Ariel Investments

Q4 2013 13F · by John Rogers, CIO

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $8.1B · prev $6.9B
Positions: 179 · prev 173
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%

Moves185 since the prior filing

+6.5 pp in · −6.5 pp out

New 12 +1.27 pp
Added 126 +5.22 pp
Trimmed 41 −5.13 pp
Exited 6 −1.39 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions16% of US stock

LAZ Lazard, Inc. added+0.25 pp added+0.253.8%
FAF First American Financial Corporation added−0.04 pp added−0.043.5%
JLL Jones Lang LaSalle, Inc. added+0.13 pp added+0.133.2%
IPG The Interpublic Group of Companies, Inc. trimmed−0.62 pp trimmed−0.623.0%
unresolved Janus Cap Group Inc trimmed+0.42 pp trimmed+0.422.8%

Positions179 in this filing · 6 exited


LAZLazard, Inc.	3.80%	6,818,350	$309M	added+1%	+0.25 pp	3 q
FAFFirst American Financial Corporation	3.45%	9,964,903	$281M	added+1%	−0.04 pp	3 q
JLLJones Lang LaSalle, Inc.	3.19%	2,535,139	$260M	added+5%	+0.13 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	3.00%	13,816,873	$245M	trimmed−5%	−0.62 pp	3 q
unresolvedJanus Cap Group Inc	2.83%	18,599,073	$230M	trimmed−4%	+0.42 pp	3 q
WUThe Western Union Company	2.58%	12,169,803	$210M	added+15%	−0.28 pp	3 q
ISCAInternational Speedway Corp	2.57%	5,900,454	$209M	added+5%	−0.08 pp	3 q
unresolvedGannett Inc	2.54%	6,987,614	$207M	trimmed−8%	−0.41 pp	3 q
unresolvedInternational Game Technology	2.40%	10,752,865	$195M	added+39%	+0.27 pp	3 q
unresolvedHospira Inc	2.37%	4,670,630	$193M	added+5%	−0.16 pp	3 q
unresolvedCity National Corp.	2.31%	2,368,412	$188M	added+1%	+0.03 pp	3 q
BRSBristow Group, Inc.	2.07%	2,245,148	$169M	trimmed−1%	−0.33 pp	3 q
unresolvedKkr & Co L P DEL	1.95%	6,507,608	$158M	trimmed−12%	−0.26 pp	3 q
MCFContango Oil & Gas Co.	1.76%	3,025,777	$143M	added0%	+0.14 pp	3 q
SNASnap-on Incorporated	1.72%	1,280,777	$140M	trimmed−0%	−0.14 pp	3 q
CBRECbre Group, Inc.	1.71%	5,290,788	$139M	added+8%	+0.06 pp	3 q
CRLCharles River Laboratories International, Inc.	1.71%	2,629,217	$139M	trimmed−4%	−0.14 pp	3 q
BIOBio-Rad Laboratories, Inc.Class A	1.67%	1,102,607	$136M	added+1%	−0.21 pp	3 q
NWLNewell Brands Inc.	1.51%	3,796,717	$123M	added0%	0.00 pp	3 q
FICOFair Isaac Corporation	1.46%	1,896,425	$119M	trimmed−8%	−0.20 pp	3 q
AXEAnixter International Inc	1.34%	1,214,418	$109M	trimmed−0%	−0.22 pp	3 q
MDPMeredith Corporation	1.32%	2,075,019	$107M	trimmed−7%	−0.22 pp	3 q
ITWIllinois Tool Works Inc.	1.25%	1,209,645	$102M	added+2%	−0.07 pp	3 q
unresolvedDun & Bradstreet Corp/The	1.23%	814,359	$100M	trimmed−14%	−0.21 pp	3 q
unresolvedDevry Ed Group Inc	1.22%	2,805,102	$100M	trimmed−4%	−0.08 pp	3 q
unresolvedSt Jude Med Inc	1.22%	1,604,471	$99M	added+2%	−0.01 pp	3 q
