John W. Rogers Jr. - Ariel Appreciation Fund 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:

New Buys - Arthur J. Gallagher & Co., FedEx Corporation, HDFC Bank Limited, Humana Inc., Infosys Limited, and 1 more

Increases - Algonquin Power & Utilities Cor, Axalta, Bank of America Corporation, Core Laboratories Inc., CenterPoint Energy, Inc (Holdin, and 24 more

Reductions - ADT Inc., AFLAC Incorporated, Allstate Corporation (The), Affiliated Managers Group, Inc., Aptiv, and 61 more

Complete Exits - Dun & Bradstreet Holdings, Inc., Leslie's, Inc., Owens Corning Inc, Paramount Global, ZimVie Inc.

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
Q3 2025	ADT ADT Inc.	ADT Inc.	Sell	-1,175,656	-5.1%	$192.22M	22,068,942
Q3 2025	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-1,267	-0.6%	$24.05M	215,348
Q3 2025	AJG Arthur J. Gallagher & Co.	Arthur J. Gallagher & Co.	Buy - Position Entry	+13,645	-	$4.23M	13,645
Q3 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Sell	-49,003	-41.3%	$14.97M	69,734
Q3 2025	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-91,251	-6.7%	$301.33M	1,263,824
Q3 2025	APTV Aptiv	Aptiv	Sell	-236,248	-17.0%	$99.18M	1,150,265
Q3 2025	AQN Algonquin Power & Utilities Cor	Algonquin Power & Utilities Cor	Buy	+3,232,775	+24.7%	$87.78M	16,345,606
Q3 2025	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-80,811	-5.9%	$199.99M	1,294,876
Q3 2025	AXTA Axalta	Axalta	Buy	+206,987	+5.2%	$119.89M	4,188,961
Q3 2025	BAC Bank of America Corporation	Bank of America Corporation	Buy	+61,756	+12.9%	$27.84M	539,659
Q3 2025	BAP Credicorp	Credicorp	Sell	-141,966	-96.4%	$1.40M	5,242
Q3 2025	BCO Brinks Company (The)	Brinks Company (The)	Sell	-157,667	-11.4%	$143.25M	1,225,787
Q3 2025	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-9,144	-1.1%	$226.97M	809,480
Q3 2025	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-70,312	-3.9%	$191.62M	1,719,460
Q3 2025	BRC Brady Corporation	Brady Corporation	Sell	-20	-0.5%	$284.03K	3,640
Q3 2025	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-232,279	-8.2%	$224.98M	2,602,460
Q3 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-4,430	-1.9%	$36.07M	228,906
Q3 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-472,158	-10.0%	$265.43M	4,233,386
Q3 2025	CHKP Check Point	Check Point	Sell	-7,279	-1.5%	$100.61M	486,268
Q3 2025	CLB Core Laboratories Inc.	Core Laboratories Inc.	Buy	+797,105	+6.1%	$170.24M	13,773,568
Q3 2025	CNP CenterPoint Energy, Inc (Holdin	CenterPoint Energy, Inc (Holdin	Buy	+143,217	+16.2%	$39.86M	1,027,312
Q3 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+17,651	+9.4%	$43.78M	205,962
Q3 2025	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+74,750	+5.3%	$233.14M	1,490,098
Q3 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-174,928	-15.0%	$74.61M	989,646
Q3 2025	CVX Chevron Corporation	Chevron Corporation	Buy	+3,736	+9.9%	$6.44M	41,499
Q3 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-15,974	-11.0%	$21.81M	128,669
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+327,799	+190.4%	$57.25M	499,969
Q3 2025	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell - Position Exit	-19,393	-100.0%	$0.00	-
Q3 2025	FAF First American Corporation (New	First American Corporation (New	Buy	+221,115	+6.3%	$239.31M	3,725,184
Q3 2025	FDX FedEx Corporation	FedEx Corporation	Buy - Position Entry	+75,869	-	$17.89M	75,869

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