Ariel Investments

Q1 2014 13F · by John Rogers, CIO

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $8.2B · prev $8.1B
Positions: 182 · prev 179
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%

Moves187 since the prior filing

+6.7 pp in · −6.6 pp out

New 10 +2.41 pp
Added 105 +4.27 pp
Trimmed 65 −6.48 pp
Exited 7 −0.12 pp

The book

Diversified · behaves like 66 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions16% of US stock

LAZ Lazard, Inc. trimmed−0.20 pp trimmed−0.203.6%
FAF First American Financial Corporation trimmed−0.34 pp trimmed−0.343.1%
JLL Jones Lang LaSalle, Inc. trimmed−0.18 pp trimmed−0.183.0%
BRS Bristow Group, Inc. added+0.89 pp added+0.893.0%
IPG The Interpublic Group of Companies, Inc. trimmed−0.16 pp trimmed−0.162.8%

Positions182 in this filing · 7 exited


LAZLazard, Inc.	3.60%	6,273,224	$295M	trimmed−8%	−0.20 pp	4 q
FAFFirst American Financial Corporation	3.11%	9,603,028	$255M	trimmed−4%	−0.34 pp	4 q
JLLJones Lang LaSalle, Inc.	3.01%	2,080,710	$247M	trimmed−18%	−0.18 pp	4 q
BRSBristow Group, Inc.	2.96%	3,217,959	$243M	added+43%	+0.89 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	2.84%	13,577,928	$233M	trimmed−2%	−0.16 pp	4 q
WUThe Western Union Company	2.74%	13,746,342	$225M	added+13%	+0.16 pp	4 q
ISCAInternational Speedway Corp	2.52%	6,081,571	$207M	added+3%	−0.05 pp	4 q
unresolvedGannett Inc	2.31%	6,866,074	$190M	trimmed−2%	−0.23 pp	4 q
unresolvedJanus Cap Group Inc	2.23%	16,782,631	$182M	trimmed−10%	−0.60 pp	4 q
unresolvedInternational Game Technology	2.21%	12,888,738	$181M	added+20%	−0.19 pp	4 q
unresolvedHospira Inc	2.18%	4,127,850	$179M	trimmed−12%	−0.19 pp	4 q
unresolvedCity National Corp.	2.02%	2,106,882	$166M	trimmed−11%	−0.29 pp	4 q
SJMThe J.M. Smucker Company	1.91%	1,609,516	$157M	added+93%	+0.85 pp	4 q
unresolvedKkr & Co L P DEL	1.82%	6,543,736	$149M	added+1%	−0.13 pp	4 q
MCFContango Oil & Gas Co.	1.81%	3,107,726	$148M	added+3%	+0.05 pp	4 q
SNASnap-on Incorporated	1.68%	1,214,538	$138M	trimmed−5%	−0.04 pp	4 q
CBRECbre Group, Inc.	1.67%	4,994,632	$137M	trimmed−6%	−0.04 pp	4 q
BIOBio-Rad Laboratories, Inc.Class A	1.60%	1,024,729	$131M	trimmed−7%	−0.07 pp	4 q
CRLCharles River Laboratories International, Inc.	1.48%	2,009,262	$121M	trimmed−24%	−0.23 pp	4 q
AXEAnixter International Inc	1.42%	1,143,424	$116M	trimmed−6%	+0.08 pp	4 q
SWKStanley Black & Decker, Inc.	1.38%	1,387,527	$113M	added+52%	+0.48 pp	4 q
SLCAU.s. Silica Holdings, Inc.	1.37%	2,943,928	$112M	added+26%	+0.39 pp	3 q
NWLNewell Brands Inc.	1.31%	3,591,525	$107M	trimmed−5%	−0.20 pp	4 q
RCLRoyal Caribbean Group	1.28%	1,916,436	$105M	trimmed−7%	+0.08 pp	4 q
JWNNordstrom, Inc.	1.26%	1,649,607	$103M	added+6%	+0.07 pp	4 q
FICOFair Isaac Corporation	1.25%	1,856,845	$103M	trimmed−2%	−0.21 pp	4 q
