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
Q4 2022Dec 31, 2022	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+88,866+16.3%	$47.58M	633,366
Q4 2022Dec 31, 2022	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+42,658+6.1%	$44.60M	742,622
Q4 2022Dec 31, 2022	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+36,918+7.7%	$21.55M	513,478
Q4 2022Dec 31, 2022	BAC Bank of America Corporation	Bank of America Corporation	Buy	+36,395+61.0%	$3.18M	96,039
Q4 2022Dec 31, 2022	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Buy	+33,458+34.2%	$5.98M	131,423
Q4 2022Dec 31, 2022	JHG Janus Henderson	Janus Henderson	Buy	+18,591+0.5%	$84.94M	3,611,582
Q4 2022Dec 31, 2022	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+18,508+3.9%	$127.08M	495,626
Q4 2022Dec 31, 2022	GSK GSK plc	GSK plc	Buy	+15,727+9.3%	$6.51M	185,288
Q4 2022Dec 31, 2022	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+9,406+0.9%	$196.47M	1,071,674
Q4 2022Dec 31, 2022	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+8,588+46.7%	$3.74M	26,965
Q4 2022Dec 31, 2022	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Buy - Position Entry	+8,451	$890.23K	8,451
Q4 2022Dec 31, 2022	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+6,036+2.1%	$38.40M	286,789
Q4 2022Dec 31, 2022	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+3,306+0.2%	$200.65M	1,962,904
Q4 2022Dec 31, 2022	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+960+8.4%	$151.83K	12,384
Q4 2022Dec 31, 2022	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+488+8.4%	$176.37K	6,292
Q4 2022Dec 31, 2022	ST Sensata Technologies	Sensata Technologies	Buy	+400+8.4%	$208.16K	5,155
Q4 2022Dec 31, 2022	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+388+8.4%	$149.96K	5,002
Q4 2022Dec 31, 2022	AZN Astrazeneca PLC	Astrazeneca PLC	Buy	+348+1.6%	$1.52M	22,396
Q4 2022Dec 31, 2022	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+240+8.4%	$312.91K	3,096
Q4 2022Dec 31, 2022	MAS Masco Corporation	Masco Corporation	Buy	+60+0.0%	$83.19M	1,782,617
Q4 2022Dec 31, 2022	SNY Sanofi	Sanofi	Buy	+6+0.1%	$283.02K	5,844
Q4 2022Dec 31, 2022	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Sell	-13-1.8%	$184.00K	714
Q4 2022Dec 31, 2022	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-57-11.3%	$266.97K	446
Q4 2022Dec 31, 2022	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-446-4.0%	$1.55M	10,656
Q4 2022Dec 31, 2022	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-587-0.3%	$39.25M	229,448
Q4 2022Dec 31, 2022	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-1,888-0.7%	$9.73M	282,897
Q4 2022Dec 31, 2022	USB U.S. Bancorp	U.S. Bancorp	Sell	-1,999-1.0%	$8.56M	196,261
Q4 2022Dec 31, 2022	NOV NOV Inc.	NOV Inc.	Sell	-3,507-0.3%	$21.20M	1,014,769
Q4 2022Dec 31, 2022	TPR Tapestry, Inc.	Tapestry, Inc.	Sell	-3,845-1.0%	$14.26M	374,521
Q4 2022Dec 31, 2022	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-4,191-23.6%	$6.61M	13,585

Page 39 of 176 • 5272 total trades

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