N-PORT filing recap · September 2025

What did Ariel Focus Fund buy in September 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

$74.38M

Positions

Estimated turnover

30.9%

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 opened positions in Prestige Consumer Healthcare and Arthur J. Gallagher, while exiting Bio-Rad Laboratories, Core Laboratories, and Zimvie. The fund substantially increased its stakes in Johnson & Johnson and SLB, and substantially trimmed Resideo Technologies, Oracle, Goldman Sachs, and Generac Holdings. It also added to Bank of America, Lockheed Martin, Chevron, and First American Financial, and reduced Madison Square Garden Sports.

New positions

PBHPrestige Consumer Healthcare Inc.$3.36Mreported value+53.8K shares AJGArthur J. Gallagher & Co.$1.96Mreported value+6.3K shares

Increased positions

JNJJohnson & Johnson$4.42Mreported value+9.6K shares+66.9%BACBank of America Corp$3.69Mreported value+3.0K shares+4.3%LMTLockheed Martin Corporation$3.27Mreported value+412 shares+6.7%SLBSlb Limited/nv$3.00Mreported value+41.2K shares

Reduced positions

REZIResideo Technologies, Inc.$4.18Mreported value-57.4K shares-37.2%ORCLOracle Corporation$2.15Mreported value-7.1K shares-48.2%GSThe Goldman Sachs Group, Inc.$1.12Mreported value-1.8K shares-55.8%MSGSMadison Square Garden Sports Corp.$976.1Kreported value-936 shares

Exited positions

BIOBio-Rad Laboratories, Inc.$1.68Mprior reported value-6.9K shares-100.0%CLBCore Laboratories Inc.$1.16Mprior reported value-101.0K shares-100.0%ZIMVZimvie Inc.$874.1Kprior reported value-93.5K shares-100.0%