Ariel Investments

Q3 2014 13F · by John Rogers, CIO

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $7.8B · prev $8.2B
Positions: 186 · prev 188
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%

Moves183 since the prior filing

+7.3 pp in · −7.3 pp out

New 4 +0.08 pp
Added 114 +7.19 pp
Trimmed 59 −6.39 pp
Exited 6 −0.86 pp

The book

Diversified · behaves like 66 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

FAF First American Financial Corporation added+0.44 pp added+0.443.6%
BRS Bristow Group, Inc. added+0.52 pp added+0.523.5%
LAZ Lazard, Inc. trimmed−0.01 pp trimmed−0.013.2%
WU The Western Union Company trimmed−0.13 pp trimmed−0.132.8%
JLL Jones Lang LaSalle, Inc. trimmed−0.16 pp trimmed−0.162.8%

Positions186 in this filing · 6 exited


FAFFirst American Financial Corporation	3.64%	10,395,183	$282M	added+11%	+0.44 pp	6 q
BRSBristow Group, Inc.	3.53%	4,074,155	$274M	added+33%	+0.52 pp	6 q
LAZLazard, Inc.	3.17%	4,852,010	$246M	trimmed−4%	−0.01 pp	6 q
WUThe Western Union Company	2.83%	13,649,596	$219M	trimmed−2%	−0.13 pp	6 q
JLLJones Lang LaSalle, Inc.	2.81%	1,726,379	$218M	trimmed−10%	−0.16 pp	6 q
ISCAInternational Speedway Corp	2.58%	6,318,678	$200M	added+4%	+0.11 pp	6 q
unresolvedGannett Inc	2.32%	6,068,818	$180M	trimmed−10%	−0.26 pp	6 q
SJMThe J.M. Smucker Company	2.32%	1,813,476	$180M	added+17%	+0.30 pp	6 q
IPGThe Interpublic Group of Companies, Inc.	2.24%	9,461,460	$173M	trimmed−21%	−0.62 pp	6 q
KMTKennametal Inc.	2.10%	3,938,655	$163M	added×2.8	+1.30 pp	2 q
unresolvedCity National Corp.	1.96%	2,010,960	$152M	added0%	+0.10 pp	6 q
unresolvedJanus Cap Group Inc	1.88%	10,033,781	$146M	trimmed−37%	−0.53 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	1.82%	1,389,464	$141M	added+28%	+0.46 pp	3 q
unresolvedKkr & Co L P DEL	1.72%	5,962,320	$133M	added+1%	−0.03 pp	6 q
SWKStanley Black & Decker, Inc.	1.71%	1,488,256	$132M	added+2%	+0.15 pp	6 q
NWLNewell Brands Inc.	1.68%	3,776,919	$130M	added0%	+0.25 pp	6 q
unresolvedHospira Inc	1.63%	2,433,369	$127M	trimmed−22%	−0.34 pp	6 q
MCFContango Oil & Gas Co.	1.61%	3,748,952	$125M	added+28%	+0.09 pp	6 q
SNASnap-on Incorporated	1.61%	1,032,207	$125M	added0%	+0.12 pp	6 q
unresolvedMadison Square Garden Co	1.60%	1,869,857	$124M	trimmed−7%	+0.07 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	1.56%	1,067,226	$121M	added+9%	+0.12 pp	6 q
CRLCharles River Laboratories International, Inc.	1.54%	1,996,270	$119M	added+2%	+0.26 pp	6 q
CBRECbre Group, Inc.	1.53%	3,998,936	$119M	trimmed−8%	−0.17 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	1.36%	1,047,358	$105M	added+39%	+0.40 pp	6 q
NTRSNorthern Trust Corp	1.33%	1,513,079	$103M	added+1%	+0.15 pp	6 q
BENFranklin Templeton, Inc.	1.31%	1,858,974	$102M	added+7%	+0.08 pp	6 q
BRCBrady Corporation	1.25%	4,328,458	$97M	added+33%	+0.06 pp	6 q