AFLAflac Inc.	1.20%	1,459,565	$97M	added+2%	−0.09 pp	3 q
RCLRoyal Caribbean Group	1.20%	2,062,251	$98M	trimmed−3%	+0.02 pp	3 q
JWNNordstrom, Inc.	1.19%	1,560,819	$96M	added+28%	+0.19 pp	3 q
SSDSimpson Manufacturing Co., Inc.	1.18%	2,605,336	$96M	added+1%	−0.05 pp	3 q
TMOThermo Fisher Scientific, Inc.	1.16%	846,655	$94M	added+2%	+0.05 pp	3 q
LFUSLittelfuse Inc	1.14%	1,001,874	$93M	trimmed−3%	−0.03 pp	3 q
unresolvedMadison Square Garden Co	1.11%	1,574,142	$91M	added0%	−0.22 pp	3 q
NTRSNorthern Trust Corp	1.11%	1,463,134	$91M	added+2%	−0.02 pp	3 q
BRCBrady Corporation	1.09%	2,880,191	$89M	added+13%	−0.04 pp	3 q
BIDTribeca Strategic Acquisition Corp. Class A	1.09%	1,670,286	$89M	trimmed−24%	−0.49 pp	3 q
SJMThe J.M. Smucker Company	1.06%	834,578	$86M	added+69%	+0.30 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	1.06%	928,760	$87M	added+2%	−0.03 pp	3 q
BENFranklin Templeton, Inc.	1.05%	1,481,360	$86M	added+2%	−0.02 pp	3 q
MHKMohawk Industries, Inc.	1.04%	568,152	$85M	trimmed−1%	−0.04 pp	3 q
unresolvedCBS Corp	1.03%	1,311,176	$84M	added+2%	0.00 pp	3 q
IEXIDEX Corporation	1.01%	1,116,414	$82M	trimmed−13%	−0.21 pp	3 q
SLCAU.s. Silica Holdings, Inc.	0.98%	2,341,378	$80M	added+12%	+0.22 pp	2 q
VIABViacom Inc. Class B	0.98%	915,332	$80M	trimmed−11%	−0.28 pp	3 q
unresolvedCoach Inc	0.96%	1,391,461	$78M	added+25%	+0.08 pp	3 q
unresolvedTowers Watson & Co.	0.92%	587,502	$75M	trimmed−30%	−0.38 pp	3 q
OMCOmnicom Group Inc.	0.91%	994,534	$74M	added+2%	+0.01 pp	3 q
SWKStanley Black & Decker, Inc.	0.90%	910,313	$73M	added+1%	−0.28 pp	3 q
MTSCMTS Systems Corp	0.88%	1,003,574	$71M	added+24%	+0.12 pp	3 q
unresolvedMitcham Industries, Inc.	0.69%	3,155,455	$56M	added+10%	+0.05 pp	3 q
BXBlackstone Inc.	0.68%	1,752,920	$55M	trimmed−29%	−0.22 pp	3 q
GHCGraham Holdings Company	0.65%	79,730	$53M	new	+0.65 pp	new
TILEInterface Inc	0.65%	2,408,957	$53M	trimmed−33%	−0.39 pp	3 q
unresolvedSymmetry Medical Inc.	0.61%	4,892,085	$49M	added+21%	+0.13 pp	3 q
TISITeam, Inc.	0.56%	1,067,518	$45M	trimmed−7%	−0.10 pp	3 q
RSTRosetta Stone Inc	0.52%	3,451,460	$42M	added+52%	−0.02 pp	3 q
BCOThe Brink's Company	0.47%	1,131,798	$39M	added+2%	+0.01 pp	3 q
TROWT Rowe Price Group Inc	0.46%	446,875	$37M	added+29%	+0.10 pp	3 q
MSFTMicrosoft Corp	0.44%	946,694	$35M	added×2.3	+0.24 pp	3 q
unresolvedCowen group Inc.	0.42%	8,831,685	$35M	added+27%	+0.07 pp	3 q
unresolvedApollo Group Inc Class A	0.41%	1,233,272	$34M	trimmed−32%	−0.14 pp	3 q
unresolvedErickson Inc.	0.41%	1,595,659	$33M	added+17%	+0.10 pp	3 q
JNJJohnson & Johnson	0.39%	349,157	$32M	added×2.7	+0.23 pp	3 q
unresolvedBlount Intl Inc New	0.36%	1,998,286	$29M	added+16%	+0.06 pp	3 q
unresolvedPozen Inc.	0.35%	3,503,586	$28M	trimmed−20%	−0.02 pp	3 q
