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 2022Jun 30, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+815,877+97.6%	$83.82K	1,651,643
Q2 2022Jun 30, 2022	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy - Position Entry	+760,153	$44.70K	760,153
Q2 2022Jun 30, 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+727,033+27.6%	$166.99K	3,356,471
Q2 2022Jun 30, 2022	KN Knowles Corporation	Knowles Corporation	Buy	+711,352+25.6%	$60.57K	3,495,052
Q2 2022Jun 30, 2022	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+670,321+9.0%	$224.50K	8,154,888
Q2 2022Jun 30, 2022	EQC Equity	Equity	Buy	+502,695+17.3%	$93.82K	3,408,036
Q2 2022Jun 30, 2022	PARA Paramount Global	Paramount Global	Buy	+495,771+8.8%	$151.43K	6,135,768
Q2 2022Jun 30, 2022	NOV NOV Inc.	NOV Inc.	Buy	+439,187+75.7%	$17.24K	1,019,697
Q2 2022Jun 30, 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+379,844+181.1%	$126.17K	589,639
Q2 2022Jun 30, 2022	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+342,760+40.2%	$75.53K	1,195,422
Q2 2022Jun 30, 2022	NVT nVent Electric	nVent Electric	Buy	+284,205+7.2%	$131.83K	4,207,676
Q2 2022Jun 30, 2022	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+265,610+285.3%	$105.44K	358,716
Q2 2022Jun 30, 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+172,726+18.4%	$129.42K	1,109,950
Q2 2022Jun 30, 2022	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+160,622+7.8%	$215.29K	2,231,495
Q2 2022Jun 30, 2022	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+154,188+33.1%	$40.48K	620,447
Q2 2022Jun 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+149,980+10.2%	$119.62K	1,625,069
Q2 2022Jun 30, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+136,276+4.3%	$154.73K	3,342,657
Q2 2022Jun 30, 2022	FAF First American Corporation (New	First American Corporation (New	Buy	+123,344+3.0%	$223.59K	4,225,097
Q2 2022Jun 30, 2022	JHG Janus Henderson	Janus Henderson	Buy	+121,818+3.6%	$83.07K	3,533,307
Q2 2022Jun 30, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+121,697+2.0%	$326.24K	6,199,863
Q2 2022Jun 30, 2022	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+121,592+2.8%	$195.66K	4,462,021
Q2 2022Jun 30, 2022	BCO Brinks Company (The)	Brinks Company (The)	Buy	+117,376+5.7%	$132.89K	2,188,942
Q2 2022Jun 30, 2022	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+111,555+6.3%	$62.91K	1,885,255
Q2 2022Jun 30, 2022	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+100,180+5.8%	$226.28K	1,823,523
Q2 2022Jun 30, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+87,801+7.7%	$214.05K	1,224,130
Q2 2022Jun 30, 2022	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+85,704+19.4%	$55.32K	527,585
Q2 2022Jun 30, 2022	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+83,330+51.3%	$30.79K	245,647
Q2 2022Jun 30, 2022	CHKP Check Point	Check Point	Buy	+82,834+17.4%	$68.22K	560,223
Q2 2022Jun 30, 2022	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+78,492+3.0%	$167.96K	2,717,408
Q2 2022Jun 30, 2022	MAS Masco Corporation	Masco Corporation	Buy	+73,954+3.9%	$100.07K	1,977,686

Page 46 of 176 • 5272 total trades

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