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	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell - Position Exit	-65,769-100.0%	$0.00	-
Q1 2024Mar 31, 2024	ZIMV ZimVie Inc.	ZimVie Inc.	Sell	-80,223-42.9%	$1.76M	106,604
Q1 2024Mar 31, 2024	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-81,636-3.7%	$198.20M	2,154,389
Q1 2024Mar 31, 2024	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-90,249-19.2%	$114.61M	380,212
Q1 2024Mar 31, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-90,516-11.4%	$68.60M	705,449
Q1 2024Mar 31, 2024	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Sell	-94,689-27.4%	$9.29M	251,127
Q1 2024Mar 31, 2024	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-102,701-3.9%	$226.96M	2,552,389
Q1 2024Mar 31, 2024	CHKP Check Point	Check Point	Sell	-117,589-7.8%	$226.75M	1,382,533
Q1 2024Mar 31, 2024	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell	-117,891-11.2%	$252.74M	932,807
Q1 2024Mar 31, 2024	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-130,306-13.5%	$60.19M	831,990
Q1 2024Mar 31, 2024	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-136,479-65.2%	$21.58M	72,843
Q1 2024Mar 31, 2024	RCL Royal Caribbean	Royal Caribbean	Sell	-137,183-10.0%	$171.29M	1,232,213
Q1 2024Mar 31, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-139,303-8.8%	$280.28M	1,436,655
Q1 2024Mar 31, 2024	FAF First American Corporation (New	First American Corporation (New	Sell	-143,945-3.9%	$214.44M	3,512,539
Q1 2024Mar 31, 2024	GNTX Gentex Corporation	Gentex Corporation	Sell	-148,713-2.3%	$231.40M	6,406,359
Q1 2024Mar 31, 2024	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-151,240-24.2%	$47.70M	474,246
Q1 2024Mar 31, 2024	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell	-159,363-3.6%	$223.30M	4,233,220
Q1 2024Mar 31, 2024	BCO Brinks Company (The)	Brinks Company (The)	Sell	-171,760-9.1%	$158.22M	1,712,701
Q1 2024Mar 31, 2024	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-172,544-52.6%	$7.81M	155,739
Q1 2024Mar 31, 2024	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-176,211-14.9%	$34.84M	1,002,790
Q1 2024Mar 31, 2024	KMT Kennametal Inc.	Kennametal Inc.	Sell	-217,448-2.3%	$229.36M	9,196,442
Q1 2024Mar 31, 2024	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Sell	-220,515-3.1%	$274.11M	6,990,944
Q1 2024Mar 31, 2024	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-267,002-28.7%	$69.56M	662,670
Q1 2024Mar 31, 2024	MAS Masco Corporation	Masco Corporation	Sell	-267,258-20.3%	$82.55M	1,046,558
Q1 2024Mar 31, 2024	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-277,716-12.9%	$244.86M	1,870,760
Q1 2024Mar 31, 2024	AXTA Axalta	Axalta	Sell	-303,543-6.4%	$153.93M	4,475,887
Q1 2024Mar 31, 2024	MANU Manchester United	Manchester United	Sell	-322,846-5.7%	$74.08M	5,306,733
Q1 2024Mar 31, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-345,635-35.3%	$34.39M	634,113
Q1 2024Mar 31, 2024	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-347,864-16.5%	$74.05M	1,764,848
Q1 2024Mar 31, 2024	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-376,458-12.3%	$181.47M	2,695,707

Page 22 of 176 • 5272 total trades

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