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 2021Sep 30, 2021	GNTX Gentex Corporation	Gentex Corporation	Buy - Position Entry	+3,256,045	$107.38K	3,256,045
Q3 2021Sep 30, 2021	OSW OneSpaWorld	OneSpaWorld	Buy	+2,449,367+21.2%	$139.65K	14,007,288
Q3 2021Sep 30, 2021	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+2,435,514+76.0%	$409.89K	5,640,442
Q3 2021Sep 30, 2021	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy - Position Entry	+2,025,784	$50.22K	2,025,784
Q3 2021Sep 30, 2021	TCOM Trip.com Group Limited	Trip.com Group Limited	Buy	+1,472,964+249.8%	$63.42K	2,062,620
Q3 2021Sep 30, 2021	KMT Kennametal Inc.	Kennametal Inc.	Buy	+1,116,134+14.6%	$299.26K	8,742,683
Q3 2021Sep 30, 2021	MAT Mattel, Inc.	Mattel, Inc.	Buy	+1,013,421+6.5%	$308.72K	16,633,601
Q3 2021Sep 30, 2021	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+628,178+323.2%	$152.95K	822,549
Q3 2021Sep 30, 2021	BAP Credicorp	Credicorp	Buy	+497,508+65.2%	$139.85K	1,260,629
Q3 2021Sep 30, 2021	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+352,447+10.5%	$140.46K	3,714,781
Q3 2021Sep 30, 2021	NVT nVent Electric	nVent Electric	Buy	+319,256+8.4%	$133.07K	4,116,023
Q3 2021Sep 30, 2021	TIMB TIM S.A.	TIM S.A.	Buy	+306,756+496.1%	$3.96K	368,589
Q3 2021Sep 30, 2021	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+284,745+12.3%	$399.82K	2,600,474
Q3 2021Sep 30, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+279,410+48.7%	$50.49K	853,389
Q3 2021Sep 30, 2021	TGNA TEGNA Inc	TEGNA Inc	Buy	+253,305+3.2%	$163.28K	8,280,170
Q3 2021Sep 30, 2021	BCO Brinks Company (The)	Brinks Company (The)	Buy	+230,172+13.2%	$124.57K	1,967,891
Q3 2021Sep 30, 2021	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+219,871+5.8%	$272.13K	4,003,740
Q3 2021Sep 30, 2021	AXTA Axalta	Axalta	Buy	+172,859+3.1%	$167.92K	5,752,561
Q3 2021Sep 30, 2021	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+172,797+5.5%	$294.49K	3,288,569
Q3 2021Sep 30, 2021	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+157,593+10.0%	$74.60K	1,726,354
Q3 2021Sep 30, 2021	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy - Position Entry	+138,984	$8.79K	138,984
Q3 2021Sep 30, 2021	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+136,882+8.3%	$83.64K	1,777,582
Q3 2021Sep 30, 2021	NOV NOV Inc.	NOV Inc.	Buy	+130,089+5.8%	$31.06K	2,369,062
Q3 2021Sep 30, 2021	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Buy	+123,530+4.2%	$23.83K	3,070,423
Q3 2021Sep 30, 2021	EQC Equity	Equity	Buy	+122,564+8.9%	$38.97K	1,500,061
Q3 2021Sep 30, 2021	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+120,097+4.8%	$183.00K	2,619,896
Q3 2021Sep 30, 2021	APA APA Corporation	APA Corporation	Buy	+93,431+21.1%	$11.49K	536,115
Q3 2021Sep 30, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+76,165+1.9%	$386.23K	4,074,547
Q3 2021Sep 30, 2021	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+71,280+6.8%	$279.48K	1,126,517
Q3 2021Sep 30, 2021	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+61,658+4.2%	$80.14K	1,537,344

Page 56 of 176 • 5272 total trades

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