Ariel Investments

Q3 2015 13F · by John Rogers, CIO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $8.0B · prev $8.9B
Positions: 187 · prev 185
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%

Moves191 since the prior filing

+3.5 pp in · −3.4 pp out

New 9 +1.32 pp
Added 106 +2.18 pp
Trimmed 69 −2.78 pp
Exited 7 −0.60 pp

The book

Diversified · behaves like 70 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions15% of US stock

FAF First American Financial Corporation trimmed+0.15 pp trimmed+0.153.4%
KMT Kennametal Inc. added−0.17 pp added−0.173.0%
LAZ Lazard, Inc. trimmed−0.57 pp trimmed−0.573.0%
SJM The J.M. Smucker Company added+0.44 pp added+0.442.8%
IPG The Interpublic Group of Companies, Inc. added+0.30 pp added+0.302.4%

Positions187 in this filing · 7 exited


FAFFirst American Financial Corporation	3.37%	6,934,335	$271M	trimmed−10%	+0.15 pp	10 q
KMTKennametal Inc.	2.98%	9,612,523	$239M	added+17%	−0.17 pp	6 q
LAZLazard, Inc.	2.97%	5,515,617	$239M	trimmed−1%	−0.57 pp	10 q
SJMThe J.M. Smucker Company	2.75%	1,934,897	$221M	added+2%	+0.44 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	2.44%	10,234,422	$196M	added+4%	+0.30 pp	10 q
WUThe Western Union Company	2.41%	10,537,401	$193M	added+2%	+0.05 pp	10 q
ISCAInternational Speedway Corp	2.30%	5,815,342	$184M	added+1%	−0.08 pp	10 q
AXEAnixter International Inc	2.25%	3,126,186	$181M	added+11%	+0.18 pp	10 q
BRSBristow Group, Inc.	2.25%	6,893,094	$180M	added+38%	−0.75 pp	10 q
99803EURLaboratory Crp Of Amer Hldgs	2.20%	1,627,421	$177M	added+8%	+0.15 pp	7 q
JLLJones Lang LaSalle, Inc.	2.11%	1,180,938	$170M	trimmed−14%	−0.55 pp	10 q
TGNATEGNA Inc.	1.83%	6,552,149	$147M	added+34%	+0.06 pp	2 q
SWKStanley Black & Decker, Inc.	1.79%	1,486,382	$144M	trimmed−3%	−0.02 pp	10 q
BIOBio-Rad Laboratories, Inc.Class A	1.67%	1,000,161	$134M	trimmed−11%	−0.23 pp	10 q
NWLNewell Brands Inc.	1.63%	3,290,649	$131M	trimmed−10%	−0.05 pp	10 q
GILDGilead Sciences Inc	1.61%	1,313,500	$129M	added+19%	+0.15 pp	10 q
AFLAflac Inc.	1.57%	2,173,809	$126M	added+4%	+0.10 pp	10 q
SNASnap-on Incorporated	1.54%	821,134	$124M	trimmed−9%	−0.07 pp	10 q
MATMattel, Inc.	1.53%	5,832,285	$123M	added+83%	+0.61 pp	2 q
unresolvedKkr & Co L P DEL	1.50%	7,194,587	$121M	added+5%	−0.26 pp	10 q
unresolvedMadison Square Garden Co	1.50%	1,672,297	$121M	added+9%	+0.05 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	1.48%	1,264,917	$119M	added+15%	+0.13 pp	10 q
unresolvedJanus Cap Group Inc	1.40%	8,280,519	$113M	added+7%	−0.09 pp	10 q
MSFTMicrosoft Corp	1.38%	2,497,152	$111M	added+8%	+0.23 pp	10 q
