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	MS Morgan Stanley	Morgan Stanley	Buy	+4,800+3.1%	$4.95K	158,680
Q1 2014Mar 31, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+2,947+6.3%	$4.31K	49,504
Q1 2014Mar 31, 2014	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+2,800+2.5%	$5.64K	112,825
Q1 2014Mar 31, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+1,868+6.3%	$3.92K	31,324
Q1 2014Mar 31, 2014	IBM International Business Machines	International Business Machines	Buy	+1,000+2.0%	$9.70K	50,382
Q1 2014Mar 31, 2014	ALV Autoliv, Inc.	Autoliv, Inc.	Buy	+481+1.5%	$3.35K	33,413
Q1 2014Mar 31, 2014	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+300+1.1%	$4.53K	27,635
Q1 2014Mar 31, 2014	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+293+6.9%	$552.00	4,547
Q1 2014Mar 31, 2014	TGT Target Corporation	Target Corporation	Buy	+235+0.2%	$7.10K	117,345
Q1 2014Mar 31, 2014	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+200+0.2%	$5.18K	85,396
Q1 2014Mar 31, 2014	WMT Walmart Inc.	Walmart Inc.	Buy	+22+0.0%	$6.49K	84,904
Q1 2014Mar 31, 2014	TM Toyota Motor Corporation	Toyota Motor Corporation	Buy	+20+0.4%	$646.00	5,718
Q1 2014Mar 31, 2014	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-370-0.3%	$3.98K	112,860
Q1 2014Mar 31, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-505-0.2%	$16.16K	225,220
Q1 2014Mar 31, 2014	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell	-3,720-0.3%	$10.45K	1,312,588
Q1 2014Mar 31, 2014	IWC iShares Microcap ETF	iShares Microcap ETF	Sell - Position Exit	-4,000-100.0%	$0.00	-
Q1 2014Mar 31, 2014	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-5,850-9.3%	$9.30K	56,990
Q1 2014Mar 31, 2014	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-9,522-21.9%	$8.98K	33,984
Q1 2014Mar 31, 2014	ACN Accenture plc	Accenture plc	Sell - Position Exit	-14,616-100.0%	$0.00	-
Q1 2014Mar 31, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Sell - Position Exit	-15,239-100.0%	$0.00	-
Q1 2014Mar 31, 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-21,668-27.2%	$40.86K	58,062
Q1 2014Mar 31, 2014	MATW Matthews International Corporat	Matthews International Corporat	Sell	-22,205-6.6%	$12.87K	315,414
Q1 2014Mar 31, 2014	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-30,300-6.5%	$12.58K	433,809
Q1 2014Mar 31, 2014	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-39,580-2.1%	$102.72K	1,856,845
Q1 2014Mar 31, 2014	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-45,919-8.6%	$8.69K	485,088
Q1 2014Mar 31, 2014	GPN Global Payments Inc.	Global Payments Inc.	Sell	-46,860-65.4%	$1.76K	24,801
Q1 2014Mar 31, 2014	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-53,345-2.0%	$90.16K	2,551,991
Q1 2014Mar 31, 2014	BCO Brinks Company (The)	Brinks Company (The)	Sell	-53,905-4.8%	$30.77K	1,077,893
Q1 2014Mar 31, 2014	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-57,603-37.7%	$5.67K	94,994
Q1 2014Mar 31, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-64,620-11.4%	$68.47K	503,532

Page 167 of 176 • 5272 total trades

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