John W. Rogers Jr. - Ariel Appreciation Fund Portfolio Stock Holdings

Ariel Appreciation Fund disclosed 106 stock positions valued at approximately $8.9 billion in its latest SEC 13F filing. The largest holdings include MADISON SQUARE GARDEN ENTMT, ONESPAWORLD HOLDINGS LIMITED, and JONES LANG LASALLE INC. The filing reflects positions held as of March 31, 2026 and was filed on May 14, 2026.

Report Period
March 31, 2026
No. of Stocks
106
Portfolio Value
$8.9B
Holdings by Sector
Ariel Appreciation Fund Portfolio Holdings in Q1 2026

104 holdings in the latest reporting period.

Page 1 of 2
CompanySymbolSectorPortfolio %SharesChange (Shares)Change %Value
MADISON SQUARE GARDEN ENTMTMSGEConsumer Cyclical4.03%6,105,583-775,732-11.27%$359,679,895
ONESPAWORLD HOLDINGS LIMITEDOSWOther3.96%15,432,414+1,421,104+10.14%$354,173,901
JONES LANG LASALLE INCJLLReal Estate3.49%1,024,277+131,047+14.67%$311,707,976
AFFILIATED MANAGERS GROUPAMGFinancial Services3.30%1,064,030-118,193-10.00%$294,417,101
SPHERE ENTERTAINMENT COSPHRCommunication Services3.24%2,462,309-706,225-22.29%$289,075,076
ENVISTA HOLDINGS CORPORATIONNVSTHealthcare3.08%10,863,592-1,106,952-9.25%$275,609,330
NORWEGIAN CRUISE LINE HLDGSNCLHOther3.07%14,661,579+310,212+2.16%$274,171,528
PRESTIGE CONSMR HEALTHCARE IPBHHealthcare2.84%4,274,326+171,829+4.19%$253,339,302
GENERAC HLDGS INCGNRCIndustrials2.83%1,294,787-129,161-9.07%$252,910,744
CHARLES RIV LABS INTL INCCRLHealthcare2.79%1,444,183+16,412+1.15%$249,121,568
LAZARD INCLAZFinancial Services2.77%5,826,289+529,467+10.00%$247,500,757
FIRST AMERN FINL CORPFAFFinancial Services2.59%3,839,002-78,148-2.00%$231,453,430
MADISON SQUARE GRDN SPRT CORMSGSCommunication Services2.58%717,341-5,154-0.71%$230,553,397
COVISTA INCATGEConsumer Defensive2.49%1,931,284+33,656+1.77%$222,580,482
CORE LABORATORIES INCCLBEnergy2.48%13,170,388-490,612-3.59%$221,130,814
BIO RAD LABS INCBIOHealthcare2.45%785,961+21,289+2.78%$219,086,629
BOK FINL CORPBOKFFinancial Services2.36%1,649,883-39,424-2.33%$211,284,017
MIDDLEBY CORPMIDDIndustrials2.34%1,574,530+15,885+1.02%$208,751,187
RESIDEO TECHNOLOGIES INCREZIIndustrials2.29%6,078,851-42,365-0.69%$204,918,068
MATTEL INCMATConsumer Cyclical2.21%13,567,083+1,034,950+8.26%$197,129,716
CARLYLE GROUP INCCGFinancial Services2.16%3,981,757+31,424+0.80%$192,677,221
BOYD GAMING CORPBYDConsumer Cyclical2.09%2,274,418-65,754-2.81%$186,911,671
GENTEX CORPGNTXConsumer Cyclical2.04%8,342,402+452,474+5.73%$182,281,484
SMUCKER J M COSJMConsumer Defensive2.01%1,860,459+251,516+15.63%$179,422,666
MOHAWK INDS INCMHKConsumer Cyclical1.92%1,744,678+28,651+1.67%$171,780,996
