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	KMT Kennametal Inc.	Kennametal Inc.	Sell	-140,807-1.4%	$242.26M	9,736,953
Q3 2023Sep 30, 2023	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell - Position Exit	-144,458-100.0%	$0.00	-
Q3 2023Sep 30, 2023	FAF First American Corporation (New	First American Corporation (New	Sell	-187,603-4.9%	$206.23M	3,650,706
Q3 2023Sep 30, 2023	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-197,953-1.4%	$217.41M	13,760,106
Q3 2023Sep 30, 2023	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Sell - Position Exit	-202,087-100.0%	$0.00	-
Q3 2023Sep 30, 2023	IQ iQIYI, Inc.	iQIYI, Inc.	Sell	-209,162-22.9%	$3.34M	704,589
Q3 2023Sep 30, 2023	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-215,344-18.9%	$69.24M	923,987
Q3 2023Sep 30, 2023	EDU New Oriental Education & Techno	New Oriental Education & Techno	Sell - Position Exit	-216,727-100.0%	$0.00	-
Q3 2023Sep 30, 2023	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Sell	-222,162-22.7%	$17.80M	754,464
Q3 2023Sep 30, 2023	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-264,351-45.1%	$14.08M	322,126
Q3 2023Sep 30, 2023	ABEV Ambev S.A.	Ambev S.A.	Sell	-278,558-20.3%	$2.82M	1,091,998
Q3 2023Sep 30, 2023	BAP Credicorp	Credicorp	Sell	-339,194-23.8%	$139.10M	1,086,953
Q3 2023Sep 30, 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-417,406-11.5%	$137.37M	3,205,788
Q3 2023Sep 30, 2023	RCL Royal Caribbean	Royal Caribbean	Sell	-441,021-21.7%	$146.31M	1,587,931
Q3 2023Sep 30, 2023	TIMB TIM S.A.	TIM S.A.	Sell	-446,987-53.5%	$5.78M	388,238
Q3 2023Sep 30, 2023	AXTA Axalta	Axalta	Sell	-483,338-8.6%	$138.34M	5,142,681
Q3 2023Sep 30, 2023	NVT nVent Electric	nVent Electric	Sell	-507,335-19.2%	$113.01M	2,132,752
Q3 2023Sep 30, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-520,227-17.5%	$227.68M	2,459,310
Q3 2023Sep 30, 2023	JHG Janus Henderson	Janus Henderson	Sell	-536,786-15.1%	$77.92M	3,017,932
Q3 2023Sep 30, 2023	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-563,578-8.5%	$99.85M	6,059,104
Q3 2023Sep 30, 2023	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-568,005-5.9%	$217.62M	9,063,718
Q3 2023Sep 30, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-609,902-22.1%	$288.36M	2,146,326
Q3 2023Sep 30, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-779,963-14.5%	$171.19M	4,606,727
Q3 2023Sep 30, 2023	MAT Mattel, Inc.	Mattel, Inc.	Sell	-810,819-4.9%	$344.88M	15,655,195
Q3 2023Sep 30, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-837,819-19.7%	$110.38M	3,405,865
Q3 2023Sep 30, 2023	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-873,834-25.5%	$21.77M	2,546,589
Q3 2023Sep 30, 2023	MANU Manchester United	Manchester United	Sell	-881,811-13.6%	$111.13M	5,615,496
Q3 2023Sep 30, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-884,515-27.9%	$8.57M	2,290,872
Q3 2023Sep 30, 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-1,069,578-78.8%	$5.27M	287,523
Q3 2023Sep 30, 2023	EQC Equity	Equity	Sell	-1,468,766-21.1%	$100.97M	5,496,527

Page 30 of 176 • 5272 total trades

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