Ariel Investments

Q2 2014 13F · by John Rogers, CIO

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $8.2B · prev $8.2B
Positions: 188 · prev 182
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%

Moves181 since the prior filing

+5.4 pp in · −5.4 pp out

New 13 +1.16 pp
Added 79 +4.21 pp
Trimmed 82 −5.12 pp
Exited 7 −0.27 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions15% of US stock

FAF First American Financial Corporation trimmed+0.09 pp trimmed+0.093.2%
LAZ Lazard, Inc. trimmed−0.42 pp trimmed−0.423.2%
BRS Bristow Group, Inc. trimmed+0.05 pp trimmed+0.053.0%
JLL Jones Lang LaSalle, Inc. trimmed−0.04 pp trimmed−0.043.0%
WU The Western Union Company added+0.22 pp added+0.223.0%

Positions188 in this filing · 7 exited


FAFFirst American Financial Corporation	3.20%	9,404,467	$261M	trimmed−2%	+0.09 pp	5 q
LAZLazard, Inc.	3.18%	5,051,368	$260M	trimmed−19%	−0.42 pp	5 q
BRSBristow Group, Inc.	3.01%	3,056,681	$246M	trimmed−5%	+0.05 pp	5 q
JLLJones Lang LaSalle, Inc.	2.97%	1,920,086	$243M	trimmed−8%	−0.04 pp	5 q
WUThe Western Union Company	2.96%	13,957,981	$242M	added+2%	+0.22 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	2.86%	11,981,407	$234M	trimmed−12%	+0.02 pp	5 q
unresolvedGannett Inc	2.58%	6,734,763	$211M	trimmed−2%	+0.27 pp	5 q
ISCAInternational Speedway Corp	2.47%	6,059,260	$202M	trimmed−0%	−0.05 pp	5 q
unresolvedInternational Game Technology	2.46%	12,662,857	$201M	trimmed−2%	+0.25 pp	5 q
unresolvedJanus Cap Group Inc	2.41%	15,821,236	$197M	trimmed−6%	+0.18 pp	5 q
SJMThe J.M. Smucker Company	2.02%	1,549,600	$165M	trimmed−4%	+0.11 pp	5 q
unresolvedHospira Inc	1.97%	3,130,809	$161M	trimmed−24%	−0.21 pp	5 q
unresolvedCity National Corp.	1.86%	2,010,936	$152M	trimmed−5%	−0.16 pp	5 q
unresolvedKkr & Co L P DEL	1.75%	5,877,570	$143M	trimmed−10%	−0.07 pp	5 q
CBRECbre Group, Inc.	1.70%	4,344,931	$139M	trimmed−13%	+0.03 pp	5 q
SWKStanley Black & Decker, Inc.	1.56%	1,453,962	$128M	added+5%	+0.18 pp	5 q
unresolvedMadison Square Garden Co	1.53%	2,002,801	$125M	added+29%	+0.45 pp	5 q
MCFContango Oil & Gas Co.	1.52%	2,940,052	$124M	trimmed−5%	−0.29 pp	5 q
SNASnap-on Incorporated	1.49%	1,030,177	$122M	trimmed−15%	−0.19 pp	5 q
FICOFair Isaac Corporation	1.48%	1,898,985	$121M	added+2%	+0.23 pp	5 q
BIOBio-Rad Laboratories, Inc.Class A	1.44%	983,452	$118M	trimmed−4%	−0.16 pp	5 q
NWLNewell Brands Inc.	1.43%	3,773,084	$117M	added+5%	+0.12 pp	5 q
unresolvedBally Technologies Inc	1.38%	1,721,576	$113M	added+38%	+0.37 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	1.36%	1,087,739	$111M	added+6%	+0.13 pp	2 q
CRLCharles River Laboratories International, Inc.	1.28%	1,950,657	$104M	trimmed−3%	−0.20 pp	5 q
MDPMeredith Corporation	1.24%	2,096,205	$101M	trimmed−5%	−0.01 pp	5 q
BENFranklin Templeton, Inc.	1.23%	1,743,346	$101M	added+3%	+0.11 pp	5 q
BRCBrady Corporation	1.19%	3,255,382	$97M	trimmed−2%	+0.09 pp	5 q
