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	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Sell	-35,704-5.0%	$94.18K	677,240
Q4 2021Dec 31, 2021	NOV NOV Inc.	NOV Inc.	Sell	-38,846-1.6%	$31.57K	2,330,216
Q4 2021Dec 31, 2021	VEU Vanguard FTSE All World Ex US E	Vanguard FTSE All World Ex US E	Sell - Position Exit	-39,240-100.0%	$0.00	-
Q4 2021Dec 31, 2021	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-39,244-7.8%	$42.63K	463,378
Q4 2021Dec 31, 2021	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-49,852-14.4%	$93.60K	297,456
Q4 2021Dec 31, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-54,239-6.6%	$131.14K	766,613
Q4 2021Dec 31, 2021	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-58,450-6.7%	$83.86K	816,970
Q4 2021Dec 31, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-62,684-7.3%	$49.30K	790,705
Q4 2021Dec 31, 2021	G02602103 Amdocs	Amdocs	Sell	-68,233-7.4%	$63.46K	847,902
Q4 2021Dec 31, 2021	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-69,574-7.7%	$43.16K	830,572
Q4 2021Dec 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-85,345-7.9%	$336.51K	1,000,576
Q4 2021Dec 31, 2021	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-107,506-20.5%	$86.02K	416,547
Q4 2021Dec 31, 2021	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-111,109-12.2%	$67.48K	802,416
Q4 2021Dec 31, 2021	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-111,475-42.6%	$49.31K	150,387
Q4 2021Dec 31, 2021	WB Weibo Corporation	Weibo Corporation	Sell - Position Exit	-118,792-100.0%	$0.00	-
Q4 2021Dec 31, 2021	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-120,367-14.8%	$10.35K	693,284
Q4 2021Dec 31, 2021	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-182,373-7.0%	$359.79K	2,418,101
Q4 2021Dec 31, 2021	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Sell	-184,468-59.5%	$12.97K	125,341
Q4 2021Dec 31, 2021	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-188,159-10.6%	$82.90K	1,589,423
Q4 2021Dec 31, 2021	NVT nVent Electric	nVent Electric	Sell	-200,586-4.9%	$148.79K	3,915,437
Q4 2021Dec 31, 2021	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-206,320-7.9%	$175.25K	2,413,576
Q4 2021Dec 31, 2021	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-211,548-6.9%	$24.73K	2,858,875
Q4 2021Dec 31, 2021	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-239,523-2.8%	$313.92K	8,382,360
Q4 2021Dec 31, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-265,585-6.5%	$361.85K	3,808,962
Q4 2021Dec 31, 2021	FAF First American Corporation (New	First American Corporation (New	Sell	-404,101-7.7%	$380.38K	4,862,370
Q4 2021Dec 31, 2021	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-560,030-16.1%	$217.12K	2,914,295
Q4 2021Dec 31, 2021	KN Knowles Corporation	Knowles Corporation	Sell	-648,783-18.7%	$66.00K	2,826,377
Q4 2021Dec 31, 2021	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-1,180,651-27.1%	$19.71K	3,168,348
Q3 2021Sep 30, 2021	ADT ADT Inc.	ADT Inc.	Buy	+8,973,442+58.6%	$196.48K	24,287,261
Q3 2021Sep 30, 2021	MANU Manchester United	Manchester United	Buy - Position Entry	+6,580,474	$127.46K	6,580,474

Page 55 of 176 • 5272 total trades

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