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
Q1 2023Mar 31, 2023	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy	+22+3.1%	$210.59K	736
Q1 2023Mar 31, 2023	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-25-5.6%	$295.83K	421
Q1 2023Mar 31, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-49-0.4%	$4.00M	12,950
Q1 2023Mar 31, 2023	BIO Bio-Rad Laboratories, Inc.	Bio-Rad Laboratories, Inc.	Sell	-99-0.3%	$15.23M	31,797
Q1 2023Mar 31, 2023	USB U.S. Bancorp	U.S. Bancorp	Sell	-805-0.4%	$7.05M	195,456
Q1 2023Mar 31, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-925-0.3%	$46.20M	357,581
Q1 2023Mar 31, 2023	MAS Masco Corporation	Masco Corporation	Sell	-1,351-0.1%	$88.56M	1,781,266
Q1 2023Mar 31, 2023	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-1,799-0.1%	$221.54M	3,455,120
Q1 2023Mar 31, 2023	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-2,256-0.3%	$47.27M	740,366
Q1 2023Mar 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,796-0.3%	$51.42M	979,033
Q1 2023Mar 31, 2023	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-3,203-0.4%	$54.51M	786,463
Q1 2023Mar 31, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-3,466-0.9%	$98.82M	368,625
Q1 2023Mar 31, 2023	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-3,522-0.3%	$97.51M	1,175,228
Q1 2023Mar 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-4,758-0.4%	$94.40M	1,296,578
Q1 2023Mar 31, 2023	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-5,606-1.2%	$4.90M	443,958
Q1 2023Mar 31, 2023	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-6,800-2.5%	$86.50M	264,437
Q1 2023Mar 31, 2023	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-7,455-1.2%	$100.31M	637,398
Q1 2023Mar 31, 2023	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-8,451-100.0%	$0.00	-
Q1 2023Mar 31, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-18,115-0.6%	$427.83M	2,834,783
Q1 2023Mar 31, 2023	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-18,507-1.7%	$205.21M	1,053,167
Q1 2023Mar 31, 2023	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-19,241-3.9%	$151.49M	476,385
Q1 2023Mar 31, 2023	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-19,260-14.7%	$5.47M	112,163
Q1 2023Mar 31, 2023	FAF First American Corporation (New	First American Corporation (New	Sell	-21,788-0.5%	$222.41M	3,995,930
Q1 2023Mar 31, 2023	AZN Astrazeneca PLC	Astrazeneca PLC	Sell - Position Exit	-22,396-100.0%	$0.00	-
Q1 2023Mar 31, 2023	SRCL Stericycle, Inc.	Stericycle, Inc.	Sell	-26,984-0.6%	$183.01M	4,196,524
Q1 2023Mar 31, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-32,376-0.5%	$393.41M	6,660,144
Q1 2023Mar 31, 2023	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-36,147-3.2%	$155.55M	1,092,160
Q1 2023Mar 31, 2023	BCO Brinks Company (The)	Brinks Company (The)	Sell	-36,315-1.8%	$132.35M	1,981,267
Q1 2023Mar 31, 2023	TCOM Trip.com Group Limited	Trip.com Group Limited	Sell	-44,723-15.8%	$8.97M	238,174
Q1 2023Mar 31, 2023	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-52,008-1.6%	$16.17M	3,292,824

Page 33 of 166 • 4968 total trades

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