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	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-161-0.7%	$7.78K	22,536
Q3 2021Sep 30, 2021	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-194-0.4%	$38.74K	51,940
Q3 2021Sep 30, 2021	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-1,165-0.1%	$12.57K	813,651
Q3 2021Sep 30, 2021	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-1,194-0.9%	$6.77K	130,534
Q3 2021Sep 30, 2021	NVS Novartis AG	Novartis AG	Sell	-2,046-9.9%	$1.52K	18,536
Q3 2021Sep 30, 2021	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-2,068-0.6%	$12.95K	362,625
Q3 2021Sep 30, 2021	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-3,000-1.0%	$5.41K	299,495
Q3 2021Sep 30, 2021	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-8,543-3.3%	$93.64K	247,707
Q3 2021Sep 30, 2021	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell - Position Exit	-12,033-100.0%	$0.00	-
Q3 2021Sep 30, 2021	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-13,667-7.7%	$27.81K	163,116
Q3 2021Sep 30, 2021	TURN 180 Degree Capital Corp.	180 Degree Capital Corp.	Sell - Position Exit	-15,783-100.0%	$0.00	-
Q3 2021Sep 30, 2021	GSIT GSI Technology, Inc.	GSI Technology, Inc.	Sell - Position Exit	-15,803-100.0%	$0.00	-
Q3 2021Sep 30, 2021	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-18,419-5.0%	$94.91K	347,308
Q3 2021Sep 30, 2021	EVR Evercore Inc.	Evercore Inc.	Sell	-18,848-7.3%	$32.00K	239,398
Q3 2021Sep 30, 2021	WU Western Union Company (The)	Western Union Company (The)	Sell	-19,240-5.1%	$7.26K	359,132
Q3 2021Sep 30, 2021	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-20,503-0.6%	$211.52K	3,474,325
Q3 2021Sep 30, 2021	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-28,456-24.9%	$44.26K	85,868
Q3 2021Sep 30, 2021	KMX CarMax Inc	CarMax Inc	Sell	-29,888-8.6%	$40.72K	318,189
Q3 2021Sep 30, 2021	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-30,701-5.4%	$27.27K	540,046
Q3 2021Sep 30, 2021	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-37,894-17.1%	$75.60K	183,205
Q3 2021Sep 30, 2021	KFY Korn Ferry	Korn Ferry	Sell	-39,679-4.7%	$57.82K	799,077
Q3 2021Sep 30, 2021	ORCL Oracle Corporation	Oracle Corporation	Sell	-53,612-35.3%	$8.58K	98,444
Q3 2021Sep 30, 2021	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-54,464-5.6%	$66.54K	913,525
Q3 2021Sep 30, 2021	PARA Paramount Global	Paramount Global	Sell	-68,190-2.3%	$114.53K	2,898,850
Q3 2021Sep 30, 2021	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-73,834-19.6%	$82.91K	303,759
Q3 2021Sep 30, 2021	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-78,511-65.7%	$6.58K	41,055
Q3 2021Sep 30, 2021	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-91,714-25.9%	$87.47K	261,862
Q3 2021Sep 30, 2021	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-95,894-23.6%	$28.53K	309,809
Q3 2021Sep 30, 2021	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-100,490-2.3%	$23.70K	4,348,999
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-108,119-9.1%	$306.14K	1,085,921

Page 58 of 176 • 5272 total trades

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