unresolvedRentech, Inc.	0.35%	16,495,310	$29M	added+63%	+0.06 pp	3 q
unresolvedImation Corp	0.34%	5,868,476	$27M	added+30%	+0.07 pp	3 q
ORBCORBCOMM, Inc.	0.34%	4,330,796	$27M	added+3%	+0.02 pp	3 q
ZBRAZebra Technologies Corporation	0.33%	496,788	$27M	new	+0.33 pp	new
unresolvedPendrell Corp.	0.32%	13,014,370	$26M	added+33%	+0.04 pp	3 q
LFCRLifecore Biomedical, Inc.	0.31%	2,057,722	$25M	added×2.1	+0.14 pp	3 q
PEWPctel Inc	0.31%	2,629,857	$25M	added+27%	+0.04 pp	3 q
GILDGilead Sciences Inc	0.30%	324,302	$24M	added×5.0	+0.24 pp	3 q
OESXOrion Energy Systems, Inc.	0.30%	3,631,431	$25M	added+14%	+0.13 pp	3 q
unresolvedAV Homes, Inc.	0.29%	1,295,579	$24M	added+32%	+0.04 pp	3 q
unresolvedGlaxosmithkline PLC	0.28%	421,201	$22M	added×3.1	+0.18 pp	3 q
unresolvedSpartan Motors Inc.	0.28%	3,459,149	$23M	added+37%	+0.06 pp	3 q
unresolvedHarman Intl Inds Inc	0.24%	235,724	$19M	added×3.1	+0.17 pp	3 q
unresolvedRubicon Technology, Inc.	0.24%	1,942,435	$19M	added×4.8	+0.17 pp	3 q
RNWARealnetworks Inc	0.23%	2,515,722	$19M	added+69%	+0.04 pp	2 q
unresolvedPrivatebancorp Inc	0.22%	626,593	$18M	added0%	+0.03 pp	3 q
ARCARC Document Solutions, Inc.	0.21%	2,117,439	$17M	trimmed−6%	+0.06 pp	3 q
unresolvedBroadcom Corp	0.21%	563,823	$17M	added×4.9	+0.17 pp	2 q
unresolvedGaiam, Inc.	0.21%	2,615,725	$17M	added+10%	+0.04 pp	3 q
unresolvedSigma Designs Inc	0.20%	3,489,775	$16M	added+77%	+0.04 pp	3 q
unresolvedXO Group Inc.	0.20%	1,118,845	$17M	trimmed−19%	−0.06 pp	3 q
unresolvedFurmanite Corp.	0.19%	1,483,470	$16M	trimmed−16%	−0.07 pp	3 q
unresolvedHCC Insurance Holdings, Inc.	0.19%	329,240	$15M	trimmed−0%	−0.02 pp	3 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.19%	225,725	$16M	trimmed−1%	−0.02 pp	3 q
PRCPPerceptron Inc	0.19%	1,114,329	$15M	added+67%	+0.09 pp	3 q
HMNHorace Mann Educators Corporation	0.18%	464,109	$15M	trimmed−1%	−0.01 pp	3 q
MATWMatthews International Corp	0.18%	337,619	$14M	trimmed−0%	−0.01 pp	3 q
DGXQuest Diagnostics Inc.	0.18%	268,053	$14M	added×5.5	+0.14 pp	3 q
TIFTiffany & Co.	0.18%	161,447	$15M	added+2%	0.00 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.17%	192,104	$14M	added×4.2	+0.13 pp	3 q
CVUCPI Aerostructures, Inc.	0.16%	860,701	$13M	added+23%	+0.04 pp	3 q
CPIXCumberland Pharmaceuticals Inc	0.16%	2,538,760	$13M	added+44%	+0.04 pp	3 q
unresolvedEdgewater Technology Inc.	0.16%	1,880,180	$13M	added+21%	+0.04 pp	3 q
unresolvedTumi Holdings Inc.	0.16%	575,168	$13M	added×4.3	+0.12 pp	2 q
ACTGAcacia Research Corporation	0.15%	825,734	$12M	added×9.2	+0.12 pp	3 q
ALOTAstroNova, Inc.	0.15%	916,509	$12M	added+21%	+0.03 pp	3 q
BOBEBob Evans Farms, Inc.	0.15%	233,523	$12M	trimmed−0%	−0.05 pp	3 q
unresolvedBolt Technology Corp.	0.15%	554,021	$12M	added+22%	+0.03 pp	3 q