unresolvedDun & Bradstreet Corp/The	1.25%	825,347	$97M	added0%	+0.14 pp	6 q
FICOFair Isaac Corporation	1.24%	1,750,666	$96M	trimmed−8%	−0.24 pp	6 q
JWNNordstrom, Inc.	1.24%	1,402,566	$96M	added+1%	+0.08 pp	6 q
BIDTribeca Strategic Acquisition Corp. Class A	1.24%	2,692,275	$96M	added+50%	+0.32 pp	6 q
MTSCMTS Systems Corp	1.21%	1,375,920	$94M	added+44%	+0.42 pp	6 q
RCLRoyal Caribbean Group	1.18%	1,362,411	$92M	trimmed−3%	+0.22 pp	6 q
MDPMeredith Corporation	1.15%	2,085,822	$89M	trimmed−1%	−0.09 pp	6 q
AFLAflac Inc.	1.13%	1,504,452	$88M	added+6%	+0.05 pp	6 q
AXEAnixter International Inc	1.11%	1,016,171	$86M	added+19%	+0.07 pp	6 q
SSDSimpson Manufacturing Co., Inc.	1.10%	2,936,246	$86M	added+25%	+0.05 pp	6 q
OMCOmnicom Group Inc.	1.07%	1,207,047	$83M	added+2%	+0.04 pp	6 q
ITWIllinois Tool Works Inc.	1.00%	917,213	$77M	added+1%	+0.02 pp	6 q
LFUSLittelfuse Inc	0.97%	883,775	$75M	added+7%	+0.03 pp	6 q
unresolvedSt Jude Med Inc	0.95%	1,227,309	$74M	added+1%	−0.08 pp	6 q
unresolvedCBS Corp	0.91%	1,316,859	$70M	added+4%	−0.06 pp	6 q
GILDGilead Sciences Inc	0.88%	643,896	$69M	added+1%	+0.23 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.85%	540,702	$66M	added+1%	+0.08 pp	6 q
VIABViacom Inc. Class B	0.81%	813,793	$63M	added+3%	−0.03 pp	6 q
MSFTMicrosoft Corp	0.80%	1,331,896	$62M	trimmed−5%	+0.09 pp	6 q
MHKMohawk Industries, Inc.	0.77%	443,985	$60M	trimmed−0%	+0.02 pp	6 q
unresolvedCoach Inc	0.74%	1,615,879	$58M	trimmed−14%	−0.04 pp	6 q
JNJJohnson & Johnson	0.74%	536,616	$57M	added+3%	+0.07 pp	6 q
BXBlackstone Inc.	0.66%	1,616,687	$51M	trimmed−10%	−0.08 pp	6 q
unresolvedGlaxosmithkline PLC	0.60%	1,005,634	$46M	added+2%	−0.05 pp	6 q
SLCAU.s. Silica Holdings, Inc.	0.59%	731,698	$46M	trimmed−44%	−0.30 pp	5 q
unresolvedBlount Intl Inc New	0.58%	2,982,295	$45M	added+26%	+0.17 pp	6 q
TISITeam, Inc.	0.56%	1,151,458	$44M	added+10%	+0.03 pp	6 q
unresolvedCowen group Inc.	0.52%	10,737,123	$40M	added+7%	0.00 pp	6 q
IEXIDEX Corporation	0.52%	554,301	$40M	trimmed−0%	−0.03 pp	6 q
ORBCORBCOMM, Inc.	0.48%	6,467,823	$37M	added+15%	+0.03 pp	6 q
TROWT Rowe Price Group Inc	0.47%	461,698	$36M	added+1%	0.00 pp	6 q
GHCGraham Holdings Company	0.46%	51,386	$36M	trimmed−6%	−0.02 pp	4 q
unresolvedHarman Intl Inds Inc	0.44%	349,205	$34M	added+1%	−0.01 pp	6 q
unresolvedMitcham Industries, Inc.	0.44%	3,094,212	$34M	added+1%	−0.09 pp	6 q
RSTRosetta Stone Inc	0.42%	4,030,004	$32M	added+6%	−0.03 pp	6 q
unresolvedErickson Inc.	0.40%	2,356,919	$31M	added+26%	+0.03 pp	6 q
unresolvedTowers Watson & Co.	0.40%	315,059	$31M	added+1%	0.00 pp	6 q
unresolvedPendrell Corp.	0.36%	20,542,828	$28M	added+14%	−0.03 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.35%	351,606	$27M	added+3%	+0.01 pp	6 q
BCOThe Brink's Company	0.34%	1,084,110	$26M	trimmed−3%	−0.04 pp	6 q
unresolvedTumi Holdings Inc.	0.34%	1,304,866	$27M	added+4%	+0.03 pp	5 q
