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	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-95,135-1.5%	$506.37K	6,078,166
Q1 2022Mar 31, 2022	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-100,014-29.1%	$16.24K	244,197
Q1 2022Mar 31, 2022	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-118,166-11.0%	$54.25K	956,749
Q1 2022Mar 31, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-137,806-3.6%	$344.87K	3,671,156
Q1 2022Mar 31, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-156,405-9.6%	$135.00K	1,475,089
Q1 2022Mar 31, 2022	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-167,625-5.3%	$16.38K	3,000,723
Q1 2022Mar 31, 2022	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-214,319-14.4%	$172.77K	1,275,899
Q1 2022Mar 31, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-254,037-90.6%	$9.33K	26,427
Q1 2022Mar 31, 2022	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-271,571-17.6%	$81.60K	1,267,315
Q1 2022Mar 31, 2022	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-301,498-9.6%	$65.34K	2,826,229
Q1 2022Mar 31, 2022	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-465,408-57.0%	$40.07K	351,562
Q1 2022Mar 31, 2022	NVST Envista Holdings Corporation	Envista Holdings Corporation	Sell	-480,069-7.7%	$281.22K	5,773,334
Q1 2022Mar 31, 2022	MAT Mattel, Inc.	Mattel, Inc.	Sell	-557,672-3.1%	$393.54K	17,719,012
Q1 2022Mar 31, 2022	FAF First American Corporation (New	First American Corporation (New	Sell	-760,617-15.6%	$265.88K	4,101,753
Q1 2022Mar 31, 2022	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-897,793-10.7%	$265.33K	7,484,567
Q1 2022Mar 31, 2022	NOV NOV Inc.	NOV Inc.	Sell	-1,749,706-75.1%	$11.38K	580,510
Q1 2022Mar 31, 2022	ADT ADT Inc.	ADT Inc.	Sell	-4,164,288-17.0%	$154.44K	20,348,343
Q1 2022Mar 31, 2022	TGNA TEGNA Inc	TEGNA Inc	Sell - Position Exit	-9,302,022-100.0%	$0.00	-
Q4 2021Dec 31, 2021	MANU Manchester United	Manchester United	Buy	+4,353,585+66.2%	$155.70K	10,934,059
Q4 2021Dec 31, 2021	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Buy	+3,945,754+194.8%	$155.44K	5,971,538
Q4 2021Dec 31, 2021	PARA Paramount Global	Paramount Global	Buy	+2,188,939+75.5%	$153.55K	5,087,789
Q4 2021Dec 31, 2021	MAT Mattel, Inc.	Mattel, Inc.	Buy	+1,643,083+9.9%	$394.05K	18,276,684
Q4 2021Dec 31, 2021	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Buy	+1,469,939+1057.6%	$105.50K	1,608,923
Q4 2021Dec 31, 2021	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Buy	+1,314,979+35.4%	$148.68K	5,029,760
Q4 2021Dec 31, 2021	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy - Position Entry	+1,114,416	$17.39K	1,114,416
Q4 2021Dec 31, 2021	TCOM Trip.com Group Limited	Trip.com Group Limited	Buy	+1,065,107+51.6%	$77.00K	3,127,727
Q4 2021Dec 31, 2021	TGNA TEGNA Inc	TEGNA Inc	Buy	+1,021,852+12.3%	$172.65K	9,302,022
Q4 2021Dec 31, 2021	GNTX Gentex Corporation	Gentex Corporation	Buy	+992,611+30.5%	$148.06K	4,248,656
Q4 2021Dec 31, 2021	OSW OneSpaWorld	OneSpaWorld	Buy	+711,616+5.1%	$147.48K	14,718,904
Q4 2021Dec 31, 2021	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+532,859+9.4%	$434.23K	6,173,301

Page 52 of 176 • 5272 total trades

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