NTRSNorthern Trust Corp	1.35%	1,593,193	$109M	added+4%	+0.03 pp	10 q
CRLCharles River Laboratories International, Inc.	1.32%	1,674,330	$106M	trimmed−0%	−0.01 pp	10 q
BIDUBaidu, Inc.	1.31%	764,799	$105M	added+79%	+0.35 pp	10 q
SSDSimpson Manufacturing Co., Inc.	1.26%	3,019,620	$101M	trimmed−4%	+0.06 pp	10 q
CBRECbre Group, Inc.	1.24%	3,114,680	$100M	trimmed−13%	−0.25 pp	10 q
BRCBrady Corporation	1.21%	4,951,897	$97M	added0%	−0.17 pp	10 q
OMCOmnicom Group Inc.	1.19%	1,444,694	$95M	added+4%	+0.10 pp	10 q
MTSCMTS Systems Corp	1.17%	1,565,669	$94M	added0%	−0.04 pp	10 q
MDPMeredith Corporation	1.12%	2,120,076	$90M	added+3%	−0.09 pp	10 q
unresolvedDun & Bradstreet Corp/The	1.09%	832,071	$87M	added+3%	−0.02 pp	10 q
RCLRoyal Caribbean Group	1.05%	946,286	$84M	trimmed−8%	+0.14 pp	10 q
unresolvedSt Jude Med Inc	1.04%	1,323,958	$84M	added+4%	−0.01 pp	10 q
JNJJohnson & Johnson	1.03%	884,154	$83M	added+13%	+0.17 pp	10 q
VIABViacom Inc. Class B	1.01%	1,879,832	$81M	added+63%	+0.17 pp	10 q
ITWIllinois Tool Works Inc.	0.98%	956,588	$79M	added+4%	+0.03 pp	10 q
LFUSLittelfuse Inc	0.97%	855,379	$78M	added+3%	+0.08 pp	10 q
BENFranklin Templeton, Inc.	0.93%	2,007,974	$75M	added+4%	−0.14 pp	10 q
SOThe Southern Company	0.93%	1,665,185	$74M	added+23%	+0.29 pp	6 q
unresolvedCBS Corp	0.92%	1,855,920	$74M	added+21%	−0.04 pp	10 q
TMOThermo Fisher Scientific, Inc.	0.92%	607,166	$74M	added+4%	+0.06 pp	10 q
BIDTribeca Strategic Acquisition Corp. Class A	0.89%	2,240,741	$72M	added0%	−0.25 pp	10 q
unresolvedHarman Intl Inds Inc	0.85%	714,585	$69M	added+16%	+0.03 pp	10 q
MHKMohawk Industries, Inc.	0.84%	372,493	$68M	trimmed−14%	−0.10 pp	10 q
VZVerizon Communications	0.84%	1,544,685	$67M	added+20%	+0.17 pp	4 q
NOVNOV Inc.	0.78%	1,666,128	$63M	added+4%	−0.09 pp	10 q
JWNNordstrom, Inc.	0.75%	842,328	$60M	added+4%	+0.07 pp	10 q
SLCAU.s. Silica Holdings, Inc.	0.75%	4,282,731	$60M	added+66%	−0.10 pp	9 q
PMPhilip Morris International Inc.	0.72%	724,243	$57M	added+44%	+0.26 pp	9 q
unresolvedGlaxosmithkline PLC	0.70%	1,458,162	$56M	added+20%	+0.13 pp	10 q
unresolvedBlount Intl Inc New	0.66%	9,560,694	$53M	added+2%	−0.49 pp	10 q
NOKNokia Corporation	0.62%	7,366,067	$50M	added+12%	+0.11 pp	10 q
DGXQuest Diagnostics Inc.	0.53%	695,732	$43M	added+20%	+0.06 pp	10 q
FICOFair Isaac Corporation	0.52%	496,108	$42M	trimmed−18%	−0.10 pp	10 q
TROWT Rowe Price Group Inc	0.50%	573,506	$40M	added+23%	+0.09 pp	10 q
unresolvedMedia Gen Inc New	0.47%	2,711,983	$38M	new	+0.47 pp	new
VOOVanguard S&P 500 ETF	0.47%	214,808	$38M	added+93%	+0.23 pp	4 q
MCFContango Oil & Gas Co.	0.46%	4,812,525	$37M	added+7%	−0.16 pp	10 q
