Ariel Appreciation Fund Portfolio - Dec 31, 2025

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Ariel Appreciation Fund, John W. Rogers Jr., has built a diversified portfolio of 106 publicly traded holdings with a total market value of $9.3B as of Dec 31, 2025. This comprehensive analysis examines the latest 13F filing data to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a diversified approach to stock selection, with the top holding representing 4.0% of the total portfolio value. The top 5 holdings account for 17.6% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

106
Total Holdings
$9.3B
Portfolio Value
Dec 31, 2025
Latest Filing
4.0%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in MADISON SQUARE GARDEN ENTMT (MSGE) represents 4.0% of the total portfolio, valued at $370.8M.

Rank Symbol Company Value Portfolio % Change
1 MSGE MADISON SQUARE GARDEN ENTMT $370.8M 4.0% -11.1%
2 AMG AFFILIATED MANAGERS GROUP IN $340.8M 3.7% -6.5%
3 NCLH NORWEGIAN CRUISE LINE HLDG L $320.3M 3.5% +18.8%
4 SPHR SPHERE ENTERTAINMENT CO $301.3M 3.3% -47.1%
5 JLL JONES LANG LASALLE INC $300.5M 3.2% -6.1%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 193 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
XRAY DENTSPLY SIRONA Inc. +5,274,740 Dec 31, 2025 BUY
IPG Interpublic Group of Companies, -3,190,462 Dec 31, 2025 SELL
SPHR Sphere Entertainment Co. -2,825,705 Dec 31, 2025 SELL
NCLH Norwegian Cruise Line +2,267,075 Dec 31, 2025 BUY
KMT Kennametal Inc. -1,400,187 Dec 31, 2025 SELL
HPE Hewlett Packard Enterprise Comp +1,321,535 Dec 31, 2025 BUY
MAT Mattel, Inc. -1,228,337 Dec 31, 2025 SELL
T AT&T Inc. +1,202,446 Dec 31, 2025 BUY
VZ Verizon Communications Inc. -1,166,712 Dec 31, 2025 SELL
APTV Aptiv -1,150,265 Dec 31, 2025 SELL

Investment Strategy Insights

Ariel Appreciation Fund's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a diversified investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in MADISON SQUARE GARDEN ENTMT (MSGE) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a decrease of 11.1% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 193 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Complete Holdings

View all 106 holdings with detailed analysis

Trading Activity

Track all portfolio transactions and position changes

Performance Metrics

Analyze profit, winning trades, and investment returns

Sector Allocation

Analyze portfolio breakdown by sector and industry

Ariel Appreciation Fund's portfolio as of Dec 31, 2025 reflects a strategic approach to equity investing with 106 holdings valued at $9.3B. The concentrated position in MADISON SQUARE GARDEN ENTMT and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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