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 2014Dec 31, 2014	CPIX Cumberland Pharmaceuticals Inc.	Cumberland Pharmaceuticals Inc.	Sell	-521,825-20.0%	$12.47K	2,085,426
Q4 2014Dec 31, 2014	FAF First American Corporation (New	First American Corporation (New	Sell	-678,965-6.5%	$329.38K	9,716,218
Q4 2014Dec 31, 2014	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Sell - Position Exit	-1,677,376-100.0%	$0.00	-
Q3 2014Sep 30, 2014	KMT Kennametal Inc.	Kennametal Inc.	Buy	+2,520,746+177.8%	$162.71K	3,938,655
Q3 2014Sep 30, 2014	CNTY Century Casinos, Inc.	Century Casinos, Inc.	Buy	+1,813,707+252.5%	$12.99K	2,532,132
Q3 2014Sep 30, 2014	BRC Brady Corporation	Brady Corporation	Buy	+1,073,076+33.0%	$97.13K	4,328,458
Q3 2014Sep 30, 2014	FAF First American Corporation (New	First American Corporation (New	Buy	+990,716+10.5%	$281.92K	10,395,183
Q3 2014Sep 30, 2014	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+580,355+24.6%	$85.59K	2,936,246
Q3 2014Sep 30, 2014	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+444,233+21.9%	$20.95K	2,476,136
Q3 2014Sep 30, 2014	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+294,295+39.1%	$105.31K	1,047,358
Q3 2014Sep 30, 2014	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+263,876+17.0%	$179.52K	1,813,476
Q3 2014Sep 30, 2014	TILE Interface, Inc.	Interface, Inc.	Buy	+191,755+18.6%	$19.74K	1,222,789
Q3 2014Sep 30, 2014	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+118,660+8.3%	$15.20K	1,543,268
Q3 2014Sep 30, 2014	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+115,628+6.6%	$101.52K	1,858,974
Q3 2014Sep 30, 2014	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+91,400+6.5%	$87.63K	1,504,452
Q3 2014Sep 30, 2014	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+84,750+1.4%	$132.96K	5,962,320
Q3 2014Sep 30, 2014	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+83,774+8.5%	$121.02K	1,067,226
Q3 2014Sep 30, 2014	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+78,095+7.2%	$15.35K	1,163,639
Q3 2014Sep 30, 2014	ORCL Oracle Corporation	Oracle Corporation	Buy	+73,605+46.8%	$8.84K	231,010
Q3 2014Sep 30, 2014	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+56,276+6.8%	$75.28K	883,775
Q3 2014Sep 30, 2014	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+46,261+94.2%	$2.11K	95,358
Q3 2014Sep 30, 2014	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+45,613+2.3%	$119.26K	1,996,270
Q3 2014Sep 30, 2014	SO Southern Company (The)	Southern Company (The)	Buy	+43,584+61.8%	$4.98K	114,071
Q3 2014Sep 30, 2014	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+42,375+26.3%	$3.50K	203,250
Q3 2014Sep 30, 2014	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+34,294+2.4%	$132.14K	1,488,256
Q3 2014Sep 30, 2014	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+34,289+14.9%	$10.53K	264,971
Q3 2014Sep 30, 2014	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+31,689+2.5%	$19.88K	1,284,415
Q3 2014Sep 30, 2014	OMC Omnicom Group Inc.	Omnicom Group Inc.	Buy	+29,203+2.5%	$83.12K	1,207,047
Q3 2014Sep 30, 2014	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+18,900+7.5%	$2.86K	271,800
Q3 2014Sep 30, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+13,889+2.7%	$57.20K	536,616

Page 159 of 176 • 5272 total trades

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