Ariel Investments

Q2 2015 13F · by John Rogers, CIO

As of: Jun 30, 2015
Filed: Aug 12, 2015
US stock: $8.9B · prev $8.9B
Positions: 185 · prev 187
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

+5.5 pp in · −5.5 pp out

New 7 +3.09 pp
Added 83 +2.40 pp
Trimmed 91 −2.46 pp
Exited 9 −3.03 pp

The book

Diversified · behaves like 68 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions16% of US stock

LAZ Lazard, Inc. trimmed+0.10 pp trimmed+0.103.5%
FAF First American Financial Corporation trimmed+0.14 pp trimmed+0.143.2%
KMT Kennametal Inc. added+0.06 pp added+0.063.1%
BRS Bristow Group, Inc. added+0.10 pp added+0.103.0%
JLL Jones Lang LaSalle, Inc. trimmed−0.09 pp trimmed−0.092.7%

Positions185 in this filing · 9 exited


LAZLazard, Inc.	3.54%	5,590,257	$314M	trimmed−4%	+0.10 pp	9 q
FAFFirst American Financial Corporation	3.22%	7,685,327	$286M	trimmed−0%	+0.14 pp	9 q
KMTKennametal Inc.	3.15%	8,211,313	$280M	added0%	+0.06 pp	5 q
BRSBristow Group, Inc.	3.00%	5,005,864	$267M	added+5%	+0.10 pp	9 q
JLLJones Lang LaSalle, Inc.	2.66%	1,379,480	$236M	trimmed−4%	−0.09 pp	9 q
ISCAInternational Speedway Corp	2.38%	5,771,207	$212M	trimmed−15%	−0.09 pp	9 q
WUThe Western Union Company	2.36%	10,319,401	$210M	trimmed−16%	−0.50 pp	9 q
SJMThe J.M. Smucker Company	2.31%	1,891,086	$205M	trimmed−1%	−0.17 pp	9 q
IPGThe Interpublic Group of Companies, Inc.	2.14%	9,870,622	$190M	added+6%	−0.18 pp	9 q
AXEAnixter International Inc	2.07%	2,828,305	$184M	added+27%	+0.17 pp	9 q
99803EURLaboratory Crp Of Amer Hldgs	2.05%	1,501,141	$182M	added+7%	+0.06 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	1.90%	1,122,983	$169M	trimmed−2%	+0.17 pp	9 q
SWKStanley Black & Decker, Inc.	1.81%	1,530,862	$161M	trimmed−9%	+0.02 pp	9 q
TGNATEGNA Inc.	1.77%	4,890,196	$157M	new	+1.77 pp	new
unresolvedKkr & Co L P DEL	1.76%	6,848,462	$156M	added+10%	+0.16 pp	9 q
NWLNewell Brands Inc.	1.68%	3,637,891	$150M	trimmed−4%	+0.02 pp	9 q
SNASnap-on Incorporated	1.61%	899,207	$143M	trimmed−3%	+0.08 pp	9 q
CBRECbre Group, Inc.	1.49%	3,588,010	$133M	trimmed−4%	−0.14 pp	9 q
unresolvedJanus Cap Group Inc	1.49%	7,751,454	$133M	trimmed−1%	−0.02 pp	9 q
AFLAflac Inc.	1.47%	2,095,259	$130M	added+8%	+0.08 pp	9 q
GILDGilead Sciences Inc	1.46%	1,106,494	$130M	added+24%	+0.48 pp	9 q
unresolvedMadison Square Garden Co	1.45%	1,541,073	$129M	trimmed−2%	−0.03 pp	9 q