ZBRAZebra Technologies Corporation	0.32%	352,679	$25M	added+3%	−0.03 pp	4 q
BIDUBaidu, Inc.	0.31%	110,456	$24M	added+2%	+0.06 pp	6 q
CHLChina Mobile Limited	0.31%	408,090	$24M	added+10%	+0.09 pp	6 q
unresolvedRentech, Inc.	0.31%	13,857,864	$24M	added+13%	−0.08 pp	6 q
unresolvedBally Technologies Inc	0.30%	283,771	$23M	trimmed−84%	−1.08 pp	3 q
PEWPctel Inc	0.30%	3,033,786	$23M	trimmed−0%	0.00 pp	6 q
LFCRLifecore Biomedical, Inc.	0.29%	1,809,556	$22M	trimmed−25%	−0.08 pp	6 q
unresolvedXO Group Inc.	0.28%	1,955,123	$22M	trimmed−6%	−0.03 pp	6 q
NOKNokia Corporation	0.27%	2,476,136	$21M	added+22%	+0.08 pp	6 q
OESXOrion Energy Systems, Inc.	0.27%	3,967,589	$21M	added0%	+0.07 pp	6 q
DGXQuest Diagnostics Inc.	0.27%	348,910	$21M	trimmed−1%	+0.02 pp	6 q
ACTGAcacia Research Corporation	0.26%	1,284,415	$20M	added+3%	−0.01 pp	6 q
unresolvedImation Corp	0.25%	6,456,993	$19M	added+6%	−0.01 pp	6 q
TILEInterface Inc	0.25%	1,222,789	$20M	added+19%	+0.01 pp	6 q
unresolvedAV Homes, Inc.	0.24%	1,278,515	$19M	trimmed−2%	−0.02 pp	6 q
unresolvedBroadcom Corp	0.24%	458,417	$19M	added+2%	+0.04 pp	5 q
RNWARealnetworks Inc	0.24%	2,629,677	$18M	added+1%	0.00 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.24%	326,688	$18M	added+13%	+0.04 pp	6 q
unresolvedOplink Communications, Inc.	0.23%	1,060,103	$18M	trimmed−10%	−0.01 pp	4 q
unresolvedSpartan Motors Inc.	0.23%	3,786,479	$18M	added+1%	+0.02 pp	6 q
ALOTAstroNova, Inc.	0.20%	1,163,639	$15M	added+7%	+0.02 pp	6 q
CVUCPI Aerostructures, Inc.	0.20%	1,543,268	$15M	added+8%	−0.02 pp	6 q
unresolvedFurmanite Corp.	0.20%	2,345,437	$16M	added+82%	+0.02 pp	6 q
unresolvedPozen Inc.	0.20%	2,071,920	$15M	added+14%	+0.02 pp	6 q
unresolvedHCC Insurance Holdings, Inc.	0.19%	297,459	$14M	trimmed−1%	+0.01 pp	6 q
unresolvedPrivatebancorp Inc	0.19%	489,018	$15M	trimmed−1%	+0.01 pp	6 q
USBU.S. Bancorp	0.19%	344,896	$14M	added+2%	+0.01 pp	5 q
ARCARC Document Solutions, Inc.	0.18%	1,677,376	$14M	trimmed−24%	+0.02 pp	6 q
unresolvedDevry Ed Group Inc	0.18%	324,375	$14M	trimmed−1%	+0.01 pp	6 q
unresolvedRuckus Wireless Inc	0.18%	1,071,597	$14M	added+4%	+0.03 pp	5 q
CNTYCentury Casinos Inc	0.17%	2,532,132	$13M	added×3.5	+0.12 pp	3 q
CPIXCumberland Pharmaceuticals Inc	0.17%	2,607,251	$13M	trimmed−2%	+0.02 pp	6 q
MATWMatthews International Corp	0.17%	303,412	$13M	trimmed−1%	+0.01 pp	6 q
PRCPPerceptron Inc	0.17%	1,324,376	$13M	added0%	−0.04 pp	6 q
TNAVTelenav Inc.	0.17%	1,981,489	$13M	trimmed−12%	+0.01 pp	6 q
WMTWalmart Inc.	0.17%	168,550	$13M	added+2%	+0.02 pp	5 q
unresolvedEdgewater Technology Inc.	0.16%	1,837,374	$13M	added+16%	+0.02 pp	6 q
unresolvedSigma Designs Inc	0.16%	2,890,195	$12M	trimmed−3%	−0.01 pp	6 q
AETIStabilis Solutions, Inc.	0.15%	1,520,718	$11M	trimmed−0%	+0.02 pp	6 q
HMNHorace Mann Educators Corporation	0.15%	418,959	$12M	trimmed−1%	−0.01 pp	6 q