BXBlackstone Inc.	0.45%	1,145,512	$36M	added+4%	−0.06 pp	10 q
TISITeam, Inc.	0.45%	1,124,999	$36M	trimmed−1%	−0.06 pp	10 q
unresolvedTowers Watson & Co.	0.45%	309,592	$36M	added+27%	+0.10 pp	10 q
BCOThe Brink's Company	0.44%	1,295,603	$35M	trimmed−1%	+0.01 pp	10 q
PGRProgressive Corporation	0.43%	1,115,810	$34M	new	+0.43 pp	new
unresolvedCoach Inc	0.41%	1,124,993	$33M	added+7%	0.00 pp	10 q
ORBCORBCOMM, Inc.	0.40%	5,797,468	$32M	trimmed−1%	−0.05 pp	10 q
unresolvedTumi Holdings Inc.	0.40%	1,831,314	$32M	added+3%	−0.01 pp	9 q
unresolvedCowen group Inc.	0.39%	6,924,050	$32M	added+5%	−0.08 pp	10 q
USBU.S. Bancorp	0.38%	734,637	$30M	added+16%	+0.07 pp	9 q
ZBRAZebra Technologies Corporation	0.38%	402,070	$31M	added+16%	−0.05 pp	8 q
TIFTiffany & Co.	0.37%	384,751	$30M	added+4%	−0.01 pp	10 q
ACTGAcacia Research Corporation	0.36%	3,206,352	$29M	added+16%	+0.09 pp	10 q
RSTRosetta Stone Inc	0.35%	4,220,263	$28M	added0%	−0.03 pp	10 q
CHLChina Mobile Limited	0.34%	455,214	$27M	added+1%	+0.02 pp	10 q
GCIGannett Co Inc	0.34%	1,849,547	$27M	trimmed−1%	+0.05 pp	2 q
CLBCore Laboratories Inc.	0.33%	263,972	$26M	added+11%	+0.03 pp	6 q
unresolvedRuckus Wireless Inc	0.32%	2,183,335	$26M	added+10%	+0.09 pp	9 q
IEXIDEX Corporation	0.29%	324,320	$23M	trimmed−22%	−0.08 pp	10 q
RNWARealnetworks Inc	0.28%	5,415,862	$22M	added+1%	−0.05 pp	9 q
TILEInterface Inc	0.27%	969,357	$22M	trimmed−23%	−0.08 pp	10 q
CNTYCentury Casinos Inc	0.26%	3,450,133	$21M	trimmed−1%	+0.01 pp	7 q
BSACBanco Santander-Chile	0.25%	1,084,113	$20M	added+2%	+0.01 pp	7 q
unresolvedPendrell Corp.	0.24%	27,021,438	$19M	trimmed−9%	−0.22 pp	10 q
unresolvedFurmanite Corp.	0.23%	3,052,041	$19M	added+14%	−0.01 pp	10 q
PEWPctel Inc	0.23%	3,098,377	$19M	added+3%	−0.01 pp	10 q
unresolvedPrivatebancorp Inc	0.23%	479,594	$18M	trimmed−1%	+0.01 pp	10 q
unresolvedQlogic Corp	0.23%	1,773,374	$18M	added+11%	−0.02 pp	10 q
SLBSLB Limited	0.23%	269,007	$19M	added+15%	0.00 pp	5 q
unresolvedXO Group Inc.	0.23%	1,285,080	$18M	trimmed−9%	−0.03 pp	10 q
unresolvedRentech, Inc.	0.22%	3,184,848	$18M	new	+0.22 pp	new
SEACSeachange Intl Inc	0.22%	2,803,532	$18M	added+13%	+0.02 pp	3 q
LFCRLifecore Biomedical, Inc.	0.21%	1,419,836	$17M	trimmed−2%	−0.02 pp	10 q
ALOTAstroNova, Inc.	0.20%	1,142,161	$16M	trimmed−1%	+0.01 pp	10 q
unresolvedSpartan Motors Inc.	0.20%	3,916,031	$16M	trimmed−1%	0.00 pp	10 q
TNAVTelenav Inc.	0.20%	2,064,981	$16M	added+29%	+0.05 pp	10 q
WMTWalmart Inc.	0.19%	234,213	$15M	added+17%	+0.03 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.18%	110,167	$14M	added+23%	+0.04 pp	9 q
