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	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-3,138-0.5%	$100.88K	638,486
Q2 2017Jun 30, 2017	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-5,796-0.6%	$122.77K	1,037,495
Q2 2017Jun 30, 2017	IBM International Business Machines	International Business Machines	Sell	-6,060-11.4%	$7.23K	46,987
Q2 2017Jun 30, 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell	-6,888-1.4%	$72.00K	494,972
Q2 2017Jun 30, 2017	LPL LG Display Co, Ltd AMERICAN DEP	LG Display Co, Ltd AMERICAN DEP	Sell	-7,144-41.1%	$165.00	10,258
Q2 2017Jun 30, 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-8,935-0.3%	$125.74K	3,454,514
Q2 2017Jun 30, 2017	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-9,030-3.5%	$11.47K	251,560
Q2 2017Jun 30, 2017	EWU iShares MSCI	iShares MSCI	Sell - Position Exit	-9,974-100.0%	$0.00	-
Q2 2017Jun 30, 2017	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-10,632-1.0%	$90.86K	1,095,965
Q2 2017Jun 30, 2017	UNP Union Pacific Corporation	Union Pacific Corporation	Sell - Position Exit	-11,432-100.0%	$0.00	-
Q2 2017Jun 30, 2017	PPG PPG Industries, Inc.	PPG Industries, Inc.	Sell - Position Exit	-12,113-100.0%	$0.00	-
Q2 2017Jun 30, 2017	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-12,342-4.8%	$58.63K	242,581
Q2 2017Jun 30, 2017	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-14,116-1.2%	$57.47K	1,201,477
Q2 2017Jun 30, 2017	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-14,857-1.4%	$136.37K	1,062,051
Q2 2017Jun 30, 2017	EWL iShares Inc iShares MSCI Switze	iShares Inc iShares MSCI Switze	Sell - Position Exit	-18,854-100.0%	$0.00	-
Q2 2017Jun 30, 2017	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-21,387-1.2%	$73.18K	1,727,591
Q2 2017Jun 30, 2017	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-21,539-1.3%	$123.34K	1,587,803
Q2 2017Jun 30, 2017	DGII Digi International Inc.	Digi International Inc.	Sell	-22,262-11.0%	$1.84K	181,030
Q2 2017Jun 30, 2017	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-27,948-7.8%	$46.05K	330,345
Q2 2017Jun 30, 2017	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-28,227-1.8%	$53.69K	1,538,508
Q2 2017Jun 30, 2017	IEX IDEX Corporation	IDEX Corporation	Sell	-31,559-16.1%	$18.60K	164,593
Q2 2017Jun 30, 2017	MATW Matthews International Corporat	Matthews International Corporat	Sell	-32,882-16.1%	$10.48K	171,118
Q2 2017Jun 30, 2017	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-34,750-8.0%	$78.49K	398,629
Q2 2017Jun 30, 2017	WU Western Union Company (The)	Western Union Company (The)	Sell	-44,437-0.9%	$97.21K	5,103,022
Q2 2017Jun 30, 2017	CAKE The Cheesecake Factory Incorpor	The Cheesecake Factory Incorpor	Sell - Position Exit	-45,115-100.0%	$0.00	-
Q2 2017Jun 30, 2017	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell - Position Exit	-46,417-100.0%	$0.00	-
Q2 2017Jun 30, 2017	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-50,113-3.6%	$170.03K	1,360,283
Q2 2017Jun 30, 2017	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-51,080-15.7%	$10.38K	274,640
Q2 2017Jun 30, 2017	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-51,484-11.7%	$63.94K	387,516
Q2 2017Jun 30, 2017	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-52,908-0.7%	$183.63K	7,464,535

Page 121 of 176 • 5272 total trades

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