John W. Rogers Jr. - Ariel Appreciation Fund Portfolio Holdings
As of Dec 31, 2025, the Ariel Appreciation Fund portfolio holdings is valued at approximately $9,258,581,319.00 featuring 106 publicly traded holdings. This in-depth profile highlights the top investments led by MADISON SQUARE GARDEN ENTMT (MSGE), AFFILIATED MANAGERS GROUP IN (AMG), NORWEGIAN CRUISE LINE HLDG L (NCLH), SPHERE ENTERTAINMENT CO (SPHR), and others based on the company's latest SEC filings reported on Feb 13, 2026. Explore insights into portfolio composition, sector allocation, and recent trade activity.
Ariel Appreciation Fund's stock portfolio spans 106 holdings across 12 sectors, with a total market value of $9,258,581,319.00. The Financial Services sector represents the largest allocation, while the top holdings account for nearly 32% of the total portfolio value. MADISON SQUARE GARDEN ENTMT remains the single largest position at 4.0% of all equity investments.
Complete Holdings
Showing 100 of 106 holdings.
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| # | Company | Symbol | Sector | Portfolio % | Shares | Change (Shares) | Change % | Value |
|---|---|---|---|---|---|---|---|---|
| 1 | MADISON SQUARE GARDEN ENTMT | MSGE | Consumer Cyclical | 4.01% | 6,881,315 | -856,255 | -11.07% | $370,834,066.00 |
| 2 | AFFILIATED MANAGERS GROUP IN | AMG | Financial Services | 3.68% | 1,182,223 | -81,601 | -6.46% | $340,811,246.00 |
| 3 | NORWEGIAN CRUISE LINE HLDG L | NCLH | Other | 3.46% | 14,351,367 | +2,267,075 | +18.76% | $320,322,511.00 |
| 4 | SPHERE ENTERTAINMENT CO | SPHR | Communication Services | 3.25% | 3,168,534 | -2,825,705 | -47.14% | $301,264,213.00 |
| 5 | JONES LANG LASALLE INC | JLL | Real Estate | 3.25% | 893,230 | -57,615 | -6.06% | $300,545,098.00 |
| 6 | ONESPAWORLD HOLDINGS LIMITED | OSW | Other | 3.14% | 14,011,310 | +821,710 | +6.23% | $290,594,570.00 |
| 7 | CHARLES RIV LABS INTL INC | CRL | Healthcare | 3.08% | 1,427,771 | -62,327 | -4.18% | $284,811,759.00 |
| 8 | ENVISTA HOLDINGS CORPORATION | NVST | Healthcare | 2.81% | 11,970,544 | -33,661 | -0.28% | $259,880,511.00 |
| 9 | LAZARD INC | LAZ | Financial Services | 2.78% | 5,296,822 | +50,933 | +0.97% | $257,213,676.00 |
| 10 | PRESTIGE CONSMR HEALTHCARE I | PBH | Healthcare | 2.73% | 4,102,497 | +507,538 | +14.12% | $253,083,041.00 |
| 11 | MATTEL INC | MAT | Consumer Cyclical | 2.69% | 12,532,133 | -1,228,337 | -8.93% | $248,637,519.00 |
| 12 | FIRST AMERN FINL CORP | FAF | Financial Services | 2.60% | 3,917,150 | +191,966 | +5.15% | $240,669,696.00 |
| 13 | CARLYLE GROUP INC | CG | Financial Services | 2.52% | 3,950,333 | -283,053 | -6.69% | $233,504,183.00 |
| 14 | MIDDLEBY CORP | MIDD | Industrials | 2.50% | 1,558,645 | +285,527 | +22.43% | $231,723,751.00 |
| 15 | BIO RAD LABS INC | BIO | Healthcare | 2.50% | 764,672 | -44,808 | -5.54% | $231,687,970.00 |
| 16 | CORE LABORATORIES INC | CLB | Energy | 2.37% | 13,661,000 | -112,568 | -0.82% | $218,985,830.00 |
| 17 | RESIDEO TECHNOLOGIES INC | REZI | Industrials | 2.32% | 6,121,216 | -576,648 | -8.61% | $214,977,106.00 |
