Ariel Investments

Q1 2015 13F · by John Rogers, CIO

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $8.9B · prev $8.7B
Positions: 187 · prev 190
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

+6.5 pp in · −6.5 pp out

New 4 +0.20 pp
Added 121 +6.33 pp
Trimmed 55 −2.66 pp
Exited 7 −3.80 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions15% of US stock

LAZ Lazard, Inc. added+0.59 pp added+0.593.4%
KMT Kennametal Inc. added+0.93 pp added+0.933.1%
FAF First American Financial Corporation trimmed−0.72 pp trimmed−0.723.1%
BRS Bristow Group, Inc. added−0.31 pp added−0.312.9%
WU The Western Union Company trimmed−0.02 pp trimmed−0.022.9%

Positions187 in this filing · 7 exited


LAZLazard, Inc.	3.44%	5,836,442	$307M	added+18%	+0.59 pp	8 q
KMTKennametal Inc.	3.09%	8,193,593	$276M	added+57%	+0.93 pp	4 q
FAFFirst American Financial Corporation	3.08%	7,703,312	$275M	trimmed−21%	−0.72 pp	8 q
BRSBristow Group, Inc.	2.90%	4,749,344	$259M	added+12%	−0.31 pp	8 q
WUThe Western Union Company	2.86%	12,264,707	$255M	trimmed−12%	−0.02 pp	8 q
JLLJones Lang LaSalle, Inc.	2.75%	1,442,198	$246M	trimmed−9%	+0.01 pp	8 q
SJMThe J.M. Smucker Company	2.48%	1,912,771	$221M	added+1%	+0.27 pp	8 q
ISCAInternational Speedway Corp	2.47%	6,757,794	$220M	added+5%	+0.13 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	2.32%	9,353,307	$207M	trimmed−4%	−0.02 pp	8 q
unresolvedGannett Inc	2.23%	5,364,072	$199M	trimmed−10%	+0.04 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	1.99%	1,404,802	$177M	added+1%	+0.26 pp	5 q
AXEAnixter International Inc	1.90%	2,231,671	$170M	added+85%	+0.67 pp	8 q
SWKStanley Black & Decker, Inc.	1.79%	1,678,617	$160M	added+2%	−0.04 pp	8 q
BIOBio-Rad Laboratories, Inc.Class A	1.73%	1,141,142	$154M	added+8%	+0.25 pp	8 q
NWLNewell Brands Inc.	1.66%	3,797,991	$148M	added+1%	0.00 pp	8 q
CBRECbre Group, Inc.	1.63%	3,752,492	$145M	trimmed−2%	+0.11 pp	8 q
unresolvedKkr & Co L P DEL	1.60%	6,249,442	$143M	added+2%	−0.04 pp	8 q
CRLCharles River Laboratories International, Inc.	1.56%	1,758,445	$139M	trimmed−12%	+0.09 pp	8 q
SNASnap-on Incorporated	1.53%	931,098	$137M	trimmed−2%	+0.03 pp	8 q
BRCBrady Corporation	1.51%	4,751,462	$134M	added+6%	+0.10 pp	8 q
unresolvedJanus Cap Group Inc	1.51%	7,858,859	$135M	trimmed−18%	−0.27 pp	8 q
unresolvedMadison Square Garden Co	1.48%	1,565,043	$132M	trimmed−0%	+0.12 pp	8 q
ZBHZimmer Biomet Holdings, Inc.	1.40%	1,060,404	$125M	added+2%	+0.04 pp	8 q
AFLAflac Inc.	1.39%	1,931,904	$124M	added+18%	+0.23 pp	8 q
SSDSimpson Manufacturing Co., Inc.	1.34%	3,204,540	$120M	added+1%	+0.07 pp	8 q
MTSCMTS Systems Corp	1.32%	1,561,055	$118M	added+8%	+0.07 pp	8 q
OMCOmnicom Group Inc.	1.22%	1,395,069	$109M	added+16%	+0.14 pp	8 q
MDPMeredith Corporation	1.21%	1,928,616	$108M	trimmed−8%	−0.10 pp	8 q
NTRSNorthern Trust Corp	1.20%	1,537,461	$107M	added+2%	+0.03 pp	8 q
unresolvedCBS Corp	1.19%	1,753,813	$106M	added+2%	+0.09 pp	8 q
unresolvedDun & Bradstreet Corp/The	1.19%	824,326	$106M	trimmed−1%	+0.03 pp	8 q
unresolvedBlount Intl Inc New	1.17%	8,077,259	$104M	added×2.7	+0.57 pp	8 q
BIDTribeca Strategic Acquisition Corp. Class A	1.17%	2,471,184	$104M	trimmed−13%	−0.25 pp	8 q
BENFranklin Templeton, Inc.	1.11%	1,936,408	$99M	added+5%	−0.07 pp	8 q
MCFContango Oil & Gas Co.	1.08%	4,369,547	$96M	added+17%	−0.19 pp	8 q
ITWIllinois Tool Works Inc.	1.01%	925,123	$90M	added+2%	+0.02 pp	8 q
FICOFair Isaac Corporation	1.00%	1,005,658	$89M	trimmed−30%	−0.20 pp	8 q
SLCAU.s. Silica Holdings, Inc.	0.99%	2,489,156	$89M	trimmed−13%	+0.14 pp	7 q
GILDGilead Sciences Inc	0.98%	891,645	$87M	added+11%	+0.11 pp	8 q
LFUSLittelfuse Inc	0.96%	861,783	$86M	trimmed−2%	−0.03 pp	8 q
RCLRoyal Caribbean Group	0.96%	1,046,276	$86M	trimmed−7%	−0.11 pp	8 q
unresolvedSt Jude Med Inc	0.94%	1,280,608	$84M	added+5%	+0.02 pp	8 q
MHKMohawk Industries, Inc.	0.93%	445,522	$83M	trimmed−0%	+0.13 pp	8 q
MSFTMicrosoft Corp	0.88%	1,940,065	$79M	added+21%	+0.02 pp	8 q
TMOThermo Fisher Scientific, Inc.	0.88%	586,411	$79M	added+1%	+0.04 pp	8 q
VIABViacom Inc. Class B	0.81%	1,055,827	$72M	added+16%	+0.02 pp	8 q
JWNNordstrom, Inc.	0.78%	862,328	$69M	trimmed−23%	−0.24 pp	8 q
unresolvedHarman Intl Inds Inc	0.77%	514,324	$69M	added+15%	+0.22 pp	8 q
JNJJohnson & Johnson	0.74%	657,074	$66M	added+4%	−0.02 pp	8 q
NOVNOV Inc.	0.74%	1,322,575	$66M	added+83%	+0.19 pp	8 q
BIDUBaidu, Inc.	0.62%	266,144	$55M	added+56%	+0.17 pp	8 q
BXBlackstone Inc.	0.58%	1,332,744	$52M	trimmed−18%	−0.05 pp	8 q
unresolvedGlaxosmithkline PLC	0.54%	1,044,933	$48M	added0%	+0.02 pp	8 q
VZVerizon Communications	0.54%	997,040	$48M	added×2.9	+0.35 pp	2 q
TISITeam, Inc.	0.50%	1,147,914	$45M	added+3%	−0.02 pp	8 q
unresolvedCowen group Inc.	0.48%	8,163,670	$42M	trimmed−20%	−0.08 pp	8 q
unresolvedCoach Inc	0.47%	1,013,471	$42M	trimmed−30%	−0.16 pp	8 q
ORBCORBCOMM, Inc.	0.46%	6,912,579	$41M	added+6%	−0.03 pp	8 q
DGXQuest Diagnostics Inc.	0.44%	515,958	$40M	added+33%	+0.14 pp	8 q
unresolvedPendrell Corp.	0.42%	28,749,160	$37M	added+28%	+0.06 pp	8 q
TROWT Rowe Price Group Inc	0.42%	467,598	$38M	added+2%	−0.04 pp	8 q
unresolvedTumi Holdings Inc.	0.40%	1,472,900	$36M	added+5%	+0.02 pp	7 q
BCOThe Brink's Company	0.39%	1,247,233	$34M	added+22%	+0.10 pp	8 q
NOKNokia Corporation	0.37%	4,311,672	$33M	added+13%	+0.02 pp	8 q
TIFTiffany & Co.	0.37%	370,679	$33M	added×3.1	+0.22 pp	8 q
IEXIDEX Corporation	0.36%	427,246	$32M	trimmed−0%	−0.03 pp	8 q
RSTRosetta Stone Inc	0.36%	4,255,507	$32M	added+11%	−0.07 pp	8 q
unresolvedTowers Watson & Co.	0.36%	245,214	$32M	trimmed−30%	−0.10 pp	8 q
ZBRAZebra Technologies Corporation	0.36%	351,865	$32M	trimmed−0%	+0.04 pp	6 q
PMPhilip Morris International Inc.	0.35%	417,871	$31M	added+99%	+0.15 pp	7 q
unresolvedBroadcom Corp	0.34%	693,819	$30M	added+16%	+0.04 pp	7 q
RNWARealnetworks Inc	0.34%	4,456,837	$30M	added+21%	+0.04 pp	7 q
GHCGraham Holdings Company	0.30%	25,602	$27M	trimmed−33%	−0.08 pp	6 q
TILEInterface Inc	0.30%	1,298,389	$27M	added+2%	+0.06 pp	8 q
CHLChina Mobile Limited	0.29%	399,397	$26M	trimmed−0%	+0.02 pp	8 q
unresolvedImation Corp	0.29%	6,461,695	$26M	trimmed−4%	0.00 pp	8 q
unresolvedRentech, Inc.	0.29%	22,976,844	$26M	added+22%	+0.02 pp	8 q
unresolvedXO Group Inc.	0.29%	1,474,158	$26M	trimmed−23%	−0.11 pp	8 q
LFCRLifecore Biomedical, Inc.	0.28%	1,782,664	$25M	added0%	0.00 pp	8 q
PEWPctel Inc	0.27%	3,016,347	$24M	added+1%	−0.03 pp	8 q
USBU.S. Bancorp	0.26%	522,257	$23M	added+16%	+0.03 pp	7 q
ACTGAcacia Research Corporation	0.25%	2,075,577	$22M	added+24%	−0.08 pp	8 q
unresolvedQlogic Corp	0.25%	1,515,219	$22M	added+7%	+0.03 pp	8 q
unresolvedRyanair Holdings PLC ADR	0.25%	334,220	$22M	trimmed−21%	−0.10 pp	8 q
VEAVanguard FTSE Developed Markets ETF	0.25%	558,216	$22M	trimmed−50%	−0.24 pp	8 q
BSACBanco Santander-Chile	0.24%	990,174	$21M	added+38%	+0.08 pp	5 q
unresolvedFurmanite Corp.	0.24%	2,690,866	$21M	added+1%	0.00 pp	8 q
unresolvedRuckus Wireless Inc	0.24%	1,659,887	$21M	added+43%	+0.08 pp	7 q
CLBCore Laboratories Inc.	0.24%	207,517	$22M	added×3.7	+0.16 pp	4 q
unresolvedAV Homes, Inc.	0.22%	1,203,060	$19M	trimmed−3%	+0.01 pp	8 q
CVUCPI Aerostructures, Inc.	0.22%	1,573,457	$19M	added0%	+0.03 pp	8 q
CNTYCentury Casinos Inc	0.22%	3,530,618	$19M	added+16%	+0.04 pp	5 q
unresolvedSpartan Motors Inc.	0.22%	4,000,771	$19M	added+8%	−0.01 pp	8 q
MNManning & Napier, Inc.	0.21%	1,417,545	$18M	added+23%	+0.03 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.21%	308,625	$18M	trimmed−8%	−0.05 pp	8 q
PRCPPerceptron Inc	0.20%	1,323,520	$18M	added0%	+0.05 pp	8 q
unresolvedRubicon Technology, Inc.	0.20%	4,624,107	$18M	added+21%	0.00 pp	8 q
SLBSLB Limited	0.20%	209,300	$17M	added×4.1	+0.15 pp	3 q
SOThe Southern Company	0.20%	412,585	$18M	added×2.0	+0.09 pp	4 q
unresolvedHCC Insurance Holdings, Inc.	0.19%	305,996	$17M	added+2%	0.00 pp	8 q
unresolvedPrivatebancorp Inc	0.19%	491,504	$17M	trimmed−0%	0.00 pp	8 q
ALOTAstroNova, Inc.	0.18%	1,168,773	$16M	added0%	−0.04 pp	8 q
MATWMatthews International Corp	0.18%	303,321	$16M	trimmed−1%	+0.01 pp	8 q
VOOVanguard S&P 500 ETF	0.18%	86,804	$16M	added+54%	+0.06 pp	2 q
QUMUQumu Corp.	0.17%	1,119,073	$15M	added+10%	+0.01 pp	7 q
HMNHorace Mann Educators Corporation	0.16%	413,536	$14M	trimmed−1%	0.00 pp	8 q
OESXOrion Energy Systems, Inc.	0.16%	4,446,938	$14M	added+13%	−0.09 pp	8 q
unresolvedPozen Inc.	0.16%	1,793,268	$14M	added+13%	+0.01 pp	8 q
unresolvedMitcham Industries, Inc.	0.15%	3,002,312	$14M	added+2%	−0.05 pp	8 q
WMTWalmart Inc.	0.15%	162,937	$13M	added+18%	+0.01 pp	7 q
CPIXCumberland Pharmaceuticals Inc	0.14%	1,907,242	$13M	trimmed−9%	0.00 pp	8 q
unresolvedEdgewater Technology Inc.	0.14%	1,835,950	$13M	added0%	−0.02 pp	8 q
unresolvedLumber Liquidators Hldgs Inc	0.14%	417,211	$13M	added+17%	−0.13 pp	2 q
unresolvedSigma Designs Inc	0.14%	1,586,020	$13M	trimmed−44%	−0.10 pp	8 q
TNAVTelenav Inc.	0.14%	1,613,984	$13M	trimmed−18%	−0.01 pp	8 q
VWOVanguard FTSE Emerging Markets ETF	0.14%	297,381	$12M	trimmed−10%	−0.01 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.12%	74,266	$11M	added+16%	+0.01 pp	7 q
unresolvedErickson Inc.	0.12%	2,382,720	$10M	added+2%	−0.11 pp	8 q
PNCPNC Financial Services Group	0.12%	117,281	$11M	added+17%	+0.01 pp	7 q
unresolvedBallantyne Strong, Inc.	0.11%	2,098,507	$10M	added+1%	+0.01 pp	8 q
BOBEBob Evans Farms, Inc.	0.11%	208,996	$10M	trimmed−1%	−0.01 pp	8 q
CRWSCrown Crafts Inc	0.11%	1,295,028	$10M	added0%	−0.01 pp	8 q
unresolvedE M C Corp Mass	0.11%	376,593	$10M	added+36%	+0.01 pp	7 q
LMTLockheed Martin Corp.	0.11%	47,310	$10M	held	—	8 q
MIDDMiddleby Corp	0.11%	94,441	$10M	trimmed−3%	0.00 pp	8 q
ORCLOracle Corp	0.11%	228,510	$10M	held	—	6 q
SEACSeachange Intl Inc	0.11%	1,281,730	$10M	new	+0.11 pp	new
CVSCvs Health Corporation	0.10%	84,095	$9M	trimmed−10%	0.00 pp	7 q
unresolvedHardinge Inc.	0.10%	740,610	$9M	added+1%	0.00 pp	8 q
IBMInternational Business Machines Corporation	0.10%	54,607	$9M	added+7%	+0.01 pp	8 q
unresolvedStanley Furniture Co., Inc.	0.10%	2,947,931	$9M	added+1%	+0.01 pp	7 q
unresolvedAltera Corp	0.09%	195,555	$8M	added×2.1	+0.05 pp	3 q
unresolvedDevry Ed Group Inc	0.09%	233,311	$8M	trimmed−28%	−0.09 pp	8 q
unresolvedDover Motorsports, Inc.	0.09%	3,371,895	$8M	added0%	−0.01 pp	8 q
MOSThe Mosaic Company	0.09%	167,895	$8M	added+3%	0.00 pp	7 q
AXTIAXT Inc	0.08%	2,705,520	$7M	added×6.0	+0.07 pp	2 q
AETIStabilis Solutions, Inc.	0.08%	1,600,724	$7M	added0%	−0.02 pp	8 q
AKXAnsys Inc	0.08%	77,485	$7M	added+93%	+0.04 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.08%	87,725	$7M	added+2%	0.00 pp	4 q
XOMExxon Mobil Corp	0.08%	85,510	$7M	held	—	8 q
ITUBItau Unibanco Holding S.A.	0.08%	643,453	$7M	added+68%	+0.02 pp	5 q
JPMJPMorgan Chase & Co.	0.08%	123,816	$8M	added+16%	0.00 pp	8 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.08%	519,609	$7M	added×2.1	+0.04 pp	8 q
GSGoldman Sachs Group Inc.	0.07%	34,595	$7M	added+4%	0.00 pp	8 q
unresolvedHarris & Harris Group, Inc.	0.07%	2,060,419	$6M	added+30%	+0.02 pp	2 q
unresolvedPier 1 Imports, Inc.	0.07%	436,685	$6M	held	—	4 q
PXGBXPraxair Inc	0.07%	55,080	$7M	added+17%	0.00 pp	7 q
RLHRed Lions Hotel Corporation	0.07%	945,336	$6M	trimmed−41%	−0.05 pp	8 q
unresolvedVical Inc	0.07%	6,958,945	$7M	added+7%	−0.01 pp	8 q
BAPCredicorp LTD	0.07%	43,318	$6M	new	+0.07 pp	new
CSWCCapital Southwest Corp	0.06%	108,752	$5M	trimmed−14%	0.00 pp	6 q
MSMorgan Stanley	0.06%	159,580	$6M	added0%	−0.01 pp	8 q
VTVanguard Total World Stock ETF	0.06%	92,101	$6M	trimmed−43%	−0.05 pp	7 q
unresolvedVersar Inc.	0.06%	1,600,168	$5M	added+40%	+0.02 pp	8 q
BNYBank of New York Mellon Corporation	0.05%	116,615	$5M	added0%	0.00 pp	8 q
ABXBarrick Mining Corporation	0.05%	366,338	$4M	added+14%	+0.01 pp	4 q
BAXBaxter International Inc.	0.05%	62,951	$4M	held	—	8 q
BTIBritish American Tobacco p.l.c.	0.05%	43,120	$4M	added+25%	+0.01 pp	6 q
HNGRHanger Inc.	0.05%	211,755	$5M	trimmed−17%	−0.01 pp	3 q
unresolvedRockwell Collins Inc	0.05%	42,703	$4M	added+37%	+0.02 pp	4 q
9990302DApache Corp	0.04%	64,000	$4M	added+3%	0.00 pp	7 q
CHKChesapeake Energy Corp	0.04%	220,785	$3M	held	—	8 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,701	$3M	trimmed−4%	0.00 pp	8 q
unresolvedPanera Bread Co	0.04%	24,749	$4M	added×2.3	+0.02 pp	4 q
ACNAccenture PLC	0.04%	35,637	$3M	added+17%	+0.01 pp	4 q
unresolvedApollo Group Inc Class A	0.03%	119,875	$2M	held	—	8 q
AZTAAzenta, Inc.	0.03%	243,300	$3M	trimmed−13%	−0.01 pp	7 q
CMECME Group Inc.	0.03%	23,912	$2M	added+10%	+0.01 pp	2 q
unresolvedGaiam, Inc.	0.03%	404,425	$3M	trimmed−52%	−0.04 pp	8 q
unresolvedGrupo Financiero Santander Mex	0.03%	280,566	$3M	added+20%	0.00 pp	5 q
GIFIGulf Island Fabrication Inc	0.03%	171,300	$3M	added+3%	−0.01 pp	8 q
SSUPSuperior Industries Intl	0.03%	131,075	$2M	added+2%	0.00 pp	7 q
AXPAmerican Express Company	0.02%	20,390	$2M	added×2.9	+0.01 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.02%	33,472	$2M	trimmed−55%	−0.02 pp	7 q
HSBCHSBC Holdings PLC	0.02%	38,400	$2M	added+79%	+0.01 pp	7 q
KINKindred Biosciences, Inc.	0.02%	283,600	$2M	added×2.1	+0.01 pp	2 q
MTBM&T Bank Corp.	0.02%	10,833	$1M	added+11%	+0.01 pp	6 q
unresolvedMb Financial Inc New	0.02%	54,750	$2M	added+2%	0.00 pp	8 q
NVDANvidia Corp	0.02%	98,604	$2M	trimmed−55%	−0.03 pp	8 q
STTState Street Corporation	0.02%	20,409	$2M	added+11%	0.00 pp	4 q
VPLVanguard FTSE Pacific ETF	0.02%	35,226	$2M	added0%	0.00 pp	8 q
VGKVanguard FTSE Europe ETF	0.02%	29,509	$2M	trimmed−20%	0.00 pp	8 q
COSTCostco Wholesale Corp	0.01%	3,500	$530,000	added+3%	0.00 pp	4 q
FASTFastenal Co	0.01%	31,792	$1M	new	+0.01 pp	new
GWWW.W. Grainger, Inc.	0.01%	5,669	$1M	new	+0.01 pp	new
unresolvediShares MSCI United Kingdom Index ETF	0.01%	56,667	$1M	added+10%	0.00 pp	2 q
VIVTelefonica Brasil, S.A.	0.00%	28,158	$431,000	trimmed−88%	−0.05 pp	7 q
unresolvedCity National Corp.	—	−2,006,554	—	exited	−1.87 pp	—
unresolvedHospira Inc	—	−2,311,309	—	exited	−1.63 pp	—
IWNiShares Russell 2000 Value ETF	—	−154,683	—	exited	−0.18 pp	—
TGTTarget Corporation	—	−61,450	—	exited	−0.05 pp	—
unresolvedInternational Game Technology	—	−182,915	—	exited	−0.04 pp	—
unresolvedMulti-Fineline Electronix, Inc.	—	−167,525	—	exited	−0.02 pp	—
unresolvedWisconsin Energy Corp.	—	−8,950	—	exited	−0.01 pp	—