Q3 2022Sep 30, 2022	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+116,520+15.3%	$43.68K	876,673
Q3 2022Sep 30, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+104,746+8.6%	$200.75K	1,328,876
Q3 2022Sep 30, 2022	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+79,517+12.8%	$43.29K	699,964
Q3 2022Sep 30, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+74,004+1.2%	$276.62K	6,273,867
Q3 2022Sep 30, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+70,773+2.1%	$146.78K	3,413,430
Q3 2022Sep 30, 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+60,859+10.3%	$128.02K	650,498
Q3 2022Sep 30, 2022	JHG Janus Henderson	Janus Henderson	Buy	+59,684+1.7%	$72.97K	3,592,991
Q3 2022Sep 30, 2022	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+59,644	$1.80K	59,644
Q3 2022Sep 30, 2022	GNTX Gentex Corporation	Gentex Corporation	Buy	+45,246+0.5%	$219.97K	9,226,776
Q3 2022Sep 30, 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+35,304+3.2%	$128.10K	1,145,254

Page 42 of 176 • 5272 total trades

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