| 18 | BOK FINL CORP | BOKF | Financial Services | 2.16% | 1,689,307 | -30,153 | -1.75% | $200,115,308.00 |
| 19 | BOYD GAMING CORP | BYD | Consumer Cyclical | 2.15% | 2,340,172 | -262,288 | -10.08% | $199,476,262.00 |
| 20 | ADTALEM GLOBAL ED INC | ATGE | Consumer Defensive | 2.12% | 1,897,628 | +602,752 | +46.55% | $196,347,568.00 |
| 21 | GENERAC HLDGS INC | GNRC | Industrials | 2.10% | 1,423,948 | -43,283 | -2.95% | $194,183,789.00 |
| 22 | MOHAWK INDS INC | MHK | Consumer Cyclical | 2.03% | 1,716,027 | +18,924 | +1.12% | $187,561,751.00 |
| 23 | MADISON SQUARE GRDN SPRT COR | MSGS | Communication Services | 2.02% | 722,495 | -4,540 | -0.62% | $186,873,332.00 |
| 24 | GENTEX CORP | GNTX | Consumer Cyclical | 1.98% | 7,889,928 | +671,848 | +9.31% | $183,598,624.00 |
| 25 | ADT INC DEL | ADT | Industrials | 1.88% | 21,558,300 | -510,642 | -2.31% | $173,975,481.00 |
| 26 | NORTHERN TR CORP | NTRS | Financial Services | 1.84% | 1,248,921 | -35,666 | -2.78% | $170,590,120.00 |
| 27 | SMUCKER J M CO | SJM | Consumer Defensive | 1.70% | 1,608,943 | +65,420 | +4.24% | $157,370,715.00 |
| 28 | AXALTA COATING SYS LTD | AXTA | Other | 1.70% | 4,864,546 | +675,585 | +16.13% | $157,173,482.00 |
| 29 | MANCHESTER UTD PLC NEW | MANU | Other | 1.54% | 8,982,161 | +53,079 | +0.59% | $142,996,003.00 |
| 30 | BRINKS CO | BCO | Industrials | 1.30% | 1,027,444 | -198,343 | -16.18% | $119,933,538.00 |
| 31 | ZEBRA TECHNOLOGIES CORPORATI | ZBRA | Technology | 1.25% | 475,731 | +220,112 | +86.11% | $115,517,002.00 |
| 32 | ALGONQUIN PWR UTILS CORP | AQN | Utilities | 1.06% | 15,920,654 | -424,952 | -2.60% | $97,912,022.00 |
| 33 | LABCORP HOLDINGS INC | LH | Healthcare | 0.98% | 360,087 | -2,782 | -0.77% | $90,338,626.00 |
| 34 | OMNICOM GROUP INC | OMC | Communication Services | 0.95% | 1,088,333 | +895,905 | +465.58% | $87,882,890.00 |
| 35 | CHECK POINT SOFTWARE TECH LT | CHKP | Other | 0.93% | 464,185 | -22,083 | -4.54% | $86,134,169.00 |
| 36 | KNOWLES CORP | KN | Technology | 0.93% | 3,998,641 | -109,519 | -2.67% | $85,690,877.00 |
| 37 | MICROSOFT CORP | MSFT | Technology | 0.90% | 172,455 | -21,679 | -11.17% | $83,402,687.00 |
| 38 | LINDBLAD EXPEDITIONS HLDGS I | LIND | Consumer Cyclical | 0.80% | 5,118,819 | -405,841 | -7.35% | $73,813,370.00 |
| 39 | KENNAMETAL INC | KMT | Industrials | 0.73% | 2,377,626 | -1,400,187 | -37.06% | $67,548,354.00 |
| 40 | FIRST SOLAR INC | FSLR | Technology | 0.71% | 251,565 | -73,951 | -22.72% | $65,716,325.00 |
| 41 | CVS HEALTH CORP | CVS | Healthcare | 0.71% | 825,092 | -164,554 | -16.63% | $65,479,301.00 |
| 42 | DISNEY WALT CO | DIS | Communication Services | 0.69% | 557,647 | +57,678 | +11.54% | $63,443,499.00 |
| 43 | NVENT ELECTRIC PLC | NVT | Other | 0.68% | 613,021 | -247,057 | -28.72% | $62,509,751.00 |
| 44 | DENTSPLY SIRONA INC | XRAY | Healthcare | 0.65% | 5,274,740 | +5,274,740 | +100.00% | $60,290,278.00 |
| 45 | INTEL CORP | INTC | Technology | 0.61% | 1,524,112 | +558,367 | +57.82% | $56,239,733.00 |
| 46 | LITTELFUSE INC | LFUS | Technology | 0.61% | 221,498 | -3,875 | -1.72% | $56,021,274.00 |
| 47 | JANUS HENDERSON GROUP PLC | JHG | Other | 0.60% | 1,169,327 | -875,475 | -42.81% | $55,624,885.00 |
