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
Q2 2025Jun 30, 2025	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-18,593-6.6%	$43.06M	262,761
Q2 2025Jun 30, 2025	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-19,150-47.1%	$3.39M	21,467
Q2 2025Jun 30, 2025	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-27,005-1.5%	$179.97M	1,716,569
Q2 2025Jun 30, 2025	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-30,393-6.1%	$22.47M	467,331
Q2 2025Jun 30, 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-32,290-3.1%	$256.83M	1,004,090
Q2 2025Jun 30, 2025	BAP Credicorp	Credicorp	Sell	-33,403-18.5%	$32.90M	147,208
Q2 2025Jun 30, 2025	VT Vanguard Total World Stock Inde	Vanguard Total World Stock Inde	Sell	-41,348-55.3%	$4.30M	33,476
Q2 2025Jun 30, 2025	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-46,733-15.6%	$23.09M	253,190
Q2 2025Jun 30, 2025	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-52,076-3.7%	$266.64M	1,355,075
Q2 2025Jun 30, 2025	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-52,252-50.1%	$4.30M	52,122
Q2 2025Jun 30, 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-55,013-19.1%	$32.70M	233,336
Q2 2025Jun 30, 2025	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-55,916-5.6%	$134.58M	934,607
Q2 2025Jun 30, 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Sell	-58,607-33.0%	$23.90M	118,737
Q2 2025Jun 30, 2025	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-61,563-14.3%	$40.90M	368,861
Q2 2025Jun 30, 2025	VXUS Vanguard Total International St	Vanguard Total International St	Sell - Position Exit	-63,386-100.0%	$0.00	-
Q2 2025Jun 30, 2025	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-81,106-9.7%	$158.35M	757,837
Q2 2025Jun 30, 2025	ABBV AbbVie Inc.	AbbVie Inc.	Sell - Position Exit	-84,394-100.0%	$0.00	-
Q2 2025Jun 30, 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-102,806-35.3%	$40.07M	188,311
Q2 2025Jun 30, 2025	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-105,441-16.8%	$13.30M	523,231
Q2 2025Jun 30, 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell - Position Exit	-108,328-100.0%	$0.00	-
Q2 2025Jun 30, 2025	JHG Janus Henderson	Janus Henderson	Sell	-111,676-5.2%	$79.12M	2,036,989
Q2 2025Jun 30, 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-133,669-2.8%	$241.86M	4,705,544
Q2 2025Jun 30, 2025	AXTA Axalta	Axalta	Sell	-143,587-3.5%	$118.22M	3,981,974
Q2 2025Jun 30, 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-152,119-27.3%	$37.05M	406,048
Q2 2025Jun 30, 2025	CHKP Check Point	Check Point	Sell	-183,674-27.1%	$109.20M	493,547
Q2 2025Jun 30, 2025	FAF First American Corporation (New	First American Corporation (New	Sell	-186,809-5.1%	$215.11M	3,504,069
Q2 2025Jun 30, 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell - Position Exit	-217,272-100.0%	$0.00	-
Q2 2025Jun 30, 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Sell	-244,238-48.5%	$20.23M	259,369
Q2 2025Jun 30, 2025	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-254,046-17.8%	$50.68M	1,171,161
Q2 2025Jun 30, 2025	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-263,072-8.5%	$221.76M	2,834,739

Page 3 of 176 • 5272 total trades

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