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	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+59,130+4.7%	$233.58K	1,316,698
Q3 2021Sep 30, 2021	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+57,225+3.1%	$206.56K	1,915,994
Q3 2021Sep 30, 2021	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+54,838+5.5%	$221.35K	1,059,336
Q3 2021Sep 30, 2021	G02602103 Amdocs	Amdocs	Buy	+45,111+5.2%	$69.36K	916,135
Q3 2021Sep 30, 2021	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+44,304+5.2%	$48.62K	900,146
Q3 2021Sep 30, 2021	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+43,158+4.2%	$53.33K	1,078,191
Q3 2021Sep 30, 2021	VEU Vanguard FTSE All World Ex US E	Vanguard FTSE All World Ex US E	Buy - Position Entry	+39,240	$2.39K	39,240
Q3 2021Sep 30, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+38,543+4.9%	$132.57K	820,852
Q3 2021Sep 30, 2021	MAS Masco Corporation	Masco Corporation	Buy	+35,543+2.1%	$97.41K	1,753,629
Q3 2021Sep 30, 2021	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+35,219+4.2%	$79.13K	875,420
Q3 2021Sep 30, 2021	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+32,234+4.4%	$35.65K	768,714
Q3 2021Sep 30, 2021	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+30,775+2.5%	$33.72K	1,262,613
Q3 2021Sep 30, 2021	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+30,406+2.3%	$165.70K	1,380,495
Q3 2021Sep 30, 2021	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Buy	+26,838+2.6%	$44.73K	1,063,848
Q3 2021Sep 30, 2021	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+25,333+4.2%	$45.19K	623,604
Q3 2021Sep 30, 2021	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+23,841+5.0%	$45.12K	502,622
Q3 2021Sep 30, 2021	TPR Tapestry, Inc.	Tapestry, Inc.	Buy	+21,676+5.7%	$15.00K	405,101
Q3 2021Sep 30, 2021	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy - Position Entry	+19,064	$1.94K	19,064
Q3 2021Sep 30, 2021	BRC Brady Corporation	Brady Corporation	Buy	+17,690+3.1%	$29.92K	590,222
Q3 2021Sep 30, 2021	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+16,702+2.4%	$76.26K	712,944
Q3 2021Sep 30, 2021	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+15,330+1.9%	$127.34K	842,809
Q3 2021Sep 30, 2021	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+13,006+0.8%	$160.37K	1,647,142
Q3 2021Sep 30, 2021	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+12,232+3.5%	$53.03K	362,354
Q3 2021Sep 30, 2021	USB U.S. Bancorp	U.S. Bancorp	Buy	+10,930+5.4%	$12.64K	212,655
Q3 2021Sep 30, 2021	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+10,913+3.8%	$52.08K	297,081
Q3 2021Sep 30, 2021	RCL Royal Caribbean	Royal Caribbean	Buy	+9,808+2.0%	$45.51K	511,661
Q3 2021Sep 30, 2021	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+5,555+1.7%	$13.17K	331,046
Q3 2021Sep 30, 2021	WB Weibo Corporation	Weibo Corporation	Buy	+3,290+2.8%	$5.64K	118,792
Q3 2021Sep 30, 2021	CHKP Check Point	Check Point	Buy	+2,573+0.5%	$53.52K	473,462
Q3 2021Sep 30, 2021	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-75-0.3%	$1.58K	26,347

Page 57 of 176 • 5272 total trades

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