Ariel Investments

Q4 2014 13F · by John Rogers, CIO

As of: Dec 31, 2014
Filed: Feb 13, 2015
US stock: $8.7B · prev $7.8B
Positions: 190 · prev 186
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%

Moves190 since the prior filing

+3.5 pp in · −3.4 pp out

New 10 +1.04 pp
Added 95 +2.47 pp
Trimmed 79 −2.66 pp
Exited 6 −0.77 pp

The book

Diversified · behaves like 68 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.2 years per position

Low
Moderate
High

Top 5 positions15% of US stock

FAF First American Financial Corporation trimmed+0.16 pp trimmed+0.163.8%
BRS Bristow Group, Inc. added−0.32 pp added−0.323.2%
WU The Western Union Company added+0.05 pp added+0.052.9%
LAZ Lazard, Inc. added−0.32 pp added−0.322.9%
JLL Jones Lang LaSalle, Inc. trimmed−0.07 pp trimmed−0.072.7%

Positions190 in this filing · 6 exited


FAFFirst American Financial Corporation	3.80%	9,716,218	$329M	trimmed−7%	+0.16 pp	7 q
BRSBristow Group, Inc.	3.21%	4,222,916	$278M	added+4%	−0.32 pp	7 q
WUThe Western Union Company	2.88%	13,937,811	$250M	added+2%	+0.05 pp	7 q
LAZLazard, Inc.	2.85%	4,928,720	$247M	added+2%	−0.32 pp	7 q
JLLJones Lang LaSalle, Inc.	2.74%	1,582,928	$237M	trimmed−8%	−0.07 pp	7 q
ISCAInternational Speedway Corp	2.34%	6,415,666	$203M	added+2%	−0.24 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	2.34%	9,752,565	$203M	added+3%	+0.10 pp	7 q
SJMThe J.M. Smucker Company	2.21%	1,895,126	$191M	added+5%	−0.11 pp	7 q
unresolvedGannett Inc	2.19%	5,952,133	$190M	trimmed−2%	−0.13 pp	7 q
KMTKennametal Inc.	2.16%	5,234,340	$187M	added+33%	+0.06 pp	3 q
unresolvedCity National Corp.	1.87%	2,006,554	$162M	trimmed−0%	−0.09 pp	7 q
SWKStanley Black & Decker, Inc.	1.83%	1,650,591	$159M	added+11%	+0.12 pp	7 q
unresolvedJanus Cap Group Inc	1.78%	9,576,506	$154M	trimmed−5%	−0.10 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	1.73%	1,386,680	$150M	trimmed−0%	−0.09 pp	4 q
NWLNewell Brands Inc.	1.66%	3,770,059	$144M	trimmed−0%	−0.02 pp	7 q
unresolvedKkr & Co L P DEL	1.64%	6,121,560	$142M	added+3%	−0.08 pp	7 q
unresolvedHospira Inc	1.63%	2,311,309	$142M	trimmed−5%	0.00 pp	7 q
CBRECbre Group, Inc.	1.52%	3,835,896	$131M	trimmed−4%	−0.01 pp	7 q
SNASnap-on Incorporated	1.50%	950,457	$130M	trimmed−8%	−0.11 pp	7 q
BIOBio-Rad Laboratories, Inc.Class A	1.48%	1,060,567	$128M	trimmed−1%	−0.08 pp	7 q
CRLCharles River Laboratories International, Inc.	1.47%	2,004,055	$128M	added0%	−0.07 pp	7 q
