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
Q1 2022Mar 31, 2022	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+87,066+24.5%	$61.77K	441,881
Q1 2022Mar 31, 2022	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Buy	+79,347+202.7%	$19.13K	118,496
Q1 2022Mar 31, 2022	MAS Masco Corporation	Masco Corporation	Buy	+66,159+3.6%	$97.09K	1,903,732
Q1 2022Mar 31, 2022	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+54,891+5.1%	$201.40K	1,122,903
Q1 2022Mar 31, 2022	JHG Janus Henderson	Janus Henderson	Buy	+54,166+1.6%	$119.47K	3,411,489
Q1 2022Mar 31, 2022	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+50,246+6.3%	$71.89K	852,662
Q1 2022Mar 31, 2022	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+49,100+16.5%	$86.43K	346,556
Q1 2022Mar 31, 2022	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+41,849+2.4%	$69.00K	1,773,700
Q1 2022Mar 31, 2022	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+39,576+4.4%	$132.10K	937,224
Q1 2022Mar 31, 2022	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Buy	+30,148+16.8%	$59.58K	209,795
Q1 2022Mar 31, 2022	KFY Korn Ferry	Korn Ferry	Buy	+26,630+3.5%	$51.33K	790,355
Q1 2022Mar 31, 2022	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+25,862+6.6%	$53.42K	417,700
Q1 2022Mar 31, 2022	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+24,620+10.3%	$87.12K	263,915
Q1 2022Mar 31, 2022	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+20,485+1.8%	$232.04K	1,129,250
Q1 2022Mar 31, 2022	WU Western Union Company (The)	Western Union Company (The)	Buy	+20,080+4.7%	$8.42K	449,292
Q1 2022Mar 31, 2022	BCO Brinks Company (The)	Brinks Company (The)	Buy	+19,661+1.0%	$140.87K	2,071,566
Q1 2022Mar 31, 2022	TIMB TIM S.A.	TIM S.A.	Buy	+18,067+4.8%	$5.75K	396,301
Q1 2022Mar 31, 2022	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Buy	+13,551+9.0%	$42.67K	163,938
Q1 2022Mar 31, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+13,372+1.2%	$272.11K	1,136,329
Q1 2022Mar 31, 2022	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+9,770+643.2%	$1.91K	11,289
Q1 2022Mar 31, 2022	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Buy	+9,051+10.8%	$38.52K	93,106
Q1 2022Mar 31, 2022	NVT nVent Electric	nVent Electric	Buy	+8,034+0.2%	$136.46K	3,923,471
Q1 2022Mar 31, 2022	G02602103 Amdocs	Amdocs	Buy	+6,695+0.8%	$70.26K	854,597
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+6,335+0.6%	$310.44K	1,006,911
Q1 2022Mar 31, 2022	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+5,986+10.7%	$34.77K	61,736
Q1 2022Mar 31, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+5,459+0.7%	$136.83K	772,072
Q1 2022Mar 31, 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+5,197+0.7%	$58.13K	795,902
Q1 2022Mar 31, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+5,194+0.6%	$42.57K	835,766
Q1 2022Mar 31, 2022	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Buy - Position Entry	+3,199	$383.00	3,199
Q1 2022Mar 31, 2022	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+2,881+0.6%	$38.70K	466,259

Page 50 of 176 • 5272 total trades

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