N-PORT filing recap · March 2025

What did Ariel Focus Fund buy in March 2025?

Reported stock-position changes between this filing and the previous one. These are Ariel Focus Fund's own holdings, not the firm's.

Stock value

$61.42M

Positions

Estimated turnover

14.0%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Period in review

Ariel Focus Fund exited Northern Trust Corp and substantially trimmed Goldman Sachs. It also added sharply to SLB and Zimvie, while making smaller increases in Affiliated Managers Group, Bio-Rad Laboratories, and Madison Square Garden Sports. Trims included Snap-On, Bank of America, Barrick Mining, Core Laboratories, and Borgwarner.

Increased positions

SJMThe J. M. Smucker Company$3.87Mreported value+634 shares+2.0%MHKMohawk Industries, Inc.$3.26Mreported value+484 shares+1.7%REZIResideo Technologies, Inc.$2.82Mreported value+7.8K shares+5.1%AMGAffiliated Managers Group, Inc.$2.61Mreported value+3.3K shares+27.1%

Reduced positions

SNASnap-On Inc$3.90Mreported value-1.7K shares-13.0%BOKFBok Financial Corp$3.73Mreported value-1.5K shares-4.0%CVXChevron Corp$2.95Mreported value-1.1K shares-5.7%BACBank of America Corp$2.86Mreported value-7.7K shares

Exited positions

NTRSNorthern Trust Corp$900.9Kprior reported value-8.8K shares-100.0%