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	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-56,460-25.6%	$18.25K	164,157
Q2 2017Jun 30, 2017	MANH Manhattan Associates, Inc.	Manhattan Associates, Inc.	Sell - Position Exit	-73,496-100.0%	$0.00	-
Q2 2017Jun 30, 2017	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-77,352-16.7%	$67.35K	386,046
Q2 2017Jun 30, 2017	GAIA Gaia, Inc.	Gaia, Inc.	Sell	-80,740-15.5%	$4.95K	441,693
Q2 2017Jun 30, 2017	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell - Position Exit	-82,060-100.0%	$0.00	-
Q2 2017Jun 30, 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-85,314-11.4%	$51.54K	661,475
Q2 2017Jun 30, 2017	RCL Royal Caribbean	Royal Caribbean	Sell	-88,571-9.0%	$97.79K	895,272
Q2 2017Jun 30, 2017	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-90,822-9.2%	$22.75K	895,203
Q2 2017Jun 30, 2017	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-97,442-12.0%	$100.89K	716,909
Q2 2017Jun 30, 2017	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-100,123-14.8%	$129.96K	574,237
Q2 2017Jun 30, 2017	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-102,802-3.1%	$23.86K	3,236,785
Q2 2017Jun 30, 2017	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-110,053-5.3%	$197.28K	1,950,367
Q2 2017Jun 30, 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-129,218-1.5%	$160.03K	8,603,875
Q2 2017Jun 30, 2017	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-133,772-20.8%	$6.55K	508,077
Q2 2017Jun 30, 2017	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-153,941-22.9%	$7.69K	517,637
Q2 2017Jun 30, 2017	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-168,653-8.1%	$185.84K	1,911,706
Q2 2017Jun 30, 2017	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-174,619-9.2%	$174.14K	1,732,385
Q2 2017Jun 30, 2017	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-190,007-28.2%	$69.24K	483,351
Q2 2017Jun 30, 2017	AXTI AXT Inc	AXT Inc	Sell	-190,409-22.9%	$4.08K	642,318
Q2 2017Jun 30, 2017	TILE Interface, Inc.	Interface, Inc.	Sell	-193,568-16.1%	$19.83K	1,009,330
Q2 2017Jun 30, 2017	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell	-229,837-42.2%	$1.88K	315,027
Q2 2017Jun 30, 2017	FAF First American Corporation (New	First American Corporation (New	Sell	-249,070-4.5%	$234.80K	5,254,043
Q2 2017Jun 30, 2017	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-258,185-17.0%	$55.68K	1,262,773
Q2 2017Jun 30, 2017	BRC Brady Corporation	Brady Corporation	Sell	-262,371-10.0%	$80.16K	2,364,465
Q2 2017Jun 30, 2017	FF FutureFuel Corp.	FutureFuel Corp.	Sell - Position Exit	-271,300-100.0%	$0.00	-
Q2 2017Jun 30, 2017	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-272,472-26.0%	$32.12K	777,393
Q2 2017Jun 30, 2017	KMT Kennametal Inc.	Kennametal Inc.	Sell	-294,908-5.1%	$205.21K	5,484,076
Q2 2017Jun 30, 2017	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-305,423-69.0%	$3.44K	137,068
Q2 2017Jun 30, 2017	BCO Brinks Company (The)	Brinks Company (The)	Sell	-309,643-41.8%	$28.94K	431,882
Q2 2017Jun 30, 2017	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-312,951-32.6%	$28.93K	645,974

Page 122 of 176 • 5272 total trades

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