BIDTribeca Strategic Acquisition Corp. Class A	1.42%	2,848,565	$123M	added+6%	+0.18 pp	7 q
BRCBrady Corporation	1.41%	4,462,578	$122M	added+3%	+0.16 pp	7 q
unresolvedMadison Square Garden Co	1.36%	1,565,646	$118M	trimmed−16%	−0.24 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	1.36%	1,040,965	$118M	trimmed−1%	0.00 pp	7 q
MDPMeredith Corporation	1.31%	2,094,362	$114M	added0%	+0.16 pp	7 q
MCFContango Oil & Gas Co.	1.27%	3,749,217	$110M	added0%	−0.34 pp	7 q
SSDSimpson Manufacturing Co., Inc.	1.27%	3,178,871	$110M	added+8%	+0.17 pp	7 q
MTSCMTS Systems Corp	1.25%	1,446,559	$109M	added+5%	+0.04 pp	7 q
AXEAnixter International Inc	1.23%	1,203,876	$106M	added+18%	+0.12 pp	7 q
FICOFair Isaac Corporation	1.20%	1,443,821	$104M	trimmed−18%	−0.04 pp	7 q
BENFranklin Templeton, Inc.	1.18%	1,850,175	$102M	trimmed−0%	−0.13 pp	7 q
NTRSNorthern Trust Corp	1.17%	1,509,474	$102M	trimmed−0%	−0.16 pp	7 q
AFLAflac Inc.	1.16%	1,639,462	$100M	added+9%	+0.03 pp	7 q
unresolvedDun & Bradstreet Corp/The	1.16%	829,097	$100M	added0%	−0.09 pp	7 q
unresolvedCBS Corp	1.10%	1,720,057	$95M	added+31%	+0.19 pp	7 q
OMCOmnicom Group Inc.	1.08%	1,202,590	$93M	trimmed−0%	+0.01 pp	7 q
RCLRoyal Caribbean Group	1.07%	1,125,221	$93M	trimmed−17%	−0.11 pp	7 q
JWNNordstrom, Inc.	1.02%	1,117,279	$89M	trimmed−20%	−0.22 pp	7 q
ITWIllinois Tool Works Inc.	0.99%	909,356	$86M	trimmed−1%	−0.01 pp	7 q
LFUSLittelfuse Inc	0.99%	883,410	$85M	trimmed−0%	+0.02 pp	7 q
unresolvedSt Jude Med Inc	0.92%	1,219,961	$79M	trimmed−1%	−0.03 pp	7 q
GILDGilead Sciences Inc	0.87%	802,803	$76M	added+25%	−0.01 pp	7 q
MSFTMicrosoft Corp	0.86%	1,606,672	$75M	added+21%	+0.06 pp	7 q
SLCAU.s. Silica Holdings, Inc.	0.85%	2,852,471	$73M	added×3.9	+0.26 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.84%	580,501	$73M	added+7%	−0.01 pp	7 q
MHKMohawk Industries, Inc.	0.80%	445,987	$69M	added0%	+0.03 pp	7 q
VIABViacom Inc. Class B	0.79%	906,607	$68M	added+11%	−0.02 pp	7 q
JNJJohnson & Johnson	0.76%	632,132	$66M	added+18%	+0.02 pp	7 q
BXBlackstone Inc.	0.63%	1,617,812	$55M	added0%	−0.03 pp	7 q
unresolvedCoach Inc	0.63%	1,455,109	$55M	trimmed−10%	−0.11 pp	7 q
unresolvedBlount Intl Inc New	0.60%	2,945,085	$52M	trimmed−1%	+0.02 pp	7 q
unresolvedCowen group Inc.	0.56%	10,175,653	$49M	trimmed−5%	+0.04 pp	7 q
unresolvedHarman Intl Inds Inc	0.55%	445,368	$48M	added+28%	+0.11 pp	7 q
NOVNOV Inc.	0.55%	722,935	$47M	added×5.3	+0.42 pp	7 q
