John W. Rogers Jr. - Ariel Appreciation Fund Portfolio Balances (Dec 31, 2025)

As of Dec 31, 2025, the Ariel Appreciation Fund portfolio balances reported a total equity value of $9.26B across 108 publicly traded holdings. These balances reflect the most recent SEC 13F filing dated Feb 13, 2026, providing an updated snapshot of assets under management.

The portfolio balances highlight MADISON SQUARE GARDEN ENTMT (MSGE) as the single largest position, accounting for 4.0% of total equity value, followed by AFFILIATED MANAGERS GROUP IN (AMG), NORWEGIAN CRUISE LINE HLDG L (NCLH), SPHERE ENTERTAINMENT CO (SPHR), and others. Collectively, the top five holdings represent 17.6% of the portfolio, showing how capital is distributed among core positions and long-term investments.