TNAVTelenav Inc.	0.15%	1,884,294	$12M	added+23%	+0.02 pp	3 q
unresolvedBallantyne Strong, Inc.	0.14%	2,406,988	$11M	added+1%	−0.01 pp	3 q
CHLChina Mobile Limited	0.14%	225,067	$12M	added+89%	+0.04 pp	3 q
AETIStabilis Solutions, Inc.	0.13%	1,024,133	$10M	added+29%	+0.05 pp	3 q
CRWSCrown Crafts Inc	0.13%	1,316,308	$10M	added+1%	−0.01 pp	3 q
unresolvedHardinge Inc.	0.13%	746,465	$11M	added+22%	−0.01 pp	3 q
MIDDMiddleby Corp	0.13%	43,506	$10M	trimmed−32%	−0.07 pp	3 q
RLHRed Lions Hotel Corporation	0.13%	1,784,050	$11M	added+51%	+0.04 pp	3 q
QUMUQumu Corp.	0.12%	793,814	$10M	added+22%	0.00 pp	2 q
unresolvedRyanair Holdings PLC ADR	0.12%	215,864	$10M	added×2.1	+0.05 pp	3 q
unresolvedStanley Furniture Co., Inc.	0.12%	2,591,708	$10M	added×39.8	+0.12 pp	2 q
IBMInternational Business Machines Corporation	0.11%	49,382	$9M	trimmed−0%	−0.02 pp	3 q
LMTLockheed Martin Corp.	0.11%	62,840	$9M	trimmed−0%	−0.01 pp	3 q
VTVanguard Total World Stock ETF	0.11%	152,597	$9M	added×7.2	+0.09 pp	2 q
unresolvedVersar Inc.	0.11%	1,811,914	$9M	added+22%	+0.02 pp	3 q
unresolvedDirectv	0.10%	121,835	$8M	added+50%	+0.03 pp	3 q
unresolvedDover Motorsports, Inc.	0.10%	3,286,724	$8M	added+28%	+0.01 pp	3 q
NOVNOV Inc.	0.10%	106,425	$8M	trimmed−4%	−0.03 pp	3 q
NOKNokia Corporation	0.10%	1,001,092	$8M	added×5.3	+0.08 pp	3 q
NVDANvidia Corp	0.10%	531,007	$9M	added×5.2	+0.08 pp	3 q
PXGBXPraxair Inc	0.10%	63,701	$8M	added×5.0	+0.08 pp	2 q
USBU.S. Bancorp	0.10%	207,094	$8M	added×6.3	+0.08 pp	2 q
unresolvedVical Inc	0.10%	7,062,104	$8M	added+39%	+0.01 pp	3 q
BIDUBaidu, Inc.	0.09%	43,391	$8M	added×2.9	+0.06 pp	3 q
CVSCvs Health Corporation	0.09%	98,420	$7M	added+77%	+0.04 pp	2 q
PMPhilip Morris International Inc.	0.09%	86,972	$8M	added×7.9	+0.08 pp	2 q
TGTTarget Corporation	0.09%	117,110	$7M	added+14%	−0.01 pp	3 q
VEAVanguard FTSE Developed Markets ETF	0.09%	183,020	$8M	added+39%	+0.01 pp	3 q
XOMExxon Mobil Corp	0.08%	67,695	$7M	trimmed−0%	0.00 pp	3 q
unresolvedOplink Communications, Inc.	0.08%	347,597	$6M	new	+0.08 pp	new
unresolvedRuckus Wireless Inc	0.08%	440,202	$6M	added×6.7	+0.06 pp	2 q
WMTWalmart Inc.	0.08%	84,882	$7M	added×5.3	+0.06 pp	2 q
CHKChesapeake Energy Corp	0.07%	216,085	$6M	added0%	−0.01 pp	3 q
GPNGlobal Payments, Inc.	0.06%	71,661	$5M	added×5.0	+0.05 pp	2 q
GSGoldman Sachs Group Inc.	0.06%	27,335	$5M	trimmed−16%	−0.01 pp	3 q
JPMJPMorgan Chase & Co.	0.06%	85,196	$5M	added+1%	0.00 pp	3 q
MSMorgan Stanley	0.06%	153,880	$5M	trimmed−18%	−0.01 pp	3 q
MOSThe Mosaic Company	0.06%	110,025	$5M	added+99%	+0.03 pp	2 q
ORCLOracle Corp	0.06%	120,315	$5M	new	+0.06 pp	new
9990302DApache Corp	0.05%	50,725	$4M	added+25%	0.00 pp	2 q
BNYBank of New York Mellon Corporation	0.05%	113,230	$4M	trimmed−0%	0.00 pp	3 q