BRCBrady Corporation	1.38%	4,945,092	$122M	added+4%	−0.13 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	1.35%	1,096,889	$120M	added+3%	−0.05 pp	9 q
CRLCharles River Laboratories International, Inc.	1.33%	1,679,650	$118M	trimmed−4%	−0.23 pp	9 q
NTRSNorthern Trust Corp	1.32%	1,533,994	$117M	trimmed−0%	+0.12 pp	9 q
MTSCMTS Systems Corp	1.21%	1,564,300	$108M	added0%	−0.11 pp	9 q
MDPMeredith Corporation	1.21%	2,066,476	$108M	added+7%	0.00 pp	9 q
SSDSimpson Manufacturing Co., Inc.	1.20%	3,143,670	$107M	trimmed−2%	−0.14 pp	9 q
unresolvedBlount Intl Inc New	1.15%	9,389,314	$103M	added+16%	−0.02 pp	9 q
MSFTMicrosoft Corp	1.15%	2,309,359	$102M	added+19%	+0.27 pp	9 q
BIDTribeca Strategic Acquisition Corp. Class A	1.14%	2,238,789	$101M	trimmed−9%	−0.03 pp	9 q
unresolvedDun & Bradstreet Corp/The	1.11%	810,801	$99M	trimmed−2%	−0.08 pp	9 q
OMCOmnicom Group Inc.	1.09%	1,392,488	$97M	trimmed−0%	−0.13 pp	9 q
BENFranklin Templeton, Inc.	1.07%	1,933,094	$95M	trimmed−0%	−0.04 pp	9 q
unresolvedSt Jude Med Inc	1.05%	1,277,638	$93M	trimmed−0%	+0.11 pp	9 q
BIDUBaidu, Inc.	0.96%	426,991	$85M	added+60%	+0.34 pp	9 q
unresolvedCBS Corp	0.96%	1,533,268	$85M	trimmed−13%	−0.23 pp	9 q
ITWIllinois Tool Works Inc.	0.95%	922,973	$85M	trimmed−0%	−0.06 pp	9 q
MHKMohawk Industries, Inc.	0.94%	435,092	$83M	trimmed−2%	+0.01 pp	9 q
MATMattel, Inc.	0.92%	3,185,615	$82M	new	+0.92 pp	new
RCLRoyal Caribbean Group	0.91%	1,027,081	$81M	trimmed−2%	−0.05 pp	9 q
LFUSLittelfuse Inc	0.89%	833,128	$79M	trimmed−3%	−0.07 pp	9 q
NOVNOV Inc.	0.87%	1,609,630	$78M	added+22%	+0.13 pp	9 q
JNJJohnson & Johnson	0.86%	782,026	$76M	added+19%	+0.12 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.86%	585,261	$76M	trimmed−0%	−0.02 pp	9 q
SLCAU.s. Silica Holdings, Inc.	0.85%	2,584,126	$76M	added+4%	−0.14 pp	8 q
VIABViacom Inc. Class B	0.84%	1,152,947	$75M	added+9%	+0.03 pp	9 q
unresolvedHarman Intl Inds Inc	0.82%	614,962	$73M	added+20%	+0.05 pp	9 q
JWNNordstrom, Inc.	0.68%	813,638	$61M	trimmed−6%	−0.10 pp	9 q
VZVerizon Communications	0.67%	1,285,164	$60M	added+29%	+0.13 pp	3 q
SOThe Southern Company	0.64%	1,358,978	$57M	added×3.3	+0.44 pp	5 q
MCFContango Oil & Gas Co.	0.62%	4,506,195	$55M	added+3%	−0.46 pp	9 q
FICOFair Isaac Corporation	0.62%	603,693	$55M	trimmed−40%	−0.38 pp	9 q
unresolvedGlaxosmithkline PLC	0.57%	1,214,427	$51M	added+16%	+0.03 pp	9 q
