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
Q1 2023Mar 31, 2023	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+4,322+1.5%	$42.68M	291,111
Q1 2023Mar 31, 2023	BRC Brady Corporation	Brady Corporation	Buy	+4,214+1.5%	$15.29M	284,609
Q1 2023Mar 31, 2023	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+3,595+0.6%	$69.01M	629,419
Q1 2023Mar 31, 2023	MOS Mosaic Company (The)	Mosaic Company (The)	Buy	+3,400+2.6%	$6.27M	136,582
Q1 2023Mar 31, 2023	NOV NOV Inc.	NOV Inc.	Buy	+2,833+0.3%	$18.84M	1,017,602
Q1 2023Mar 31, 2023	AFL AFLAC Incorporated	AFLAC Incorporated	Buy	+2,783+0.3%	$57.48M	890,836
Q1 2023Mar 31, 2023	EVR Evercore Inc.	Evercore Inc.	Buy	+2,311+1.5%	$18.05M	156,422
Q1 2023Mar 31, 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+1,217+0.0%	$147.18M	3,811,096
Q1 2023Mar 31, 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+545+0.1%	$92.98M	599,868
Q1 2023Mar 31, 2023	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+500+0.2%	$37.13M	229,948
Q1 2023Mar 31, 2023	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+472+1.8%	$3.76M	27,437
Q1 2023Mar 31, 2023	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+195+3.1%	$173.66K	6,487
Q1 2023Mar 31, 2023	ST Sensata Technologies	Sensata Technologies	Buy	+160+3.1%	$265.86K	5,315
Q1 2023Mar 31, 2023	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+155+3.1%	$141.82K	5,157
Q1 2023Mar 31, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+96+3.1%	$360.79K	3,192
Q1 2023Mar 31, 2023	SNY Sanofi	Sanofi	Buy	+82+1.4%	$322.49K	5,926
Q1 2023Mar 31, 2023	GSK GSK plc	GSK plc	Buy	+80+0.0%	$6.60M	185,368
Q1 2023Mar 31, 2023	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+57+0.5%	$1.28M	10,713
Q1 2023Mar 31, 2023	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+22+3.1%	$210.59K	736
Q1 2023Mar 31, 2023	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-25-5.6%	$295.83K	421
Q1 2023Mar 31, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-49-0.4%	$4.00M	12,950
Q1 2023Mar 31, 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-99-0.3%	$15.23M	31,797
Q1 2023Mar 31, 2023	USB U.S. Bancorp	U.S. Bancorp	Sell	-805-0.4%	$7.05M	195,456
Q1 2023Mar 31, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-925-0.3%	$46.20M	357,581
Q1 2023Mar 31, 2023	MAS Masco Corporation	Masco Corporation	Sell	-1,351-0.1%	$88.56M	1,781,266
Q1 2023Mar 31, 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-1,799-0.1%	$221.54M	3,455,120
Q1 2023Mar 31, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-2,256-0.3%	$47.27M	740,366
Q1 2023Mar 31, 2023	G02602103 Amdocs	Amdocs	Sell	-2,547-0.4%	$61.67M	642,154
Q1 2023Mar 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,796-0.3%	$51.42M	979,033
Q1 2023Mar 31, 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-3,203-0.4%	$54.51M	786,463

Page 36 of 176 • 5272 total trades

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