NTRSNorthern Trust Corp	1.18%	1,505,034	$97M	added0%	−0.02 pp	5 q
JWNNordstrom, Inc.	1.16%	1,394,888	$95M	trimmed−15%	−0.10 pp	5 q
unresolvedDun & Bradstreet Corp/The	1.11%	821,894	$91M	trimmed−6%	+0.05 pp	5 q
AFLAflac Inc.	1.08%	1,413,052	$88M	trimmed−5%	−0.07 pp	5 q
SSDSimpson Manufacturing Co., Inc.	1.05%	2,355,891	$86M	trimmed−8%	−0.05 pp	5 q
AXEAnixter International Inc	1.04%	852,762	$85M	trimmed−25%	−0.38 pp	5 q
OMCOmnicom Group Inc.	1.03%	1,177,844	$84M	trimmed−4%	−0.06 pp	5 q
unresolvedSt Jude Med Inc	1.03%	1,220,316	$85M	trimmed−13%	−0.09 pp	5 q
ITWIllinois Tool Works Inc.	0.98%	911,635	$80M	trimmed−19%	−0.14 pp	5 q
unresolvedCBS Corp	0.97%	1,270,754	$79M	added0%	+0.02 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.96%	753,063	$78M	trimmed−21%	−0.14 pp	5 q
RCLRoyal Caribbean Group	0.96%	1,405,561	$78M	trimmed−27%	−0.32 pp	5 q
LFUSLittelfuse Inc	0.94%	827,499	$77M	trimmed−11%	−0.13 pp	5 q
BIDTribeca Strategic Acquisition Corp. Class A	0.92%	1,799,902	$76M	added+11%	+0.06 pp	5 q
SLCAU.s. Silica Holdings, Inc.	0.89%	1,312,318	$73M	trimmed−55%	−0.48 pp	4 q
VIABViacom Inc. Class B	0.84%	793,081	$69M	trimmed−3%	0.00 pp	5 q
KMTKennametal Inc.	0.80%	1,417,909	$66M	new	+0.80 pp	new
MTSCMTS Systems Corp	0.79%	956,091	$65M	trimmed−2%	−0.03 pp	5 q
unresolvedCoach Inc	0.78%	1,874,785	$64M	added+19%	−0.17 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.77%	536,928	$63M	trimmed−3%	−0.05 pp	5 q
MHKMohawk Industries, Inc.	0.75%	445,382	$62M	trimmed−12%	−0.09 pp	5 q
BXBlackstone Inc.	0.74%	1,802,237	$60M	added0%	+0.01 pp	5 q
MSFTMicrosoft Corp	0.71%	1,402,231	$58M	added+38%	+0.20 pp	5 q
JNJJohnson & Johnson	0.67%	522,727	$55M	added+42%	+0.23 pp	5 q
GILDGilead Sciences Inc	0.65%	638,734	$53M	added+61%	+0.31 pp	5 q
unresolvedGlaxosmithkline PLC	0.65%	988,772	$53M	added+49%	+0.22 pp	5 q
unresolvedSymmetry Medical Inc.	0.56%	5,182,795	$46M	trimmed−1%	−0.08 pp	5 q
IEXIDEX Corporation	0.55%	555,536	$45M	trimmed−34%	−0.20 pp	5 q
unresolvedMitcham Industries, Inc.	0.53%	3,076,515	$43M	trimmed−1%	0.00 pp	5 q
TISITeam, Inc.	0.53%	1,049,953	$43M	added+3%	0.00 pp	5 q
unresolvedCowen group Inc.	0.52%	10,024,118	$42M	added+10%	+0.03 pp	5 q
GHCGraham Holdings Company	0.48%	54,542	$39M	trimmed−6%	−0.02 pp	3 q
TROWT Rowe Price Group Inc	0.47%	458,223	$39M	added0%	+0.01 pp	5 q
unresolvedHarman Intl Inds Inc	0.45%	345,686	$37M	added+49%	+0.15 pp	5 q
ORBCORBCOMM, Inc.	0.45%	5,639,168	$37M	added+1%	−0.02 pp	5 q
RSTRosetta Stone Inc	0.45%	3,801,455	$37M	trimmed−1%	−0.07 pp	5 q
unresolvedBlount Intl Inc New	0.41%	2,362,896	$33M	added+12%	+0.10 pp	5 q
unresolvedTowers Watson & Co.	0.40%	312,907	$33M	trimmed−23%	−0.16 pp	5 q
unresolvedPendrell Corp.	0.39%	17,949,768	$32M	added+18%	+0.05 pp	5 q
unresolvedRentech, Inc.	0.39%	12,251,324	$32M	trimmed−29%	−0.01 pp	5 q
