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	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-1,880-100.0%	$0.00	-
Q3 2023Sep 30, 2023	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-2,030-0.9%	$74.13M	229,097
Q3 2023Sep 30, 2023	CME CME Group Inc.	CME Group Inc.	Sell	-2,247-14.5%	$2.66M	13,271
Q3 2023Sep 30, 2023	ORCL Oracle Corporation	Oracle Corporation	Sell	-3,048-5.0%	$6.19M	58,459
Q3 2023Sep 30, 2023	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-3,120-0.1%	$147.27M	5,138,540
Q3 2023Sep 30, 2023	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-5,205-0.5%	$166.94M	946,891
Q3 2023Sep 30, 2023	SNY Sanofi	Sanofi	Sell - Position Exit	-5,926-100.0%	$0.00	-
Q3 2023Sep 30, 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-6,224-1.0%	$46.42M	604,796
Q3 2023Sep 30, 2023	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-6,766-1.1%	$50.34M	602,250
Q3 2023Sep 30, 2023	TPR Tapestry, Inc.	Tapestry, Inc.	Sell	-14,061-14.5%	$2.39M	83,146
Q3 2023Sep 30, 2023	NOV NOV Inc.	NOV Inc.	Sell	-17,174-1.0%	$35.73M	1,709,509
Q3 2023Sep 30, 2023	USB U.S. Bancorp	U.S. Bancorp	Sell	-27,144-14.4%	$5.35M	161,929
Q3 2023Sep 30, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-28,590-3.5%	$59.04M	799,373
Q3 2023Sep 30, 2023	KMX CarMax Inc	CarMax Inc	Sell	-29,674-3.7%	$54.45M	769,895
Q3 2023Sep 30, 2023	GSK GSK plc	GSK plc	Sell	-30,180-17.6%	$5.13M	141,497
Q3 2023Sep 30, 2023	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-49,236-11.5%	$3.58M	377,453
Q3 2023Sep 30, 2023	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-50,011-13.9%	$78.94M	309,492
Q3 2023Sep 30, 2023	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-55,775-5.3%	$54.56M	993,749
Q3 2023Sep 30, 2023	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-56,844-11.9%	$26.78M	421,123
Q3 2023Sep 30, 2023	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-61,176-4.6%	$51.45M	1,274,443
Q3 2023Sep 30, 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-62,872-2.0%	$185.53M	3,049,949
Q3 2023Sep 30, 2023	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-63,174-13.0%	$63.50M	423,898
Q3 2023Sep 30, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-75,245-8.5%	$49.96M	810,986
Q3 2023Sep 30, 2023	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell - Position Exit	-78,663-100.0%	$0.00	-
Q3 2023Sep 30, 2023	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-94,345-4.0%	$181.75M	2,272,419
Q3 2023Sep 30, 2023	G02602103 Amdocs	Amdocs	Sell	-104,432-16.8%	$43.72M	517,478
Q3 2023Sep 30, 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-108,249-14.2%	$37.90M	652,959
Q3 2023Sep 30, 2023	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-115,905-19.9%	$72.71M	466,843
Q3 2023Sep 30, 2023	MAS Masco Corporation	Masco Corporation	Sell	-129,857-7.5%	$86.17M	1,612,074
Q3 2023Sep 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-137,934-19.3%	$182.63M	578,397

Page 29 of 176 • 5272 total trades

«‹

27 28 29 30 31

›»