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
Q1 2016Mar 31, 2016	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-33,926-100.0%	$0.00	-
Q1 2016Mar 31, 2016	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-35,080-7.8%	$5.62K	414,143
Q1 2016Mar 31, 2016	BAP Credicorp	Credicorp	Sell - Position Exit	-43,518-100.0%	$0.00	-
Q1 2016Mar 31, 2016	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-44,183-6.0%	$6.36K	687,643
Q1 2016Mar 31, 2016	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Sell	-46,794-28.3%	$22.32K	118,393
Q1 2016Mar 31, 2016	SO Southern Company (The)	Southern Company (The)	Sell	-49,730-3.0%	$83.57K	1,615,455
Q1 2016Mar 31, 2016	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-50,132-5.2%	$93.43K	912,051
Q1 2016Mar 31, 2016	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-53,586-40.6%	$4.63K	78,251
Q1 2016Mar 31, 2016	WEC WEC Energy Group, Inc.	WEC Energy Group, Inc.	Sell - Position Exit	-55,138-100.0%	$0.00	-
Q1 2016Mar 31, 2016	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-60,669-4.5%	$135.94K	1,274,825
Q1 2016Mar 31, 2016	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-61,605-5.1%	$64.96K	1,135,525
Q1 2016Mar 31, 2016	BAX Baxter International Inc.	Baxter International Inc.	Sell - Position Exit	-63,595-100.0%	$0.00	-
Q1 2016Mar 31, 2016	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-70,970-11.6%	$76.46K	540,015
Q1 2016Mar 31, 2016	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-75,935-4.4%	$126.59K	1,666,955
Q1 2016Mar 31, 2016	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-98,585-11.9%	$89.95K	730,656
Q1 2016Mar 31, 2016	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-100,366-16.6%	$18.06K	503,286
Q1 2016Mar 31, 2016	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-104,143-18.1%	$78.32K	470,792
Q1 2016Mar 31, 2016	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-109,776-13.9%	$106.89K	680,878
Q1 2016Mar 31, 2016	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-126,901-6.3%	$74.17K	1,899,260
Q1 2016Mar 31, 2016	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-148,423-7.0%	$123.91K	1,962,516
Q1 2016Mar 31, 2016	FAF First American Corporation (New	First American Corporation (New	Sell	-162,824-2.7%	$227.95K	5,981,316
Q1 2016Mar 31, 2016	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-170,351-5.1%	$19.38K	3,146,607
Q1 2016Mar 31, 2016	BRC Brady Corporation	Brady Corporation	Sell	-170,625-3.4%	$128.46K	4,786,292
Q1 2016Mar 31, 2016	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-186,748-12.8%	$105.44K	1,266,812
Q1 2016Mar 31, 2016	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-188,411-14.0%	$121.81K	1,157,803
Q1 2016Mar 31, 2016	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-208,120-36.0%	$27.20K	370,236
Q1 2016Mar 31, 2016	AXTI AXT Inc	AXT Inc	Sell	-227,452-6.6%	$8.01K	3,242,688
Q1 2016Mar 31, 2016	WMT Walmart Inc.	Walmart Inc.	Sell - Position Exit	-234,168-100.0%	$0.00	-
Q1 2016Mar 31, 2016	USB U.S. Bancorp	U.S. Bancorp	Sell	-246,324-33.5%	$19.82K	488,313
Q1 2016Mar 31, 2016	BWEN Broadwind, Inc.	Broadwind, Inc.	Sell - Position Exit	-272,233-100.0%	$0.00	-

Page 141 of 176 • 5272 total trades

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