| 48 | KEYSIGHT TECHNOLOGIES INC | KEYS | Technology | 0.57% | 258,309 | -3,957 | -1.51% | $52,485,806.00 |
| 49 | GCM GROSVENOR INC | GCMG | Financial Services | 0.55% | 4,508,199 | +23,611 | +0.53% | $51,032,813.00 |
| 50 | WEX INC | WEX | Technology | 0.54% | 336,797 | -4,139 | -1.21% | $50,176,016.00 |
| 51 | SLB LIMITED | SLB | Energy | 0.53% | 1,285,090 | -15,497 | -1.19% | $49,321,754.00 |
| 52 | BRISTOL-MYERS SQUIBB CO | BMY | Healthcare | 0.43% | 732,677 | +390,163 | +113.91% | $39,520,597.00 |
| 53 | CAPITAL ONE FINL CORP | COF | Financial Services | 0.42% | 162,230 | -43,732 | -21.23% | $39,318,063.00 |
| 54 | CENTERPOINT ENERGY INC | CNP | Utilities | 0.41% | 996,778 | -30,534 | -2.97% | $38,216,469.00 |
| 55 | WEBSTER FINL CORP | WBS | Financial Services | 0.39% | 578,996 | +578,996 | +100.00% | $36,442,008.00 |
| 56 | FACTSET RESH SYS INC | FDS | Financial Services | 0.39% | 125,439 | +91,569 | +270.35% | $36,401,144.00 |
| 57 | M & T BK CORP | MTB | Financial Services | 0.39% | 180,402 | -11,032 | -5.76% | $36,347,395.00 |
| 58 | NETAPP INC | NTAP | Technology | 0.37% | 322,860 | -20,565 | -5.99% | $34,575,077.00 |
| 59 | SCHWAB CHARLES CORP | SCHW | Financial Services | 0.37% | 342,275 | -5,133 | -1.48% | $34,196,695.00 |
| 60 | CBRE GROUP INC | CBRE | Real Estate | 0.37% | 211,081 | -17,825 | -7.79% | $33,939,714.00 |
| 61 | KKR & CO INC | KKR | Financial Services | 0.36% | 264,916 | +9,447 | +3.70% | $33,771,491.00 |
| 62 | HEWLETT PACKARD ENTERPRISE C | HPE | Technology | 0.34% | 1,321,535 | +1,321,535 | +100.00% | $31,743,271.00 |
| 63 | STANLEY BLACK & DECKER INC | SWK | Industrials | 0.34% | 421,387 | -6,029 | -1.41% | $31,300,626.00 |
| 64 | KORN FERRY | KFY | Industrials | 0.33% | 466,090 | -9,163 | -1.93% | $30,771,262.00 |
| 65 | AT&T INC | T | Communication Services | 0.32% | 1,202,446 | +1,202,446 | +100.00% | $29,868,759.00 |
| 66 | BANK AMERICA CORP | BAC | Financial Services | 0.31% | 517,442 | -22,217 | -4.12% | $28,459,310.00 |
| 67 | MASCO CORP | MAS | Industrials | 0.28% | 405,488 | +6,776 | +1.70% | $25,732,269.00 |
| 68 | GILEAD SCIENCES INC | GILD | Healthcare | 0.27% | 205,052 | -13,726 | -6.27% | $25,168,082.00 |
| 69 | MOLSON COORS BEVERAGE CO | TAP | Consumer Defensive | 0.26% | 515,945 | +57,698 | +12.59% | $24,084,313.00 |
| 70 | RLI CORP | RLI | Financial Services | 0.26% | 373,173 | +373,173 | +100.00% | $23,875,609.00 |
| 71 | AFLAC INC | AFL | Financial Services | 0.25% | 212,072 | -3,276 | -1.52% | $23,385,179.00 |
| 72 | CARMAX INC | KMX | Consumer Cyclical | 0.24% | 563,483 | -8,122 | -1.42% | $21,772,983.00 |
| 73 | FISERV INC | FI | Technology | 0.23% | 321,025 | +68,100 | +26.92% | $21,563,249.00 |
| 74 | HUMANA INC | HUM | Healthcare | 0.23% | 82,807 | -5,182 | -5.89% | $21,209,357.00 |
| 75 | FEDEX CORP | FDX | Industrials | 0.22% | 71,405 | -4,464 | -5.88% | $20,626,048.00 |
| 76 | MGP INGREDIENTS INC NEW | MGPI | Consumer Defensive | 0.17% | 629,467 | -16,913 | -2.62% | $15,296,048.00 |
| 77 | VAIL RESORTS INC | MTN | Consumer Cyclical | 0.16% | 112,211 | -2,955 | -2.57% | $14,901,621.00 |
