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
Q1 2025Mar 31, 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+2,572+1.9%	$17.50M	137,621
Q1 2025Mar 31, 2025	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+1,822+0.6%	$33.95M	299,923
Q1 2025Mar 31, 2025	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy - Position Entry	+828	$234.33K	828
Q1 2025Mar 31, 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+25+0.5%	$1.04M	4,706
Q1 2025Mar 31, 2025	BRC Brady Corporation	Brady Corporation	Buy	+20+0.5%	$272.67K	3,860
Q1 2025Mar 31, 2025	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+12+0.5%	$394.32K	2,206
Q1 2025Mar 31, 2025	PHIN PHINIA Inc.	PHINIA Inc.	Buy	+8+0.0%	$5.95M	140,240
Q1 2025Mar 31, 2025	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+5+0.6%	$352.44K	805
Q1 2025Mar 31, 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+1+0.4%	$437.07K	237
Q1 2025Mar 31, 2025	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-260-0.1%	$30.30M	497,724
Q1 2025Mar 31, 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-1,064-2.7%	$6.32M	37,763
Q1 2025Mar 31, 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-3,755-9.0%	$5.31M	38,008
Q1 2025Mar 31, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-4,009-3.1%	$46.51M	123,894
Q1 2025Mar 31, 2025	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-5,306-13.2%	$11.79M	34,986
Q1 2025Mar 31, 2025	KMT Kennametal Inc.	Kennametal Inc.	Sell	-5,313-0.1%	$164.76M	7,735,244
Q1 2025Mar 31, 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Sell	-5,772-3.2%	$36.72M	177,344
Q1 2025Mar 31, 2025	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-5,787-12.5%	$6.13M	40,617
Q1 2025Mar 31, 2025	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-5,882-2.0%	$42.14M	281,354
Q1 2025Mar 31, 2025	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Sell - Position Exit	-7,446-100.0%	$0.00	-
Q1 2025Mar 31, 2025	ST Sensata Technologies	Sensata Technologies	Sell - Position Exit	-7,890-100.0%	$0.00	-
Q1 2025Mar 31, 2025	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-8,266-3.5%	$63.87M	226,052
Q1 2025Mar 31, 2025	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-10,595-2.4%	$32.95M	428,624
Q1 2025Mar 31, 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Sell	-16,413-3.2%	$38.69M	503,607
Q1 2025Mar 31, 2025	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-16,776-1.2%	$236.44M	1,407,151
Q1 2025Mar 31, 2025	LH Labcorp Holdings Inc.	Labcorp Holdings Inc.	Sell	-20,876-5.4%	$85.71M	368,263
Q1 2025Mar 31, 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-22,633-3.9%	$43.69M	558,167
Q1 2025Mar 31, 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-23,568-2.2%	$256.93M	1,036,380
Q1 2025Mar 31, 2025	JHG Janus Henderson	Janus Henderson	Sell	-26,955-1.2%	$77.67M	2,148,665
Q1 2025Mar 31, 2025	INTC Intel Corporation	Intel Corporation	Sell	-30,098-3.0%	$21.75M	957,678
Q1 2025Mar 31, 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-34,985-13.9%	$4.22M	217,272

Page 6 of 176 • 5272 total trades

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