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 2024Sep 30, 2024	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+616,021+120.8%	$156.68M	1,126,148
Q3 2024Sep 30, 2024	JD JD.com, Inc.	JD.com, Inc.	Buy - Position Entry	+441,693	$17.67M	441,693
Q3 2024Sep 30, 2024	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Buy - Position Entry	+363,305	$31.42M	363,305
Q3 2024Sep 30, 2024	NOV NOV Inc.	NOV Inc.	Buy	+336,573+15.9%	$39.20M	2,454,416
Q3 2024Sep 30, 2024	GNTX Gentex Corporation	Gentex Corporation	Buy	+319,156+5.2%	$190.69M	6,422,736
Q3 2024Sep 30, 2024	CMA Comerica Incorporated	Comerica Incorporated	Buy - Position Entry	+304,481	$18.24M	304,481
Q3 2024Sep 30, 2024	MANU Manchester United	Manchester United	Buy	+297,455+3.7%	$134.37M	8,304,525
Q3 2024Sep 30, 2024	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+276,286+20.4%	$197.55M	1,631,285
Q3 2024Sep 30, 2024	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+274,508+263.5%	$126.70M	378,695
Q3 2024Sep 30, 2024	PARA Paramount Global	Paramount Global	Buy	+161,103+1.1%	$150.84M	14,203,368
Q3 2024Sep 30, 2024	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+153,446+5.1%	$205.92M	3,185,137
Q3 2024Sep 30, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+150,672+3.1%	$219.11M	5,088,397
Q3 2024Sep 30, 2024	WEX WEX Inc.	WEX Inc.	Buy - Position Entry	+149,440	$31.34M	149,440
Q3 2024Sep 30, 2024	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+138,024+14.9%	$38.62M	1,064,195
Q3 2024Sep 30, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Buy	+109,212+1.8%	$309.88M	6,150,868
Q3 2024Sep 30, 2024	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy	+89,858+1.4%	$282.39M	6,639,886
Q3 2024Sep 30, 2024	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+86,056+14.7%	$43.42M	669,991
Q3 2024Sep 30, 2024	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+63,210+13.6%	$30.30M	526,727
Q3 2024Sep 30, 2024	APA APA Corporation	APA Corporation	Buy	+30,784+14.7%	$5.89M	240,632
Q3 2024Sep 30, 2024	FAF First American Corporation (New	First American Corporation (New	Buy	+23,681+0.7%	$239.84M	3,633,378
Q3 2024Sep 30, 2024	ALL Allstate Corporation (The)	Allstate Corporation (The)	Buy	+20,623+8.6%	$49.44M	260,665
Q3 2024Sep 30, 2024	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+9,344+0.6%	$258.19M	1,452,161
Q3 2024Sep 30, 2024	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+8,974+142.5%	$2.55M	15,273
Q3 2024Sep 30, 2024	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+8,362+6.3%	$3.78M	141,040
Q3 2024Sep 30, 2024	CVX Chevron Corporation	Chevron Corporation	Buy	+6,226+19.1%	$5.72M	38,827
Q3 2024Sep 30, 2024	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+1,507+6.4%	$4.06M	25,070
Q3 2024Sep 30, 2024	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+417+1.0%	$11.99M	41,393
Q3 2024Sep 30, 2024	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-56-0.0%	$47.35M	297,922
Q3 2024Sep 30, 2024	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-81-24.0%	$499.49K	257
Q3 2024Sep 30, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-101-2.2%	$815.79K	4,541

Page 12 of 176 • 5272 total trades

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