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	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+8,592+3.0%	$32.28M	297,401
Q2 2024Jun 30, 2024	TDC Teradata Corporation	Teradata Corporation	Buy	+6,761+0.8%	$27.94M	808,353
Q2 2024Jun 30, 2024	KSPI Joint Stock Company Kaspi.kz -	Joint Stock Company Kaspi.kz -	Buy - Position Entry	+2,210	$285.11K	2,210
Q2 2024Jun 30, 2024	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+69+0.0%	$4.21M	252,257
Q2 2024Jun 30, 2024	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+49+0.5%	$217.68K	9,025
Q2 2024Jun 30, 2024	ST Sensata Technologies	Sensata Technologies	Buy	+45+0.5%	$310.82K	8,313
Q2 2024Jun 30, 2024	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+39+0.5%	$200.76K	7,175
Q2 2024Jun 30, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+25+0.5%	$691.84K	4,642
Q2 2024Jun 30, 2024	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+14+0.5%	$401.56K	2,653
Q2 2024Jun 30, 2024	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+5+0.5%	$360.19K	933
Q2 2024Jun 30, 2024	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-38-10.1%	$503.17K	338
Q2 2024Jun 30, 2024	CVX Chevron Corporation	Chevron Corporation	Sell	-62-0.2%	$5.10M	32,601
Q2 2024Jun 30, 2024	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-347-24.9%	$217.26K	1,046
Q2 2024Jun 30, 2024	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-389-2.9%	$6.16M	13,196
Q2 2024Jun 30, 2024	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-696-2.9%	$3.44M	23,563
Q2 2024Jun 30, 2024	ORCL Oracle Corporation	Oracle Corporation	Sell	-1,090-1.8%	$8.53M	60,420
Q2 2024Jun 30, 2024	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-1,880-100.0%	$0.00	-
Q2 2024Jun 30, 2024	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-3,904-2.9%	$3.83M	132,678
Q2 2024Jun 30, 2024	USB U.S. Bancorp	U.S. Bancorp	Sell	-4,075-2.5%	$6.20M	156,220
Q2 2024Jun 30, 2024	PHIN PHINIA Inc.	PHINIA Inc.	Sell	-4,097-2.8%	$5.68M	144,434
Q2 2024Jun 30, 2024	NOV NOV Inc.	NOV Inc.	Sell	-4,975-0.2%	$40.26M	2,117,843
Q2 2024Jun 30, 2024	EVR Evercore Inc.	Evercore Inc.	Sell	-5,022-4.0%	$25.27M	121,221
Q2 2024Jun 30, 2024	BAC Bank of America Corporation	Bank of America Corporation	Sell	-5,197-2.9%	$6.83M	171,684
Q2 2024Jun 30, 2024	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell - Position Exit	-8,193-100.0%	$0.00	-
Q2 2024Jun 30, 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-9,093-5.7%	$26.24M	150,961
Q2 2024Jun 30, 2024	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-10,157-3.2%	$2.56M	311,580
Q2 2024Jun 30, 2024	BRC Brady Corporation	Brady Corporation	Sell	-10,223-3.5%	$18.42M	279,010
Q2 2024Jun 30, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-14,902-2.4%	$25.72M	619,211
Q2 2024Jun 30, 2024	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-16,866-5.3%	$17.10M	302,049
Q2 2024Jun 30, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-18,302-5.3%	$84.07M	328,921

Page 17 of 176 • 5272 total trades

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