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	EVR Evercore Inc.	Evercore Inc.	Sell	-1,437-0.6%	$36.35K	258,246
Q2 2021Jun 30, 2021	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-1,900-7.7%	$8.59K	22,697
Q2 2021Jun 30, 2021	BRC Brady Corporation	Brady Corporation	Sell	-2,062-0.4%	$32.09K	572,532
Q2 2021Jun 30, 2021	WB Weibo Corporation	Weibo Corporation	Sell	-2,898-2.4%	$6.08K	115,502
Q2 2021Jun 30, 2021	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-4,868-1.4%	$111.91K	353,576
Q2 2021Jun 30, 2021	CRAI CRA International,Inc.	CRA International,Inc.	Sell - Position Exit	-11,050-100.0%	$0.00	-
Q2 2021Jun 30, 2021	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-11,100-7.8%	$6.75K	131,728
Q2 2021Jun 30, 2021	ORCL Oracle Corporation	Oracle Corporation	Sell	-12,400-7.5%	$11.84K	152,056
Q2 2021Jun 30, 2021	CHKP Check Point	Check Point	Sell	-18,205-3.7%	$54.69K	470,889
Q2 2021Jun 30, 2021	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-19,672-1.2%	$76.15K	1,568,761
Q2 2021Jun 30, 2021	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-19,959-14.9%	$60.53K	114,324
Q2 2021Jun 30, 2021	LAKE Lakeland Industries, Inc.	Lakeland Industries, Inc.	Sell - Position Exit	-21,331-100.0%	$0.00	-
Q2 2021Jun 30, 2021	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-22,209-8.0%	$97.25K	256,250
Q2 2021Jun 30, 2021	OSS One Stop Systems, Inc.	One Stop Systems, Inc.	Sell - Position Exit	-23,745-100.0%	$0.00	-
Q2 2021Jun 30, 2021	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell - Position Exit	-24,182-100.0%	$0.00	-
Q2 2021Jun 30, 2021	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-27,891-8.9%	$58.66K	286,168
Q2 2021Jun 30, 2021	WU Western Union Company (The)	Western Union Company (The)	Sell	-29,700-7.3%	$8.69K	378,372
Q2 2021Jun 30, 2021	ALCO Alico, Inc.	Alico, Inc.	Sell - Position Exit	-30,568-100.0%	$0.00	-
Q2 2021Jun 30, 2021	GIFI Gulf Island Fabrication, Inc.	Gulf Island Fabrication, Inc.	Sell - Position Exit	-30,900-100.0%	$0.00	-
Q2 2021Jun 30, 2021	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell - Position Exit	-30,928-100.0%	$0.00	-
Q2 2021Jun 30, 2021	SNA Snap-On Incorporated	Snap-On Incorporated	Sell	-31,344-3.0%	$224.44K	1,004,498
Q2 2021Jun 30, 2021	MOV Movado Group Inc.	Movado Group Inc.	Sell - Position Exit	-32,250-100.0%	$0.00	-
Q2 2021Jun 30, 2021	SSSS SuRo Capital Corp.	SuRo Capital Corp.	Sell - Position Exit	-33,433-100.0%	$0.00	-
Q2 2021Jun 30, 2021	MOS Mosaic Company (The)	Mosaic Company (The)	Sell	-34,500-8.6%	$11.64K	364,693
Q2 2021Jun 30, 2021	CRWS Crown Crafts, Inc.	Crown Crafts, Inc.	Sell - Position Exit	-43,048-100.0%	$0.00	-
Q2 2021Jun 30, 2021	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-43,581-5.1%	$13.96K	814,816
Q2 2021Jun 30, 2021	USB U.S. Bancorp	U.S. Bancorp	Sell	-45,174-18.3%	$11.49K	201,725
Q2 2021Jun 30, 2021	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-46,855-28.2%	$19.82K	119,566
Q2 2021Jun 30, 2021	BSAC Banco Santander - Chile	Banco Santander - Chile	Sell	-48,496-3.8%	$24.68K	1,242,008
Q2 2021Jun 30, 2021	RFIL RF Industries, Ltd.	RF Industries, Ltd.	Sell - Position Exit	-50,110-100.0%	$0.00	-

Page 61 of 176 • 5272 total trades

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