BCOThe Brink's Company	0.38%	1,113,533	$31M	added+3%	0.00 pp	5 q
unresolvedErickson Inc.	0.37%	1,871,968	$30M	added+3%	−0.06 pp	5 q
LFCRLifecore Biomedical, Inc.	0.37%	2,405,127	$30M	trimmed−0%	+0.04 pp	5 q
ZBRAZebra Technologies Corporation	0.35%	343,081	$28M	trimmed−40%	−0.14 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.34%	340,891	$28M	added+15%	+0.08 pp	5 q
unresolvedTumi Holdings Inc.	0.31%	1,252,295	$25M	added+77%	+0.12 pp	4 q
unresolvedXO Group Inc.	0.31%	2,071,996	$25M	added+23%	+0.10 pp	5 q
PEWPctel Inc	0.30%	3,035,656	$25M	added+8%	0.00 pp	5 q
ACTGAcacia Research Corporation	0.27%	1,252,726	$22M	added+43%	+0.11 pp	5 q
unresolvedAV Homes, Inc.	0.26%	1,298,190	$21M	trimmed−5%	−0.04 pp	5 q
unresolvedImation Corp	0.26%	6,098,202	$21M	added+6%	−0.15 pp	5 q
BIDUBaidu, Inc.	0.25%	108,698	$20M	added+61%	+0.12 pp	5 q
DGXQuest Diagnostics Inc.	0.25%	352,928	$21M	added+20%	+0.04 pp	5 q
TILEInterface Inc	0.24%	1,031,034	$19M	trimmed−55%	−0.33 pp	5 q
unresolvedOplink Communications, Inc.	0.24%	1,172,248	$20M	added+9%	0.00 pp	3 q
RNWARealnetworks Inc	0.24%	2,600,852	$20M	trimmed−0%	0.00 pp	4 q
CVUCPI Aerostructures, Inc.	0.22%	1,424,608	$18M	added+26%	+0.04 pp	5 q
CHLChina Mobile Limited	0.22%	372,583	$18M	added+17%	+0.04 pp	5 q
PRCPPerceptron Inc	0.21%	1,323,726	$17M	added+13%	+0.04 pp	5 q
unresolvedSpartan Motors Inc.	0.21%	3,740,779	$17M	trimmed0%	−0.02 pp	5 q
unresolvedBroadcom Corp	0.20%	447,377	$17M	trimmed−12%	+0.01 pp	4 q
OESXOrion Energy Systems, Inc.	0.20%	3,960,364	$16M	added+4%	−0.14 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.20%	289,972	$16M	added+17%	+0.02 pp	5 q
NOKNokia Corporation	0.19%	2,031,903	$15M	added+49%	+0.07 pp	5 q
ALOTAstroNova, Inc.	0.18%	1,085,544	$15M	added+17%	+0.05 pp	5 q
unresolvedFurmanite Corp.	0.18%	1,290,497	$15M	trimmed−19%	−0.01 pp	5 q
unresolvedHCC Insurance Holdings, Inc.	0.18%	301,685	$15M	trimmed−2%	+0.01 pp	5 q
unresolvedPozen Inc.	0.18%	1,813,164	$15M	trimmed−41%	−0.12 pp	5 q
unresolvedPrivatebancorp Inc	0.18%	494,928	$14M	trimmed−2%	−0.01 pp	5 q
USBU.S. Bancorp	0.18%	336,533	$15M	added+53%	+0.06 pp	4 q
unresolvedDevry Ed Group Inc	0.17%	328,341	$14M	trimmed−80%	−0.68 pp	5 q
unresolvedSigma Designs Inc	0.17%	2,978,045	$14M	trimmed−18%	−0.04 pp	5 q
ARCARC Document Solutions, Inc.	0.16%	2,208,349	$13M	added+1%	−0.04 pp	5 q
HMNHorace Mann Educators Corporation	0.16%	424,834	$13M	trimmed−2%	+0.01 pp	5 q
MATWMatthews International Corp	0.16%	307,744	$13M	trimmed−2%	0.00 pp	5 q
TNAVTelenav Inc.	0.16%	2,241,059	$13M	added+19%	+0.02 pp	5 q
CPIXCumberland Pharmaceuticals Inc	0.15%	2,663,170	$12M	trimmed−0%	0.00 pp	5 q
unresolvedRuckus Wireless Inc	0.15%	1,027,889	$12M	added+83%	+0.07 pp	4 q
TIFTiffany & Co.	0.15%	119,496	$12M	trimmed−28%	−0.02 pp	5 q
VTVanguard Total World Stock ETF	0.15%	191,692	$12M	added×2.0	+0.08 pp	4 q
WMTWalmart Inc.	0.15%	165,321	$12M	added+95%	+0.07 pp	4 q
