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	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-388,250-25.4%	$119.99M	1,139,721
Q1 2024Mar 31, 2024	G02602103 Amdocs	Amdocs	Sell - Position Exit	-410,733-100.0%	$0.00	-
Q1 2024Mar 31, 2024	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-420,698-6.7%	$122.45M	5,850,417
Q1 2024Mar 31, 2024	NVT nVent Electric	nVent Electric	Sell	-433,787-23.6%	$105.62M	1,400,841
Q1 2024Mar 31, 2024	JHG Janus Henderson	Janus Henderson	Sell	-606,074-21.3%	$73.67M	2,239,781
Q1 2024Mar 31, 2024	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-645,596-5.1%	$269.63M	12,026,500
Q1 2024Mar 31, 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-871,654-67.3%	$38.74M	422,888
Q1 2024Mar 31, 2024	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-959,360-74.9%	$3.24M	321,737
Q1 2024Mar 31, 2024	EQC Equity	Equity	Sell - Position Exit	-1,191,361-100.0%	$0.00	-
Q1 2024Mar 31, 2024	OSW OneSpaWorld	OneSpaWorld	Sell	-1,317,969-9.8%	$159.97M	12,091,111
Q1 2024Mar 31, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-1,504,398-23.6%	$229.06M	4,882,920
Q1 2024Mar 31, 2024	LESL Leslie's, Inc.	Leslie's, Inc.	Sell	-4,248,542-14.5%	$162.39M	24,982,878
Q4 2023Dec 31, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+4,244,003+17.0%	$201.99M	29,231,420
Q4 2023Dec 31, 2023	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+1,761,364+33.0%	$170.75M	7,096,942
Q4 2023Dec 31, 2023	CNH CNH Industrial	CNH Industrial	Buy - Position Entry	+1,720,320	$20.95M	1,720,320
Q4 2023Dec 31, 2023	INTC Intel Corporation	Intel Corporation	Buy - Position Entry	+1,324,437	$66.55M	1,324,437
Q4 2023Dec 31, 2023	TFC Truist Financial Corporation	Truist Financial Corporation	Buy - Position Entry	+1,067,702	$39.42M	1,067,702
Q4 2023Dec 31, 2023	DVA DaVita Inc.	DaVita Inc.	Buy - Position Entry	+658,818	$69.02M	658,818
Q4 2023Dec 31, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+626,583+17.6%	$48.96M	4,184,455
Q4 2023Dec 31, 2023	KN Knowles Corporation	Knowles Corporation	Buy	+458,293+10.1%	$89.61M	5,003,153
Q4 2023Dec 31, 2023	CHKP Check Point	Check Point	Buy	+416,758+38.5%	$229.20M	1,500,122
Q4 2023Dec 31, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+376,172+8.2%	$169.22M	4,982,899
Q4 2023Dec 31, 2023	KB KB Financial Group Inc	KB Financial Group Inc	Buy - Position Entry	+357,569	$14.79M	357,569
Q4 2023Dec 31, 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+326,789+50.0%	$50.27M	979,748
Q4 2023Dec 31, 2023	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Buy	+223,655+4.4%	$175.02M	5,362,195
Q4 2023Dec 31, 2023	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+212,011+3.5%	$125.67M	6,271,115
Q4 2023Dec 31, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+178,310	$18.54M	178,310
Q4 2023Dec 31, 2023	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+152,617+7.6%	$279.54M	2,162,961
Q4 2023Dec 31, 2023	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+136,158+1.6%	$97.01M	8,608,216
Q4 2023Dec 31, 2023	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+124,895+9.3%	$38.35M	1,468,601

Page 23 of 176 • 5272 total trades

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