unresolvedGlaxosmithkline PLC	0.52%	1,044,923	$45M	added+4%	−0.08 pp	7 q
TISITeam, Inc.	0.52%	1,110,233	$45M	trimmed−4%	−0.04 pp	7 q
ORBCORBCOMM, Inc.	0.49%	6,511,317	$43M	added+1%	+0.01 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.49%	1,116,208	$42M	added×4.2	+0.35 pp	7 q
TROWT Rowe Price Group Inc	0.46%	459,806	$39M	trimmed−0%	−0.01 pp	7 q
unresolvedTowers Watson & Co.	0.46%	352,140	$40M	added+12%	+0.06 pp	7 q
BIDUBaidu, Inc.	0.45%	170,968	$39M	added+55%	+0.14 pp	7 q
RSTRosetta Stone Inc	0.43%	3,849,669	$38M	trimmed−4%	+0.01 pp	7 q
unresolvedXO Group Inc.	0.40%	1,925,380	$35M	trimmed−2%	+0.12 pp	7 q
IEXIDEX Corporation	0.39%	429,221	$33M	trimmed−23%	−0.13 pp	7 q
GHCGraham Holdings Company	0.38%	37,969	$33M	trimmed−26%	−0.08 pp	5 q
unresolvedTumi Holdings Inc.	0.38%	1,400,105	$33M	added+7%	+0.04 pp	6 q
unresolvedPendrell Corp.	0.36%	22,547,095	$31M	added+10%	0.00 pp	7 q
NOKNokia Corporation	0.35%	3,828,176	$30M	added+55%	+0.08 pp	7 q
unresolvedRyanair Holdings PLC ADR	0.35%	424,644	$30M	added+30%	+0.11 pp	7 q
ACTGAcacia Research Corporation	0.33%	1,673,475	$28M	added+30%	+0.07 pp	7 q
ZBRAZebra Technologies Corporation	0.32%	353,039	$27M	added0%	0.00 pp	5 q
unresolvedBroadcom Corp	0.30%	598,273	$26M	added+31%	+0.06 pp	6 q
PEWPctel Inc	0.30%	2,986,847	$26M	trimmed−2%	0.00 pp	7 q
DGXQuest Diagnostics Inc.	0.30%	386,508	$26M	added+11%	+0.03 pp	7 q
RNWARealnetworks Inc	0.30%	3,676,982	$26M	added+40%	+0.06 pp	6 q
BCOThe Brink's Company	0.29%	1,019,480	$25M	trimmed−6%	−0.05 pp	7 q
unresolvedImation Corp	0.29%	6,700,936	$25M	added+4%	+0.04 pp	7 q
LFCRLifecore Biomedical, Inc.	0.28%	1,781,428	$25M	trimmed−2%	−0.01 pp	7 q
CHLChina Mobile Limited	0.27%	400,803	$24M	trimmed−2%	−0.04 pp	7 q
unresolvedLumber Liquidators Hldgs Inc	0.27%	357,204	$24M	new	+0.27 pp	new
unresolvedRentech, Inc.	0.27%	18,857,659	$24M	added+36%	−0.04 pp	7 q
RDS.ARoyal Dutch Shell PLC	0.26%	335,600	$22M	trimmed−5%	−0.09 pp	7 q
OESXOrion Energy Systems, Inc.	0.25%	3,919,208	$22M	trimmed−1%	−0.02 pp	7 q
unresolvedFurmanite Corp.	0.24%	2,675,316	$21M	added+14%	+0.04 pp	7 q
TILEInterface Inc	0.24%	1,273,939	$21M	added+4%	−0.01 pp	7 q
unresolvedSigma Designs Inc	0.24%	2,823,695	$21M	trimmed−2%	+0.08 pp	7 q
unresolvedErickson Inc.	0.23%	2,340,545	$20M	trimmed−1%	−0.17 pp	7 q
unresolvedSpartan Motors Inc.	0.23%	3,720,639	$20M	trimmed−2%	0.00 pp	7 q
USBU.S. Bancorp	0.23%	449,995	$20M	added+30%	+0.04 pp	6 q