MATWMatthews International Corp	0.18%	296,156	$15M	trimmed−1%	0.00 pp	10 q
CVUCPI Aerostructures, Inc.	0.17%	1,538,155	$14M	trimmed−1%	−0.01 pp	10 q
GHCGraham Holdings Company	0.17%	23,825	$14M	held	—	8 q
HMNHorace Mann Educators Corporation	0.17%	403,664	$13M	trimmed−1%	0.00 pp	10 q
unresolvedImation Corp	0.17%	6,261,255	$13M	added+10%	−0.09 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.17%	391,935	$14M	trimmed−22%	−0.05 pp	10 q
unresolvedEdgewater Technology Inc.	0.16%	1,792,395	$13M	trimmed−1%	+0.01 pp	10 q
unresolvedHCC Insurance Holdings, Inc.	0.16%	168,329	$13M	trimmed−1%	+0.01 pp	10 q
MNManning & Napier, Inc.	0.15%	1,619,210	$12M	trimmed−1%	−0.03 pp	4 q
unresolvedMitcham Industries, Inc.	0.14%	2,981,652	$11M	added0%	0.00 pp	10 q
PRCPPerceptron Inc	0.14%	1,496,923	$11M	added+9%	−0.02 pp	10 q
unresolvedBallantyne Strong, Inc.	0.12%	2,043,458	$10M	trimmed−2%	+0.01 pp	10 q
AKXAnsys Inc	0.11%	103,237	$9M	added+14%	+0.02 pp	6 q
CPIXCumberland Pharmaceuticals Inc	0.11%	1,484,096	$9M	trimmed−1%	−0.01 pp	10 q
ITUBItau Unibanco Holding S.A.	0.11%	1,280,803	$8M	added+3%	−0.03 pp	7 q
KINKindred Biosciences, Inc.	0.11%	1,750,224	$9M	added+44%	+0.02 pp	4 q
LMTLockheed Martin Corp.	0.11%	44,210	$9M	trimmed−5%	+0.01 pp	10 q
RDS.ARoyal Dutch Shell PLC	0.11%	181,933	$9M	trimmed−1%	−0.01 pp	10 q
unresolvedRyanair Holdings PLC ADR	0.11%	114,261	$9M	trimmed−52%	−0.08 pp	10 q
unresolvedStanley Furniture Co., Inc.	0.11%	2,882,536	$8M	trimmed−1%	+0.01 pp	9 q
unresolvedAV Homes, Inc.	0.10%	604,095	$8M	trimmed−38%	−0.06 pp	10 q
AXPAmerican Express Company	0.10%	108,317	$8M	added×2.1	+0.06 pp	5 q
CRWSCrown Crafts Inc	0.10%	936,562	$8M	trimmed−27%	−0.02 pp	10 q
IBMInternational Business Machines Corporation	0.10%	56,012	$8M	added+2%	0.00 pp	10 q
JPMJPMorgan Chase & Co.	0.10%	136,637	$8M	added+7%	0.00 pp	10 q
ORCLOracle Corp	0.10%	225,775	$8M	added0%	0.00 pp	8 q
OESXOrion Energy Systems, Inc.	0.10%	4,355,488	$8M	trimmed−2%	−0.03 pp	10 q
PXGBXPraxair Inc	0.10%	75,252	$8M	added+13%	+0.01 pp	9 q
AXTIAXT Inc	0.09%	3,732,390	$7M	added+28%	+0.01 pp	4 q
unresolvedDover Motorsports, Inc.	0.09%	3,294,396	$8M	trimmed−1%	+0.01 pp	10 q
unresolvedErickson Inc.	0.09%	2,329,605	$7M	trimmed−1%	−0.03 pp	10 q
unresolvedHardinge Inc.	0.09%	761,680	$7M	added+4%	+0.01 pp	10 q
unresolvedLumber Liquidators Hldgs Inc	0.09%	557,472	$7M	trimmed−1%	−0.04 pp	4 q
unresolvedRockwell Collins Inc	0.09%	86,733	$7M	added+72%	+0.04 pp	6 q
unresolvedDevry Ed Group Inc	0.08%	227,451	$6M	trimmed−1%	0.00 pp	10 q
unresolvedElectro Rent Corp.	0.08%	610,962	$6M	added×4.6	+0.06 pp	2 q