BXBlackstone Inc.	0.51%	1,102,169	$45M	trimmed−17%	−0.07 pp	9 q
NOKNokia Corporation	0.51%	6,551,680	$45M	added+52%	+0.14 pp	9 q
TISITeam, Inc.	0.51%	1,135,129	$46M	trimmed−1%	+0.01 pp	9 q
unresolvedCowen group Inc.	0.47%	6,585,680	$42M	trimmed−19%	−0.01 pp	9 q
DGXQuest Diagnostics Inc.	0.47%	580,555	$42M	added+13%	+0.03 pp	9 q
unresolvedPendrell Corp.	0.46%	29,781,994	$41M	added+4%	+0.04 pp	9 q
PMPhilip Morris International Inc.	0.46%	504,478	$40M	added+21%	+0.11 pp	8 q
ORBCORBCOMM, Inc.	0.45%	5,860,038	$40M	trimmed−15%	−0.01 pp	9 q
BCOThe Brink's Company	0.43%	1,306,388	$38M	added+5%	+0.04 pp	9 q
ZBRAZebra Technologies Corporation	0.43%	346,470	$38M	trimmed−2%	+0.07 pp	7 q
unresolvedCoach Inc	0.41%	1,054,493	$36M	added+4%	−0.06 pp	9 q
TROWT Rowe Price Group Inc	0.41%	466,168	$36M	trimmed−0%	−0.01 pp	9 q
unresolvedTumi Holdings Inc.	0.41%	1,775,381	$36M	added+21%	+0.01 pp	8 q
RSTRosetta Stone Inc	0.38%	4,218,914	$34M	trimmed−1%	+0.02 pp	9 q
TIFTiffany & Co.	0.38%	370,204	$34M	trimmed−0%	+0.01 pp	9 q
IEXIDEX Corporation	0.37%	416,281	$33M	trimmed−3%	+0.01 pp	9 q
TILEInterface Inc	0.35%	1,256,294	$31M	trimmed−3%	+0.05 pp	9 q
unresolvedTowers Watson & Co.	0.35%	244,601	$31M	trimmed−0%	−0.01 pp	9 q
RNWARealnetworks Inc	0.33%	5,374,217	$29M	added+21%	−0.01 pp	8 q
CHLChina Mobile Limited	0.32%	449,969	$29M	added+13%	+0.03 pp	9 q
USBU.S. Bancorp	0.31%	630,815	$27M	added+21%	+0.05 pp	8 q
CLBCore Laboratories Inc.	0.30%	237,089	$27M	added+14%	+0.06 pp	5 q
GCIGannett Co Inc	0.29%	1,860,084	$26M	new	+0.29 pp	new
GHCGraham Holdings Company	0.29%	23,825	$26M	trimmed−7%	−0.01 pp	7 q
unresolvedRentech, Inc.	0.29%	23,675,039	$25M	added+3%	0.00 pp	9 q
ACTGAcacia Research Corporation	0.27%	2,758,869	$24M	added+33%	+0.02 pp	9 q
unresolvedImation Corp	0.26%	5,691,505	$23M	trimmed−12%	−0.03 pp	9 q
unresolvedXO Group Inc.	0.26%	1,412,030	$23M	trimmed−4%	−0.03 pp	9 q
CNTYCentury Casinos Inc	0.25%	3,472,857	$22M	trimmed−2%	+0.03 pp	6 q
unresolvedQlogic Corp	0.25%	1,590,991	$23M	added+5%	0.00 pp	9 q
BSACBanco Santander-Chile	0.24%	1,060,098	$21M	added+7%	0.00 pp	6 q
unresolvedFurmanite Corp.	0.24%	2,669,666	$22M	trimmed−1%	0.00 pp	9 q
PEWPctel Inc	0.24%	2,998,052	$22M	trimmed−1%	−0.03 pp	9 q
VOOVanguard S&P 500 ETF	0.24%	111,118	$21M	added+28%	+0.06 pp	3 q
LFCRLifecore Biomedical, Inc.	0.23%	1,441,871	$21M	trimmed−19%	−0.05 pp	9 q
