Ariel Investments

Q3 2013 13F · by John Rogers, CIO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $6.9B · prev $6.1B
Positions: 173 · prev 148
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves170 since the prior filing

+5.1 pp in · −5.1 pp out

New 29 +1.49 pp
Added 94 +3.62 pp
Trimmed 43 −4.73 pp
Exited 4 −0.37 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions17% of US stock

IPG The Interpublic Group of Companies, Inc. trimmed−0.32 pp trimmed−0.323.6%
LAZ Lazard, Inc. trimmed−0.07 pp trimmed−0.073.5%
FAF First American Financial Corporation added+0.37 pp added+0.373.5%
JLL Jones Lang LaSalle, Inc. added+0.28 pp added+0.283.1%
unresolved Gannett Inc trimmed−0.13 pp trimmed−0.133.0%

Positions173 in this filing · 4 exited


IPGThe Interpublic Group of Companies, Inc.	3.62%	14,479,119	$249M	trimmed−13%	−0.32 pp	2 q
LAZLazard, Inc.	3.55%	6,762,501	$244M	trimmed−2%	−0.07 pp	2 q
FAFFirst American Financial Corporation	3.49%	9,839,625	$240M	added+14%	+0.37 pp	2 q
JLLJones Lang LaSalle, Inc.	3.06%	2,411,588	$211M	added+29%	+0.28 pp	2 q
unresolvedGannett Inc	2.95%	7,571,040	$203M	trimmed−2%	−0.13 pp	2 q
WUThe Western Union Company	2.86%	10,544,783	$197M	trimmed−1%	−0.13 pp	2 q
ISCAInternational Speedway Corp	2.65%	5,644,235	$182M	added+6%	−0.10 pp	2 q
unresolvedHospira Inc	2.53%	4,436,305	$174M	trimmed−8%	−0.48 pp	2 q
unresolvedJanus Cap Group Inc	2.41%	19,460,642	$166M	added+4%	−0.20 pp	2 q
BRSBristow Group, Inc.	2.40%	2,269,335	$165M	added+36%	+0.62 pp	2 q
unresolvedCity National Corp.	2.28%	2,350,561	$157M	trimmed−1%	−0.19 pp	2 q
unresolvedKkr & Co L P DEL	2.21%	7,368,225	$152M	added+3%	−0.09 pp	2 q
unresolvedInternational Game Technology	2.13%	7,738,370	$146M	trimmed−4%	−0.08 pp	2 q
BIOBio-Rad Laboratories, Inc.Class A	1.88%	1,096,613	$129M	added+8%	+0.02 pp	2 q
SNASnap-on Incorporated	1.86%	1,280,994	$127M	trimmed−3%	−0.07 pp	2 q
CRLCharles River Laboratories International, Inc.	1.85%	2,749,905	$127M	added+1%	+0.02 pp	2 q
FICOFair Isaac Corporation	1.66%	2,061,534	$114M	added0%	+0.12 pp	2 q
CBRECbre Group, Inc.	1.65%	4,890,268	$113M	added+27%	+0.18 pp	2 q
MCFContango Oil & Gas Co.	1.62%	3,022,068	$111M	added+3%	0.00 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	1.58%	2,211,204	$109M	trimmed−29%	−0.36 pp	2 q
AXEAnixter International Inc	1.56%	1,219,611	$107M	trimmed−3%	−0.01 pp	2 q
MDPMeredith Corporation	1.54%	2,221,601	$106M	trimmed−2%	−0.23 pp	2 q
NWLNewell Brands Inc.	1.51%	3,781,078	$104M	trimmed−3%	−0.16 pp	2 q
unresolvedDun & Bradstreet Corp/The	1.44%	950,907	$99M	trimmed−7%	−0.19 pp	2 q
