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	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-52,490-5.9%	$85.43K	831,664
Q4 2015Dec 31, 2015	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Sell	-53,436-1.2%	$9.34K	4,302,052
Q4 2015Dec 31, 2015	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell - Position Exit	-57,162-100.0%	$0.00	-
Q4 2015Dec 31, 2015	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-62,870-2.9%	$126.44K	2,110,939
Q4 2015Dec 31, 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-67,436-4.5%	$7.45K	1,416,660
Q4 2015Dec 31, 2015	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Sell	-81,050-7.0%	$6.08K	1,072,760
Q4 2015Dec 31, 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-81,800-7.2%	$15.32K	1,060,361
Q4 2015Dec 31, 2015	LFCR Lifecore Biomedical, Inc.	Lifecore Biomedical, Inc.	Sell	-103,309-7.3%	$15.57K	1,316,527
Q4 2015Dec 31, 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-125,530-8.2%	$13.74K	1,412,625
Q4 2015Dec 31, 2015	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Sell	-133,175-3.9%	$25.81K	3,316,958
Q4 2015Dec 31, 2015	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-140,168-9.4%	$143.68K	1,346,214
Q4 2015Dec 31, 2015	RCL Royal Caribbean	Royal Caribbean	Sell	-146,398-15.5%	$80.96K	799,888
Q4 2015Dec 31, 2015	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-161,193-8.3%	$218.77K	1,773,704
Q4 2015Dec 31, 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-204,736-21.9%	$6.21K	731,826
Q4 2015Dec 31, 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-256,505-8.2%	$98.84K	2,858,175
Q4 2015Dec 31, 2015	AXTI AXT Inc	AXT Inc	Sell	-262,250-7.0%	$8.61K	3,470,140
Q4 2015Dec 31, 2015	FAF First American Corporation (New	First American Corporation (New	Sell	-790,195-11.4%	$220.57K	6,144,140
Q4 2015Dec 31, 2015	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-973,510-9.5%	$215.59K	9,260,912
Q4 2015Dec 31, 2015	WU Western Union Company (The)	Western Union Company (The)	Sell	-1,487,840-14.1%	$162.08K	9,049,561
Q4 2015Dec 31, 2015	NWL Newell Brands Inc.	Newell Brands Inc.	Sell	-1,966,048-59.7%	$58.39K	1,324,601
Q3 2015Sep 30, 2015	MAT Mattel, Inc.	Mattel, Inc.	Buy	+2,646,670+83.1%	$122.83K	5,832,285
Q3 2015Sep 30, 2015	TGNA TEGNA Inc	TEGNA Inc	Buy	+1,661,953+34.0%	$146.70K	6,552,149
Q3 2015Sep 30, 2015	KMT Kennametal Inc.	Kennametal Inc.	Buy	+1,401,210+17.1%	$239.26K	9,612,523
Q3 2015Sep 30, 2015	RELL Richardson Electronics, Ltd.	Richardson Electronics, Ltd.	Buy - Position Entry	+1,153,810	$6.81K	1,153,810
Q3 2015Sep 30, 2015	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy - Position Entry	+1,115,810	$34.19K	1,115,810
Q3 2015Sep 30, 2015	AXTI AXT Inc	AXT Inc	Buy	+827,319+28.5%	$7.17K	3,732,390
Q3 2015Sep 30, 2015	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+814,387+12.4%	$49.94K	7,366,067
Q3 2015Sep 30, 2015	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+447,483+16.2%	$29.11K	3,206,352
Q3 2015Sep 30, 2015	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+363,800+3.7%	$195.78K	10,234,422
Q3 2015Sep 30, 2015	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+346,125+5.1%	$120.72K	7,194,587

Page 145 of 176 • 5272 total trades

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