BAXBaxter International Inc.	0.05%	61,251	$4M	added+24%	0.00 pp	3 q
ALVAutoliv, Inc.	0.04%	32,932	$3M	added×4.7	+0.03 pp	2 q
AWREAware Inc	0.04%	548,584	$3M	new	+0.04 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	29,456	$3M	added×5.0	+0.03 pp	2 q
unresolvedE M C Corp Mass	0.04%	128,836	$3M	added×8.3	+0.03 pp	2 q
unresolvedMb Financial Inc New	0.04%	90,950	$3M	added×2.0	+0.02 pp	3 q
OXYOccidental Petroleum Corporation	0.04%	34,888	$3M	added×8.2	+0.03 pp	2 q
PNCPNC Financial Services Group	0.04%	46,557	$4M	added×5.6	+0.03 pp	2 q
unresolvedQlogic Corp	0.04%	293,101	$3M	added×2.9	+0.02 pp	3 q
unresolvedTibco Software Inc	0.04%	156,741	$4M	added×3.5	+0.02 pp	3 q
BTIBritish American Tobacco p.l.c.	0.03%	19,558	$2M	new	+0.03 pp	new
AZTAAzenta, Inc.	0.03%	194,800	$2M	added×2.5	+0.02 pp	2 q
EBSEmergent Biosolutions, Inc.	0.03%	122,650	$3M	added×2.1	+0.01 pp	3 q
GIFIGulf Island Fabrication Inc	0.03%	91,900	$2M	added×2.2	+0.02 pp	3 q
unresolvedTessera Technologies, Inc.	0.03%	110,400	$2M	added×2.4	+0.02 pp	3 q
VPLVanguard FTSE Pacific ETF	0.03%	45,642	$3M	added×2.7	+0.02 pp	3 q
VGKVanguard FTSE Europe ETF	0.03%	36,872	$2M	added+25%	+0.01 pp	3 q
CALYCallaway Golf Company	0.02%	155,700	$1M	trimmed−87%	−0.11 pp	3 q
CSWCCapital Southwest Corp	0.02%	37,775	$1M	new	+0.02 pp	new
FORMFormFactor Inc.	0.02%	310,675	$2M	new	+0.02 pp	new
HSBCHSBC Holdings PLC	0.02%	36,584	$2M	added×3.1	+0.01 pp	2 q
unresolvedMulti-Fineline Electronix, Inc.	0.02%	128,425	$2M	added×2.5	+0.01 pp	3 q
SLBSLB Limited	0.02%	15,239	$1M	added+39%	+0.01 pp	3 q
SSUPSuperior Industries Intl	0.02%	80,950	$2M	added×2.2	+0.01 pp	2 q
VIVTelefonica Brasil, S.A.	0.02%	83,438	$2M	added×6.1	+0.02 pp	2 q
BTBT Group plc (	0.01%	7,149	$451,000	added+29%	+0.01 pp	2 q
CAJPYCanon Inc S/	0.01%	15,656	$501,000	added+34%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.01%	19,510	$863,000	added×3.8	+0.01 pp	2 q
unresolvediShares MSCI United Kingdom Index ETF	0.01%	38,582	$806,000	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	4,254	$495,000	new	+0.01 pp	new
unresolvedMindray Medical International ADR	0.01%	33,088	$1M	new	+0.01 pp	new
TMToyota Motor Corporation	0.01%	5,698	$695,000	added+42%	0.00 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.01%	83,735	$1M	added×5.3	+0.01 pp	3 q
ACNAccenture PLC	0.01%	14,616	$1M	new	+0.01 pp	new
IWCiShares Micro-Cap ETF	0.00%	4,000	$300,000	added+29%	0.00 pp	2 q
unresolvedWashington Post Co	—	−103,841	—	exited	−0.92 pp	—
CCLCarnival Corporation Ltd.	—	−780,997	—	exited	−0.37 pp	—
unresolvedWalgreen Co	—	−104,630	—	exited	−0.08 pp	—
CSPICSP Inc.	—	−137,030	—	exited	−0.01 pp	—
unresolvedTellabs, Inc.	—	−289,318	—	exited	−0.01 pp	—
unresolvedAvago Technologies Ltd	—	−5,346	—	exited	0.00 pp	—