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	BRC Brady Corporation	Brady Corporation	Sell	-902,995-24.2%	$106.27K	2,830,048
Q4 2016Dec 31, 2016	KMT Kennametal Inc.	Kennametal Inc.	Sell	-2,056,151-22.0%	$227.69K	7,283,818
Q3 2016Sep 30, 2016	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+3,773,294+22.2%	$120.34K	20,784,782
Q3 2016Sep 30, 2016	GAIA Gaia, Inc.	Gaia, Inc.	Buy - Position Entry	+1,334,879	$9.61K	1,334,879
Q3 2016Sep 30, 2016	ASPN Aspen Aerogels, Inc.	Aspen Aerogels, Inc.	Buy - Position Entry	+721,737	$4.30K	721,737
Q3 2016Sep 30, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+563,518+17.2%	$107.26K	3,833,411
Q3 2016Sep 30, 2016	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+513,316+10.3%	$7.33K	5,514,400
Q3 2016Sep 30, 2016	TTGT TechTarget, Inc.	TechTarget, Inc.	Buy - Position Entry	+503,369	$4.06K	503,369
Q3 2016Sep 30, 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+342,062+25.8%	$58.71K	1,668,778
Q3 2016Sep 30, 2016	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy - Position Entry	+306,862	$2.54K	306,862
Q3 2016Sep 30, 2016	FF FutureFuel Corp.	FutureFuel Corp.	Buy - Position Entry	+274,100	$3.09K	274,100
Q3 2016Sep 30, 2016	FLR Fluor Corporation	Fluor Corporation	Buy - Position Entry	+269,566	$13.83K	269,566
Q3 2016Sep 30, 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+250,100+151.1%	$60.05K	415,662
Q3 2016Sep 30, 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+243,642+3691.5%	$17.26K	250,242
Q3 2016Sep 30, 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+242,987+40.2%	$12.46K	847,268
Q3 2016Sep 30, 2016	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+181,649+12.4%	$11.32K	1,650,515
Q3 2016Sep 30, 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+180,611+5.1%	$25.71K	3,721,469
Q3 2016Sep 30, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+104,391+29.9%	$44.06K	453,174
Q3 2016Sep 30, 2016	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+100,047+4.5%	$160.20K	2,301,441
Q3 2016Sep 30, 2016	SRE DBA Sempra	DBA Sempra	Buy - Position Entry	+99,695	$10.69K	99,695
Q3 2016Sep 30, 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+95,400+13.2%	$11.11K	816,000
Q3 2016Sep 30, 2016	DGII Digi International Inc.	Digi International Inc.	Buy	+91,600+35.3%	$4.00K	350,838
Q3 2016Sep 30, 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+89,223+6.2%	$121.25K	1,532,528
Q3 2016Sep 30, 2016	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+84,500+12.1%	$7.21K	783,900
Q3 2016Sep 30, 2016	ARCB ArcBest Corporation	ArcBest Corporation	Buy	+75,620+67.0%	$3.59K	188,520
Q3 2016Sep 30, 2016	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy	+67,800+124.6%	$4.31K	122,197
Q3 2016Sep 30, 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+60,431+6.5%	$180.01K	988,668
Q3 2016Sep 30, 2016	WTW Willis Towers Watson	Willis Towers Watson	Buy	+60,398+17.3%	$54.45K	410,119
Q3 2016Sep 30, 2016	RYAAY Ryanair Holdings plc	Ryanair Holdings plc	Buy	+57,501+69.5%	$10.52K	140,229
Q3 2016Sep 30, 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+57,147+2.9%	$10.27K	2,049,760

Page 131 of 176 • 5272 total trades

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