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
Q4 2021Dec 31, 2021	EQC Equity	Equity	Buy	+523,577+34.9%	$52.41K	2,023,638
Q4 2021Dec 31, 2021	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+389,870+30.9%	$34.27K	1,652,483
Q4 2021Dec 31, 2021	BAP Credicorp	Credicorp	Buy	+271,734+21.6%	$187.06K	1,532,363
Q4 2021Dec 31, 2021	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+245,463+29.8%	$185.55K	1,068,012
Q4 2021Dec 31, 2021	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+240,768+6.0%	$253.14K	4,244,508
Q4 2021Dec 31, 2021	AXTA Axalta	Axalta	Buy	+225,525+3.9%	$197.99K	5,978,086
Q4 2021Dec 31, 2021	ADT ADT Inc.	ADT Inc.	Buy	+225,370+0.9%	$206.15K	24,512,631
Q4 2021Dec 31, 2021	KMT Kennametal Inc.	Kennametal Inc.	Buy	+174,596+2.0%	$320.22K	8,917,279
Q4 2021Dec 31, 2021	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+168,719+2.8%	$281.78K	6,253,403
Q4 2021Dec 31, 2021	RCL Royal Caribbean	Royal Caribbean	Buy	+143,596+28.1%	$50.39K	655,257
Q4 2021Dec 31, 2021	JHG Janus Henderson	Janus Henderson	Buy	+139,961+4.4%	$140.81K	3,357,323
Q4 2021Dec 31, 2021	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+109,723+7.9%	$202.40K	1,490,218
Q4 2021Dec 31, 2021	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+90,899+30.4%	$7.42K	390,394
Q4 2021Dec 31, 2021	BCO Brinks Company (The)	Brinks Company (The)	Buy	+84,014+4.3%	$134.54K	2,051,905
Q4 2021Dec 31, 2021	MAS Masco Corporation	Masco Corporation	Buy	+83,944+4.8%	$129.03K	1,837,573
Q4 2021Dec 31, 2021	WU Western Union Company (The)	Western Union Company (The)	Buy	+70,080+19.5%	$7.66K	429,212
Q4 2021Dec 31, 2021	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Buy	+57,734+19.4%	$66.92K	354,815
Q4 2021Dec 31, 2021	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+54,839+6.5%	$147.67K	897,648
Q4 2021Dec 31, 2021	SNA Snap-On Incorporated	Snap-On Incorporated	Buy	+49,429+4.7%	$238.81K	1,108,765
Q4 2021Dec 31, 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+42,560+3.2%	$247.63K	1,359,258
Q4 2021Dec 31, 2021	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+29,484+8.1%	$49.78K	391,838
Q4 2021Dec 31, 2021	BOKF BOK Financial Corporation	BOK Financial Corporation	Buy	+18,140+0.6%	$348.82K	3,306,709
Q4 2021Dec 31, 2021	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Buy	+16,986+1.6%	$53.15K	1,080,834
Q4 2021Dec 31, 2021	CHKP Check Point	Check Point	Buy	+13,643+2.9%	$56.78K	487,105
Q4 2021Dec 31, 2021	BRC Brady Corporation	Brady Corporation	Buy	+11,578+2.0%	$32.44K	601,800
Q4 2021Dec 31, 2021	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+11,033+3.3%	$13.24K	342,079
Q4 2021Dec 31, 2021	TIMB TIM S.A.	TIM S.A.	Buy	+9,645+2.6%	$4.40K	378,234
Q4 2021Dec 31, 2021	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+6,833+0.9%	$35.95K	775,547
Q4 2021Dec 31, 2021	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+5,497+0.3%	$78.06K	1,731,851
Q4 2021Dec 31, 2021	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+3,810+7.3%	$42.12K	55,750

Page 53 of 176 • 5272 total trades

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