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
Q4 2016Dec 31, 2016	RCL Royal Caribbean	Royal Caribbean	Sell	-3,334-0.3%	$86.36K	1,052,646
Q4 2016Dec 31, 2016	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-5,137-0.3%	$60.22K	1,696,257
Q4 2016Dec 31, 2016	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-5,262-15.6%	$6.84K	28,548
Q4 2016Dec 31, 2016	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-6,037-0.6%	$138.79K	1,083,778
Q4 2016Dec 31, 2016	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Sell - Position Exit	-7,303-100.0%	$0.00	-
Q4 2016Dec 31, 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-7,309-2.9%	$20.17K	242,933
Q4 2016Dec 31, 2016	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-7,391-0.7%	$32.52K	1,044,970
Q4 2016Dec 31, 2016	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-8,841-2.2%	$45.85K	384,588
Q4 2016Dec 31, 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-11,013-0.7%	$113.01K	1,623,769
Q4 2016Dec 31, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-11,655-0.3%	$120.35K	3,821,756
Q4 2016Dec 31, 2016	UNP Union Pacific Corporation	Union Pacific Corporation	Sell - Position Exit	-14,068-100.0%	$0.00	-
Q4 2016Dec 31, 2016	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-18,308-3.8%	$7.36K	467,375
Q4 2016Dec 31, 2016	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-18,816-5.1%	$14.85K	347,021
Q4 2016Dec 31, 2016	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-20,153-4.2%	$78.35K	456,825
Q4 2016Dec 31, 2016	TILE Interface, Inc.	Interface, Inc.	Sell	-29,242-3.7%	$14.03K	756,357
Q4 2016Dec 31, 2016	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-33,104-8.2%	$34.18K	371,880
Q4 2016Dec 31, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell - Position Exit	-33,445-100.0%	$0.00	-
Q4 2016Dec 31, 2016	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-37,602-0.5%	$178.84K	7,639,560
Q4 2016Dec 31, 2016	MATW Matthews International Corporat	Matthews International Corporat	Sell	-38,378-14.9%	$16.79K	218,418
Q4 2016Dec 31, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell - Position Exit	-40,978-100.0%	$0.00	-
Q4 2016Dec 31, 2016	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-42,617-8.1%	$68.23K	483,526
Q4 2016Dec 31, 2016	IEX IDEX Corporation	IDEX Corporation	Sell	-42,684-16.7%	$19.18K	212,984
Q4 2016Dec 31, 2016	FAST Fastenal Company	Fastenal Company	Sell - Position Exit	-42,869-100.0%	$0.00	-
Q4 2016Dec 31, 2016	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-42,980-4.3%	$110.76K	965,758
Q4 2016Dec 31, 2016	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Sell	-44,586-67.7%	$4.37K	21,290
Q4 2016Dec 31, 2016	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-46,403-5.8%	$92.38K	754,329
Q4 2016Dec 31, 2016	DGII Digi International Inc.	Digi International Inc.	Sell	-59,546-17.0%	$4.00K	291,292
Q4 2016Dec 31, 2016	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Sell	-61,878-44.1%	$6.52K	78,351
Q4 2016Dec 31, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-61,989-86.5%	$1.09K	9,680
Q4 2016Dec 31, 2016	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-63,812-18.1%	$21.76K	289,155

Page 129 of 176 • 5272 total trades

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