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	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-273,353-48.7%	$18.30K	287,752
Q2 2022Jun 30, 2022	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-317,925-5.5%	$210.25K	5,455,409
Q2 2022Jun 30, 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-325,395-25.7%	$52.12K	941,920
Q2 2022Jun 30, 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-668,390-11.8%	$178.87K	4,972,772
Q2 2022Jun 30, 2022	MANU Manchester United	Manchester United	Sell	-684,951-5.6%	$129.04K	11,604,535
Q2 2022Jun 30, 2022	ADT ADT Inc.	ADT Inc.	Sell	-1,259,238-6.2%	$117.40K	19,089,105
Q2 2022Jun 30, 2022	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-1,421,187-50.3%	$38.57K	1,405,042
Q2 2022Jun 30, 2022	MAT Mattel, Inc.	Mattel, Inc.	Sell	-1,720,740-9.7%	$357.24K	15,998,272
Q1 2022Mar 31, 2022	GNTX Gentex Corporation	Gentex Corporation	Buy	+3,925,355+92.4%	$238.44K	8,174,011
Q1 2022Mar 31, 2022	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+2,918,450+48.9%	$211.85K	8,889,988
Q1 2022Mar 31, 2022	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+1,876,020+113.5%	$77.20K	3,528,503
Q1 2022Mar 31, 2022	AXTA Axalta	Axalta	Buy	+1,420,653+23.8%	$181.86K	7,398,739
Q1 2022Mar 31, 2022	MANU Manchester United	Manchester United	Buy	+1,355,427+12.4%	$177.83K	12,289,486
Q1 2022Mar 31, 2022	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+1,020,515+63.4%	$172.97K	2,629,438
Q1 2022Mar 31, 2022	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+932,572+83.7%	$30.87K	2,046,988
Q1 2022Mar 31, 2022	EQC Equity	Equity	Buy	+881,703+43.6%	$81.96K	2,905,341
Q1 2022Mar 31, 2022	KMT Kennametal Inc.	Kennametal Inc.	Buy	+790,456+8.9%	$277.74K	9,707,735
Q1 2022Mar 31, 2022	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+611,402+12.2%	$167.60K	5,641,162
Q1 2022Mar 31, 2022	PARA Paramount Global	Paramount Global	Buy	+552,208+10.9%	$213.25K	5,639,997
Q1 2022Mar 31, 2022	RCL Royal Caribbean	Royal Caribbean	Buy	+367,253+56.0%	$85.67K	1,022,510
Q1 2022Mar 31, 2022	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+364,085+26.8%	$214.04K	1,723,343
Q1 2022Mar 31, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+292,086+10.0%	$187.48K	3,206,381
Q1 2022Mar 31, 2022	ZIMV ZimVie Inc.	ZimVie Inc.	Buy - Position Entry	+267,290	$6.11K	267,290
Q1 2022Mar 31, 2022	OSW OneSpaWorld	OneSpaWorld	Buy	+225,830+1.5%	$152.44K	14,944,734
Q1 2022Mar 31, 2022	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+225,340+9.3%	$156.88K	2,638,916
Q1 2022Mar 31, 2022	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+221,092+9.1%	$349.17K	2,639,193
Q1 2022Mar 31, 2022	NTRS Northern Trust Corporation	Northern Trust Corporation	Buy	+153,175+8.0%	$241.15K	2,070,873
Q1 2022Mar 31, 2022	KMX CarMax Inc	CarMax Inc	Buy	+152,644+52.9%	$42.55K	441,010
Q1 2022Mar 31, 2022	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Buy	+147,674+28.5%	$31.99K	665,969
Q1 2022Mar 31, 2022	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+95,921+2.3%	$255.74K	4,340,429

Page 49 of 176 • 5272 total trades

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