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
Q1 2017Mar 31, 2017	MOV Movado Group Inc.	Movado Group Inc.	Buy	+27,400+15.9%	$5.00K	200,200
Q1 2017Mar 31, 2017	EXPD Expeditors International of Was	Expeditors International of Was	Buy - Position Entry	+22,212	$1.25K	22,212
Q1 2017Mar 31, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+21,757+2.5%	$111.11K	892,116
Q1 2017Mar 31, 2017	ACN Accenture plc	Accenture plc	Buy	+20,891+218.2%	$3.65K	30,467
Q1 2017Mar 31, 2017	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy - Position Entry	+20,652	$1.24K	20,652
Q1 2017Mar 31, 2017	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+18,292+27.4%	$6.97K	85,009
Q1 2017Mar 31, 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+17,994+3.8%	$81.00K	485,956
Q1 2017Mar 31, 2017	SNY Sanofi	Sanofi	Buy - Position Entry	+17,794	$805.00	17,794
Q1 2017Mar 31, 2017	LPL LG Display Co, Ltd AMERICAN DEP	LG Display Co, Ltd AMERICAN DEP	Buy - Position Entry	+17,402	$237.00	17,402
Q1 2017Mar 31, 2017	NTTYY Nippon Telegraph & Telephone Co	Nippon Telegraph & Telephone Co	Buy	+14,595+35.4%	$2.39K	55,882
Q1 2017Mar 31, 2017	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+12,914+1.4%	$16.11K	952,713
Q1 2017Mar 31, 2017	UNP Union Pacific Corporation	Union Pacific Corporation	Buy - Position Entry	+11,432	$1.21K	11,432
Q1 2017Mar 31, 2017	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+7,613+4.6%	$29.26K	174,481
Q1 2017Mar 31, 2017	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+2,627+1.2%	$6.58K	225,512
Q1 2017Mar 31, 2017	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+1,095+4.1%	$1.38K	27,666
Q1 2017Mar 31, 2017	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+1,032+1.3%	$7.28K	82,905
Q1 2017Mar 31, 2017	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+674+2.1%	$8.94K	33,419
Q1 2017Mar 31, 2017	IBM International Business Machines	International Business Machines	Buy	+359+0.7%	$9.24K	53,047
Q1 2017Mar 31, 2017	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy	+300+0.2%	$4.23K	152,097
Q1 2017Mar 31, 2017	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+65+0.0%	$19.71K	289,220
Q1 2017Mar 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-89-0.0%	$167.84K	2,548,452
Q1 2017Mar 31, 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-106-0.1%	$5.33K	112,864
Q1 2017Mar 31, 2017	ORCL Oracle Corporation	Oracle Corporation	Sell	-160-0.1%	$9.11K	204,135
Q1 2017Mar 31, 2017	GHC Graham Holdings Company	Graham Holdings Company	Sell	-1,063-4.4%	$13.91K	23,207
Q1 2017Mar 31, 2017	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-3,641-1.5%	$18.73K	239,292
Q1 2017Mar 31, 2017	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-3,735-0.2%	$73.09K	1,748,978
Q1 2017Mar 31, 2017	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-3,743-13.1%	$5.70K	24,805
Q1 2017Mar 31, 2017	EWU iShares MSCI	iShares MSCI	Sell	-6,777-40.5%	$325.00	9,974
Q1 2017Mar 31, 2017	FAF First American Corporation (New	First American Corporation (New	Sell	-8,828-0.2%	$216.16K	5,503,113
Q1 2017Mar 31, 2017	CRAI CRA International,Inc.	CRA International,Inc.	Sell	-9,302-5.4%	$5.75K	162,898

Page 124 of 176 • 5272 total trades

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