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 2013Dec 31, 2013	FORM FormFactor, Inc.	FormFactor, Inc.	Buy - Position Entry	+310,675	$1.87K	310,675
Q4 2013Dec 31, 2013	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+259,037+396.9%	$24.36K	324,302
Q4 2013Dec 31, 2013	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+221,581+173.7%	$31.98K	349,157
Q4 2013Dec 31, 2013	DGX Quest Diagnostics Incorporated	Quest Diagnostics Incorporated	Buy	+219,114+447.7%	$14.35K	268,053
Q4 2013Dec 31, 2013	USB U.S. Bancorp	U.S. Bancorp	Buy	+174,222+530.0%	$8.37K	207,094
Q4 2013Dec 31, 2013	CVU CPI Aerostructures, Inc.	CPI Aerostructures, Inc.	Buy	+161,675+23.1%	$12.95K	860,701
Q4 2013Dec 31, 2013	ALOT AstroNova, Inc.	AstroNova, Inc.	Buy	+161,130+21.3%	$12.36K	916,509
Q4 2013Dec 31, 2013	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+131,344+618.0%	$9.06K	152,597
Q4 2013Dec 31, 2013	FAF First American Corporation (New	First American Corporation (New	Buy	+125,278+1.3%	$281.01K	9,964,903
Q4 2013Dec 31, 2013	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+123,551+5.1%	$259.57K	2,535,139
Q4 2013Dec 31, 2013	ORCL Oracle Corporation	Oracle Corporation	Buy - Position Entry	+120,315	$4.60K	120,315
Q4 2013Dec 31, 2013	AZTA Azenta, Inc.	Azenta, Inc.	Buy	+118,000+153.6%	$2.04K	194,800
Q4 2013Dec 31, 2013	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+99,515+28.6%	$37.44K	446,875
Q4 2013Dec 31, 2013	GHC Graham Holdings Company	Graham Holdings Company	Buy - Position Entry	+79,730	$52.89K	79,730
Q4 2013Dec 31, 2013	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+75,915+686.6%	$7.58K	86,972
Q4 2013Dec 31, 2013	WMT Walmart Inc.	Walmart Inc.	Buy	+68,794+427.6%	$6.68K	84,882
Q4 2013Dec 31, 2013	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy	+67,869+427.8%	$1.12K	83,735
Q4 2013Dec 31, 2013	EBS Emergent BioSolutions Inc.	Emergent BioSolutions Inc.	Buy	+63,050+105.8%	$2.82K	122,650
Q4 2013Dec 31, 2013	GPN Global Payments Inc.	Global Payments Inc.	Buy	+57,438+403.8%	$4.66K	71,661
Q4 2013Dec 31, 2013	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+54,835+99.4%	$5.20K	110,025
Q4 2013Dec 31, 2013	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+51,191+38.8%	$7.63K	183,020
Q4 2013Dec 31, 2013	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Buy	+50,400+121.4%	$2.13K	91,900
Q4 2013Dec 31, 2013	SUP Superior Industries Internation	Superior Industries Internation	Buy	+43,950+118.8%	$1.67K	80,950
Q4 2013Dec 31, 2013	CVS CVS Health Corporation	CVS Health Corporation	Buy	+42,735+76.7%	$7.04K	98,420
Q4 2013Dec 31, 2013	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+38,293+463.4%	$3.61K	46,557
Q4 2013Dec 31, 2013	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy - Position Entry	+37,775	$1.32K	37,775
Q4 2013Dec 31, 2013	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+30,870+2.2%	$90.55K	1,463,134
Q4 2013Dec 31, 2013	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy	+30,649+723.0%	$3.32K	34,888
Q4 2013Dec 31, 2013	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+29,350+2.1%	$97.50K	1,459,565
Q4 2013Dec 31, 2013	VPL Vanguard FTSE Pacific ETF	Vanguard FTSE Pacific ETF	Buy	+29,002+174.3%	$2.80K	45,642

Page 169 of 176 • 5272 total trades

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