John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Ariel Appreciation Fund portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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 Q1 2025, the filing reported:

New Buys - Algonquin Power & Utilities Cor, Owens Corning Inc, Progressive Corporation (The), Vanguard Total World Stock Inde, Vanguard Total International St

Increases - Bank of America Corporation, Brinks Company (The), Bio-Rad Laboratories, Inc., BOK Financial Corporation, Brady Corporation, and 43 more

Reductions - AbbVie Inc., ADT Inc., AFLAC Incorporated, Allstate Corporation (The), Affiliated Managers Group, Inc., and 44 more

Complete Exits - Baidu, Inc., DaVita Inc., Lennar Corporation, NOV Inc., Royal Caribbean, and 4 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-67,358	-44.4%	$17.68M	84,394
Q1 2025	ADT ADT Inc.	ADT Inc.	Sell	-1,522,841	-5.3%	$220.25M	27,057,295
Q1 2025	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-85,162	-28.0%	$24.40M	219,423
Q1 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Sell	-5,772	-3.2%	$36.72M	177,344
Q1 2025	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-16,776	-1.2%	$236.44M	1,407,151
Q1 2025	APTV Aptiv	Aptiv	Sell	-109,788	-12.5%	$45.78M	769,398
Q1 2025	AQN Algonquin Power & Utilities Cor	Algonquin Power & Utilities Cor	Buy - Position Entry	+6,952,341	-	$35.74M	6,952,341
Q1 2025	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-236,326	-11.3%	$186.88M	1,856,878
Q1 2025	AXTA Axalta	Axalta	Sell	-87,651	-2.1%	$136.84M	4,125,561
Q1 2025	BAC Bank of America Corporation	Bank of America Corporation	Buy	+675,109	+409.6%	$35.05M	839,929
Q1 2025	BAP Credicorp	Credicorp	Sell	-63,524	-26.0%	$33.62M	180,611
Q1 2025	BCO Brinks Company (The)	Brinks Company (The)	Buy	+112,180	+8.7%	$120.13M	1,394,284
Q1 2025	BIDU Baidu, Inc.	Baidu, Inc.	Sell - Position Exit	-355,193	-100.0%	$0.00	-
Q1 2025	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+164,136	+29.3%	$176.50M	724,660
Q1 2025	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+5,614	+0.3%	$188.33M	1,808,295
Q1 2025	BRC Brady Corporation	Brady Corporation	Buy	+20	+0.5%	$272.67K	3,860
Q1 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-315,641	-31.5%	$19.65M	686,002
Q1 2025	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-88,589	-2.8%	$203.93M	3,097,811
Q1 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-72,474	-20.1%	$37.71M	288,349
Q1 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-71,523	-1.5%	$210.94M	4,839,213
Q1 2025	CHKP Check Point	Check Point	Sell	-459,120	-40.4%	$154.35M	677,221
Q1 2025	CLB Core Laboratories Inc.	Core Laboratories Inc.	Buy	+709,455	+7.4%	$155.03M	10,342,025
Q1 2025	CNH CNH Industrial	CNH Industrial	Sell	-70,404	-3.1%	$26.86M	2,187,205
Q1 2025	CNP CenterPoint Energy, Inc (Holdin	CenterPoint Energy, Inc (Holdin	Buy	+195,987	+13.4%	$59.95M	1,654,590
Q1 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+15,233	+5.5%	$52.20M	291,117
Q1 2025	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+33,449	+3.1%	$165.69M	1,100,776
Q1 2025	CVS CVS Health Corporation	CVS Health Corporation	Buy	+91,407	+9.8%	$69.11M	1,020,033
Q1 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-1,064	-2.7%	$6.32M	37,763
Q1 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+2,572	+1.9%	$17.50M	137,621
Q1 2025	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+153,698	+4.0%	$35.73M	3,996,918

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