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
Q2 2016Jun 30, 2016	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+102,047+9.0%	$47.09K	1,237,572
Q2 2016Jun 30, 2016	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+95,974+11.5%	$153.30K	928,237
Q2 2016Jun 30, 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+82,813+6.1%	$120.40K	1,443,305
Q2 2016Jun 30, 2016	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+76,094+71.5%	$16.56K	182,479
Q2 2016Jun 30, 2016	RCL Royal Caribbean	Royal Caribbean	Buy	+75,066+7.7%	$70.43K	1,048,798
Q2 2016Jun 30, 2016	MOV Movado Group Inc.	Movado Group Inc.	Buy	+71,700+191.7%	$2.37K	109,100
Q2 2016Jun 30, 2016	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+61,651+4.4%	$9.03K	1,468,866
Q2 2016Jun 30, 2016	DGII Digi International Inc.	Digi International Inc.	Buy	+61,638+31.2%	$2.78K	259,238
Q2 2016Jun 30, 2016	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+59,516+1.7%	$16.05K	3,648,477
Q2 2016Jun 30, 2016	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+54,471+10.8%	$19.72K	557,757
Q2 2016Jun 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+47,608+1.9%	$129.12K	2,523,380
Q2 2016Jun 30, 2016	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+47,053+4.3%	$21.92K	1,131,420
Q2 2016Jun 30, 2016	MS Morgan Stanley	Morgan Stanley	Buy	+45,717+22.8%	$6.39K	245,842
Q2 2016Jun 30, 2016	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy - Position Entry	+37,170	$1.45K	37,170
Q2 2016Jun 30, 2016	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+36,500+5.3%	$8.09K	720,600
Q2 2016Jun 30, 2016	STRT STRATTEC SECURITY CORPORATION	STRATTEC SECURITY CORPORATION	Buy	+25,852+90.6%	$2.22K	54,397
Q2 2016Jun 30, 2016	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+23,136+156.0%	$5.96K	37,970
Q2 2016Jun 30, 2016	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+19,624+4.2%	$84.60K	490,416
Q2 2016Jun 30, 2016	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy	+18,027+618.6%	$2.09K	20,941
Q2 2016Jun 30, 2016	WTW Willis Towers Watson	Willis Towers Watson	Buy	+17,395+5.2%	$43.47K	349,721
Q2 2016Jun 30, 2016	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Buy	+15,942+0.8%	$8.97K	1,992,613
Q2 2016Jun 30, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+11,947+3.5%	$35.48K	348,783
Q2 2016Jun 30, 2016	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+11,390+0.8%	$142.76K	1,464,933
Q2 2016Jun 30, 2016	USB U.S. Bancorp	U.S. Bancorp	Buy	+11,364+2.3%	$20.15K	499,677
Q2 2016Jun 30, 2016	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy	+11,139+4.6%	$21.16K	253,674
Q2 2016Jun 30, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+9,593+11.0%	$12.53K	96,775
Q2 2016Jun 30, 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+7,526+4.8%	$23.97K	165,562
Q2 2016Jun 30, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+6,648+0.8%	$104.02K	857,563
Q2 2016Jun 30, 2016	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy - Position Entry	+6,600	$414.00	6,600
Q2 2016Jun 30, 2016	CRAI CRA International,Inc.	CRA International,Inc.	Buy	+4,200+2.9%	$3.82K	151,500

Page 135 of 176 • 5272 total trades

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