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
Q2 2022Jun 30, 2022	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy - Position Entry	+829	$174.00	829
Q2 2022Jun 30, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+636+2.4%	$7.39K	27,063
Q2 2022Jun 30, 2022	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+264+11.8%	$222.00	2,496
Q2 2022Jun 30, 2022	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-72-12.9%	$195.00	486
Q2 2022Jun 30, 2022	NVS Novartis AG	Novartis AG	Sell	-235-2.3%	$844.00	9,989
Q2 2022Jun 30, 2022	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-292-2.6%	$1.75K	10,997
Q2 2022Jun 30, 2022	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-390-1.7%	$9.49K	22,072
Q2 2022Jun 30, 2022	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-1,259-5.3%	$1.50K	22,684
Q2 2022Jun 30, 2022	ORCL Oracle Corporation	Oracle Corporation	Sell	-1,733-1.7%	$6.86K	98,169
Q2 2022Jun 30, 2022	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-2,257-1.7%	$5.33K	127,804
Q2 2022Jun 30, 2022	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-3,199-100.0%	$0.00	-
Q2 2022Jun 30, 2022	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-5,808-1.4%	$43.27K	411,892
Q2 2022Jun 30, 2022	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-6,663-1.7%	$6.67K	376,892
Q2 2022Jun 30, 2022	WU Western Union Company (The)	Western Union Company (The)	Sell	-7,791-1.7%	$7.27K	441,501
Q2 2022Jun 30, 2022	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-17,691-7.2%	$10.70K	226,506
Q2 2022Jun 30, 2022	EVR Evercore Inc.	Evercore Inc.	Sell	-24,030-11.3%	$17.69K	188,977
Q2 2022Jun 30, 2022	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-24,205-3.5%	$10.38K	665,998
Q2 2022Jun 30, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-26,074-0.7%	$359.92K	3,645,082
Q2 2022Jun 30, 2022	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-62,342-5.6%	$160.15K	1,060,561
Q2 2022Jun 30, 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-70,490-7.4%	$46.33K	886,259
Q2 2022Jun 30, 2022	APA APA Corporation	APA Corporation	Sell	-82,813-19.1%	$12.24K	350,600
Q2 2022Jun 30, 2022	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-83,388-2.9%	$25.07K	2,766,858
Q2 2022Jun 30, 2022	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-100,495-15.1%	$23.07K	565,474
Q2 2022Jun 30, 2022	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-108,243-91.3%	$1.40K	10,253
Q2 2022Jun 30, 2022	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-111,065-9.8%	$200.61K	1,018,185
Q2 2022Jun 30, 2022	AXTA Axalta	Axalta	Sell	-131,448-1.8%	$160.68K	7,267,291
Q2 2022Jun 30, 2022	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-145,944-9.8%	$51.16K	1,349,903
Q2 2022Jun 30, 2022	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-186,553-53.1%	$19.19K	165,009
Q2 2022Jun 30, 2022	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Sell	-199,881-26.4%	$30.38K	557,236
Q2 2022Jun 30, 2022	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-263,784-20.7%	$129.56K	1,012,115

Page 48 of 176 • 5272 total trades

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