unresolvedRuckus Wireless Inc	0.23%	1,988,916	$21M	added+20%	−0.01 pp	8 q
SLBSLB Limited	0.23%	233,812	$20M	added+12%	+0.03 pp	4 q
unresolvedPrivatebancorp Inc	0.22%	483,439	$19M	trimmed−2%	+0.03 pp	9 q
VEAVanguard FTSE Developed Markets ETF	0.22%	501,215	$20M	trimmed−10%	−0.03 pp	9 q
SEACSeachange Intl Inc	0.20%	2,476,622	$17M	added+93%	+0.09 pp	2 q
unresolvedSpartan Motors Inc.	0.20%	3,973,486	$18M	trimmed−1%	−0.02 pp	9 q
ALOTAstroNova, Inc.	0.19%	1,158,146	$17M	trimmed−1%	+0.01 pp	9 q
unresolvedRyanair Holdings PLC ADR	0.19%	238,711	$17M	trimmed−29%	−0.06 pp	9 q
CVUCPI Aerostructures, Inc.	0.18%	1,560,357	$16M	trimmed−1%	−0.04 pp	9 q
MNManning & Napier, Inc.	0.18%	1,631,890	$16M	added+15%	−0.03 pp	3 q
MATWMatthews International Corp	0.18%	298,351	$16M	trimmed−2%	0.00 pp	9 q
HMNHorace Mann Educators Corporation	0.17%	406,796	$15M	trimmed−2%	+0.01 pp	9 q
unresolvedAV Homes, Inc.	0.16%	969,424	$14M	trimmed−19%	−0.06 pp	9 q
PRCPPerceptron Inc	0.16%	1,372,183	$14M	added+4%	−0.04 pp	9 q
QUMUQumu Corp.	0.16%	1,736,777	$14M	added+55%	−0.01 pp	8 q
WMTWalmart Inc.	0.16%	200,401	$14M	added+23%	+0.01 pp	8 q
unresolvedEdgewater Technology Inc.	0.15%	1,817,750	$13M	trimmed−1%	+0.01 pp	9 q
unresolvedHCC Insurance Holdings, Inc.	0.15%	170,831	$13M	trimmed−44%	−0.04 pp	9 q
TNAVTelenav Inc.	0.15%	1,605,784	$13M	trimmed−1%	+0.01 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.14%	89,665	$12M	added+21%	+0.02 pp	8 q
ITUBItau Unibanco Holding S.A.	0.14%	1,128,391	$12M	added+75%	+0.06 pp	6 q
unresolvedMitcham Industries, Inc.	0.14%	2,972,972	$12M	trimmed−1%	−0.01 pp	9 q
unresolvedRubicon Technology, Inc.	0.14%	4,979,260	$12M	added+8%	−0.06 pp	9 q
unresolvedE M C Corp Mass	0.13%	444,797	$12M	added+18%	+0.02 pp	8 q
unresolvedLumber Liquidators Hldgs Inc	0.13%	561,676	$12M	added+35%	−0.01 pp	3 q
OESXOrion Energy Systems, Inc.	0.13%	4,425,918	$11M	trimmed−0%	−0.03 pp	9 q
BOBEBob Evans Farms, Inc.	0.12%	205,686	$11M	trimmed−2%	+0.01 pp	9 q
CRWSCrown Crafts Inc	0.12%	1,282,582	$10M	trimmed−1%	+0.01 pp	9 q
CPIXCumberland Pharmaceuticals Inc	0.12%	1,505,086	$11M	trimmed−21%	−0.02 pp	9 q
unresolvedErickson Inc.	0.12%	2,364,020	$10M	trimmed−1%	0.00 pp	9 q
MIDDMiddleby Corp	0.12%	91,762	$10M	trimmed−3%	+0.01 pp	9 q
RDS.ARoyal Dutch Shell PLC	0.12%	184,065	$10M	trimmed−40%	−0.09 pp	9 q
unresolvedBallantyne Strong, Inc.	0.11%	2,078,007	$10M	trimmed−1%	0.00 pp	9 q
