John W. Rogers Jr. - Ariel Appreciation Fund Investment Strategy (Sep 30, 2025)
As of Sep 30, 2025, the Ariel Appreciation Fund portfolio managed by John W. Rogers Jr. demonstrates a sophisticated investment approach with 149 positions and an average holding period of 879 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Real Estate, Technology, Utilities sectors with a typical position size of 0.7% of the portfolio.
The portfolio's risk management approach includes a maximum position size of 0.68% and sector diversification of 11%, exemplified by the case study of Madison Square Garden Entertainment (SPHR). This strategic framework provides insights into John W. Rogers Jr.'s investment philosophy, risk management practices, and long-term value creation approach.
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 2.4 years | Style | Average duration positions are maintained |
| Position Count | 149 | Style | Number of active positions in portfolio |
| Position Size | 0.7% | Risk | Typical allocation per position |
| Win Rate | 49.0% | Performance | Percentage of profitable positions |
| Average Return | 819.8% | Performance | Mean return across positions |
| Sharpe Ratio | 0.43 | Performance | Return per unit of risk taken |
Investment Case Study: Madison Square Garden Entertainment (SPHR)
6/30/2020 - 12/25/2025
Performance Metrics
Total Return: 35.05%
Holding Period: 2004 days
Max Position Size: $109,421.00
Position Weight: 1.41%
Key Events
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure