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	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell - Position Exit	-9,341-100.0%	$0.00	-
Q1 2017Mar 31, 2017	BTI British American Tobacco Indus	British American Tobacco Indus	Sell - Position Exit	-9,680-100.0%	$0.00	-
Q1 2017Mar 31, 2017	FF FutureFuel Corp.	FutureFuel Corp.	Sell	-9,900-3.5%	$3.85K	271,300
Q1 2017Mar 31, 2017	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-11,102-1.0%	$95.40K	1,106,597
Q1 2017Mar 31, 2017	IWC iShares Microcap ETF	iShares Microcap ETF	Sell - Position Exit	-12,602-100.0%	$0.00	-
Q1 2017Mar 31, 2017	MATW Matthews International Corporat	Matthews International Corporat	Sell	-14,418-6.6%	$13.80K	204,000
Q1 2017Mar 31, 2017	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-14,427-0.9%	$116.55K	1,609,342
Q1 2017Mar 31, 2017	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-15,970-5.8%	$11.37K	260,590
Q1 2017Mar 31, 2017	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-16,005-3.5%	$70.20K	439,000
Q1 2017Mar 31, 2017	IEX IDEX Corporation	IDEX Corporation	Sell	-16,832-7.9%	$18.34K	196,152
Q1 2017Mar 31, 2017	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-19,607-7.1%	$58.50K	254,923
Q1 2017Mar 31, 2017	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-20,128-4.2%	$71.18K	463,398
Q1 2017Mar 31, 2017	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-21,301-6.1%	$13.37K	325,720
Q1 2017Mar 31, 2017	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-23,446-5.1%	$86.55K	433,379
Q1 2017Mar 31, 2017	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-24,884-5.3%	$9.29K	442,491
Q1 2017Mar 31, 2017	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-26,295-6.8%	$46.20K	358,293
Q1 2017Mar 31, 2017	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell	-31,934-40.8%	$3.85K	46,417
Q1 2017Mar 31, 2017	EWL iShares Inc iShares MSCI Switze	iShares Inc iShares MSCI Switze	Sell	-33,598-64.1%	$603.00	18,854
Q1 2017Mar 31, 2017	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-39,504-30.6%	$5.83K	89,465
Q1 2017Mar 31, 2017	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-40,487-3.7%	$136.75K	1,043,291
Q1 2017Mar 31, 2017	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-42,539-6.2%	$108.22K	641,624
Q1 2017Mar 31, 2017	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-52,645-4.7%	$131.50K	1,076,908
Q1 2017Mar 31, 2017	RCL Royal Caribbean	Royal Caribbean	Sell	-68,803-6.5%	$96.53K	983,843
Q1 2017Mar 31, 2017	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-70,093-3.3%	$180.12K	2,080,359
Q1 2017Mar 31, 2017	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell - Position Exit	-71,494-100.0%	$0.00	-
Q1 2017Mar 31, 2017	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-80,971-10.7%	$89.20K	673,358
Q1 2017Mar 31, 2017	DGII Digi International Inc.	Digi International Inc.	Sell	-88,000-30.2%	$2.42K	203,292
Q1 2017Mar 31, 2017	ARCB ArcBest Corporation	ArcBest Corporation	Sell - Position Exit	-94,820-100.0%	$0.00	-
Q1 2017Mar 31, 2017	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-104,795-13.0%	$34.33K	704,179
Q1 2017Mar 31, 2017	MS Morgan Stanley	Morgan Stanley	Sell - Position Exit	-116,692-100.0%	$0.00	-

Page 125 of 176 • 5272 total trades

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