PNCPNC Financial Services Group	0.11%	98,768	$9M	trimmed−16%	−0.01 pp	8 q
CVSCvs Health Corporation	0.10%	82,895	$9M	trimmed−1%	0.00 pp	8 q
IBMInternational Business Machines Corporation	0.10%	54,822	$9M	added0%	0.00 pp	9 q
JPMJPMorgan Chase & Co.	0.10%	127,199	$9M	added+3%	+0.02 pp	9 q
LMTLockheed Martin Corp.	0.10%	46,610	$9M	trimmed−1%	−0.01 pp	9 q
ORCLOracle Corp	0.10%	224,910	$9M	trimmed−2%	−0.01 pp	7 q
unresolvedStanley Furniture Co., Inc.	0.10%	2,922,931	$9M	trimmed−1%	0.00 pp	8 q
AETIStabilis Solutions, Inc.	0.09%	1,588,524	$8M	trimmed−1%	+0.01 pp	9 q
AKXAnsys Inc	0.09%	90,624	$8M	added+17%	+0.01 pp	5 q
KINKindred Biosciences, Inc.	0.09%	1,212,359	$8M	added×4.3	+0.07 pp	3 q
MOSThe Mosaic Company	0.09%	164,395	$8M	trimmed−2%	0.00 pp	8 q
PXGBXPraxair Inc	0.09%	66,557	$8M	added+21%	+0.02 pp	8 q
AXTIAXT Inc	0.08%	2,905,071	$7M	added+7%	0.00 pp	3 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.08%	98,330	$7M	added+12%	0.00 pp	5 q
unresolvedDevry Ed Group Inc	0.08%	229,321	$7M	trimmed−2%	−0.01 pp	9 q
unresolvedDover Motorsports, Inc.	0.08%	3,340,495	$7M	trimmed−1%	−0.01 pp	9 q
XOMExxon Mobil Corp	0.08%	84,010	$7M	trimmed−2%	0.00 pp	9 q
GSGoldman Sachs Group Inc.	0.08%	33,995	$7M	trimmed−2%	+0.01 pp	9 q
unresolvedGrupo Financiero Santander Mex	0.08%	777,573	$7M	added×2.8	+0.05 pp	6 q
unresolvedHardinge Inc.	0.08%	734,010	$7M	trimmed−1%	−0.02 pp	9 q
unresolvedHarris & Harris Group, Inc.	0.08%	2,647,584	$7M	added+29%	+0.01 pp	3 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.08%	586,032	$7M	added+13%	0.00 pp	9 q
unresolvedVersar Inc.	0.08%	1,699,894	$7M	added+6%	+0.02 pp	9 q
MSMorgan Stanley	0.07%	156,380	$6M	trimmed−2%	+0.01 pp	9 q
BAPCredicorp LTD	0.07%	47,881	$7M	added+11%	0.00 pp	2 q
BNYBank of New York Mellon Corporation	0.06%	117,915	$5M	added+1%	+0.01 pp	9 q
BTIBritish American Tobacco p.l.c.	0.06%	47,034	$5M	added+9%	+0.01 pp	7 q
CSWCCapital Southwest Corp	0.06%	101,500	$5M	trimmed−7%	0.00 pp	7 q
HNGRHanger Inc.	0.06%	211,755	$5M	held	—	4 q
unresolvedPier 1 Imports, Inc.	0.06%	435,685	$6M	trimmed−0%	−0.01 pp	5 q
unresolvedVical Inc	0.06%	7,460,515	$5M	added+7%	−0.01 pp	9 q
unresolvedAltera Corp	0.05%	84,373	$4M	trimmed−57%	−0.04 pp	4 q
ABXBarrick Mining Corporation	0.05%	448,228	$5M	added+22%	0.00 pp	5 q
BAXBaxter International Inc.	0.05%	61,951	$4M	trimmed−2%	0.00 pp	9 q
