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
Q3 2014Sep 30, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Buy - Position Entry	+9,627	$979.00	9,627
Q3 2014Sep 30, 2014	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+9,598+2.8%	$25.03K	352,679
Q3 2014Sep 30, 2014	USB U.S. Bancorp	U.S. Bancorp	Buy	+8,363+2.5%	$14.43K	344,896
Q3 2014Sep 30, 2014	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+8,045+0.5%	$102.94K	1,513,079
Q3 2014Sep 30, 2014	SUP Superior Industries Internation	Superior Industries Internation	Buy	+8,000+7.3%	$2.07K	118,150
Q3 2014Sep 30, 2014	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+7,678+0.6%	$95.89K	1,402,566
Q3 2014Sep 30, 2014	OESX Orion Energy Systems, Inc.	Orion Energy Systems, Inc.	Buy	+7,225+0.2%	$21.23K	3,967,589
Q3 2014Sep 30, 2014	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+6,894+28.4%	$2.36K	31,166
Q3 2014Sep 30, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+6,847+5.1%	$11.71K	140,441
Q3 2014Sep 30, 2014	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy	+5,578+0.6%	$77.43K	917,213
Q3 2014Sep 30, 2014	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+5,510+2.6%	$2.83K	215,116
Q3 2014Sep 30, 2014	AXP American Express Company	American Express Company	Buy - Position Entry	+5,492	$481.00	5,492
Q3 2014Sep 30, 2014	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+5,162+0.8%	$68.54K	643,896
Q3 2014Sep 30, 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+4,800+6.0%	$3.06K	85,400
Q3 2014Sep 30, 2014	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+3,900+3.5%	$4.52K	116,715
Q3 2014Sep 30, 2014	NWL Newell Brands Inc.	Newell Brands Inc.	Buy	+3,835+0.1%	$129.96K	3,776,919
Q3 2014Sep 30, 2014	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+3,774+0.7%	$65.80K	540,702
Q3 2014Sep 30, 2014	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+3,475+0.8%	$36.20K	461,698
Q3 2014Sep 30, 2014	WMT Walmart Inc.	Walmart Inc.	Buy	+3,229+2.0%	$12.89K	168,550
Q3 2014Sep 30, 2014	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+2,400+1.5%	$7.28K	163,930
Q3 2014Sep 30, 2014	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+2,030+0.2%	$124.98K	1,032,207
Q3 2014Sep 30, 2014	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+2,000+2.4%	$8.05K	85,610
Q3 2014Sep 30, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+1,877+2.5%	$6.63K	77,501
Q3 2014Sep 30, 2014	BAX Baxter International Inc.	Baxter International Inc.	Buy	+1,800+2.9%	$4.53K	63,051
Q3 2014Sep 30, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+1,758+1.6%	$24.11K	110,456
Q3 2014Sep 30, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+1,184+2.5%	$6.77K	49,016
Q3 2014Sep 30, 2014	MS Morgan Stanley	Morgan Stanley	Buy	+900+0.6%	$5.52K	159,580
Q3 2014Sep 30, 2014	IBM International Business Machines	International Business Machines	Buy	+900+1.8%	$9.73K	51,282
Q3 2014Sep 30, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+401+1.0%	$2.85K	42,561
Q3 2014Sep 30, 2014	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+394+0.4%	$6.16K	102,296

Page 160 of 176 • 5272 total trades

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