ALOTAstroNova, Inc.	0.22%	1,167,646	$19M	added0%	+0.02 pp	7 q
unresolvedQlogic Corp	0.22%	1,416,066	$19M	added+29%	+0.09 pp	7 q
unresolvedAV Homes, Inc.	0.21%	1,245,764	$18M	trimmed−3%	−0.03 pp	7 q
unresolvedMitcham Industries, Inc.	0.20%	2,945,988	$17M	trimmed−5%	−0.24 pp	7 q
PMPhilip Morris International Inc.	0.20%	209,522	$17M	added+49%	+0.05 pp	6 q
unresolvedRubicon Technology, Inc.	0.20%	3,809,373	$17M	added+73%	+0.08 pp	7 q
CVUCPI Aerostructures, Inc.	0.19%	1,571,757	$16M	added+2%	−0.01 pp	7 q
unresolvedHCC Insurance Holdings, Inc.	0.19%	301,224	$16M	added+1%	0.00 pp	7 q
unresolvedPrivatebancorp Inc	0.19%	492,348	$16M	added+1%	0.00 pp	7 q
VZVerizon Communications	0.19%	348,964	$16M	new	+0.19 pp	new
CNTYCentury Casinos Inc	0.18%	3,031,885	$15M	added+20%	+0.01 pp	4 q
unresolvedDevry Ed Group Inc	0.18%	325,200	$15M	added0%	0.00 pp	7 q
IWNiShares Russell 2000 Value ETF	0.18%	154,683	$16M	new	+0.18 pp	new
MNManning & Napier, Inc.	0.18%	1,152,730	$16M	new	+0.18 pp	new
MATWMatthews International Corp	0.17%	305,567	$15M	added+1%	0.00 pp	7 q
BSACBanco Santander-Chile	0.16%	715,175	$14M	added×7.5	+0.13 pp	4 q
unresolvedEdgewater Technology Inc.	0.16%	1,832,030	$14M	trimmed−0%	0.00 pp	7 q
HMNHorace Mann Educators Corporation	0.16%	416,506	$14M	trimmed−1%	+0.01 pp	7 q
QUMUQumu Corp.	0.16%	1,013,186	$14M	added+29%	+0.03 pp	6 q
unresolvedRuckus Wireless Inc	0.16%	1,163,540	$14M	added+9%	−0.02 pp	6 q
PRCPPerceptron Inc	0.15%	1,321,395	$13M	trimmed−0%	−0.02 pp	7 q
unresolvedPozen Inc.	0.15%	1,588,798	$13M	trimmed−23%	−0.05 pp	7 q
TNAVTelenav Inc.	0.15%	1,965,654	$13M	trimmed−1%	−0.02 pp	7 q
TIFTiffany & Co.	0.15%	120,409	$13M	added0%	0.00 pp	7 q
VWOVanguard FTSE Emerging Markets ETF	0.15%	330,245	$13M	added×4.3	+0.11 pp	4 q
CPIXCumberland Pharmaceuticals Inc	0.14%	2,085,426	$12M	trimmed−20%	−0.03 pp	7 q
WMTWalmart Inc.	0.14%	138,311	$12M	trimmed−18%	−0.03 pp	6 q
BOBEBob Evans Farms, Inc.	0.12%	210,467	$11M	added+1%	−0.01 pp	7 q
CRWSCrown Crafts Inc	0.12%	1,293,657	$10M	trimmed−0%	0.00 pp	7 q
ORCLOracle Corp	0.12%	228,510	$10M	trimmed−1%	+0.01 pp	5 q
RLHRed Lions Hotel Corporation	0.12%	1,607,188	$10M	trimmed−2%	0.00 pp	7 q
VOOVanguard S&P 500 ETF	0.12%	56,244	$11M	new	+0.12 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.11%	63,968	$10M	added+31%	+0.02 pp	6 q
LMTLockheed Martin Corp.	0.11%	47,310	$9M	trimmed−12%	−0.02 pp	7 q
MIDDMiddleby Corp	0.11%	97,700	$10M	trimmed−1%	0.00 pp	7 q