unresolvedRockwell Collins Inc	0.05%	50,426	$5M	added+18%	0.00 pp	5 q
VTVanguard Total World Stock ETF	0.05%	78,474	$5M	trimmed−15%	−0.01 pp	8 q
ACNAccenture PLC	0.05%	43,193	$4M	added+21%	+0.01 pp	5 q
AXPAmerican Express Company	0.04%	50,411	$4M	added×2.5	+0.02 pp	4 q
9990302DApache Corp	0.04%	62,900	$4M	trimmed−2%	0.00 pp	8 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,291	$3M	trimmed−1%	0.00 pp	9 q
OXYOccidental Petroleum Corporation	0.04%	41,061	$3M	new	+0.04 pp	new
unresolvedMarkit ltd.	0.04%	127,442	$3M	new	+0.04 pp	new
AZTAAzenta, Inc.	0.03%	245,500	$3M	added+1%	0.00 pp	8 q
CMECME Group Inc.	0.03%	29,307	$3M	added+23%	0.00 pp	3 q
CHKChesapeake Energy Corp	0.03%	277,130	$3M	added+26%	−0.01 pp	9 q
GIFIGulf Island Fabrication Inc	0.03%	233,650	$3M	added+36%	0.00 pp	9 q
SSUPSuperior Industries Intl	0.03%	132,175	$2M	added+1%	0.00 pp	8 q
unresolvedApollo Group Inc Class A	0.02%	119,875	$2M	held	—	9 q
unresolvedElectro Rent Corp.	0.02%	133,775	$1M	new	+0.02 pp	new
EXPDExpeditors International of Washington, Inc.	0.02%	37,846	$2M	added+13%	0.00 pp	8 q
FASTFastenal Co	0.02%	38,973	$2M	added+23%	+0.01 pp	2 q
GWWW.W. Grainger, Inc.	0.02%	6,950	$2M	added+23%	+0.01 pp	2 q
HSBCHSBC Holdings PLC	0.02%	40,745	$2M	added+5%	0.00 pp	8 q
MTBM&T Bank Corp.	0.02%	13,294	$2M	added+23%	0.00 pp	7 q
unresolvedMb Financial Inc New	0.02%	55,550	$2M	added+1%	0.00 pp	9 q
VWOVanguard FTSE Emerging Markets ETF	0.02%	33,916	$1M	trimmed−89%	−0.12 pp	6 q
COSTCostco Wholesale Corp	0.01%	3,706	$501,000	added+6%	0.00 pp	5 q
unresolvediShares MSCI United Kingdom Index ETF	0.01%	56,667	$1M	held	—	3 q
unresolvedLeapfrog Enterprises Inc	0.01%	917,492	$1M	new	+0.01 pp	new
VGKVanguard FTSE Europe ETF	0.01%	12,834	$693,000	trimmed−57%	−0.01 pp	9 q
unresolvedPanera Bread Co	0.00%	1,664	$291,000	trimmed−93%	−0.04 pp	5 q
VIVTelefonica Brasil, S.A.	0.00%	28,158	$392,000	held	—	8 q
unresolvedGannett Inc	—	−5,364,072	—	exited	−2.23 pp	—
unresolvedBroadcom Corp	—	−693,819	—	exited	−0.34 pp	—
unresolvedPozen Inc.	—	−1,793,268	—	exited	−0.16 pp	—
unresolvedSigma Designs Inc	—	−1,586,020	—	exited	−0.14 pp	—
RLHRed Lions Hotel Corporation	—	−945,336	—	exited	−0.07 pp	—
unresolvedGaiam, Inc.	—	−404,425	—	exited	−0.03 pp	—
NVDANvidia Corp	—	−98,604	—	exited	−0.02 pp	—
STTState Street Corporation	—	−20,409	—	exited	−0.02 pp	—
VPLVanguard FTSE Pacific ETF	—	−35,226	—	exited	−0.02 pp	—