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
Q3 2022Sep 30, 2022	FAF First American Corporation (New	First American Corporation (New	Sell	-93,177-2.2%	$190.48K	4,131,920
Q3 2022Sep 30, 2022	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-95,324-33.1%	$12.14K	192,428
Q3 2022Sep 30, 2022	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-100,111-7.4%	$39.24K	1,249,792
Q3 2022Sep 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-142,689-8.8%	$100.08K	1,482,380
Q3 2022Sep 30, 2022	BRC Brady Corporation	Brady Corporation	Sell	-144,435-22.5%	$20.78K	498,037
Q3 2022Sep 30, 2022	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-155,839-2.9%	$173.88K	5,299,570
Q3 2022Sep 30, 2022	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-160,206-24.1%	$5.73K	505,792
Q3 2022Sep 30, 2022	MANU Manchester United	Manchester United	Sell	-179,596-1.5%	$151.61K	11,424,939
Q3 2022Sep 30, 2022	MAS Masco Corporation	Masco Corporation	Sell	-195,129-9.9%	$83.23K	1,782,557
Q3 2022Sep 30, 2022	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Sell	-210,135-19.9%	$31.50K	848,019
Q3 2022Sep 30, 2022	G02602103 Amdocs	Amdocs	Sell	-222,423-25.5%	$51.66K	650,272
Q3 2022Sep 30, 2022	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-226,631-40.7%	$15.87K	330,605
Q3 2022Sep 30, 2022	MAT Mattel, Inc.	Mattel, Inc.	Sell	-235,989-1.5%	$298.54K	15,762,283
Q3 2022Sep 30, 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-247,029-27.9%	$42.62K	639,230
Q3 2022Sep 30, 2022	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-247,389-51.8%	$36.20K	230,035
Q3 2022Sep 30, 2022	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-265,841-8.1%	$269.75K	3,035,642
Q3 2022Sep 30, 2022	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-275,085-27.2%	$101.28K	737,030
Q3 2022Sep 30, 2022	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-290,699-28.6%	$146.48K	727,486
Q3 2022Sep 30, 2022	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-509,557-13.2%	$14.28K	3,344,832
Q3 2022Sep 30, 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-686,821-13.8%	$156.22K	4,285,951
Q3 2022Sep 30, 2022	ADT ADT Inc.	ADT Inc.	Sell	-898,987-4.7%	$136.24K	18,190,118
Q3 2022Sep 30, 2022	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-1,120,257-79.7%	$7.78K	284,785
Q2 2022Jun 30, 2022	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+3,832,811+43.1%	$247.08K	12,722,799
Q2 2022Jun 30, 2022	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+2,878,498+81.6%	$71.25K	6,407,001
Q2 2022Jun 30, 2022	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+2,469,719+120.7%	$36.59K	4,516,707
Q2 2022Jun 30, 2022	OSW OneSpaWorld	OneSpaWorld	Buy	+1,954,817+13.1%	$121.17K	16,899,551
Q2 2022Jun 30, 2022	RCL Royal Caribbean	Royal Caribbean	Buy	+1,422,083+139.1%	$85.34K	2,444,593
Q2 2022Jun 30, 2022	GNTX Gentex Corporation	Gentex Corporation	Buy	+1,007,519+12.3%	$256.81K	9,181,530
Q2 2022Jun 30, 2022	KMT Kennametal Inc.	Kennametal Inc.	Buy	+892,747+9.2%	$246.25K	10,600,482
Q2 2022Jun 30, 2022	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+853,666+28.4%	$17.77K	3,854,389

Page 45 of 176 • 5272 total trades

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