unresolvedMadison Square Garden Co	1.33%	1,570,665	$91M	trimmed−9%	−0.35 pp	2 q
ITWIllinois Tool Works Inc.	1.32%	1,187,080	$91M	added+14%	+0.14 pp	2 q
unresolvedDevry Ed Group Inc	1.30%	2,911,676	$89M	trimmed−22%	−0.59 pp	2 q
unresolvedTowers Watson & Co.	1.30%	833,939	$89M	trimmed−13%	+0.01 pp	2 q
AFLAflac Inc.	1.29%	1,430,215	$89M	added+2%	−0.04 pp	2 q
VIABViacom Inc. Class B	1.26%	1,031,697	$86M	trimmed−9%	0.00 pp	2 q
unresolvedSt Jude Med Inc	1.23%	1,573,176	$84M	trimmed−12%	−0.11 pp	2 q
SSDSimpson Manufacturing Co., Inc.	1.23%	2,585,223	$84M	added+1%	0.00 pp	2 q
IEXIDEX Corporation	1.22%	1,287,907	$84M	trimmed−2%	+0.07 pp	2 q
SWKStanley Black & Decker, Inc.	1.18%	897,458	$81M	added+1%	+0.06 pp	2 q
RCLRoyal Caribbean Group	1.18%	2,115,491	$81M	added+16%	+0.19 pp	2 q
LFUSLittelfuse Inc	1.17%	1,028,835	$80M	trimmed−1%	−0.10 pp	2 q
BRCBrady Corporation	1.13%	2,543,427	$78M	added+1%	−0.14 pp	2 q
NTRSNorthern Trust Corp	1.13%	1,432,264	$78M	trimmed−1%	−0.24 pp	2 q
TMOThermo Fisher Scientific, Inc.	1.11%	830,225	$77M	trimmed−6%	−0.11 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	1.09%	910,624	$75M	added+3%	+0.01 pp	2 q
MHKMohawk Industries, Inc.	1.08%	571,146	$74M	trimmed−1%	+0.02 pp	2 q
BENFranklin Templeton, Inc.	1.07%	1,452,595	$73M	added+18%	+0.15 pp	2 q
TILEInterface Inc	1.04%	3,599,185	$71M	trimmed−2%	+0.02 pp	2 q
unresolvedCBS Corp	1.03%	1,286,036	$71M	trimmed−3%	−0.03 pp	2 q
JWNNordstrom, Inc.	1.00%	1,219,488	$69M	added+32%	+0.09 pp	2 q
unresolvedWashington Post Co	0.92%	103,841	$63M	trimmed−13%	−0.02 pp	2 q
BXBlackstone Inc.	0.90%	2,476,790	$62M	trimmed−9%	−0.04 pp	2 q
OMCOmnicom Group Inc.	0.90%	976,808	$62M	added+35%	+0.15 pp	2 q
unresolvedCoach Inc	0.88%	1,110,148	$61M	added+20%	+0.01 pp	2 q
MTSCMTS Systems Corp	0.76%	808,429	$52M	added+17%	+0.12 pp	2 q
SJMThe J.M. Smucker Company	0.76%	494,663	$52M	trimmed−16%	−0.23 pp	2 q
SLCAU.s. Silica Holdings, Inc.	0.76%	2,084,240	$52M	new	+0.76 pp	new
TISITeam, Inc.	0.66%	1,143,636	$45M	added+2%	−0.03 pp	2 q
unresolvedMitcham Industries, Inc.	0.64%	2,875,262	$44M	added+3%	−0.13 pp	2 q
unresolvedApollo Group Inc Class A	0.55%	1,821,287	$38M	added+1%	+0.03 pp	2 q
RSTRosetta Stone Inc	0.54%	2,266,993	$37M	added×2.4	+0.31 pp	2 q
unresolvedSymmetry Medical Inc.	0.48%	4,041,726	$33M	added0%	−0.07 pp	2 q
BCOThe Brink's Company	0.46%	1,104,796	$31M	added+6%	+0.03 pp	2 q
CCLCarnival Corporation Ltd.	0.37%	780,997	$25M	added+2%	−0.06 pp	2 q
unresolvedPozen Inc.	0.37%	4,379,824	$25M	added+36%	+0.11 pp	2 q
TROWT Rowe Price Group Inc	0.36%	347,360	$25M	added+2%	−0.05 pp	2 q
