John W. Rogers Jr. – Ariel Appreciation Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Ariel Appreciation Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys – First Solar, Inc. (FSLR), Barrick Gold (B), Walt Disney Company (The) (DIS)

Increases – Algonquin Power & Utilities Cor (AQN), Norwegian Cruise Line (NCLH), Leslie's, Inc. (LESL), Core Laboratories Inc. (CLB), OneSpaWorld (OSW), and 32 more

Reductions – Fair Isaac Corporation (FICO), Motorola Solutions, Inc. (MSI), Progressive Corporation (The) (PGR), Taiwan Semiconductor Manufactur (TSM), PHINIA Inc. (PHIN), and 56 more

Complete Exits – Vanguard Total International St (VXUS), AbbVie Inc. (ABBV), Philip Morris International Inc (PM), Barrick Gold Corporation (GOLD), CNH Industrial (CNH)

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

Ariel Appreciation Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	AQN Algonquin Power & Utilities Cor	Algonquin Power & Utilities Cor	Buy	+6,160,490+88.6%	$75.14M	13,112,831
Q2 2025Jun 30, 2025	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+3,288,207+36.2%	$250.85M	12,369,377
Q2 2025Jun 30, 2025	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+2,725,991+4.7%	$25.57M	60,903,406
Q2 2025Jun 30, 2025	CLB Core Laboratories Inc.	Core Laboratories Inc.	Buy	+2,634,438+25.5%	$149.49M	12,976,463
Q2 2025Jun 30, 2025	OSW OneSpaWorld	OneSpaWorld	Buy	+2,499,851+23.3%	$269.42M	13,213,156
Q2 2025Jun 30, 2025	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+802,098+12.7%	$296.79M	7,100,237
Q2 2025Jun 30, 2025	APTV Aptiv	Aptiv	Buy	+617,115+80.2%	$94.59M	1,386,513
Q2 2025Jun 30, 2025	INTC Intel Corporation	Intel Corporation	Buy	+453,321+47.3%	$31.61M	1,410,999
Q2 2025Jun 30, 2025	MANU Manchester United	Manchester United	Buy	+449,105+5.2%	$160.73M	9,024,434
Q2 2025Jun 30, 2025	MAT Mattel, Inc.	Mattel, Inc.	Buy	+362,671+2.6%	$280.43M	14,220,786
Q2 2025Jun 30, 2025	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+314,572+28.6%	$214.75M	1,415,348
Q2 2025Jun 30, 2025	FSLR First Solar, Inc.	First Solar, Inc.	Buy - Position Entry	+307,292	$50.87M	307,292
Q2 2025Jun 30, 2025	GNTX Gentex Corporation	Gentex Corporation	Buy	+277,217+3.9%	$161.83M	7,359,272
Q2 2025Jun 30, 2025	B Barrick Gold	Barrick Gold	Buy - Position Entry	+244,597	$5.09M	244,597
Q2 2025Jun 30, 2025	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+210,921+1.7%	$241.43M	12,355,666
Q2 2025Jun 30, 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+188,717+11.7%	$258.44M	1,804,595
Q2 2025Jun 30, 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+178,080+3784.1%	$31.51M	182,786
Q2 2025Jun 30, 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy - Position Entry	+172,170	$21.35M	172,170
Q2 2025Jun 30, 2025	CVS CVS Health Corporation	CVS Health Corporation	Buy	+144,541+14.2%	$80.33M	1,164,574
Q2 2025Jun 30, 2025	NVT nVent Electric	nVent Electric	Buy	+137,376+17.2%	$68.42M	934,041
Q2 2025Jun 30, 2025	LAZ Lazard, Inc.	Lazard, Inc.	Buy	+134,717+2.4%	$276.08M	5,753,997
Q2 2025Jun 30, 2025	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy	+120,635+1.6%	$315.60M	7,896,008
Q2 2025Jun 30, 2025	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+113,017+50.0%	$104.56M	339,069
Q2 2025Jun 30, 2025	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+112,626+84.7%	$14.00M	245,539
Q2 2025Jun 30, 2025	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+93,964+13.0%	$197.55M	818,624
Q2 2025Jun 30, 2025	MGPI MGP Ingredients, Inc.	MGP Ingredients, Inc.	Buy	+93,086+14.9%	$21.55M	719,144
Q2 2025Jun 30, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+89,244+72.0%	$106.02M	213,138
Q2 2025Jun 30, 2025	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+64,905+6.5%	$35.80M	1,059,263
Q2 2025Jun 30, 2025	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+60,326+21.2%	$36.73M	344,734
Q2 2025Jun 30, 2025	APA APA Corporation	APA Corporation	Buy	+53,270+21.6%	$5.48M	299,492

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