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 2017Jun 30, 2017	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+729,820+2.3%	$203.91K	33,102,808
Q2 2017Jun 30, 2017	FLR Fluor Corporation	Fluor Corporation	Buy	+482,927+110.7%	$42.08K	919,193
Q2 2017Jun 30, 2017	CARS Cars.com Inc.	Cars.com Inc.	Buy - Position Entry	+339,686	$9.05K	339,686
Q2 2017Jun 30, 2017	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+290,612+16.1%	$147.99K	2,090,813
Q2 2017Jun 30, 2017	GSIT GSI Technology, Inc.	GSI Technology, Inc.	Buy	+273,100+22.2%	$11.80K	1,501,943
Q2 2017Jun 30, 2017	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+240,788+100.6%	$40.39K	480,080
Q2 2017Jun 30, 2017	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+219,263+4.6%	$6.38K	4,980,847
Q2 2017Jun 30, 2017	SO Southern Company (The)	Southern Company (The)	Buy	+218,162+35.8%	$39.63K	827,730
Q2 2017Jun 30, 2017	DFS Discover Financial Services	Discover Financial Services	Buy	+160,364+765.0%	$11.28K	181,327
Q2 2017Jun 30, 2017	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+137,800+27.5%	$7.30K	638,000
Q2 2017Jun 30, 2017	TS Tenaris S.A.	Tenaris S.A.	Buy	+129,513+37.8%	$14.70K	472,087
Q2 2017Jun 30, 2017	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+87,463+7.9%	$214.36K	1,198,487
Q2 2017Jun 30, 2017	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+81,410+28.1%	$27.50K	370,630
Q2 2017Jun 30, 2017	TTGT TechTarget, Inc.	TechTarget, Inc.	Buy	+74,500+8.1%	$10.27K	990,288
Q2 2017Jun 30, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+68,666+7.2%	$119.69K	1,019,039
Q2 2017Jun 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+66,262+2.6%	$180.23K	2,614,714
Q2 2017Jun 30, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+58,258+6.5%	$125.72K	950,374
Q2 2017Jun 30, 2017	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+57,366+25.4%	$6.46K	282,878
Q2 2017Jun 30, 2017	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+53,125+25.4%	$23.76K	262,520
Q2 2017Jun 30, 2017	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+45,082+25.8%	$35.12K	219,563
Q2 2017Jun 30, 2017	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy - Position Entry	+44,400	$6.26K	44,400
Q2 2017Jun 30, 2017	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+44,300+8.1%	$6.85K	590,771
Q2 2017Jun 30, 2017	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+43,961+6.2%	$33.41K	748,140
Q2 2017Jun 30, 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+40,884+8.4%	$89.23K	526,840
Q2 2017Jun 30, 2017	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+35,997+40.2%	$8.47K	125,462
Q2 2017Jun 30, 2017	IDCC InterDigital, Inc.	InterDigital, Inc.	Buy - Position Entry	+33,594	$2.60K	33,594
Q2 2017Jun 30, 2017	AXP American Express Company	American Express Company	Buy	+29,928+3.6%	$72.47K	860,258
Q2 2017Jun 30, 2017	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+28,142+9.4%	$21.53K	327,030
Q2 2017Jun 30, 2017	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+27,077+6.3%	$7.28K	457,601
Q2 2017Jun 30, 2017	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy	+27,019+17.8%	$6.34K	179,116

Page 119 of 176 • 5272 total trades

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