unresolvedCowen group Inc.	0.35%	6,947,085	$24M	added+20%	+0.08 pp	2 q
ORBCORBCOMM, Inc.	0.32%	4,210,583	$22M	added+42%	+0.10 pp	2 q
unresolvedErickson Inc.	0.31%	1,362,914	$21M	added+54%	+0.04 pp	2 q
unresolvedBlount Intl Inc New	0.30%	1,724,335	$21M	added+4%	−0.02 pp	2 q
unresolvedRentech, Inc.	0.29%	10,103,227	$20M	added+37%	+0.04 pp	2 q
unresolvedPendrell Corp.	0.28%	9,806,891	$19M	added+72%	+0.04 pp	2 q
unresolvedImation Corp	0.27%	4,524,321	$19M	added+22%	+0.01 pp	2 q
PEWPctel Inc	0.27%	2,076,297	$18M	trimmed−5%	−0.03 pp	2 q
unresolvedFurmanite Corp.	0.26%	1,771,377	$18M	added+18%	+0.10 pp	2 q
unresolvedXO Group Inc.	0.26%	1,376,772	$18M	added+3%	+0.01 pp	2 q
unresolvedAV Homes, Inc.	0.25%	983,209	$17M	added+45%	+0.05 pp	2 q
unresolvedSpartan Motors Inc.	0.22%	2,530,962	$15M	added+44%	+0.04 pp	2 q
unresolvedHCC Insurance Holdings, Inc.	0.21%	329,514	$14M	added+3%	−0.02 pp	2 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.21%	227,275	$15M	trimmed−13%	−0.09 pp	2 q
BOBEBob Evans Farms, Inc.	0.20%	234,087	$13M	added+3%	+0.03 pp	2 q
MSFTMicrosoft Corp	0.20%	415,887	$14M	added+51%	+0.04 pp	2 q
MIDDMiddleby Corp	0.20%	64,224	$13M	trimmed−2%	+0.02 pp	2 q
HMNHorace Mann Educators Corporation	0.19%	466,599	$13M	added+8%	+0.02 pp	2 q
MATWMatthews International Corp	0.19%	337,683	$13M	added+3%	−0.01 pp	2 q
unresolvedPrivatebancorp Inc	0.19%	625,353	$13M	added+3%	−0.02 pp	2 q
RNWARealnetworks Inc	0.19%	1,489,906	$13M	new	+0.19 pp	new
TIFTiffany & Co.	0.18%	158,782	$12M	trimmed−38%	−0.13 pp	2 q
unresolvedGaiam, Inc.	0.17%	2,379,427	$12M	added+16%	+0.02 pp	2 q
LFCRLifecore Biomedical, Inc.	0.17%	979,575	$12M	added+64%	+0.04 pp	2 q
OESXOrion Energy Systems, Inc.	0.17%	3,186,218	$12M	trimmed−8%	+0.03 pp	2 q
JNJJohnson & Johnson	0.16%	127,576	$11M	added+34%	+0.03 pp	2 q
unresolvedSigma Designs Inc	0.16%	1,967,145	$11M	added+16%	+0.02 pp	2 q
ARCARC Document Solutions, Inc.	0.15%	2,254,864	$10M	trimmed−1%	0.00 pp	2 q
unresolvedBallantyne Strong, Inc.	0.15%	2,378,963	$10M	added+17%	+0.01 pp	2 q
CRWSCrown Crafts Inc	0.14%	1,309,133	$9M	added+20%	+0.03 pp	2 q
unresolvedHardinge Inc.	0.14%	612,265	$9M	trimmed−8%	−0.02 pp	2 q
CALYCallaway Golf Company	0.13%	1,213,905	$9M	added+20%	+0.02 pp	2 q
IBMInternational Business Machines Corporation	0.13%	49,402	$9M	added+52%	+0.03 pp	2 q
NOVNOV Inc.	0.13%	110,915	$9M	held	—	2 q
TNAVTelenav Inc.	0.13%	1,531,334	$9M	added×2.6	+0.08 pp	2 q
ALOTAstroNova, Inc.	0.12%	755,379	$8M	added+13%	0.00 pp	2 q
unresolvedBolt Technology Corp.	0.12%	454,866	$8M	added+20%	+0.01 pp	2 q