MDPMeredith Corporation	1.25%	2,207,360	$102M	added+6%	−0.07 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	1.23%	1,027,635	$101M	new	+1.23 pp	new
NTRSNorthern Trust Corp	1.20%	1,503,441	$99M	added+3%	+0.09 pp	4 q
AFLAflac Inc.	1.15%	1,495,118	$94M	added+2%	−0.05 pp	4 q
BENFranklin Templeton, Inc.	1.12%	1,689,506	$92M	added+14%	+0.07 pp	4 q
ITWIllinois Tool Works Inc.	1.12%	1,128,171	$92M	trimmed−7%	−0.13 pp	4 q
unresolvedSt Jude Med Inc	1.12%	1,404,552	$92M	trimmed−12%	−0.10 pp	4 q
BRCBrady Corporation	1.10%	3,325,294	$90M	added+15%	+0.01 pp	4 q
SSDSimpson Manufacturing Co., Inc.	1.10%	2,551,991	$90M	trimmed−2%	−0.08 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	1.10%	952,482	$90M	added+3%	+0.04 pp	4 q
OMCOmnicom Group Inc.	1.09%	1,226,593	$89M	added+23%	+0.18 pp	4 q
unresolvedMadison Square Garden Co	1.08%	1,556,062	$88M	trimmed−1%	−0.03 pp	4 q
LFUSLittelfuse Inc	1.07%	932,339	$87M	trimmed−7%	−0.07 pp	4 q
unresolvedDun & Bradstreet Corp/The	1.06%	876,852	$87M	added+8%	−0.17 pp	4 q
unresolvedBally Technologies Inc	1.01%	1,248,995	$83M	new	+1.01 pp	new
unresolvedCBS Corp	0.95%	1,266,360	$78M	trimmed−3%	−0.08 pp	4 q
unresolvedCoach Inc	0.95%	1,576,003	$78M	added+13%	−0.01 pp	4 q
BIDTribeca Strategic Acquisition Corp. Class A	0.86%	1,624,570	$71M	trimmed−3%	−0.23 pp	4 q
unresolvedDevry Ed Group Inc	0.85%	1,650,729	$70M	trimmed−41%	−0.37 pp	4 q
MHKMohawk Industries, Inc.	0.84%	503,532	$68M	trimmed−11%	−0.20 pp	4 q
VIABViacom Inc. Class B	0.84%	814,169	$69M	trimmed−11%	−0.14 pp	4 q
MTSCMTS Systems Corp	0.82%	977,578	$67M	trimmed−3%	−0.06 pp	4 q
TMOThermo Fisher Scientific, Inc.	0.82%	556,094	$67M	trimmed−34%	−0.34 pp	4 q
IEXIDEX Corporation	0.75%	841,736	$61M	trimmed−25%	−0.26 pp	4 q
BXBlackstone Inc.	0.73%	1,798,378	$60M	added+3%	+0.05 pp	4 q
unresolvedSymmetry Medical Inc.	0.64%	5,216,950	$52M	added+7%	+0.03 pp	4 q
TILEInterface Inc	0.57%	2,270,065	$47M	trimmed−6%	−0.08 pp	4 q
unresolvedTowers Watson & Co.	0.56%	404,843	$46M	trimmed−31%	−0.36 pp	4 q
unresolvedMitcham Industries, Inc.	0.53%	3,112,750	$43M	trimmed−1%	−0.16 pp	4 q
TISITeam, Inc.	0.53%	1,016,013	$44M	trimmed−5%	−0.03 pp	4 q
RSTRosetta Stone Inc	0.52%	3,834,235	$43M	added+11%	0.00 pp	4 q
MSFTMicrosoft Corp	0.51%	1,017,243	$42M	added+7%	+0.07 pp	4 q
GHCGraham Holdings Company	0.50%	58,062	$41M	trimmed−27%	−0.15 pp	2 q
unresolvedCowen group Inc.	0.49%	9,123,145	$40M	added+3%	+0.07 pp	4 q
ZBRAZebra Technologies Corporation	0.49%	573,113	$40M	added+15%	+0.16 pp	2 q
ORBCORBCOMM, Inc.	0.47%	5,589,518	$38M	added+29%	+0.13 pp	4 q
TROWT Rowe Price Group Inc	0.46%	457,960	$38M	added+2%	0.00 pp	4 q
JNJJohnson & Johnson	0.44%	366,918	$36M	added+5%	+0.05 pp	4 q
unresolvedErickson Inc.	0.43%	1,812,292	$35M	added+14%	+0.02 pp	4 q
unresolvedGlaxosmithkline PLC	0.43%	662,150	$35M	added+57%	+0.15 pp	4 q
