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	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-165,662-2.4%	$91.52M	6,804,115
Q1 2023Mar 31, 2023	KMT Kennametal Inc.	Kennametal Inc.	Sell	-174,414-1.7%	$280.98M	10,187,839
Q1 2023Mar 31, 2023	HLN Haleon plc	Haleon plc	Sell - Position Exit	-211,285-100.0%	$0.00	-
Q1 2023Mar 31, 2023	TPR Tapestry, Inc.	Tapestry, Inc.	Sell	-214,703-57.3%	$6.89M	159,818
Q1 2023Mar 31, 2023	NVT nVent Electric	nVent Electric	Sell	-310,327-8.5%	$143.23M	3,335,672
Q1 2023Mar 31, 2023	KN Knowles Corporation	Knowles Corporation	Sell	-385,393-7.4%	$81.74M	4,808,201
Q1 2023Mar 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-636,648-17.9%	$284.82M	2,928,756
Q1 2023Mar 31, 2023	AXTA Axalta	Axalta	Sell	-664,492-9.4%	$194.90M	6,434,450
Q1 2023Mar 31, 2023	PARA Paramount Global	Paramount Global	Sell	-1,313,506-15.6%	$158.11M	7,086,973
Q1 2023Mar 31, 2023	MANU Manchester United	Manchester United	Sell	-1,517,257-17.9%	$153.66M	6,937,209
Q1 2023Mar 31, 2023	OSW OneSpaWorld	OneSpaWorld	Sell	-2,222,721-13.9%	$165.22M	13,780,105
Q1 2023Mar 31, 2023	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-2,320,354-28.4%	$218.15M	5,858,029
Q4 2022Dec 31, 2022	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy - Position Entry	+2,926,392	$87.32M	2,926,392
Q4 2022Dec 31, 2022	LESL Leslie's, Inc.	Leslie's, Inc.	Buy - Position Entry	+1,803,809	$22.02M	1,803,809
Q4 2022Dec 31, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+1,453,786+75.3%	$133.32M	3,383,676
Q4 2022Dec 31, 2022	PARA Paramount Global	Paramount Global	Buy	+1,251,269+17.5%	$141.80M	8,400,479
Q4 2022Dec 31, 2022	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Buy	+1,150,695+41.8%	$29.71M	3,903,899
Q4 2022Dec 31, 2022	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+935,076+248.2%	$132.05M	1,311,879
Q4 2022Dec 31, 2022	KN Knowles Corporation	Knowles Corporation	Buy	+924,211+21.6%	$85.28M	5,193,594
Q4 2022Dec 31, 2022	EQC Equity	Equity	Buy	+904,535+17.6%	$150.56M	6,029,652
Q4 2022Dec 31, 2022	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Buy	+889,221+32.4%	$25.97M	3,632,025
Q4 2022Dec 31, 2022	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy - Position Entry	+789,469	$3.72M	789,469
Q4 2022Dec 31, 2022	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Buy	+638,454+9997.7%	$13.14M	644,840
Q4 2022Dec 31, 2022	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+500,361+3.9%	$219.76M	13,359,523
Q4 2022Dec 31, 2022	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+421,609+7.1%	$49.23M	6,393,261
Q4 2022Dec 31, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+418,653+6.7%	$300.96M	6,692,520
Q4 2022Dec 31, 2022	KMX CarMax Inc	CarMax Inc	Buy	+364,008+75.3%	$51.60M	847,509
Q4 2022Dec 31, 2022	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+251,451+9.7%	$326.31M	2,852,898
Q4 2022Dec 31, 2022	MAT Mattel, Inc.	Mattel, Inc.	Buy	+141,329+0.9%	$283.72M	15,903,612
Q4 2022Dec 31, 2022	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+133,774+40.5%	$23.92M	464,379

Page 38 of 176 • 5272 total trades

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