ZEBRA TECHNOLOGIES CORPORATIZBRATechnology1.82%777,363+301,632+63.40%$162,531,057
NORTHERN TR CORPNTRSFinancial Services1.78%1,141,118-107,803-8.63%$159,265,839
MANCHESTER UTD PLC NEWMANUOther1.70%9,050,387+68,226+0.76%$152,227,509
ADT INC DELADTIndustrials1.43%19,475,052-2,083,248-9.66%$127,951,092
ALGONQUIN POWER & UTILITIESAQNUtilities1.35%19,641,661+3,721,007+23.37%$120,599,799
KNOWLES CORPKNTechnology1.10%3,818,862-179,779-4.50%$98,068,376
AXALTA COATING SYS LTDAXTAOther1.07%3,466,960-1,397,586-28.73%$96,034,792
BRINKS COBCOIndustrials1.07%922,958-104,486-10.17%$95,646,137
LABCORP HOLDINGS INCLHHealthcare1.06%354,019-6,068-1.69%$94,455,809
OMNICOM GROUP INCOMCCommunication Services0.93%1,104,945+16,612+1.53%$83,213,408
DENTSPLY SIRONA INCXRAYHealthcare0.83%6,386,815+1,112,075+21.08%$74,087,054
LITTELFUSE INCLFUSTechnology0.82%215,427-6,071-2.74%$73,105,153
NVENT ELEC PLCNVTOther0.79%596,399-16,622-2.71%$70,542,074
INTEL CORPINTCTechnology0.72%1,455,291-68,821-4.52%$64,221,992
SLB LIMITEDSLBEnergy0.71%1,237,399-47,691-3.71%$63,589,935
DISNEY WALT CODISCommunication Services0.71%654,369+96,722+17.34%$63,068,084
LINDBLAD EXPEDITIONS HLDGS ILINDConsumer Cyclical0.67%3,439,063-1,679,756-32.82%$59,495,790
SCOTTS MIRACLE-GRO COSMGBasic Materials0.66%962,642+962,642+100.00%$58,538,260
KEYSIGHT TECHNOLOGIES INCKEYSTechnology0.65%204,324-53,985-20.90%$57,694,968
FIRST SOLAR INCFSLRTechnology0.60%271,480+19,915+7.92%$53,552,145
WEX INCWEXTechnology0.58%337,724+927+0.28%$51,685,281
CVS HEALTH CORPCVSHealthcare0.56%702,151-122,941-14.90%$50,428,485
RLI CORPRLIFinancial Services0.56%872,033+498,860+133.68%$49,740,762
FACTSET RESH SYS INCFDSFinancial Services0.55%225,047+99,608+79.41%$48,832,948
BRISTOL-MYERS SQUIBB COBMYHealthcare0.49%721,731-10,946-1.49%$43,772,985
AT&T INCTCommunication Services0.48%1,489,147+286,701+23.84%$43,170,372
GCM GROSVENOR INCGCMGFinancial Services0.48%4,396,403-111,796-2.48%$43,084,749
KKR & CO INCKKRFinancial Services0.45%439,405+174,489+65.87%$40,644,963
HEWLETT PACKARD ENTERPRISE CHPETechnology0.44%1,659,398+337,863+25.57%$39,510,266
SCHWAB CHARLES CORPSCHWFinancial Services0.42%402,927+60,652+17.72%$37,867,079
M & T BK CORPMTBFinancial Services0.41%177,635-2,767-1.53%$36,720,707
CBRE GROUP INCCBREReal Estate0.40%263,149+52,068+24.67%$35,646,164
FEDEX CORPFDXIndustrials0.39%98,918+27,513+38.53%$35,232,613
MASCO CORPMASIndustrials0.35%523,429+117,941+29.09%$31,599,409
KENNAMETAL INCKMTIndustrials0.35%869,000-1,508,626-63.45%$31,396,970
KORN FERRYKFYIndustrials0.33%463,417-2,673-0.57%$29,172,100
