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	GHC Graham Holdings Company	Graham Holdings Company	Sell	-1,777-6.9%	$25.61K	23,825
Q2 2015Jun 30, 2015	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Sell	-2,150-0.2%	$84.72K	922,973
Q2 2015Jun 30, 2015	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-2,581-0.2%	$96.76K	1,392,488
Q2 2015Jun 30, 2015	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-2,679-2.8%	$10.30K	91,762
Q2 2015Jun 30, 2015	MS Morgan Stanley	Morgan Stanley	Sell	-3,200-2.0%	$6.07K	156,380
Q2 2015Jun 30, 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-3,314-0.2%	$94.78K	1,933,094
Q2 2015Jun 30, 2015	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-3,467-0.2%	$117.29K	1,533,994
Q2 2015Jun 30, 2015	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-3,500-2.1%	$7.70K	164,395
Q2 2015Jun 30, 2015	ORCL Oracle Corporation	Oracle Corporation	Sell	-3,600-1.6%	$9.06K	224,910
Q2 2015Jun 30, 2015	MATW Matthews International Corporat	Matthews International Corporat	Sell	-4,970-1.6%	$15.85K	298,351
Q2 2015Jun 30, 2015	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-5,395-1.5%	$38.48K	346,470
Q2 2015Jun 30, 2015	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-6,740-1.6%	$14.80K	406,796
Q2 2015Jun 30, 2015	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-7,252-6.7%	$5.07K	101,500
Q2 2015Jun 30, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-10,430-2.3%	$83.06K	435,092
Q2 2015Jun 30, 2015	ALOT AstroNova, Inc.	AstroNova, Inc.	Sell	-10,627-0.9%	$16.57K	1,158,146
Q2 2015Jun 30, 2015	IEX IDEX Corporation	IDEX Corporation	Sell	-10,965-2.6%	$32.71K	416,281
Q2 2015Jun 30, 2015	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-12,446-1.0%	$10.26K	1,282,582
Q2 2015Jun 30, 2015	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Sell	-13,100-0.8%	$15.62K	1,560,357
Q2 2015Jun 30, 2015	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-13,627-14.8%	$4.83K	78,474
Q2 2015Jun 30, 2015	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-16,675-56.5%	$693.00	12,834
Q2 2015Jun 30, 2015	FAF First American Corporation (New	First American Corporation (New	Sell	-17,985-0.2%	$285.97K	7,685,327
Q2 2015Jun 30, 2015	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-18,159-1.6%	$169.13K	1,122,983
Q2 2015Jun 30, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-18,513-15.8%	$9.45K	98,768
Q2 2015Jun 30, 2015	RCL Royal Caribbean	Royal Caribbean	Sell	-19,195-1.8%	$80.82K	1,027,081
Q2 2015Jun 30, 2015	STT State Street Corporation	State Street Corporation	Sell - Position Exit	-20,409-100.0%	$0.00	-
Q2 2015Jun 30, 2015	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Sell	-21,020-0.5%	$11.11K	4,425,918
Q2 2015Jun 30, 2015	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-21,685-1.1%	$205.01K	1,891,086
Q2 2015Jun 30, 2015	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-28,655-3.3%	$79.06K	833,128
Q2 2015Jun 30, 2015	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-31,891-3.4%	$143.20K	899,207
Q2 2015Jun 30, 2015	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Sell - Position Exit	-35,226-100.0%	$0.00	-

Page 151 of 176 • 5272 total trades

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