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 2024Mar 31, 2024	CVS CVS Health Corporation	CVS Health Corporation	Buy - Position Entry	+606,609	$48.38M	606,609
Q1 2024Mar 31, 2024	NOV NOV Inc.	NOV Inc.	Buy	+533,052+33.5%	$41.44M	2,122,818
Q1 2024Mar 31, 2024	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+371,386+25.3%	$39.91M	1,839,987
Q1 2024Mar 31, 2024	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+321,049+58.7%	$109.30M	868,375
Q1 2024Mar 31, 2024	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+306,699+11.1%	$158.28M	3,079,317
Q1 2024Mar 31, 2024	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+268,996+3.1%	$82.82M	8,877,212
Q1 2024Mar 31, 2024	MGPI MGP Ingredients, Inc.	MGP Ingredients, Inc.	Buy - Position Entry	+267,720	$23.06M	267,720
Q1 2024Mar 31, 2024	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy - Position Entry	+263,724	$39.27M	263,724
Q1 2024Mar 31, 2024	KN Knowles Corporation	Knowles Corporation	Buy	+183,991+3.7%	$83.51M	5,187,144
Q1 2024Mar 31, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+161,679+3.9%	$43.64M	4,346,134
Q1 2024Mar 31, 2024	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+154,355+2.9%	$180.01M	5,516,550
Q1 2024Mar 31, 2024	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+135,641+2.7%	$251.22M	5,118,540
Q1 2024Mar 31, 2024	MAT Mattel, Inc.	Mattel, Inc.	Buy	+112,786+0.7%	$308.71M	15,583,293
Q1 2024Mar 31, 2024	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+84,313+6.8%	$222.23M	1,327,009
Q1 2024Mar 31, 2024	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Buy	+79,558+75.1%	$20.50M	185,476
Q1 2024Mar 31, 2024	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+60,615+1353.9%	$22.51M	65,092
Q1 2024Mar 31, 2024	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+37,967+0.9%	$43.28M	4,480,080
Q1 2024Mar 31, 2024	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+27,011+7.0%	$27.68M	411,573
Q1 2024Mar 31, 2024	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+25,359+8.5%	$51.91M	322,823
Q1 2024Mar 31, 2024	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy - Position Entry	+8,193	$342.22K	8,193
Q1 2024Mar 31, 2024	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Buy	+7,327+3.4%	$49.78M	223,421
Q1 2024Mar 31, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+6,030+1.8%	$84.15M	347,223
Q1 2024Mar 31, 2024	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+5,214+0.2%	$185.83M	2,560,991
Q1 2024Mar 31, 2024	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+586+7.0%	$248.19K	8,976
Q1 2024Mar 31, 2024	ST Sensata Technologies	Sensata Technologies	Buy	+539+7.0%	$303.77K	8,268
Q1 2024Mar 31, 2024	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+466+7.0%	$203.80K	7,136
Q1 2024Mar 31, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+301+7.0%	$737.89K	4,617
Q1 2024Mar 31, 2024	PHIN PHINIA Inc.	PHINIA Inc.	Buy	+96+0.1%	$5.71M	148,531
Q1 2024Mar 31, 2024	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+60+6.9%	$329.42K	928
Q1 2024Mar 31, 2024	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+24+6.8%	$469.85K	376

Page 20 of 176 • 5272 total trades

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