PNCPNC Financial Services Group	0.11%	100,053	$9M	added+29%	+0.02 pp	6 q
SOThe Southern Company	0.11%	202,853	$10M	added+78%	+0.05 pp	3 q
VTVanguard Total World Stock ETF	0.11%	162,629	$10M	added+19%	0.00 pp	6 q
AETIStabilis Solutions, Inc.	0.10%	1,600,499	$9M	added+5%	−0.05 pp	7 q
unresolvedBallantyne Strong, Inc.	0.10%	2,074,182	$9M	trimmed−1%	−0.02 pp	7 q
CVSCvs Health Corporation	0.10%	93,675	$9M	trimmed−2%	0.00 pp	6 q
unresolvedDover Motorsports, Inc.	0.10%	3,368,937	$9M	trimmed−0%	0.00 pp	7 q
unresolvedE M C Corp Mass	0.10%	277,299	$8M	added+29%	+0.02 pp	6 q
unresolvedHardinge Inc.	0.10%	730,860	$9M	trimmed−2%	0.00 pp	7 q
XOMExxon Mobil Corp	0.09%	85,510	$8M	trimmed−0%	−0.01 pp	7 q
IBMInternational Business Machines Corporation	0.09%	51,182	$8M	trimmed−0%	−0.04 pp	7 q
MOSThe Mosaic Company	0.09%	162,630	$7M	trimmed−1%	0.00 pp	6 q
unresolvedStanley Furniture Co., Inc.	0.09%	2,919,131	$8M	trimmed−1%	−0.02 pp	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.08%	86,005	$7M	trimmed−0%	+0.01 pp	3 q
JPMJPMorgan Chase & Co.	0.08%	106,466	$7M	added+4%	0.00 pp	7 q
unresolvedPier 1 Imports, Inc.	0.08%	436,685	$7M	added+37%	+0.03 pp	3 q
unresolvedVical Inc	0.08%	6,483,219	$7M	added+10%	0.00 pp	7 q
CLBCore Laboratories Inc.	0.08%	56,035	$7M	added+32%	0.00 pp	3 q
unresolvedGaiam, Inc.	0.07%	836,310	$6M	trimmed−5%	−0.01 pp	7 q
GSGoldman Sachs Group Inc.	0.07%	33,275	$6M	held	—	7 q
MSMorgan Stanley	0.07%	159,380	$6M	trimmed−0%	0.00 pp	7 q
PXGBXPraxair Inc	0.07%	46,921	$6M	added+29%	+0.01 pp	6 q
CSWCCapital Southwest Corp	0.06%	126,000	$5M	added+48%	+0.02 pp	5 q
HNGRHanger Inc.	0.06%	253,785	$6M	added+57%	+0.02 pp	2 q
ITUBItau Unibanco Holding S.A.	0.06%	382,472	$5M	added×34.5	+0.06 pp	4 q
unresolvedApollo Group Inc Class A	0.05%	119,875	$4M	held	—	7 q
BNYBank of New York Mellon Corporation	0.05%	116,515	$5M	trimmed−0%	−0.01 pp	7 q
BAXBaxter International Inc.	0.05%	62,951	$5M	trimmed−0%	−0.01 pp	7 q
CHKChesapeake Energy Corp	0.05%	220,785	$4M	held	—	7 q
unresolvedHarris & Harris Group, Inc.	0.05%	1,581,593	$5M	new	+0.05 pp	new
NVDANvidia Corp	0.05%	218,965	$4M	added+29%	+0.01 pp	7 q
SLBSLB Limited	0.05%	51,362	$4M	added×5.3	+0.04 pp	2 q
TGTTarget Corporation	0.05%	61,450	$5M	trimmed−39%	−0.03 pp	7 q
VIVTelefonica Brasil, S.A.	0.05%	240,836	$4M	added+18%	0.00 pp	6 q
unresolvedAltera Corp	0.04%	94,030	$3M	added×2.2	+0.02 pp	2 q
AKXAnsys Inc	0.04%	40,190	$3M	added+29%	+0.01 pp	3 q
