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 2015Mar 31, 2015	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-7,363-20.0%	$1.60K	29,509
Q1 2015Mar 31, 2015	CVS CVS Health Corporation	CVS Health Corporation	Sell	-9,580-10.2%	$8.68K	84,095
Q1 2015Mar 31, 2015	GHC Graham Holdings Company	Graham Holdings Company	Sell	-12,367-32.6%	$26.87K	25,602
Q1 2015Mar 31, 2015	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-17,248-13.7%	$5.05K	108,752
Q1 2015Mar 31, 2015	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-19,359-2.0%	$136.93K	931,098
Q1 2015Mar 31, 2015	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-21,627-2.4%	$85.65K	861,783
Q1 2015Mar 31, 2015	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-32,864-10.0%	$12.15K	297,381
Q1 2015Mar 31, 2015	AZTA Azenta, Inc.	Azenta, Inc.	Sell	-35,450-12.7%	$2.83K	243,300
Q1 2015Mar 31, 2015	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-40,445-54.7%	$1.61K	33,472
Q1 2015Mar 31, 2015	TGT Target Corporation	Target Corporation	Sell - Position Exit	-61,450-100.0%	$0.00	-
Q1 2015Mar 31, 2015	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-70,528-43.4%	$5.67K	92,101
Q1 2015Mar 31, 2015	RCL Royal Caribbean	Royal Caribbean	Sell	-78,945-7.0%	$85.64K	1,046,276
Q1 2015Mar 31, 2015	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-83,404-2.2%	$145.26K	3,752,492
Q1 2015Mar 31, 2015	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-120,361-55.0%	$2.06K	98,604
Q1 2015Mar 31, 2015	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-140,730-8.9%	$245.75K	1,442,198
Q1 2015Mar 31, 2015	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell - Position Exit	-154,683-100.0%	$0.00	-
Q1 2015Mar 31, 2015	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-178,184-8.5%	$12.70K	1,907,242
Q1 2015Mar 31, 2015	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-245,610-12.3%	$139.43K	1,758,445
Q1 2015Mar 31, 2015	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-254,951-22.8%	$69.26K	862,328
Q1 2015Mar 31, 2015	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-399,258-4.1%	$206.90K	9,353,307
Q1 2015Mar 31, 2015	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-438,163-30.3%	$89.22K	1,005,658
Q1 2015Mar 31, 2015	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-557,992-50.0%	$22.23K	558,216
Q1 2015Mar 31, 2015	WU Western Union Company (The)	Western Union Company (The)	Sell	-1,673,104-12.0%	$255.23K	12,264,707
Q1 2015Mar 31, 2015	FAF First American Corporation (New	First American Corporation (New	Sell	-2,012,906-20.7%	$274.85K	7,703,312
Q4 2014Dec 31, 2014	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+1,352,040+54.6%	$30.09K	3,828,176
Q4 2014Dec 31, 2014	KMT Kennametal Inc.	Kennametal Inc.	Buy	+1,295,685+32.9%	$187.34K	5,234,340
Q4 2014Dec 31, 2014	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+851,237+321.3%	$42.28K	1,116,208
Q4 2014Dec 31, 2014	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+619,817+650.0%	$14.10K	715,175
Q4 2014Dec 31, 2014	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+499,753+19.7%	$15.31K	3,031,885
Q4 2014Dec 31, 2014	AXTI AXT Inc	AXT Inc	Buy - Position Entry	+448,415	$1.26K	448,415

Page 155 of 176 • 5272 total trades

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