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	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-92,177-12.5%	$102.18M	644,853
Q4 2022Dec 31, 2022	AXTA Axalta	Axalta	Sell	-95,844-1.3%	$180.81M	7,098,942
Q4 2022Dec 31, 2022	APA APA Corporation	APA Corporation	Sell	-96,124-34.1%	$8.68M	185,862
Q4 2022Dec 31, 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-106,447-3.0%	$188.51M	3,456,919
Q4 2022Dec 31, 2022	FAF First American Corporation (New	First American Corporation (New	Sell	-114,202-2.8%	$210.29M	4,017,718
Q4 2022Dec 31, 2022	BCO Brinks Company (The)	Brinks Company (The)	Sell	-131,767-6.1%	$108.36M	2,017,582
Q4 2022Dec 31, 2022	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell - Position Exit	-144,158-100.0%	$0.00	-
Q4 2022Dec 31, 2022	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-144,943-7.9%	$67.79M	1,684,105
Q4 2022Dec 31, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-159,643-21.0%	$105.87M	599,323
Q4 2022Dec 31, 2022	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-166,703-2.3%	$85.31M	6,969,777
Q4 2022Dec 31, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-181,044-12.2%	$100.15M	1,301,336
Q4 2022Dec 31, 2022	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell - Position Exit	-192,428-100.0%	$0.00	-
Q4 2022Dec 31, 2022	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-210,108-28.9%	$118.22M	517,378
Q4 2022Dec 31, 2022	BRC Brady Corporation	Brady Corporation	Sell	-217,642-43.7%	$13.21M	280,395
Q4 2022Dec 31, 2022	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-226,576-20.4%	$73.64M	884,406
Q4 2022Dec 31, 2022	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-255,115-4.8%	$169.85M	5,044,455
Q4 2022Dec 31, 2022	KMT Kennametal Inc.	Kennametal Inc.	Sell	-259,532-2.4%	$249.32M	10,362,253
Q4 2022Dec 31, 2022	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell	-260,401-5.8%	$210.71M	4,223,508
Q4 2022Dec 31, 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-286,691-44.8%	$27.10M	352,539
Q4 2022Dec 31, 2022	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-371,579-29.7%	$32.81M	878,213
Q4 2022Dec 31, 2022	GNTX Gentex Corporation	Gentex Corporation	Sell	-374,780-4.1%	$241.39M	8,851,996
Q4 2022Dec 31, 2022	RCL Royal Caribbean	Royal Caribbean	Sell	-384,173-12.1%	$137.52M	2,782,081
Q4 2022Dec 31, 2022	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-387,286-4.5%	$272.42M	8,178,383
Q4 2022Dec 31, 2022	BOKF BOK Financial Corporation	BOK Financial Corporation	Sell	-388,693-12.8%	$274.73M	2,646,949
Q4 2022Dec 31, 2022	BAP Credicorp	Credicorp	Sell	-410,911-28.1%	$142.79M	1,052,582
Q4 2022Dec 31, 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-476,072-11.1%	$135.25M	3,809,879
Q4 2022Dec 31, 2022	NVT nVent Electric	nVent Electric	Sell	-514,591-12.4%	$140.26M	3,645,999
Q4 2022Dec 31, 2022	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Sell	-523,728-61.8%	$14.39M	324,291
Q4 2022Dec 31, 2022	OSW OneSpaWorld	OneSpaWorld	Sell	-1,034,143-6.1%	$149.31M	16,002,826
Q4 2022Dec 31, 2022	ADT ADT Inc.	ADT Inc.	Sell	-1,365,168-7.5%	$152.60M	16,824,950

Page 41 of 176 • 5272 total trades

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