9990302DApache Corp	0.04%	61,900	$4M	held	—	6 q
ABXBarrick Mining Corporation	0.04%	322,268	$3M	held	—	3 q
BTIBritish American Tobacco p.l.c.	0.04%	34,500	$4M	added+46%	+0.01 pp	5 q
AZTAAzenta, Inc.	0.04%	278,750	$4M	added+3%	0.00 pp	6 q
EXPDExpeditors International of Washington, Inc.	0.04%	73,917	$3M	trimmed−28%	−0.01 pp	6 q
GIFIGulf Island Fabrication Inc	0.04%	167,100	$3M	trimmed−18%	−0.01 pp	7 q
unresolvedInternational Game Technology	0.04%	182,915	$3M	trimmed−17%	−0.01 pp	7 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	44,486	$3M	added+5%	0.00 pp	7 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.04%	252,328	$4M	added+17%	0.00 pp	7 q
unresolvedVersar Inc.	0.04%	1,141,021	$4M	trimmed−40%	−0.04 pp	7 q
unresolvedGrupo Financiero Santander Mex	0.03%	234,737	$2M	added×3.3	+0.02 pp	4 q
unresolvedRockwell Collins Inc	0.03%	31,284	$3M	added+29%	+0.01 pp	3 q
SSUPSuperior Industries Intl	0.03%	128,375	$3M	added+9%	0.00 pp	6 q
ACNAccenture PLC	0.03%	30,553	$3M	added×2.6	+0.02 pp	3 q
CMECME Group Inc.	0.02%	21,672	$2M	new	+0.02 pp	new
unresolvedMb Financial Inc New	0.02%	53,850	$2M	trimmed−14%	0.00 pp	7 q
unresolvedMulti-Fineline Electronix, Inc.	0.02%	167,525	$2M	trimmed−2%	0.00 pp	7 q
unresolvedPanera Bread Co	0.02%	10,916	$2M	trimmed−63%	−0.04 pp	3 q
STTState Street Corporation	0.02%	18,470	$1M	added+30%	+0.01 pp	3 q
VPLVanguard FTSE Pacific ETF	0.02%	35,058	$2M	trimmed−43%	−0.03 pp	7 q
VGKVanguard FTSE Europe ETF	0.02%	36,872	$2M	held	—	7 q
AXTIAXT Inc	0.01%	448,415	$1M	new	+0.01 pp	new
AXPAmerican Express Company	0.01%	7,082	$659,000	added+29%	0.00 pp	2 q
COSTCostco Wholesale Corp	0.01%	3,389	$480,000	trimmed−35%	0.00 pp	3 q
HSBCHSBC Holdings PLC	0.01%	21,019	$993,000	trimmed−59%	−0.02 pp	6 q
unresolvediShares MSCI United Kingdom Index ETF	0.01%	51,300	$925,000	new	+0.01 pp	new
KINKindred Biosciences, Inc.	0.01%	134,425	$1M	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	9,781	$1M	added+30%	0.00 pp	5 q
unresolvedWisconsin Energy Corp.	0.01%	8,950	$472,000	trimmed−79%	−0.01 pp	3 q
unresolvedBally Technologies Inc	—	−283,771	—	exited	−0.30 pp	—
unresolvedOplink Communications, Inc.	—	−1,060,103	—	exited	−0.23 pp	—
ARCARC Document Solutions, Inc.	—	−1,677,376	—	exited	−0.18 pp	—
unresolvedMindray Medical International ADR	—	−78,349	—	exited	−0.03 pp	—
TMToyota Motor Corporation	—	−14,818	—	exited	−0.02 pp	—
ALVAutoliv, Inc.	—	−8,285	—	exited	−0.01 pp	—