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 2015Jun 30, 2015	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+36,485+3.4%	$119.81K	1,096,889
Q2 2015Jun 30, 2015	AXP American Express Company	American Express Company	Buy	+30,021+147.2%	$3.92K	50,411
Q2 2015Jun 30, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+24,512+11.7%	$20.15K	233,812
Q2 2015Jun 30, 2015	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Buy	+24,314+28.0%	$20.98K	111,118
Q2 2015Jun 30, 2015	KMT Kennametal Inc.	Kennametal Inc.	Buy	+17,720+0.2%	$280.17K	8,211,313
Q2 2015Jun 30, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+15,399+20.7%	$12.20K	89,665
Q2 2015Jun 30, 2015	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+13,139+17.0%	$8.27K	90,624
Q2 2015Jun 30, 2015	ACN Accenture plc	Accenture plc	Buy	+7,556+21.2%	$4.18K	43,193
Q2 2015Jun 30, 2015	FAST Fastenal Company	Fastenal Company	Buy	+7,181+22.6%	$1.64K	38,973
Q2 2015Jun 30, 2015	CME CME Group Inc.	CME Group Inc.	Buy	+5,395+22.6%	$2.73K	29,307
Q2 2015Jun 30, 2015	BAP Credicorp	Credicorp	Buy	+4,563+10.5%	$6.65K	47,881
Q2 2015Jun 30, 2015	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+4,374+13.1%	$1.75K	37,846
Q2 2015Jun 30, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+3,914+9.1%	$5.09K	47,034
Q2 2015Jun 30, 2015	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+3,383+2.7%	$8.62K	127,199
Q2 2015Jun 30, 2015	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+2,461+22.7%	$1.66K	13,294
Q2 2015Jun 30, 2015	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+2,345+6.1%	$1.83K	40,745
Q2 2015Jun 30, 2015	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+2,200+0.9%	$2.81K	245,500
Q2 2015Jun 30, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+1,300+1.1%	$4.95K	117,915
Q2 2015Jun 30, 2015	GWW W.W. Grainger, Inc.	W.W. Grainger, Inc.	Buy	+1,281+22.6%	$1.65K	6,950
Q2 2015Jun 30, 2015	SUP Superior Industries Internation	Superior Industries Internation	Buy	+1,100+0.8%	$2.42K	132,175
Q2 2015Jun 30, 2015	IBM International Business Machines	International Business Machines	Buy	+215+0.4%	$8.92K	54,822
Q2 2015Jun 30, 2015	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+206+5.9%	$501.00	3,706
Q2 2015Jun 30, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-410-1.0%	$3.42K	42,291
Q2 2015Jun 30, 2015	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-600-1.7%	$7.10K	33,995
Q2 2015Jun 30, 2015	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-700-1.5%	$8.66K	46,610
Q2 2015Jun 30, 2015	BAX Baxter International Inc.	Baxter International Inc.	Sell	-1,000-1.6%	$4.33K	61,951
Q2 2015Jun 30, 2015	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-1,150-0.2%	$75.94K	585,261
Q2 2015Jun 30, 2015	CVS CVS Health Corporation	CVS Health Corporation	Sell	-1,200-1.4%	$8.69K	82,895
Q2 2015Jun 30, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-1,430-0.3%	$36.23K	466,168
Q2 2015Jun 30, 2015	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-1,500-1.8%	$6.99K	84,010

Page 150 of 176 • 5272 total trades

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