| 78 | SIMPSON MFG INC | SSD | Basic Materials | 0.16% | 91,389 | -1,461 | -1.57% | $14,756,583.00 |
| 79 | SNAP ON INC | SNA | Industrials | 0.12% | 32,694 | -149 | -0.45% | $11,266,353.00 |
| 80 | BARRICK MNG CORP | B | Other | 0.10% | 216,126 | -28,471 | -11.64% | $9,412,287.00 |
| 81 | JOHNSON & JOHNSON | JNJ | Healthcare | 0.10% | 43,260 | -8,594 | -16.57% | $8,952,657.00 |
| 82 | PHINIA INC | PHIN | Consumer Cyclical | 0.09% | 140,144 | -8 | -0.01% | $8,785,627.00 |
| 83 | HACKETT GROUP INC | HCKT | Technology | 0.09% | 428,199 | -7,499 | -1.72% | $8,405,546.00 |
| 84 | APA CORPORATION | APA | Energy | 0.08% | 297,339 | -2,153 | -0.72% | $7,272,912.00 |
| 85 | LOCKHEED MARTIN CORP | LMT | Industrials | 0.07% | 13,446 | -151 | -1.11% | $6,503,427.00 |
| 86 | CHEVRON CORP NEW | CVX | Energy | 0.07% | 41,499 | - | - | $6,324,863.00 |
| 87 | ISHARES TR | IWN | Other | 0.07% | 33,319 | -11,646 | -25.90% | $6,037,736.00 |
| 88 | KB FINL GROUP INC | KB | Financial Services | 0.05% | 51,315 | - | - | $4,415,143.00 |
| 89 | GALLAGHER ARTHUR J & CO | AJG | Financial Services | 0.04% | 15,357 | +1,712 | +12.55% | $3,974,238.00 |
| 90 | MOSAIC CO NEW | MOS | Basic Materials | 0.04% | 147,037 | -1,303 | -0.88% | $3,542,121.00 |
| 91 | ORACLE CORP | ORCL | Technology | 0.03% | 16,384 | -18 | -0.11% | $3,193,405.00 |
| 92 | TAIWAN SEMICONDUCTOR MFG LTD | TSM | Technology | 0.03% | 10,162 | -1,094 | -9.72% | $3,088,130.00 |
| 93 | BORGWARNER INC | BWA | Consumer Cyclical | 0.03% | 64,987 | - | - | $2,928,314.00 |
| 94 | GOLDMAN SACHS GROUP INC | GS | Financial Services | 0.03% | 3,158 | -5 | -0.16% | $2,775,882.00 |
| 95 | CREDICORP LTD | BAP | Other | 0.02% | 5,737 | +495 | +9.44% | $1,646,519.00 |
| 96 | VANGUARD TAX-MANAGED FDS | VEA | Other | 0.02% | 24,473 | -33,037 | -57.45% | $1,528,828.00 |
| 97 | INTERCORP FINL SVCS INC | IFS | Other | 0.02% | 34,668 | +2,490 | +7.74% | $1,468,536.00 |
| 98 | COPA HOLDINGS SA | P31076105 | Other | 0.01% | 8,752 | +8,752 | +100.00% | $1,055,579.00 |
| 99 | KASPI KZ JSC | KSPI | Technology | 0.01% | 13,172 | +909 | +7.41% | $1,029,128.00 |
| 100 | HDFC BANK LTD | HDB | Financial Services | 0.01% | 13,151 | +3,911 | +42.33% | $480,538.00 |
Holdings by Sector
| Sector | Allocation | Value |
|---|---|---|
| Financial Services | 19.50% | $1,798,028,863.00 |
| Healthcare | 14.54% | $1,340,712,531.00 |
| Consumer Cyclical | 14.23% | $1,312,310,137.00 |
| Other | 12.33% | $1,136,645,363.00 |
| Industrials | 12.24% | $1,128,776,801.00 |
| Technology | 7.26% | $669,510,560.00 |
| Communication Services | 7.26% | $669,332,693.00 |
| Consumer Defensive | 4.26% | $393,098,644.00 |
| Real Estate | 3.63% | $334,484,812.00 |
| Energy | 3.06% | $281,905,359.00 |
| Utilities | 1.48% | $136,128,491.00 |
| Basic Materials | 0.20% | $18,298,704.00 |
Portfolio insights
As of Dec 31, 2025, the Ariel Appreciation Fund portfolio holds 106 securities valued at $9,219,232,958.00. The Financial Services sector represents the largest allocation, while the top positions account for a significant portion of the total portfolio weight.