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
Q3 2022Sep 30, 2022	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+35,106+14.3%	$35.98K	280,753
Q3 2022Sep 30, 2022	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+34,765+1.6%	$193.90K	2,266,260
Q3 2022Sep 30, 2022	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+21,888+0.5%	$188.82K	4,483,909
Q3 2022Sep 30, 2022	KMT Kennametal Inc.	Kennametal Inc.	Buy	+21,303+0.2%	$218.60K	10,621,785
Q3 2022Sep 30, 2022	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+16,915+3.2%	$40.95K	544,500
Q3 2022Sep 30, 2022	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+8,124+79.2%	$2.37K	18,377
Q3 2022Sep 30, 2022	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+2,762+4.3%	$27.81K	66,665
Q3 2022Sep 30, 2022	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy	+1,846+1.3%	$10.87K	144,158
Q3 2022Sep 30, 2022	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+1,707+0.2%	$145.17K	1,062,268
Q3 2022Sep 30, 2022	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+1,440+14.4%	$142.00	11,424
Q3 2022Sep 30, 2022	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+1,272+0.2%	$50.27K	641,208
Q3 2022Sep 30, 2022	HCKT The Hackett Group, Inc.	The Hackett Group, Inc.	Buy	+806+14.4%	$113.00	6,386
Q3 2022Sep 30, 2022	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+731+14.4%	$139.00	5,804
Q3 2022Sep 30, 2022	ST Sensata Technologies	Sensata Technologies	Buy	+600+14.4%	$177.00	4,755
Q3 2022Sep 30, 2022	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Buy	+581+14.4%	$120.00	4,614
Q3 2022Sep 30, 2022	SNY Sanofi	Sanofi	Buy	+453+8.4%	$222.00	5,838
Q3 2022Sep 30, 2022	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+360+14.4%	$267.00	2,856
Q3 2022Sep 30, 2022	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+105+1.0%	$1.96K	11,102
Q3 2022Sep 30, 2022	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+17+3.5%	$207.00	503
Q3 2022Sep 30, 2022	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Sell	-102-12.3%	$163.00	727
Q3 2022Sep 30, 2022	KMX CarMax Inc	CarMax Inc	Sell	-465-0.1%	$31.92K	483,501
Q3 2022Sep 30, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-475-1.8%	$7.10K	26,588
Q3 2022Sep 30, 2022	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-636-2.8%	$1.21K	22,048
Q3 2022Sep 30, 2022	NVS Novartis AG	Novartis AG	Sell	-1,239-12.4%	$665.00	8,750
Q3 2022Sep 30, 2022	NOV NOV Inc.	NOV Inc.	Sell	-1,421-0.1%	$16.48K	1,018,276
Q3 2022Sep 30, 2022	USB U.S. Bancorp	U.S. Bancorp	Sell	-3,768-1.9%	$7.99K	198,260
Q3 2022Sep 30, 2022	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-4,296-19.5%	$6.87K	17,776
Q3 2022Sep 30, 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-4,375-0.5%	$52.69K	937,545
Q3 2022Sep 30, 2022	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-4,890-2.3%	$44.29K	205,399
Q3 2022Sep 30, 2022	EVR Evercore Inc.	Evercore Inc.	Sell	-4,911-2.6%	$15.14K	184,066

Page 43 of 176 • 5272 total trades

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