CVUCPI Aerostructures, Inc.	0.12%	699,026	$8M	added×3.7	+0.09 pp	2 q
CPIXCumberland Pharmaceuticals Inc	0.12%	1,758,955	$8M	added+23%	0.00 pp	2 q
unresolvedEdgewater Technology Inc.	0.12%	1,556,169	$8M	added+22%	+0.03 pp	2 q
LMTLockheed Martin Corp.	0.12%	62,870	$8M	held	—	2 q
QUMUQumu Corp.	0.12%	648,736	$8M	new	+0.12 pp	new
CHLChina Mobile Limited	0.10%	119,333	$7M	added×3.5	+0.07 pp	2 q
unresolvedGlaxosmithkline PLC	0.10%	136,344	$7M	added×3.5	+0.07 pp	2 q
PRCPPerceptron Inc	0.10%	666,741	$7M	trimmed−13%	0.00 pp	2 q
TGTTarget Corporation	0.10%	102,735	$7M	held	—	2 q
unresolvedDover Motorsports, Inc.	0.09%	2,563,641	$6M	added+46%	+0.03 pp	2 q
RLHRed Lions Hotel Corporation	0.09%	1,178,415	$6M	added+33%	0.00 pp	2 q
unresolvedVersar Inc.	0.09%	1,486,850	$6M	added+17%	0.00 pp	2 q
unresolvedVical Inc	0.09%	5,069,238	$6M	trimmed−1%	−0.17 pp	2 q
AETIStabilis Solutions, Inc.	0.08%	793,732	$6M	added+17%	0.00 pp	2 q
CHKChesapeake Energy Corp	0.08%	215,080	$6M	added0%	+0.01 pp	2 q
XOMExxon Mobil Corp	0.08%	67,730	$6M	held	—	2 q
VEAVanguard FTSE Developed Markets ETF	0.08%	131,829	$5M	added+85%	+0.04 pp	2 q
unresolvedWalgreen Co	0.08%	104,630	$6M	trimmed−36%	−0.04 pp	2 q
unresolvedDirectv	0.07%	81,420	$5M	added+88%	+0.03 pp	2 q
GSGoldman Sachs Group Inc.	0.07%	32,395	$5M	held	—	2 q
unresolvedHarman Intl Inds Inc	0.07%	76,160	$5M	added×3.2	+0.05 pp	2 q
MSMorgan Stanley	0.07%	188,575	$5M	trimmed−13%	−0.02 pp	2 q
unresolvedRubicon Technology, Inc.	0.07%	407,436	$5M	trimmed−71%	−0.11 pp	2 q
unresolvedRyanair Holdings PLC ADR	0.07%	103,320	$5M	added+77%	+0.02 pp	2 q
GILDGilead Sciences Inc	0.06%	65,265	$4M	added×5.4	+0.05 pp	2 q
JPMJPMorgan Chase & Co.	0.06%	84,736	$4M	added+1%	−0.01 pp	2 q
9990302DApache Corp	0.05%	40,560	$3M	new	+0.05 pp	new
BNYBank of New York Mellon Corporation	0.05%	113,525	$3M	added0%	0.00 pp	2 q
BAXBaxter International Inc.	0.05%	49,271	$3M	held	—	2 q
CVSCvs Health Corporation	0.05%	55,685	$3M	new	+0.05 pp	new
unresolvedBroadcom Corp	0.04%	115,203	$3M	new	+0.04 pp	new
DGXQuest Diagnostics Inc.	0.04%	48,939	$3M	added×6.6	+0.03 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.04%	45,376	$3M	added×12.7	+0.04 pp	2 q
unresolvedTumi Holdings Inc.	0.04%	133,915	$3M	new	+0.04 pp	new
ACTGAcacia Research Corporation	0.03%	89,386	$2M	added×6.4	+0.02 pp	2 q
BIDUBaidu, Inc.	0.03%	14,879	$2M	added+30%	+0.01 pp	2 q
MOSThe Mosaic Company	0.03%	55,190	$2M	new	+0.03 pp	new
EBSEmergent Biosolutions, Inc.	0.02%	59,600	$1M	added×2.2	+0.01 pp	2 q
unresolvedMb Financial Inc New	0.02%	44,800	$1M	added+79%	+0.01 pp	2 q