PMPhilip Morris International Inc.	0.15%	140,441	$12M	added+5%	+0.01 pp	5 q
TIFTiffany & Co.	0.15%	120,226	$12M	added+1%	0.00 pp	6 q
VEAVanguard FTSE Developed Markets ETF	0.14%	264,971	$11M	added+15%	+0.02 pp	6 q
BOBEBob Evans Farms, Inc.	0.13%	209,002	$10M	trimmed−1%	0.00 pp	6 q
IBMInternational Business Machines Corporation	0.13%	51,282	$10M	added+2%	+0.02 pp	6 q
LMTLockheed Martin Corp.	0.13%	54,060	$10M	trimmed−5%	+0.02 pp	6 q
NOVNOV Inc.	0.13%	137,143	$10M	added0%	−0.01 pp	6 q
unresolvedQlogic Corp	0.13%	1,095,749	$10M	added+19%	+0.02 pp	6 q
QUMUQumu Corp.	0.13%	784,046	$10M	added+36%	+0.03 pp	5 q
unresolvedBallantyne Strong, Inc.	0.12%	2,088,782	$9M	trimmed−12%	0.00 pp	6 q
CRWSCrown Crafts Inc	0.12%	1,298,832	$10M	trimmed−0%	0.00 pp	6 q
RLHRed Lions Hotel Corporation	0.12%	1,637,130	$9M	trimmed−0%	+0.01 pp	6 q
unresolvedRubicon Technology, Inc.	0.12%	2,206,147	$9M	added+64%	−0.02 pp	6 q
MIDDMiddleby Corp	0.11%	98,825	$9M	trimmed−1%	+0.01 pp	6 q
ORCLOracle Corp	0.11%	231,010	$9M	added+47%	+0.03 pp	4 q
unresolvedStanley Furniture Co., Inc.	0.11%	2,958,556	$8M	trimmed−0%	+0.01 pp	5 q
VTVanguard Total World Stock ETF	0.11%	136,634	$8M	trimmed−29%	−0.04 pp	5 q
CVSCvs Health Corporation	0.10%	95,275	$8M	trimmed−3%	+0.01 pp	5 q
unresolvedDover Motorsports, Inc.	0.10%	3,382,512	$8M	trimmed−0%	−0.02 pp	6 q
XOMExxon Mobil Corp	0.10%	85,610	$8M	added+2%	0.00 pp	6 q
unresolvedHardinge Inc.	0.10%	742,160	$8M	added0%	−0.01 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.09%	49,016	$7M	added+2%	+0.02 pp	5 q
MOSThe Mosaic Company	0.09%	163,930	$7M	added+1%	−0.01 pp	5 q
PNCPNC Financial Services Group	0.09%	77,501	$7M	added+2%	+0.01 pp	5 q
unresolvedE M C Corp Mass	0.08%	214,629	$6M	added+2%	+0.01 pp	5 q
unresolvedGaiam, Inc.	0.08%	880,320	$6M	trimmed−0%	0.00 pp	6 q
GSGoldman Sachs Group Inc.	0.08%	33,275	$6M	held	—	6 q
JPMJPMorgan Chase & Co.	0.08%	102,296	$6M	added0%	+0.01 pp	6 q
TGTTarget Corporation	0.08%	100,650	$6M	trimmed−14%	0.00 pp	6 q
unresolvedVersar Inc.	0.08%	1,896,022	$6M	trimmed−0%	0.00 pp	6 q
unresolvedVical Inc	0.08%	5,880,710	$7M	added+1%	−0.01 pp	6 q
CLBCore Laboratories Inc.	0.08%	42,597	$6M	added×2.1	+0.04 pp	2 q
9990302DApache Corp	0.07%	61,900	$6M	held	—	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.07%	86,105	$6M	added+66%	+0.03 pp	2 q
CHKChesapeake Energy Corp	0.07%	220,785	$5M	held	—	6 q
MSMorgan Stanley	0.07%	159,580	$6M	added+1%	+0.01 pp	6 q
BNYBank of New York Mellon Corporation	0.06%	116,715	$5M	added+3%	+0.01 pp	6 q
ABXBarrick Mining Corporation	0.06%	322,268	$5M	held	—	2 q
BAXBaxter International Inc.	0.06%	63,051	$5M	added+3%	+0.01 pp	6 q
unresolvedPanera Bread Co	0.06%	29,884	$5M	added+2%	+0.01 pp	2 q
PXGBXPraxair Inc	0.06%	36,377	$5M	trimmed−54%	−0.07 pp	5 q
