John W. Rogers Jr. - Ariel Appreciation Fund Portfolio

Name: Investment Portfolio Data
License: https://creativecommons.org/licenses/by/4.0/

Period Date		Mar 31, 2025
Filing Date		May 15, 2025
Total Stocks		106
Portfolio Value		$8.51B

Ariel Appreciation Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2024Dec 31, 2024	KMX CarMax Inc	CarMax Inc	Sell	-88,979-12.5%	$50.75M	620,743
Q4 2024Dec 31, 2024	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-89,191-13.3%	$42.99M	580,800
Q4 2024Dec 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-90,085-41.3%	$53.91M	127,903
Q4 2024Dec 31, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-103,202-2.6%	$47.89M	3,843,220
Q4 2024Dec 31, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-108,733-9.3%	$268.32M	1,059,948
Q4 2024Dec 31, 2024	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-142,032-1.5%	$212.04M	9,199,100
Q4 2024Dec 31, 2024	KN Knowles Corporation	Knowles Corporation	Sell	-150,509-3.2%	$89.35M	4,483,198
Q4 2024Dec 31, 2024	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-159,155-7.1%	$190.17M	2,093,204
Q4 2024Dec 31, 2024	NOV NOV Inc.	NOV Inc.	Sell	-159,777-6.5%	$33.50M	2,294,639
Q4 2024Dec 31, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-177,661-3.5%	$247.94M	4,910,736
Q4 2024Dec 31, 2024	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-298,652-11.8%	$228.45M	2,228,815
Q4 2024Dec 31, 2024	CMA Comerica Incorporated	Comerica Incorporated	Sell - Position Exit	-304,481-100.0%	$0.00	-
Q4 2024Dec 31, 2024	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-337,222-18.7%	$227.51M	1,467,327
Q4 2024Dec 31, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell - Position Exit	-342,514-100.0%	$0.00	-
Q4 2024Dec 31, 2024	CLB Core Laboratories Inc.	Core Laboratories Inc.	Sell	-412,686-4.1%	$166.74M	9,632,570
Q4 2024Dec 31, 2024	IPG Interpublic Group of Companies,	Interpublic Group of Companies,	Sell	-435,772-7.6%	$147.63M	5,268,781
Q4 2024Dec 31, 2024	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-441,693-100.0%	$0.00	-
Q4 2024Dec 31, 2024	ADT ADT Inc.	ADT Inc.	Sell	-536,112-1.8%	$197.49M	28,580,136
Q4 2024Dec 31, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Sell	-552,653-9.0%	$288.20M	5,598,215
Q4 2024Dec 31, 2024	KMT Kennametal Inc.	Kennametal Inc.	Sell	-573,125-6.9%	$185.93M	7,740,557
Q4 2024Dec 31, 2024	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Sell	-717,068-8.9%	$87.01M	7,336,722
Q3 2024Sep 30, 2024	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+9,951,153+27.2%	$147.11M	46,552,521
Q3 2024Sep 30, 2024	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+1,488,847+15.1%	$224.47M	11,359,999
Q3 2024Sep 30, 2024	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+616,021+120.8%	$156.68M	1,126,148
Q3 2024Sep 30, 2024	JD JD.com, Inc.	JD.com, Inc.	Buy - Position Entry	+441,693	$17.67M	441,693
Q3 2024Sep 30, 2024	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Buy - Position Entry	+363,305	$31.42M	363,305
Q3 2024Sep 30, 2024	NOV NOV Inc.	NOV Inc.	Buy	+336,573+15.9%	$39.20M	2,454,416
Q3 2024Sep 30, 2024	GNTX Gentex Corporation	Gentex Corporation	Buy	+319,156+5.2%	$190.69M	6,422,736
Q3 2024Sep 30, 2024	CMA Comerica Incorporated	Comerica Incorporated	Buy - Position Entry	+304,481	$18.24M	304,481
Q3 2024Sep 30, 2024	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+276,286+20.4%	$197.55M	1,631,285

Page 10 of 166 • 4968 total trades

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