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 2021Jun 30, 2021	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy	+39,256+3.3%	$36.23K	1,231,838
Q2 2021Jun 30, 2021	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+38,754+4.8%	$82.52K	840,201
Q2 2021Jun 30, 2021	FAF First American Corporation (New	First American Corporation (New	Buy	+38,329+0.7%	$337.34K	5,410,464
Q2 2021Jun 30, 2021	BCO Brinks Company (The)	Brinks Company (The)	Buy	+38,281+2.3%	$133.53K	1,737,719
Q2 2021Jun 30, 2021	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+20,001+1.5%	$174.93K	1,350,089
Q2 2021Jun 30, 2021	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+17,487+1.7%	$59.09K	1,035,033
Q2 2021Jun 30, 2021	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+15,551+1.5%	$206.26K	1,055,237
Q2 2021Jun 30, 2021	SSD Simpson Manufacturing Company,	Simpson Manufacturing Company,	Buy	+15,315+2.2%	$76.89K	696,242
Q2 2021Jun 30, 2021	MAS Masco Corporation	Masco Corporation	Buy	+14,136+0.8%	$101.21K	1,718,086
Q2 2021Jun 30, 2021	APA APA Corporation	APA Corporation	Buy	+14,000+3.3%	$9.57K	442,684
Q2 2021Jun 30, 2021	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Buy	+13,808+0.5%	$25.05K	2,946,893
Q2 2021Jun 30, 2021	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+13,197+0.8%	$140.09K	1,634,136
Q2 2021Jun 30, 2021	HMN Horace Mann Educators Corporati	Horace Mann Educators Corporati	Buy	+10,589+3.4%	$12.18K	325,491
Q2 2021Jun 30, 2021	MATW Matthews International Corporat	Matthews International Corporat	Buy	+8,948+2.9%	$11.47K	318,973
Q2 2021Jun 30, 2021	MEI Methode Electronics, Inc.	Methode Electronics, Inc.	Buy	+8,388+0.8%	$51.03K	1,037,010
Q2 2021Jun 30, 2021	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+7,584+2.1%	$93.18K	365,727
Q2 2021Jun 30, 2021	HLI Houlihan Lokey, Inc.	Houlihan Lokey, Inc.	Buy	+7,266+1.8%	$33.18K	405,703
Q2 2021Jun 30, 2021	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Buy	+6,976+3.7%	$33.54K	194,371
Q2 2021Jun 30, 2021	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+5,785+3.4%	$30.63K	176,783
Q2 2021Jun 30, 2021	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Buy	+5,591+0.8%	$107.80K	698,110
Q2 2021Jun 30, 2021	RCL Royal Caribbean	Royal Caribbean	Buy	+4,984+1.0%	$42.80K	501,853
Q2 2021Jun 30, 2021	KFY Korn Ferry	Korn Ferry	Buy	+3,240+0.4%	$60.85K	838,756
Q2 2021Jun 30, 2021	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+1,993+0.1%	$207.03K	3,494,828
Q2 2021Jun 30, 2021	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+1,876+0.2%	$127.61K	827,479
Q2 2021Jun 30, 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+969+0.1%	$241.69K	1,257,568
Q2 2021Jun 30, 2021	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Buy	+833+1.6%	$33.59K	52,134
Q2 2021Jun 30, 2021	TIMB TIM S.A.	TIM S.A.	Buy	+130+0.2%	$712.00	61,833
Q2 2021Jun 30, 2021	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-368-1.4%	$1.58K	26,422
Q2 2021Jun 30, 2021	KMX CarMax Inc	CarMax Inc	Sell	-444-0.1%	$44.95K	348,077
Q2 2021Jun 30, 2021	OMC Omnicom Group Inc.	Omnicom Group Inc.	Sell	-699-0.1%	$47.86K	598,271

Page 60 of 176 • 5272 total trades

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