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
Q3 2023Sep 30, 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+39,278+29.2%	$8.16M	173,673
Q3 2023Sep 30, 2023	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+34,098+0.8%	$34.41M	4,433,730
Q3 2023Sep 30, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+21,971+7.5%	$35.54M	316,706
Q3 2023Sep 30, 2023	VXUS Vanguard Total International St	Vanguard Total International St	Buy - Position Entry	+19,705	$1.05M	19,705
Q3 2023Sep 30, 2023	FTRE Fortrea Holdings Inc.	Fortrea Holdings Inc.	Buy - Position Entry	+19,254	$550.47K	19,254
Q3 2023Sep 30, 2023	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+18,760+1.8%	$209.03M	1,066,600
Q3 2023Sep 30, 2023	BCO Brinks Company (The)	Brinks Company (The)	Buy	+15,311+0.8%	$138.69M	1,909,223
Q3 2023Sep 30, 2023	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Buy	+11,541+5.6%	$48.01M	216,369
Q3 2023Sep 30, 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy	+11,237+7.7%	$4.29M	156,608
Q3 2023Sep 30, 2023	CVX Chevron Corporation	Chevron Corporation	Buy - Position Entry	+9,812	$1.65M	9,812
Q3 2023Sep 30, 2023	KFY Korn Ferry	Korn Ferry	Buy	+9,776+1.2%	$38.56M	812,776
Q3 2023Sep 30, 2023	KN Knowles Corporation	Knowles Corporation	Buy	+7,542+0.2%	$67.31M	4,544,860
Q3 2023Sep 30, 2023	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+4,041+1.2%	$10.02M	340,981
Q3 2023Sep 30, 2023	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+3,692+16.8%	$3.48M	25,651
Q3 2023Sep 30, 2023	BRC Brady Corporation	Brady Corporation	Buy	+3,685+1.3%	$15.80M	287,605
Q3 2023Sep 30, 2023	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+3,625+1.2%	$37.64M	294,043
Q3 2023Sep 30, 2023	EVR Evercore Inc.	Evercore Inc.	Buy	+3,479+2.2%	$22.73M	164,835
Q3 2023Sep 30, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+1,094+0.3%	$84.05M	339,853
Q3 2023Sep 30, 2023	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+829+11.8%	$232.76K	7,853
Q3 2023Sep 30, 2023	ST Sensata Technologies	Sensata Technologies	Buy	+765+11.8%	$273.59K	7,234
Q3 2023Sep 30, 2023	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+759+0.2%	$111.33M	470,679
Q3 2023Sep 30, 2023	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+659+11.8%	$160.01K	6,243
Q3 2023Sep 30, 2023	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+584+0.1%	$72.64M	590,997
Q3 2023Sep 30, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+425+11.8%	$456.47K	4,041
Q3 2023Sep 30, 2023	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+149+11.8%	$197.25K	1,416
Q3 2023Sep 30, 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+136+3.1%	$1.62M	4,529
Q3 2023Sep 30, 2023	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+17+2.1%	$221.33K	813
Q3 2023Sep 30, 2023	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-2-0.6%	$286.62K	330
Q3 2023Sep 30, 2023	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-1,593-0.7%	$28.35M	214,284
Q3 2023Sep 30, 2023	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-1,833-16.7%	$1.16M	9,174

Page 28 of 176 • 5272 total trades

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