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 2015Dec 31, 2015	GHC Graham Holdings Company	Graham Holdings Company	Sell	-69-0.3%	$11.52K	23,756
Q4 2015Dec 31, 2015	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-100-0.3%	$5.86K	32,495
Q4 2015Dec 31, 2015	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Sell	-275-0.0%	$5.08K	597,725
Q4 2015Dec 31, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-361-0.1%	$70.48K	372,132
Q4 2015Dec 31, 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-479-0.0%	$19.11K	1,083,634
Q4 2015Dec 31, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,145-2.7%	$3.52K	41,151
Q4 2015Dec 31, 2015	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell	-1,437-0.3%	$9.65K	556,035
Q4 2015Dec 31, 2015	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Sell	-1,500-19.0%	$1.30K	6,409
Q4 2015Dec 31, 2015	IBM International Business Machines	International Business Machines	Sell	-2,112-3.8%	$7.42K	53,900
Q4 2015Dec 31, 2015	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Sell	-2,479-0.4%	$49.32K	693,253
Q4 2015Dec 31, 2015	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-2,500-3.0%	$6.29K	80,635
Q4 2015Dec 31, 2015	BAX Baxter International Inc.	Baxter International Inc.	Sell	-2,736-4.1%	$2.43K	63,595
Q4 2015Dec 31, 2015	TILE Interface, Inc.	Interface, Inc.	Sell	-3,910-0.4%	$18.48K	965,447
Q4 2015Dec 31, 2015	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-4,333-9.8%	$8.66K	39,877
Q4 2015Dec 31, 2015	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-4,800-3.5%	$8.71K	131,837
Q4 2015Dec 31, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-5,700-5.0%	$4.42K	107,315
Q4 2015Dec 31, 2015	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-5,810-0.2%	$102.92K	3,013,810
Q4 2015Dec 31, 2015	FAST Fastenal Company	Fastenal Company	Sell	-6,700-15.1%	$1.54K	37,682
Q4 2015Dec 31, 2015	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-7,438-10.1%	$3.83K	66,437
Q4 2015Dec 31, 2015	ORCL Oracle Corporation	Oracle Corporation	Sell	-8,515-3.8%	$7.94K	217,260
Q4 2015Dec 31, 2015	BAP Credicorp	Credicorp	Sell	-9,095-17.3%	$4.24K	43,518
Q4 2015Dec 31, 2015	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-15,725-3.4%	$3.31K	449,223
Q4 2015Dec 31, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-21,820-0.9%	$137.33K	2,475,332
Q4 2015Dec 31, 2015	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-26,138-3.1%	$88.74K	829,241
Q4 2015Dec 31, 2015	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-30,480-3.7%	$135.54K	790,654
Q4 2015Dec 31, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-31,720-50.0%	$3.02K	31,719
Q4 2015Dec 31, 2015	MIDD The Middleby Corporation	The Middleby Corporation	Sell - Position Exit	-40,831-100.0%	$0.00	-
Q4 2015Dec 31, 2015	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-45,949-3.9%	$181.44K	1,134,989
Q4 2015Dec 31, 2015	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-47,250-9.5%	$42.27K	448,858
Q4 2015Dec 31, 2015	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Sell	-49,621-23.1%	$30.88K	165,187

Page 144 of 176 • 5272 total trades

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