SOThe Southern Company	0.06%	114,071	$5M	added+62%	+0.02 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.05%	102,948	$4M	trimmed−10%	−0.01 pp	5 q
GIFIGulf Island Fabrication Inc	0.05%	203,250	$3M	added+26%	+0.01 pp	6 q
unresolvedInternational Game Technology	0.05%	221,065	$4M	trimmed−98%	−2.41 pp	6 q
unresolvedPier 1 Imports, Inc.	0.05%	318,395	$4M	added+70%	+0.01 pp	2 q
VIVTelefonica Brasil, S.A.	0.05%	203,727	$4M	added+2%	0.00 pp	5 q
VPLVanguard FTSE Pacific ETF	0.05%	61,206	$4M	trimmed−24%	−0.01 pp	6 q
unresolvedApollo Group Inc Class A	0.04%	119,875	$3M	held	—	6 q
AZTAAzenta, Inc.	0.04%	271,800	$3M	added+7%	+0.01 pp	5 q
CSWCCapital Southwest Corp	0.04%	85,400	$3M	added+6%	0.00 pp	4 q
HNGRHanger Inc.	0.04%	161,420	$3M	new	+0.04 pp	new
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,561	$3M	added+1%	0.00 pp	6 q
NVDANvidia Corp	0.04%	169,799	$3M	trimmed−65%	−0.07 pp	6 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	215,116	$3M	added+3%	0.00 pp	6 q
VWOVanguard FTSE Emerging Markets ETF	0.04%	77,281	$3M	trimmed−27%	−0.02 pp	3 q
AKXAnsys Inc	0.03%	31,166	$2M	added+28%	+0.01 pp	2 q
BSACBanco Santander-Chile	0.03%	95,358	$2M	added+94%	+0.01 pp	3 q
BTIBritish American Tobacco p.l.c.	0.03%	23,686	$3M	trimmed−31%	−0.02 pp	4 q
HSBCHSBC Holdings PLC	0.03%	51,289	$3M	trimmed−27%	−0.01 pp	5 q
unresolvedMindray Medical International ADR	0.03%	78,349	$2M	added+2%	0.00 pp	4 q
SSUPSuperior Industries Intl	0.03%	118,150	$2M	added+7%	0.00 pp	5 q
VGKVanguard FTSE Europe ETF	0.03%	36,872	$2M	held	—	6 q
unresolvedAltera Corp	0.02%	42,950	$2M	new	+0.02 pp	new
unresolvedMb Financial Inc New	0.02%	62,850	$2M	added+7%	0.00 pp	6 q
unresolvedMulti-Fineline Electronix, Inc.	0.02%	171,225	$2M	added0%	0.00 pp	6 q
unresolvedRockwell Collins Inc	0.02%	24,291	$2M	added×2.1	+0.01 pp	2 q
TMToyota Motor Corporation	0.02%	14,818	$2M	held	—	6 q
unresolvedWisconsin Energy Corp.	0.02%	42,646	$2M	added+2%	0.00 pp	2 q
AXPAmerican Express Company	0.01%	5,492	$481,000	new	+0.01 pp	new
ALVAutoliv, Inc.	0.01%	8,285	$762,000	trimmed−28%	0.00 pp	5 q
COSTCostco Wholesale Corp	0.01%	5,221	$654,000	added+3%	0.00 pp	2 q
unresolvedGrupo Financiero Santander Mex	0.01%	72,154	$976,000	held	—	3 q
MTBM&T Bank Corp.	0.01%	7,537	$929,000	added+3%	0.00 pp	4 q
SLBSLB Limited	0.01%	9,627	$979,000	new	+0.01 pp	new
STTState Street Corporation	0.01%	14,256	$1M	added+2%	0.00 pp	2 q
ACNAccenture PLC	0.01%	11,731	$954,000	added+2%	0.00 pp	2 q
ITUBItau Unibanco Holding S.A.	0.00%	11,094	$154,000	held	—	3 q
unresolvedSymmetry Medical Inc.	—	−5,182,795	—	exited	−0.56 pp	—
AWREAware Inc	—	−1,557,371	—	exited	−0.12 pp	—
unresolvedBolt Technology Corp.	—	−552,106	—	exited	−0.12 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−42,448	—	exited	−0.03 pp	—
FORMFormFactor Inc.	—	−164,475	—	exited	−0.02 pp	—
unresolvediShares MSCI United Kingdom Index ETF	—	−51,300	—	exited	−0.01 pp	—