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
Q3 2017Sep 30, 2017	CARS Cars.com Inc.	Cars.com Inc.	Sell	-59,627-17.6%	$7.45K	280,059
Q3 2017Sep 30, 2017	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-77,930-62.1%	$3.36K	47,532
Q3 2017Sep 30, 2017	RCL Royal Caribbean	Royal Caribbean	Sell	-81,983-9.2%	$96.41K	813,289
Q3 2017Sep 30, 2017	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-83,426-6.1%	$157.69K	1,276,857
Q3 2017Sep 30, 2017	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-89,233-9.1%	$6.26K	887,144
Q3 2017Sep 30, 2017	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-89,830-12.5%	$94.67K	627,079
Q3 2017Sep 30, 2017	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-89,961-23.2%	$58.28K	297,555
Q3 2017Sep 30, 2017	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-106,709-8.9%	$270.42K	1,091,778
Q3 2017Sep 30, 2017	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-109,043-12.2%	$23.36K	786,160
Q3 2017Sep 30, 2017	BCO Brinks Company (The)	Brinks Company (The)	Sell	-123,081-28.5%	$26.02K	308,801
Q3 2017Sep 30, 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-126,811-1.5%	$172.34K	8,477,064
Q3 2017Sep 30, 2017	TTGT TechTarget, Inc.	TechTarget, Inc.	Sell	-129,521-13.1%	$10.28K	860,767
Q3 2017Sep 30, 2017	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-134,597-10.7%	$54.63K	1,128,176
Q3 2017Sep 30, 2017	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-135,233-7.8%	$173.42K	1,597,152
Q3 2017Sep 30, 2017	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell - Position Exit	-137,068-100.0%	$0.00	-
Q3 2017Sep 30, 2017	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-140,392-27.1%	$4.88K	377,245
Q3 2017Sep 30, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-148,992-14.6%	$96.58K	870,047
Q3 2017Sep 30, 2017	DGII Digi International Inc.	Digi International Inc.	Sell - Position Exit	-181,030-100.0%	$0.00	-
Q3 2017Sep 30, 2017	AXTI AXT Inc	AXT Inc	Sell	-251,805-39.2%	$3.57K	390,513
Q3 2017Sep 30, 2017	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-270,301-13.9%	$181.48K	1,680,066
Q3 2017Sep 30, 2017	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-291,263-0.9%	$196.21K	32,811,545
Q3 2017Sep 30, 2017	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell - Position Exit	-315,027-100.0%	$0.00	-
Q3 2017Sep 30, 2017	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-350,121-54.2%	$13.17K	295,853
Q3 2017Sep 30, 2017	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-461,643-13.5%	$13.43K	2,952,115
Q3 2017Sep 30, 2017	JHG Janus Henderson	Janus Henderson	Sell	-518,203-16.7%	$90.27K	2,590,958
Q3 2017Sep 30, 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-582,385-16.9%	$108.80K	2,872,129
Q2 2017Jun 30, 2017	JHG Janus Henderson	Janus Henderson	Buy - Position Entry	+3,109,161	$102.94K	3,109,161
Q2 2017Jun 30, 2017	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy - Position Entry	+2,064,263	$78.34K	2,064,263
Q2 2017Jun 30, 2017	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+944,195+25.4%	$181.69K	4,666,980
Q2 2017Jun 30, 2017	MAT Mattel, Inc.	Mattel, Inc.	Buy	+879,434+17.3%	$128.16K	5,952,780

Page 118 of 176 • 5272 total trades

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