John Rogers Trims Key Holdings: Northern Trust, Schwab, Smucker Among Top Reductions
Thursday, September 11, 2025 · Johnny Hopkins
In the most recent quarter, John W. Rogers Jr. of Ariel Appreciation Fund made a series of notable reductions across his equity holdings. Known for his disciplined, long-term approach to investing in undervalued small and mid-cap stocks, Rogers appears to be actively trimming positions where valuations may have stretched or where conviction has moderated.
Below are the top five reductions by percentage change in common stock holdings:
1. Northern Trust Corp (NTRS) – ↓47.22% (Asset Management & Custody Banks)
Rogers cut 158,349 shares of this financial services giant, reducing the stake nearly in half. While Northern Trust offers a strong dividend and institutional footprint, this sizable trim may reflect concerns over fee compression or macro headwinds affecting wealth management flows.
2. JM Smucker Co (SJM) – ↓35.16% (Packaged Foods & Meats)
A 68,878-share reduction signals a pullback from this iconic food brand. With pressures from input cost inflation and changing consumer preferences, Rogers may be taking profits or reallocating toward more growth-oriented staples.
3. Charles Schwab Corp (SCHW) – ↓33.48% (Investment Banking & Brokerage)
Rogers sold 112,370 shares of Schwab, a major player in the brokerage and financial advisory space. The cut may be linked to rate-related margin pressures or lower trading activity, which has affected several broker-dealers post-peak retail trading enthusiasm.
4. Kennametal Inc (KMT) – ↓30.91% (Industrial Machinery)
Kennametal saw a reduction of 267,930 shares. As a cyclical industrial name, the move may suggest a cautious stance toward slowing manufacturing demand or capital goods spending, despite the company’s operational improvements.
5. CBRE Group Inc – A (CBRE) – ↓18.12% (Real Estate Services)
Rogers pared back 25,409 shares of this global real estate services leader. With commercial real estate facing pressure from remote work trends and higher financing costs, this reduction could reflect broader concerns in the sector.
These moves suggest a tightening of the portfolio around higher-conviction names, as Rogers responds to a shifting macro environment and potential valuation concerns.