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 2024Sep 30, 2024	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-47,129-29.9%	$21.10M	110,291
Q3 2024Sep 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-47,450-17.9%	$93.80M	217,988
Q3 2024Sep 30, 2024	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-52,102-5.4%	$191.19M	918,054
Q3 2024Sep 30, 2024	CVS CVS Health Corporation	CVS Health Corporation	Sell	-52,277-7.8%	$38.78M	616,807
Q3 2024Sep 30, 2024	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Sell	-52,363-1.8%	$200.64M	2,782,840
Q3 2024Sep 30, 2024	NVT nVent Electric	nVent Electric	Sell	-53,999-5.4%	$65.97M	938,936
Q3 2024Sep 30, 2024	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-55,435-2.9%	$194.57M	1,859,790
Q3 2024Sep 30, 2024	MAS Masco Corporation	Masco Corporation	Sell	-61,479-5.6%	$86.60M	1,031,723
Q3 2024Sep 30, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-69,487-14.3%	$51.72M	415,508
Q3 2024Sep 30, 2024	AXTA Axalta	Axalta	Sell	-72,876-1.7%	$156.85M	4,334,088
Q3 2024Sep 30, 2024	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-72,958-15.2%	$50.38M	407,907
Q3 2024Sep 30, 2024	JHG Janus Henderson	Janus Henderson	Sell	-73,380-3.3%	$83.11M	2,183,054
Q3 2024Sep 30, 2024	VXUS Vanguard Total International St	Vanguard Total International St	Sell - Position Exit	-79,637-100.0%	$0.00	-
Q3 2024Sep 30, 2024	BAP Credicorp	Credicorp	Sell	-104,512-25.5%	$55.22M	305,124
Q3 2024Sep 30, 2024	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell - Position Exit	-106,282-100.0%	$0.00	-
Q3 2024Sep 30, 2024	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-112,175-6.2%	$273.88M	1,704,501
Q3 2024Sep 30, 2024	DVA DaVita Inc.	DaVita Inc.	Sell	-114,776-31.9%	$40.13M	244,828
Q3 2024Sep 30, 2024	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-116,738-4.4%	$227.55M	2,527,467
Q3 2024Sep 30, 2024	EVR Evercore Inc.	Evercore Inc.	Sell - Position Exit	-121,221-100.0%	$0.00	-
Q3 2024Sep 30, 2024	KFY Korn Ferry	Korn Ferry	Sell	-122,778-16.6%	$46.48M	617,727
Q3 2024Sep 30, 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-123,233-28.2%	$46.88M	313,102
Q3 2024Sep 30, 2024	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-123,701-6.4%	$286.71M	1,804,549
Q3 2024Sep 30, 2024	BCO Brinks Company (The)	Brinks Company (The)	Sell	-129,368-10.2%	$131.97M	1,141,209
Q3 2024Sep 30, 2024	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-131,363-35.7%	$19.87M	237,048
Q3 2024Sep 30, 2024	CHKP Check Point	Check Point	Sell	-136,577-10.2%	$231.31M	1,199,701
Q3 2024Sep 30, 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-139,344-43.7%	$21.80M	179,593
Q3 2024Sep 30, 2024	RCL Royal Caribbean	Royal Caribbean	Sell	-142,410-12.0%	$184.78M	1,041,839
Q3 2024Sep 30, 2024	TDC Teradata Corporation	Teradata Corporation	Sell	-146,818-18.2%	$20.07M	661,535
Q3 2024Sep 30, 2024	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-155,572-30.1%	$40.40M	361,402
Q3 2024Sep 30, 2024	USB U.S. Bancorp	U.S. Bancorp	Sell - Position Exit	-156,220-100.0%	$0.00	-

Page 14 of 176 • 5272 total trades

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