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 2023Dec 31, 2023	TIMB TIM S.A.	TIM S.A.	Sell	-309,484-79.7%	$1.45M	78,754
Q4 2023Dec 31, 2023	KMT Kennametal Inc.	Kennametal Inc.	Sell	-323,063-3.3%	$242.78M	9,413,890
Q4 2023Dec 31, 2023	GNTX Gentex Corporation	Gentex Corporation	Sell	-359,480-5.2%	$214.09M	6,555,072
Q4 2023Dec 31, 2023	ATGE Adtalem Global Education Inc.	Adtalem Global Education Inc.	Sell	-433,170-13.5%	$163.45M	2,772,618
Q4 2023Dec 31, 2023	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-442,584-94.8%	$3.80M	24,259
Q4 2023Dec 31, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-618,355-28.8%	$181.97M	1,527,971
Q4 2023Dec 31, 2023	IQ iQIYI, Inc.	iQIYI, Inc.	Sell - Position Exit	-704,589-100.0%	$0.00	-
Q4 2023Dec 31, 2023	REZI Resideo Technologies, Inc.	Resideo Technologies, Inc.	Sell	-1,088,010-7.9%	$238.49M	12,672,096
Q4 2023Dec 31, 2023	ABEV Ambev S.A.	Ambev S.A.	Sell - Position Exit	-1,091,998-100.0%	$0.00	-
Q4 2023Dec 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,164,768-47.4%	$121.79M	1,294,542
Q4 2023Dec 31, 2023	VIV Telefonica Brasil S.A.	Telefonica Brasil S.A.	Sell	-1,265,492-49.7%	$14.02M	1,281,097
Q4 2023Dec 31, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-1,293,153-38.0%	$79.65M	2,112,712
Q4 2023Dec 31, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell - Position Exit	-2,290,872-100.0%	$0.00	-
Q4 2023Dec 31, 2023	EQC Equity	Equity	Sell	-4,305,166-78.3%	$22.87M	1,191,361
Q4 2023Dec 31, 2023	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell - Position Exit	-10,161,278-100.0%	$0.00	-
Q3 2023Sep 30, 2023	LESL Leslie's, Inc.	Leslie's, Inc.	Buy	+8,398,488+50.6%	$141.43M	24,987,417
Q3 2023Sep 30, 2023	PARA Paramount Global	Paramount Global	Buy	+1,731,714+18.0%	$146.17M	11,330,850
Q3 2023Sep 30, 2023	PBH Prestige Consumer Healthcare In	Prestige Consumer Healthcare In	Buy	+1,609,044+173.8%	$144.96M	2,534,786
Q3 2023Sep 30, 2023	ADT ADT Inc.	ADT Inc.	Buy	+1,127,309+5.3%	$134.58M	22,429,407
Q3 2023Sep 30, 2023	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+995,293+13.3%	$61.00M	8,472,058
Q3 2023Sep 30, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+918,114+16.9%	$191.95M	6,364,528
Q3 2023Sep 30, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+908,481+34.3%	$35.54M	3,557,872
Q3 2023Sep 30, 2023	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy	+261,050+14.9%	$219.05M	2,010,344
Q3 2023Sep 30, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+233,612+5.7%	$193.51M	4,328,036
Q3 2023Sep 30, 2023	NVST Envista Holdings Corporation	Envista Holdings Corporation	Buy	+218,461+4.3%	$148.76M	5,335,578
Q3 2023Sep 30, 2023	MSGE Madison Square Garden Entertain	Madison Square Garden Entertain	Buy	+199,654+2.9%	$236.84M	7,196,734
Q3 2023Sep 30, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Buy	+179,684+25.0%	$68.23M	899,155
Q3 2023Sep 30, 2023	PHIN PHINIA Inc.	PHINIA Inc.	Buy - Position Entry	+137,955	$3.70M	137,955
Q3 2023Sep 30, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy	+120,977+11.3%	$154.86M	1,188,146
Q3 2023Sep 30, 2023	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+84,924+6.7%	$29.88M	1,343,706

Page 24 of 166 • 4968 total trades

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