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 2014Mar 31, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+70,549+7.5%	$41.70K	1,017,243
Q1 2014Mar 31, 2014	ARC ARC Document Solutions, Inc.	ARC Document Solutions, Inc.	Buy	+68,085+3.2%	$16.26K	2,185,524
Q1 2014Mar 31, 2014	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+63,423+34.7%	$10.17K	246,443
Q1 2014Mar 31, 2014	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+62,175+67.7%	$3.33K	154,075
Q1 2014Mar 31, 2014	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+58,100+29.8%	$2.76K	252,900
Q1 2014Mar 31, 2014	ACTG Acacia Research Corporation	Acacia Research Corporation	Buy	+52,747+6.4%	$13.42K	878,481
Q1 2014Mar 31, 2014	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy - Position Entry	+49,097	$1.15K	49,097
Q1 2014Mar 31, 2014	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+40,307+2.8%	$98.57K	1,503,441
Q1 2014Mar 31, 2014	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy - Position Entry	+37,500	$557.00	37,500
Q1 2014Mar 31, 2014	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+36,128+0.6%	$149.46K	6,543,736
Q1 2014Mar 31, 2014	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+35,553+2.4%	$94.25K	1,495,118
Q1 2014Mar 31, 2014	SUP Superior Industries Internation	Superior Industries Internation	Buy	+29,200+36.1%	$2.26K	110,150
Q1 2014Mar 31, 2014	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy	+28,537+62.5%	$4.38K	74,179
Q1 2014Mar 31, 2014	HSBC HSBC Holdings, plc.	HSBC Holdings, plc.	Buy	+28,370+77.5%	$3.30K	64,954
Q1 2014Mar 31, 2014	CHRW C.H. Robinson Worldwide, Inc.	C.H. Robinson Worldwide, Inc.	Buy - Position Entry	+27,779	$1.46K	27,779
Q1 2014Mar 31, 2014	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+27,106+10.1%	$17.10K	295,159
Q1 2014Mar 31, 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+24,600+65.1%	$2.17K	62,375
Q1 2014Mar 31, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+24,046+55.4%	$10.27K	67,437
Q1 2014Mar 31, 2014	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+23,722+2.6%	$90.09K	952,482
Q1 2014Mar 31, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+22,608+115.6%	$4.70K	42,166
Q1 2014Mar 31, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+17,761+5.1%	$36.04K	366,918
Q1 2014Mar 31, 2014	ORCL Oracle Corporation	Oracle Corporation	Buy	+16,330+13.6%	$5.59K	136,645
Q1 2014Mar 31, 2014	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+15,915+23.5%	$8.17K	83,610
Q1 2014Mar 31, 2014	USB U.S. Bancorp	U.S. Bancorp	Buy	+13,139+6.3%	$9.44K	220,233
Q1 2014Mar 31, 2014	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+11,085+2.5%	$37.71K	457,960
Q1 2014Mar 31, 2014	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+9,029+1.0%	$11.01K	925,538
Q1 2014Mar 31, 2014	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+6,400	$263.00	6,400
Q1 2014Mar 31, 2014	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Buy	+5,657+15.3%	$2.51K	42,529
Q1 2014Mar 31, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+5,113+5.9%	$7.54K	92,085
Q1 2014Mar 31, 2014	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+5,003+14.3%	$3.80K	39,891

Page 166 of 176 • 5272 total trades

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