NOKNokia Corporation	0.02%	189,624	$1M	added+92%	+0.01 pp	2 q
NVDANvidia Corp	0.02%	102,980	$2M	added×5.8	+0.02 pp	2 q
PXGBXPraxair Inc	0.02%	12,793	$2M	new	+0.02 pp	new
unresolvedQlogic Corp	0.02%	99,428	$1M	added×3.6	+0.02 pp	2 q
unresolvedRuckus Wireless Inc	0.02%	65,925	$1M	new	+0.02 pp	new
unresolvedTibco Software Inc	0.02%	45,325	$1M	added+61%	+0.01 pp	2 q
USBU.S. Bancorp	0.02%	32,872	$1M	new	+0.02 pp	new
VTVanguard Total World Stock ETF	0.02%	21,253	$1M	new	+0.02 pp	new
VGKVanguard FTSE Europe ETF	0.02%	29,509	$2M	held	—	2 q
WMTWalmart Inc.	0.02%	16,088	$1M	new	+0.02 pp	new
ALVAutoliv, Inc.	0.01%	7,068	$618,000	new	+0.01 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	5,855	$665,000	new	+0.01 pp	new
AZTAAzenta, Inc.	0.01%	76,800	$715,000	new	+0.01 pp	new
CSPICSP Inc.	0.01%	137,030	$969,000	trimmed−63%	−0.04 pp	2 q
CAJPYCanon Inc S/	0.01%	11,654	$373,000	new	+0.01 pp	new
unresolvedE M C Corp Mass	0.01%	15,507	$396,000	new	+0.01 pp	new
GPNGlobal Payments, Inc.	0.01%	14,223	$727,000	new	+0.01 pp	new
GIFIGulf Island Fabrication Inc	0.01%	41,500	$1M	added+92%	0.00 pp	2 q
HSBCHSBC Holdings PLC	0.01%	11,736	$637,000	new	+0.01 pp	new
unresolvedMulti-Fineline Electronix, Inc.	0.01%	50,500	$819,000	added×2.3	0.00 pp	2 q
OXYOccidental Petroleum Corporation	0.01%	4,239	$397,000	new	+0.01 pp	new
PNCPNC Financial Services Group	0.01%	8,264	$599,000	new	+0.01 pp	new
PMPhilip Morris International Inc.	0.01%	11,057	$957,000	new	+0.01 pp	new
SLBSLB Limited	0.01%	10,981	$970,000	added+63%	0.00 pp	2 q
SSUPSuperior Industries Intl	0.01%	37,000	$660,000	new	+0.01 pp	new
unresolvedTellabs, Inc.	0.01%	289,318	$657,000	added×2.2	+0.01 pp	2 q
unresolvedTessera Technologies, Inc.	0.01%	45,300	$876,000	added×3.5	+0.01 pp	2 q
TMToyota Motor Corporation	0.01%	4,021	$515,000	added+65%	+0.01 pp	2 q
VPLVanguard FTSE Pacific ETF	0.01%	16,640	$1M	added×4.5	+0.01 pp	2 q
BTBT Group plc (	0.00%	5,532	$306,000	new	0.00 pp	new
EXPDExpeditors International of Washington, Inc.	0.00%	5,068	$223,000	new	0.00 pp	new
IWCiShares Micro-Cap ETF	0.00%	3,100	$212,000	new	0.00 pp	new
unresolvedStanley Furniture Co., Inc.	0.00%	65,073	$241,000	new	0.00 pp	new
VIVTelefonica Brasil, S.A.	0.00%	13,636	$306,000	new	0.00 pp	new
TKCTurkcell Iletisim Hizmetleri A.s.	0.00%	15,866	$234,000	trimmed−33%	−0.01 pp	2 q
unresolvedAvago Technologies Ltd	0.00%	5,346	$230,000	trimmed−22%	0.00 pp	2 q
MKLMarkel Group Inc.	—	−16,893	—	exited	−0.15 pp	—
JAKKJakks Pacific Inc	—	−775,191	—	exited	−0.14 pp	—
unresolvedMarket Leader, Inc.	—	−386,995	—	exited	−0.07 pp	—
GNTXGentex Corp	—	−17,720	—	exited	−0.01 pp	—