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 2024Jun 30, 2024	LH Labcorp Holdings Inc.	Labcorp Holdings Inc.	Buy - Position Entry	+444,431	$90.45M	444,431
Q2 2024Jun 30, 2024	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+419,581+8.2%	$194.17M	5,538,121
Q2 2024Jun 30, 2024	CNH CNH Industrial	CNH Industrial	Buy	+417,098+16.6%	$29.72M	2,933,416
Q2 2024Jun 30, 2024	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+335,984+12.5%	$167.05M	3,031,691
Q2 2024Jun 30, 2024	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+274,212+10.7%	$195.20M	2,835,203
Q2 2024Jun 30, 2024	MGPI MGP Ingredients, Inc.	MGP Ingredients, Inc.	Buy	+248,076+92.7%	$38.38M	515,796
Q2 2024Jun 30, 2024	ALL Allstate Corporation (The)	Allstate Corporation (The)	Buy - Position Entry	+240,042	$38.33M	240,042
Q2 2024Jun 30, 2024	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+198,891+10.8%	$24.66M	2,038,878
Q2 2024Jun 30, 2024	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+193,898+3.5%	$166.12M	5,710,448
Q2 2024Jun 30, 2024	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+187,304+58.0%	$62.55M	510,127
Q2 2024Jun 30, 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+172,611+65.5%	$60.41M	436,335
Q2 2024Jun 30, 2024	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy - Position Entry	+165,626	$23.34M	165,626
Q2 2024Jun 30, 2024	LEN Lennar Corporation	Lennar Corporation	Buy - Position Entry	+156,924	$23.52M	156,924
Q2 2024Jun 30, 2024	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+115,808+8.7%	$225.41M	1,442,817
Q2 2024Jun 30, 2024	FAF First American Corporation (New	First American Corporation (New	Buy	+97,158+2.8%	$194.74M	3,609,697
Q2 2024Jun 30, 2024	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+91,816+3.6%	$222.06M	2,644,205
Q2 2024Jun 30, 2024	VXUS Vanguard Total International St	Vanguard Total International St	Buy - Position Entry	+79,637	$4.80M	79,637
Q2 2024Jun 30, 2024	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+66,016+1.5%	$44.37M	4,546,096
Q2 2024Jun 30, 2024	CVS CVS Health Corporation	CVS Health Corporation	Buy	+62,475+10.3%	$39.52M	669,084
Q2 2024Jun 30, 2024	KMX CarMax Inc	CarMax Inc	Buy	+56,856+8.7%	$52.07M	710,003
Q2 2024Jun 30, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+54,805+1.1%	$198.25M	4,937,725
Q2 2024Jun 30, 2024	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+51,944+12.6%	$23.56M	463,517
Q2 2024Jun 30, 2024	MAS Masco Corporation	Masco Corporation	Buy	+46,644+4.5%	$72.88M	1,093,202
Q2 2024Jun 30, 2024	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+39,095+60.1%	$28.45M	104,187
Q2 2024Jun 30, 2024	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+33,031+3.5%	$182.52M	970,156
Q2 2024Jun 30, 2024	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+32,627+12.3%	$40.75M	297,978
Q2 2024Jun 30, 2024	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+26,375+16.9%	$9.00M	182,114
Q2 2024Jun 30, 2024	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Buy	+23,674+10.6%	$44.51M	247,095
Q2 2024Jun 30, 2024	APA APA Corporation	APA Corporation	Buy	+18,406+9.6%	$6.18M	209,848
Q2 2024Jun 30, 2024	JHG Janus Henderson	Janus Henderson	Buy	+16,653+0.7%	$76.06M	2,256,434

Page 16 of 176 • 5272 total trades

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