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 2023Jun 30, 2023	G02602103 Amdocs	Amdocs	Sell	-20,244-3.2%	$61.48M	621,910
Q2 2023Jun 30, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-20,895-2.8%	$54.97M	719,471
Q2 2023Jun 30, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-24,991-2.3%	$159.96M	1,067,169
Q2 2023Jun 30, 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-25,255-3.2%	$48.68M	761,208
Q2 2023Jun 30, 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-27,404-86.2%	$1.67M	4,393
Q2 2023Jun 30, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-29,866-8.1%	$98.68M	338,759
Q2 2023Jun 30, 2023	BAP Credicorp	Credicorp	Sell	-30,943-2.1%	$210.56M	1,426,147
Q2 2023Jun 30, 2023	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-30,945-4.8%	$57.07M	609,016
Q2 2023Jun 30, 2023	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-31,751-8.1%	$103.61M	359,503
Q2 2023Jun 30, 2023	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-31,885-2.3%	$25.58M	1,357,101
Q2 2023Jun 30, 2023	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-33,310-12.6%	$74.55M	231,127
Q2 2023Jun 30, 2023	TIMB TIM S.A.	TIM S.A.	Sell	-34,444-4.0%	$12.77M	835,225
Q2 2023Jun 30, 2023	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-35,897-3.1%	$87.81M	1,139,331
Q2 2023Jun 30, 2023	MAS Masco Corporation	Masco Corporation	Sell	-39,335-2.2%	$99.95M	1,741,931
Q2 2023Jun 30, 2023	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-46,985-7.4%	$87.19M	590,413
Q2 2023Jun 30, 2023	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-51,953-1.0%	$173.16M	5,117,117
Q2 2023Jun 30, 2023	ABEV Ambev S.A.	Ambev S.A.	Sell	-60,770-4.2%	$4.36M	1,370,556
Q2 2023Jun 30, 2023	TPR Tapestry, Inc.	Tapestry, Inc.	Sell	-62,611-39.2%	$4.16M	97,207
Q2 2023Jun 30, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-62,846-17.6%	$42.91M	294,735
Q2 2023Jun 30, 2023	JHG Janus Henderson	Janus Henderson	Sell	-64,380-1.8%	$96.87M	3,554,718
Q2 2023Jun 30, 2023	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-71,226-13.0%	$31.47M	477,967
Q2 2023Jun 30, 2023	OSW OneSpaWorld	OneSpaWorld	Sell	-71,701-0.5%	$165.87M	13,708,404
Q2 2023Jun 30, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-78,555-2.8%	$377.36M	2,756,228
Q2 2023Jun 30, 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-87,355-4.4%	$128.46M	1,893,912
Q2 2023Jun 30, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-92,802-9.5%	$49.63M	886,231
Q2 2023Jun 30, 2023	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-93,716-39.3%	$5.06M	144,458
Q2 2023Jun 30, 2023	KMX CarMax Inc	CarMax Inc	Sell	-97,770-10.9%	$66.92M	799,569
Q2 2023Jun 30, 2023	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-101,071-9.6%	$179.04M	952,096
Q2 2023Jun 30, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell	-102,100-2.4%	$190.15M	4,094,424
Q2 2023Jun 30, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-117,437-3.6%	$13.21M	3,175,387

Page 33 of 176 • 5272 total trades

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