unresolvedEdgewater Technology Inc.	0.14%	1,590,496	$12M	trimmed−15%	−0.02 pp	5 q
NOVNOV Inc.	0.14%	136,710	$11M	added+10%	+0.02 pp	5 q
PMPhilip Morris International Inc.	0.14%	133,594	$11M	added+45%	+0.05 pp	4 q
unresolvedRubicon Technology, Inc.	0.14%	1,349,207	$12M	added+77%	+0.04 pp	5 q
AETIStabilis Solutions, Inc.	0.13%	1,522,143	$10M	added+4%	+0.01 pp	5 q
BOBEBob Evans Farms, Inc.	0.13%	212,093	$11M	trimmed−2%	0.00 pp	5 q
PXGBXPraxair Inc	0.13%	78,925	$10M	added+16%	+0.02 pp	4 q
AWREAware Inc	0.12%	1,557,371	$10M	added+21%	+0.03 pp	3 q
unresolvedBallantyne Strong, Inc.	0.12%	2,379,903	$10M	trimmed−0%	−0.02 pp	5 q
unresolvedBolt Technology Corp.	0.12%	552,106	$10M	trimmed−0%	−0.01 pp	5 q
CRWSCrown Crafts Inc	0.12%	1,300,157	$10M	trimmed−1%	−0.01 pp	5 q
unresolvedDover Motorsports, Inc.	0.12%	3,385,737	$10M	trimmed−0%	+0.02 pp	5 q
VEAVanguard FTSE Developed Markets ETF	0.12%	230,682	$10M	trimmed−6%	0.00 pp	5 q
unresolvedHardinge Inc.	0.11%	741,135	$9M	trimmed−0%	−0.02 pp	5 q
IBMInternational Business Machines Corporation	0.11%	50,382	$9M	held	—	5 q
LMTLockheed Martin Corp.	0.11%	56,985	$9M	trimmed−0%	0.00 pp	5 q
NVDANvidia Corp	0.11%	481,416	$9M	trimmed−1%	0.00 pp	5 q
unresolvedQlogic Corp	0.11%	918,250	$9M	added×3.0	+0.06 pp	5 q
RLHRed Lions Hotel Corporation	0.11%	1,639,180	$9M	trimmed−8%	−0.02 pp	5 q
XOMExxon Mobil Corp	0.10%	83,610	$8M	held	—	5 q
MIDDMiddleby Corp	0.10%	99,525	$8M	trimmed−2%	−0.01 pp	5 q
MOSThe Mosaic Company	0.10%	161,530	$8M	added+43%	+0.03 pp	4 q
QUMUQumu Corp.	0.10%	574,737	$8M	added+27%	+0.01 pp	4 q
unresolvedStanley Furniture Co., Inc.	0.10%	2,961,456	$8M	added+3%	0.00 pp	4 q
CVSCvs Health Corporation	0.09%	98,420	$7M	held	—	4 q
unresolvedVical Inc	0.09%	5,795,210	$7M	added0%	0.00 pp	5 q
9990302DApache Corp	0.08%	61,900	$6M	added0%	+0.02 pp	4 q
CHKChesapeake Energy Corp	0.08%	220,785	$7M	held	—	5 q
unresolvedGaiam, Inc.	0.08%	881,145	$7M	trimmed−66%	−0.15 pp	5 q
ORCLOracle Corp	0.08%	157,405	$6M	added+15%	+0.01 pp	3 q
PNCPNC Financial Services Group	0.08%	75,624	$7M	added+53%	+0.03 pp	4 q
TGTTarget Corporation	0.08%	117,345	$7M	held	—	5 q
unresolvedVersar Inc.	0.08%	1,897,822	$6M	added+2%	−0.01 pp	5 q
ABXBarrick Mining Corporation	0.07%	322,268	$6M	new	+0.07 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.07%	47,832	$6M	added+53%	+0.02 pp	4 q
unresolvedE M C Corp Mass	0.07%	209,481	$6M	added+53%	+0.02 pp	4 q
GSGoldman Sachs Group Inc.	0.07%	33,275	$6M	added+20%	+0.01 pp	5 q
JPMJPMorgan Chase & Co.	0.07%	101,902	$6M	added+19%	+0.01 pp	5 q
EXPDExpeditors International of Washington, Inc.	0.06%	113,904	$5M	added+16%	+0.01 pp	4 q
MSMorgan Stanley	0.06%	158,680	$5M	held	—	5 q
VWOVanguard FTSE Emerging Markets ETF	0.06%	105,662	$5M	trimmed−4%	+0.01 pp	2 q
VPLVanguard FTSE Pacific ETF	0.06%	80,355	$5M	added+8%	+0.01 pp	5 q
