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 2025Mar 31, 2025	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell	-5,787-12.5%	$6.13M	40,617
Q1 2025Mar 31, 2025	KEYS Keysight Technologies Inc.	Keysight Technologies Inc.	Sell	-5,882-2.0%	$42.14M	281,354
Q1 2025Mar 31, 2025	REYN Reynolds Consumer Products Inc.	Reynolds Consumer Products Inc.	Sell - Position Exit	-7,446-100.0%	$0.00	-
Q1 2025Mar 31, 2025	ZBRA Zebra Technologies Corporation	Zebra Technologies Corporation	Sell	-8,266-3.5%	$63.87M	226,052
Q1 2025Mar 31, 2025	SWK Stanley Black & Decker, Inc.	Stanley Black & Decker, Inc.	Sell	-10,595-2.4%	$32.95M	428,624
Q1 2025Mar 31, 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Sell	-16,413-3.2%	$38.69M	503,607
Q1 2025Mar 31, 2025	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell	-16,776-1.2%	$236.44M	1,407,151
Q1 2025Mar 31, 2025	LH Labcorp Holdings Inc.	Labcorp Holdings Inc.	Sell	-20,876-5.4%	$85.71M	368,263
Q1 2025Mar 31, 2025	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-22,633-3.9%	$43.69M	558,167
Q1 2025Mar 31, 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-23,568-2.2%	$256.93M	1,036,380
Q1 2025Mar 31, 2025	INTC Intel Corporation	Intel Corporation	Sell	-30,098-3.0%	$21.75M	957,678
Q1 2025Mar 31, 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell	-34,985-13.9%	$4.22M	217,272
Q1 2025Mar 31, 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-49,530-62.2%	$5.00M	30,108
Q1 2025Mar 31, 2025	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-52,686-5.9%	$163.36M	838,943
Q1 2025Mar 31, 2025	KMX CarMax Inc	CarMax Inc	Sell	-61,594-9.9%	$43.57M	559,149
Q1 2025Mar 31, 2025	GCMG GCM Grosvenor Inc.	GCM Grosvenor Inc.	Sell	-63,617-1.4%	$58.60M	4,429,255
Q1 2025Mar 31, 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-64,706-37.4%	$17.19M	108,328
Q1 2025Mar 31, 2025	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-67,358-44.4%	$17.68M	84,394
Q1 2025Mar 31, 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-71,523-1.5%	$210.94M	4,839,213
Q1 2025Mar 31, 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-72,474-20.1%	$37.71M	288,349
Q1 2025Mar 31, 2025	AFL AFLAC Incorporated	AFLAC Incorporated	Sell	-85,162-28.0%	$24.40M	219,423
Q1 2025Mar 31, 2025	MAS Masco Corporation	Masco Corporation	Sell	-85,953-8.4%	$65.51M	941,986
Q1 2025Mar 31, 2025	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-88,589-2.8%	$203.93M	3,097,811
Q1 2025Mar 31, 2025	NTAP NetApp, Inc.	NetApp, Inc.	Sell	-107,195-27.4%	$24.98M	284,408
Q1 2025Mar 31, 2025	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell	-108,472-92.3%	$4.92M	9,005
Q1 2025Mar 31, 2025	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-116,176-46.6%	$6.76M	132,913
Q1 2025Mar 31, 2025	LEN Lennar Corporation	Lennar Corporation	Sell - Position Exit	-123,938-100.0%	$0.00	-
Q1 2025Mar 31, 2025	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-141,289-53.2%	$19.85M	124,049
Q1 2025Mar 31, 2025	KB KB Financial Group Inc	KB Financial Group Inc	Sell	-157,242-60.1%	$5.65M	104,374
Q1 2025Mar 31, 2025	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-207,656-17.3%	$150.54M	990,523

Page 6 of 166 • 4968 total trades

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