unresolvedImation Corp	0.41%	5,761,587	$33M	trimmed−2%	+0.07 pp	4 q
unresolvedRentech, Inc.	0.40%	17,148,965	$33M	added+4%	+0.05 pp	4 q
BCOThe Brink's Company	0.38%	1,077,893	$31M	trimmed−5%	−0.09 pp	4 q
GILDGilead Sciences Inc	0.34%	397,273	$28M	added+23%	+0.04 pp	4 q
OESXOrion Energy Systems, Inc.	0.34%	3,793,689	$28M	added+4%	+0.04 pp	4 q
unresolvedPendrell Corp.	0.34%	15,196,302	$28M	added+17%	+0.02 pp	4 q
LFCRLifecore Biomedical, Inc.	0.33%	2,406,902	$27M	added+17%	+0.02 pp	4 q
unresolvedBlount Intl Inc New	0.31%	2,109,420	$25M	added+6%	−0.05 pp	4 q
unresolvedAV Homes, Inc.	0.30%	1,371,693	$25M	added+6%	+0.01 pp	4 q
unresolvedHarman Intl Inds Inc	0.30%	232,470	$25M	trimmed−1%	+0.06 pp	4 q
PEWPctel Inc	0.30%	2,804,376	$24M	added+7%	−0.01 pp	4 q
unresolvedPozen Inc.	0.30%	3,080,448	$25M	trimmed−12%	−0.05 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.26%	296,587	$22M	added+54%	+0.09 pp	4 q
unresolvedOplink Communications, Inc.	0.24%	1,076,770	$19M	added×3.1	+0.16 pp	2 q
RNWARealnetworks Inc	0.24%	2,601,152	$20M	added+3%	+0.01 pp	3 q
unresolvedGaiam, Inc.	0.23%	2,558,400	$19M	trimmed−2%	+0.02 pp	4 q
unresolvedSpartan Motors Inc.	0.23%	3,740,854	$19M	added+8%	−0.05 pp	4 q
DGXQuest Diagnostics Inc.	0.21%	295,159	$17M	added+10%	+0.03 pp	4 q
unresolvedSigma Designs Inc	0.21%	3,639,755	$17M	added+4%	+0.01 pp	4 q
unresolvedXO Group Inc.	0.21%	1,684,495	$17M	added+51%	+0.01 pp	4 q
ARCARC Document Solutions, Inc.	0.20%	2,185,524	$16M	added+3%	−0.01 pp	4 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.20%	225,220	$16M	trimmed−0%	+0.01 pp	4 q
unresolvedBroadcom Corp	0.19%	507,773	$16M	trimmed−10%	−0.02 pp	3 q
unresolvedFurmanite Corp.	0.19%	1,596,372	$16M	added+8%	0.00 pp	4 q
unresolvedPrivatebancorp Inc	0.19%	505,798	$15M	trimmed−19%	−0.03 pp	4 q
unresolvedTumi Holdings Inc.	0.19%	706,237	$16M	added+23%	+0.03 pp	3 q
CVUCPI Aerostructures, Inc.	0.18%	1,129,400	$15M	added+31%	+0.02 pp	4 q
CHLChina Mobile Limited	0.18%	319,096	$15M	added+42%	+0.04 pp	4 q
unresolvedRyanair Holdings PLC ADR	0.18%	247,705	$15M	added+15%	+0.06 pp	4 q
unresolvedHCC Insurance Holdings, Inc.	0.17%	307,940	$14M	trimmed−6%	−0.02 pp	4 q
PRCPPerceptron Inc	0.17%	1,169,743	$14M	added+5%	−0.02 pp	4 q
TIFTiffany & Co.	0.17%	165,912	$14M	added+3%	−0.01 pp	4 q
ACTGAcacia Research Corporation	0.16%	878,481	$13M	added+6%	+0.01 pp	4 q
unresolvedEdgewater Technology Inc.	0.16%	1,865,985	$13M	trimmed−1%	0.00 pp	4 q
MATWMatthews International Corp	0.16%	315,414	$13M	trimmed−7%	−0.02 pp	4 q
CPIXCumberland Pharmaceuticals Inc	0.15%	2,663,520	$12M	added+5%	−0.01 pp	4 q
HMNHorace Mann Educators Corporation	0.15%	433,809	$13M	trimmed−7%	−0.03 pp	4 q
unresolvedBallantyne Strong, Inc.	0.14%	2,380,228	$11M	trimmed−1%	0.00 pp	4 q
TNAVTelenav Inc.	0.14%	1,879,919	$11M	trimmed−0%	−0.01 pp	4 q
