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	FAF First American Corporation (New	First American Corporation (New	Sell	-143,993-2.7%	$353.12K	5,266,471
Q3 2021Sep 30, 2021	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-172,325-13.9%	$21.15K	1,069,683
Q3 2021Sep 30, 2021	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-174,057-24.9%	$86.10K	524,053
Q3 2021Sep 30, 2021	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-314,579-4.9%	$254.40K	6,084,684
Q3 2021Sep 30, 2021	MATW Matthews International Corporat	Matthews International Corporat	Sell - Position Exit	-318,973-100.0%	$0.00	-
Q3 2021Sep 30, 2021	JHG Janus Henderson	Janus Henderson	Sell	-593,682-15.6%	$132.97K	3,217,362
Q3 2021Sep 30, 2021	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-1,146,923-11.7%	$316.16K	8,621,883
Q3 2021Sep 30, 2021	KN Knowles Corporation	Knowles Corporation	Sell	-1,338,604-27.8%	$65.12K	3,475,160
Q2 2021Jun 30, 2021	ADT ADT Inc.	ADT Inc.	Buy - Position Entry	+15,313,819	$165.24K	15,313,819
Q2 2021Jun 30, 2021	PARA Paramount Global	Paramount Global	Buy	+2,227,071+301.0%	$134.11K	2,967,040
Q2 2021Jun 30, 2021	OSW OneSpaWorld	OneSpaWorld	Buy	+1,885,775+19.5%	$112.00K	11,557,921
Q2 2021Jun 30, 2021	AXTA Axalta	Axalta	Buy	+782,803+16.3%	$170.13K	5,579,702
Q2 2021Jun 30, 2021	NVT nVent Electric	nVent Electric	Buy	+781,311+25.9%	$118.61K	3,796,767
Q2 2021Jun 30, 2021	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+626,622+24.3%	$269.12K	3,204,928
Q2 2021Jun 30, 2021	TCOM Trip.com Group Limited	Trip.com Group Limited	Buy - Position Entry	+589,656	$20.91K	589,656
Q2 2021Jun 30, 2021	KMT Kennametal Inc.	Kennametal Inc.	Buy	+559,935+7.9%	$273.95K	7,626,549
Q2 2021Jun 30, 2021	BAP Credicorp	Credicorp	Buy	+387,538+103.2%	$92.42K	763,121
Q2 2021Jun 30, 2021	MAT Mattel, Inc.	Mattel, Inc.	Buy	+310,333+2.0%	$313.97K	15,620,180
Q2 2021Jun 30, 2021	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy - Position Entry	+302,495	$6.26K	302,495
Q2 2021Jun 30, 2021	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+267,738+8.7%	$119.83K	3,362,334
Q2 2021Jun 30, 2021	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+135,352+31.1%	$29.41K	570,747
Q2 2021Jun 30, 2021	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+126,508+4.2%	$269.83K	3,115,772
Q2 2021Jun 30, 2021	JHG Janus Henderson	Janus Henderson	Buy	+124,820+3.4%	$147.91K	3,811,044
Q2 2021Jun 30, 2021	TGNA TEGNA Inc	TEGNA Inc	Buy	+119,673+1.5%	$150.58K	8,026,865
Q2 2021Jun 30, 2021	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+119,307+19.3%	$39.54K	736,480
Q2 2021Jun 30, 2021	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+99,895+2.7%	$270.74K	3,783,869
Q2 2021Jun 30, 2021	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+87,726+5.0%	$214.91K	1,858,769
Q2 2021Jun 30, 2021	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+81,702+5.2%	$86.32K	1,640,700
Q2 2021Jun 30, 2021	KN Knowles Corporation	Knowles Corporation	Buy	+70,089+1.5%	$95.02K	4,813,764
Q2 2021Jun 30, 2021	NOV NOV Inc.	NOV Inc.	Buy	+47,066+2.1%	$34.30K	2,238,973

Page 59 of 176 • 5272 total trades

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