STANLEY BLACK & DECKER INCSWKIndustrials0.32%396,952-24,435-5.80%$28,207,409
GILEAD SCIENCES INCGILDHealthcare0.32%202,271-2,781-1.36%$28,190,509
FIFTH THIRD BANCORPFITBFinancial Services0.30%567,418+567,418+100.00%$26,362,240
AFLAC INCAFLFinancial Services0.29%239,266+27,194+12.82%$26,249,872
BANK AMERICA CORPBACFinancial Services0.28%512,111-5,331-1.03%$24,965,411
FISERV INCFITechnology0.27%432,559+111,534+34.74%$24,136,792
MOLSON COORS BEVERAGE COTAPConsumer Defensive0.26%548,715+32,770+6.35%$23,627,668
CARMAX INCKMXConsumer Cyclical0.26%561,947-1,536-0.27%$23,365,756
MICROSOFT CORPMSFTTechnology0.26%62,192-110,263-63.94%$23,021,613
CENTERPOINT ENERGY INCCNPUtilities0.23%476,867-519,911-52.16%$20,581,580
SIMPSON MFG INCSSDBasic Materials0.18%91,750+361+0.40%$15,746,135
VAIL RESORTS INCMTNConsumer Cyclical0.16%112,309+98+0.09%$14,411,491
ISHARES TRIWNOther0.14%65,455+32,136+96.45%$12,409,613
SNAP ON INCSNAIndustrials0.13%32,608-86-0.26%$11,843,878
MGP INGREDIENTS INC NEWMGPIConsumer Defensive0.13%628,860-607-0.10%$11,564,735
JOHNSON & JOHNSONJNJHealthcare0.11%40,553-2,707-6.26%$9,912,775
APA CORPORATIONAPAEnergy0.11%222,147-75,192-25.29%$9,427,919
PHINIA INCPHINConsumer Cyclical0.10%132,555-7,589-5.42%$9,072,064
CHEVRON CORPORATIONCVXEnergy0.10%41,499--$8,586,143
BARRICK MNG CORPBOther0.09%207,277-8,849-4.09%$8,454,829
LOCKHEED MARTIN CORPLMTIndustrials0.09%13,114-332-2.47%$7,925,970
HACKETT GROUP INCHCKTTechnology0.06%425,568-2,631-0.61%$5,536,640
TAIWAN SEMICONDUCTOR MANUFACTSMTechnology0.06%16,092+5,930+58.35%$5,438,291
KB FINL GROUP INCKBFinancial Services0.06%49,961-1,354-2.64%$4,982,611
GALLAGHER ARTHUR J & COAJGFinancial Services0.05%19,764+4,407+28.70%$4,280,487
MOSAIC COMOSBasic Materials0.04%148,341+1,304+0.89%$3,782,696
BORGWARNER INCBWAConsumer Cyclical0.04%64,987--$3,526,195
CREDICORP LTDBAPOther0.03%7,585+1,848+32.21%$2,572,680
ORACLE CORPORCLTechnology0.03%16,367-17-0.10%$2,407,749
INTERCORP FINL SVCS INCIFSOther0.03%46,465+11,797+34.03%$2,332,543
KASPI KZ JSCKSPITechnology0.02%22,724+9,552+72.52%$1,683,167
VANGUARD INTL EQUITY INDEX FVTOther0.02%9,964-17,721-64.01%$1,378,220
VANGUARD INTL EQUITY INDEX FVWOOther0.01%20,245+12,052+147.10%$1,094,242
ROYAL CARIBBEAN GROUPRCLOther0.01%1,740-456,168-99.62%$478,813
VANGUARD STAR FDSVXUSOther0.00%4,685-65,784-93.35%$361,260
HDFC BANK LTDHDBFinancial Services0.00%14,072+921+7.00%$350,111
COLUMBIA ETF TR IIXCEMOther0.00%8,466+8,466+100.00%$345,497
MOTOROLA SOLUTIONS INCMSITechnology0.00%696-59-7.81%$302,043
ZIMMER BIOMET HOLDINGS INCZBHHealthcare0.00%3,014-215-6.66%$272,526