ALOTAstroNova, Inc.	0.13%	925,538	$11M	added+1%	−0.02 pp	4 q
BIDUBaidu, Inc.	0.13%	67,437	$10M	added+55%	+0.04 pp	4 q
BOBEBob Evans Farms, Inc.	0.13%	216,838	$11M	trimmed−7%	−0.02 pp	4 q
unresolvedBolt Technology Corp.	0.13%	552,356	$11M	trimmed−0%	−0.02 pp	4 q
CRWSCrown Crafts Inc	0.13%	1,312,588	$10M	trimmed−0%	0.00 pp	4 q
unresolvedHardinge Inc.	0.13%	741,210	$11M	trimmed−1%	0.00 pp	4 q
RLHRed Lions Hotel Corporation	0.13%	1,780,405	$10M	trimmed−0%	0.00 pp	4 q
AETIStabilis Solutions, Inc.	0.12%	1,463,309	$10M	added+43%	−0.01 pp	4 q
IBMInternational Business Machines Corporation	0.12%	50,382	$10M	added+2%	+0.01 pp	4 q
NOVNOV Inc.	0.12%	124,519	$10M	added+17%	+0.02 pp	4 q
NOKNokia Corporation	0.12%	1,360,374	$10M	added+36%	+0.02 pp	4 q
USBU.S. Bancorp	0.12%	220,233	$9M	added+6%	+0.02 pp	3 q
VEAVanguard FTSE Developed Markets ETF	0.12%	246,443	$10M	added+35%	+0.03 pp	4 q
unresolvedDirectv	0.11%	115,280	$9M	trimmed−5%	+0.01 pp	4 q
LMTLockheed Martin Corp.	0.11%	56,990	$9M	trimmed−9%	0.00 pp	4 q
MIDDMiddleby Corp	0.11%	33,984	$9M	trimmed−22%	−0.02 pp	4 q
NVDANvidia Corp	0.11%	485,088	$9M	trimmed−9%	+0.01 pp	4 q
PXGBXPraxair Inc	0.11%	67,752	$9M	added+6%	+0.01 pp	3 q
unresolvedDover Motorsports, Inc.	0.10%	3,388,689	$8M	added+3%	0.00 pp	4 q
XOMExxon Mobil Corp	0.10%	83,610	$8M	added+24%	+0.02 pp	4 q
unresolvedRubicon Technology, Inc.	0.10%	761,517	$9M	trimmed−61%	−0.14 pp	4 q
unresolvedStanley Furniture Co., Inc.	0.10%	2,863,046	$8M	added+10%	−0.02 pp	3 q
AWREAware Inc	0.09%	1,286,905	$7M	added×2.3	+0.05 pp	2 q
CVSCvs Health Corporation	0.09%	98,420	$7M	held	—	3 q
PMPhilip Morris International Inc.	0.09%	92,085	$8M	added+6%	0.00 pp	3 q
QUMUQumu Corp.	0.09%	452,517	$7M	trimmed−43%	−0.03 pp	3 q
TGTTarget Corporation	0.09%	117,345	$7M	added0%	0.00 pp	4 q
unresolvedVersar Inc.	0.09%	1,867,550	$7M	added+3%	−0.02 pp	4 q
unresolvedVical Inc	0.09%	5,795,085	$7M	trimmed−18%	−0.01 pp	4 q
unresolvedRuckus Wireless Inc	0.08%	560,328	$7M	added+27%	0.00 pp	3 q
WMTWalmart Inc.	0.08%	84,904	$6M	added0%	0.00 pp	3 q
CHKChesapeake Energy Corp	0.07%	220,785	$6M	added+2%	0.00 pp	4 q
MOSThe Mosaic Company	0.07%	112,825	$6M	added+3%	+0.01 pp	3 q
ORCLOracle Corp	0.07%	136,645	$6M	added+14%	+0.01 pp	2 q
VTVanguard Total World Stock ETF	0.07%	94,994	$6M	trimmed−38%	−0.04 pp	3 q
9990302DApache Corp	0.06%	61,600	$5M	added+21%	+0.01 pp	3 q
BTIBritish American Tobacco p.l.c.	0.06%	42,166	$5M	added×2.2	+0.03 pp	2 q
GSGoldman Sachs Group Inc.	0.06%	27,635	$5M	added+1%	0.00 pp	4 q
JPMJPMorgan Chase & Co.	0.06%	85,396	$5M	added0%	0.00 pp	4 q
MSMorgan Stanley	0.06%	158,680	$5M	added+3%	0.00 pp	4 q
unresolvedApollo Group Inc Class A	0.05%	119,875	$4M	trimmed−90%	−0.36 pp	4 q
BNYBank of New York Mellon Corporation	0.05%	112,860	$4M	trimmed−0%	0.00 pp	4 q
