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
Q3 2016Sep 30, 2016	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-105,715-8.5%	$58.72K	1,131,857
Q3 2016Sep 30, 2016	TGNA TEGNA Inc	TEGNA Inc	Sell	-131,168-2.1%	$135.59K	6,202,888
Q3 2016Sep 30, 2016	FAF First American Corporation (New	First American Corporation (New	Sell	-158,518-2.8%	$216.37K	5,508,306
Q3 2016Sep 30, 2016	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-178,957-6.8%	$108.15K	2,460,804
Q3 2016Sep 30, 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-202,007-11.0%	$117.49K	1,634,782
Q3 2016Sep 30, 2016	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-215,838-17.7%	$130.69K	1,005,150
Q3 2016Sep 30, 2016	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-216,715-2.7%	$171.59K	7,677,162
Q3 2016Sep 30, 2016	MAT Mattel, Inc.	Mattel, Inc.	Sell	-235,830-5.9%	$114.32K	3,775,361
Q3 2016Sep 30, 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Sell	-241,784-6.6%	$22.21K	3,406,693
Q3 2016Sep 30, 2016	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-312,911-43.4%	$4.46K	407,765
Q3 2016Sep 30, 2016	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-386,104-33.0%	$40.69K	782,809
Q3 2016Sep 30, 2016	AXTI AXT Inc	AXT Inc	Sell	-408,689-16.7%	$10.54K	2,031,875
Q3 2016Sep 30, 2016	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-430,238-27.0%	$15.56K	1,160,586
Q3 2016Sep 30, 2016	BRC Brady Corporation	Brady Corporation	Sell	-447,391-10.7%	$129.20K	3,733,043
Q3 2016Sep 30, 2016	SO Southern Company (The)	Southern Company (The)	Sell	-459,784-44.9%	$28.94K	564,193
Q3 2016Sep 30, 2016	WU Western Union Company (The)	Western Union Company (The)	Sell	-782,884-11.2%	$129.23K	6,206,933
Q3 2016Sep 30, 2016	KMT Kennametal Inc.	Kennametal Inc.	Sell	-1,050,786-10.1%	$271.05K	9,339,969
Q2 2016Jun 30, 2016	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+5,435,193+47.0%	$96.80K	17,011,488
Q2 2016Jun 30, 2016	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+1,212,551+1062.1%	$39.16K	1,326,716
Q2 2016Jun 30, 2016	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+678,269+44.5%	$110.29K	2,201,394
Q2 2016Jun 30, 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+394,251+12.5%	$22.06K	3,540,858
Q2 2016Jun 30, 2016	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+367,854+3.6%	$131.63K	10,667,131
Q2 2016Jun 30, 2016	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+356,181+143.6%	$8.26K	604,281
Q2 2016Jun 30, 2016	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+255,998+16.9%	$59.30K	1,770,198
Q2 2016Jun 30, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+186,953+6.1%	$86.59K	3,269,893
Q2 2016Jun 30, 2016	TS Tenaris S.A.	Tenaris S.A.	Buy	+182,784+135.4%	$9.16K	317,764
Q2 2016Jun 30, 2016	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy	+177,599+21.2%	$22.73K	1,016,245
Q2 2016Jun 30, 2016	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+170,712+240.2%	$14.04K	241,772
Q2 2016Jun 30, 2016	AXP American Express Company	American Express Company	Buy	+165,556+25.3%	$49.85K	820,453
Q2 2016Jun 30, 2016	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+143,400+25.8%	$4.85K	699,400

Page 134 of 176 • 5272 total trades

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