unresolvedApollo Group Inc Class A	0.05%	119,875	$4M	held	—	5 q
BNYBank of New York Mellon Corporation	0.05%	112,815	$4M	trimmed−0%	0.00 pp	5 q
BAXBaxter International Inc.	0.05%	61,251	$4M	held	—	5 q
BTIBritish American Tobacco p.l.c.	0.05%	34,170	$4M	trimmed−19%	−0.01 pp	3 q
CNTYCentury Casinos Inc	0.05%	718,425	$4M	added×2.0	+0.02 pp	2 q
unresolvedPanera Bread Co	0.05%	29,162	$4M	new	+0.05 pp	new
VIVTelefonica Brasil, S.A.	0.05%	200,427	$4M	added+43%	+0.01 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	51,815	$3M	new	+0.04 pp	new
CSWCCapital Southwest Corp	0.04%	80,600	$3M	added+29%	+0.01 pp	3 q
GIFIGulf Island Fabrication Inc	0.04%	160,875	$3M	added+4%	0.00 pp	5 q
HSBCHSBC Holdings PLC	0.04%	69,804	$4M	added+7%	0.00 pp	4 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,160	$3M	trimmed−81%	−0.16 pp	5 q
unresolvedPier 1 Imports, Inc.	0.04%	187,835	$3M	new	+0.04 pp	new
SOThe Southern Company	0.04%	70,487	$3M	new	+0.04 pp	new
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	209,606	$3M	added+31%	+0.01 pp	5 q
CLBCore Laboratories Inc.	0.04%	19,854	$3M	new	+0.04 pp	new
AZTAAzenta, Inc.	0.03%	252,900	$3M	held	—	4 q
CHRWC.H. Robinson Worldwide, Inc.	0.03%	42,448	$3M	added+53%	+0.01 pp	2 q
unresolvedMindray Medical International ADR	0.03%	76,981	$2M	added+36%	+0.01 pp	3 q
SSUPSuperior Industries Intl	0.03%	110,150	$2M	held	—	4 q
VGKVanguard FTSE Europe ETF	0.03%	36,872	$2M	trimmed−13%	0.00 pp	5 q
AKXAnsys Inc	0.02%	24,272	$2M	new	+0.02 pp	new
BSACBanco Santander-Chile	0.02%	49,097	$1M	held	—	2 q
FORMFormFactor Inc.	0.02%	164,475	$1M	trimmed−59%	−0.01 pp	3 q
unresolvedMb Financial Inc New	0.02%	58,750	$2M	held	—	5 q
unresolvedMulti-Fineline Electronix, Inc.	0.02%	171,025	$2M	held	—	5 q
TMToyota Motor Corporation	0.02%	14,818	$2M	added×2.6	+0.01 pp	5 q
unresolvedWisconsin Energy Corp.	0.02%	41,620	$2M	new	+0.02 pp	new
ALVAutoliv, Inc.	0.01%	11,466	$1M	trimmed−66%	−0.03 pp	4 q
COSTCostco Wholesale Corp	0.01%	5,057	$582,000	new	+0.01 pp	new
unresolvedGrupo Financiero Santander Mex	0.01%	72,154	$958,000	trimmed−12%	0.00 pp	2 q
unresolvediShares MSCI United Kingdom Index ETF	0.01%	51,300	$1M	held	—	3 q
MTBM&T Bank Corp.	0.01%	7,352	$912,000	added+62%	0.00 pp	3 q
unresolvedRockwell Collins Inc	0.01%	11,405	$891,000	new	+0.01 pp	new
STTState Street Corporation	0.01%	13,912	$936,000	new	+0.01 pp	new
ACNAccenture PLC	0.01%	11,447	$925,000	new	+0.01 pp	new
ITUBItau Unibanco Holding S.A.	0.00%	11,094	$160,000	trimmed−73%	−0.01 pp	2 q
unresolvedDirectv	—	−115,280	—	exited	−0.11 pp	—
OXYOccidental Petroleum Corporation	—	−39,891	—	exited	−0.05 pp	—
TDSTelephone and Data Systems Inc.	—	−112,530	—	exited	−0.04 pp	—
unresolvedTibco Software Inc	—	−168,387	—	exited	−0.04 pp	—
GPNGlobal Payments, Inc.	—	−24,801	—	exited	−0.02 pp	—
CAJPYCanon Inc S/	—	−15,734	—	exited	−0.01 pp	—
HDBHDFC Bank Limited	—	−6,400	—	exited	0.00 pp	—