BAXBaxter International Inc.	0.05%	61,251	$5M	held	—	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.05%	31,324	$4M	added+6%	+0.01 pp	3 q
unresolvedE M C Corp Mass	0.05%	137,051	$4M	added+6%	+0.01 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.05%	98,238	$4M	added×5.0	+0.04 pp	3 q
OXYOccidental Petroleum Corporation	0.05%	39,891	$4M	added+14%	+0.01 pp	3 q
PNCPNC Financial Services Group	0.05%	49,504	$4M	added+6%	+0.01 pp	3 q
unresolvedQlogic Corp	0.05%	305,768	$4M	added+4%	+0.01 pp	4 q
VWOVanguard FTSE Emerging Markets ETF	0.05%	109,580	$4M	new	+0.05 pp	new
VPLVanguard FTSE Pacific ETF	0.05%	74,179	$4M	added+63%	+0.02 pp	4 q
ALVAutoliv, Inc.	0.04%	33,413	$3M	added+1%	0.00 pp	3 q
GIFIGulf Island Fabrication Inc	0.04%	154,075	$3M	added+68%	+0.01 pp	4 q
HSBCHSBC Holdings PLC	0.04%	64,954	$3M	added+78%	+0.02 pp	3 q
VIVTelefonica Brasil, S.A.	0.04%	140,296	$3M	added+68%	+0.02 pp	3 q
TDSTelephone and Data Systems Inc.	0.04%	112,530	$3M	new	+0.04 pp	new
unresolvedTibco Software Inc	0.04%	168,387	$3M	added+7%	0.00 pp	4 q
AZTAAzenta, Inc.	0.03%	252,900	$3M	added+30%	0.00 pp	3 q
CSWCCapital Southwest Corp	0.03%	62,375	$2M	added+65%	+0.01 pp	2 q
CNTYCentury Casinos Inc	0.03%	356,146	$3M	new	+0.03 pp	new
FORMFormFactor Inc.	0.03%	404,675	$3M	added+30%	+0.01 pp	2 q
unresolvedMulti-Fineline Electronix, Inc.	0.03%	171,025	$2M	added+33%	+0.01 pp	4 q
SSUPSuperior Industries Intl	0.03%	110,150	$2M	added+36%	+0.01 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.03%	159,547	$2M	added+91%	+0.02 pp	4 q
VGKVanguard FTSE Europe ETF	0.03%	42,529	$3M	added+15%	0.00 pp	4 q
CHRWC.H. Robinson Worldwide, Inc.	0.02%	27,779	$1M	new	+0.02 pp	new
GPNGlobal Payments, Inc.	0.02%	24,801	$2M	trimmed−65%	−0.04 pp	3 q
unresolvedMb Financial Inc New	0.02%	58,750	$2M	trimmed−35%	−0.02 pp	4 q
unresolvedMindray Medical International ADR	0.02%	56,448	$2M	added+71%	+0.01 pp	2 q
BSACBanco Santander-Chile	0.01%	49,097	$1M	new	+0.01 pp	new
CAJPYCanon Inc S/	0.01%	15,734	$489,000	added+1%	0.00 pp	3 q
unresolvedGrupo Financiero Santander Mex	0.01%	82,191	$1M	new	+0.01 pp	new
unresolvediShares MSCI United Kingdom Index ETF	0.01%	51,300	$1M	added+33%	0.00 pp	2 q
ITUBItau Unibanco Holding S.A.	0.01%	37,500	$557,000	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	4,547	$552,000	added+7%	0.00 pp	2 q
TMToyota Motor Corporation	0.01%	5,718	$646,000	added0%	0.00 pp	4 q
HDBHDFC Bank Limited	0.00%	6,400	$263,000	new	0.00 pp	new
EBSEmergent Biosolutions, Inc.	—	−122,650	—	exited	−0.03 pp	—
unresolvedTessera Technologies, Inc.	—	−110,400	—	exited	−0.03 pp	—
CALYCallaway Golf Company	—	−155,700	—	exited	−0.02 pp	—
SLBSLB Limited	—	−15,239	—	exited	−0.02 pp	—
BTBT Group plc (	—	−7,149	—	exited	−0.01 pp	—
ACNAccenture PLC	—	−14,616	—	exited	−0.01 pp	—
IWCiShares Micro-Cap ETF	—	−4,000	—	exited	0.00 pp	—