XOMExxon Mobil Corp	0.08%	83,135	$6M	trimmed−1%	0.00 pp	10 q
unresolvedGrupo Financiero Santander Mex	0.08%	850,812	$6M	added+9%	0.00 pp	7 q
unresolvedHarris & Harris Group, Inc.	0.08%	3,038,829	$7M	added+15%	0.00 pp	4 q
QUMUQumu Corp.	0.08%	1,718,812	$7M	trimmed−1%	−0.08 pp	9 q
RELLRichardson Electronics Ltd	0.08%	1,153,810	$7M	new	+0.08 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.07%	96,230	$5M	trimmed−2%	−0.01 pp	6 q
GSGoldman Sachs Group Inc.	0.07%	32,595	$6M	trimmed−4%	−0.01 pp	10 q
OXYOccidental Petroleum Corporation	0.07%	84,869	$6M	added×2.1	+0.03 pp	2 q
PNCPNC Financial Services Group	0.07%	63,439	$6M	trimmed−36%	−0.04 pp	9 q
unresolvedRubicon Technology, Inc.	0.07%	5,138,765	$5M	added+3%	−0.07 pp	10 q
unresolvedVersar Inc.	0.07%	1,683,486	$6M	trimmed−1%	−0.01 pp	10 q
BAPCredicorp LTD	0.07%	52,613	$6M	added+10%	0.00 pp	3 q
unresolvedMarkit ltd.	0.07%	181,413	$5M	added+42%	+0.03 pp	2 q
BNYBank of New York Mellon Corporation	0.06%	113,015	$4M	trimmed−4%	0.00 pp	10 q
BTIBritish American Tobacco p.l.c.	0.06%	46,685	$5M	trimmed−1%	0.00 pp	8 q
unresolvedE M C Corp Mass	0.06%	213,564	$5M	trimmed−52%	−0.07 pp	9 q
MSMorgan Stanley	0.06%	155,665	$5M	trimmed−0%	−0.01 pp	10 q
MOSThe Mosaic Company	0.06%	165,155	$5M	added0%	−0.03 pp	9 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.06%	598,000	$5M	added+2%	−0.02 pp	10 q
AETIStabilis Solutions, Inc.	0.05%	1,571,294	$4M	trimmed−1%	−0.04 pp	10 q
CSWCCapital Southwest Corp	0.05%	89,000	$4M	trimmed−12%	−0.01 pp	8 q
MIDDMiddleby Corp	0.05%	40,831	$4M	trimmed−56%	−0.07 pp	10 q
VTVanguard Total World Stock ETF	0.05%	73,875	$4M	trimmed−6%	0.00 pp	9 q
ABXBarrick Mining Corporation	0.04%	464,948	$3M	added+4%	−0.01 pp	6 q
AZTAAzenta, Inc.	0.04%	263,000	$3M	added+7%	+0.01 pp	9 q
CMECME Group Inc.	0.04%	33,419	$3M	added+14%	+0.01 pp	4 q
EOGEOG Resources, Inc.	0.04%	42,132	$3M	new	+0.04 pp	new
HNGRHanger Inc.	0.04%	248,290	$3M	added+17%	−0.02 pp	5 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,296	$3M	added0%	0.00 pp	10 q
unresolvedPier 1 Imports, Inc.	0.04%	417,485	$3M	trimmed−4%	−0.02 pp	6 q
unresolvedVical Inc	0.04%	7,436,270	$3M	trimmed−0%	−0.02 pp	10 q
WECWEC Energy Group, Inc.	0.04%	55,138	$3M	new	+0.04 pp	new
ACNAccenture PLC	0.04%	30,512	$3M	trimmed−29%	−0.01 pp	6 q
9990302DApache Corp	0.03%	70,375	$3M	added+12%	−0.01 pp	9 q
BAXBaxter International Inc.	0.03%	66,331	$2M	added+7%	−0.02 pp	10 q
COSTCostco Wholesale Corp	0.03%	14,063	$2M	added×3.8	+0.02 pp	6 q
GIFIGulf Island Fabrication Inc	0.03%	231,000	$2M	trimmed−1%	0.00 pp	10 q
SSUPSuperior Industries Intl	0.03%	128,600	$2M	trimmed−3%	0.00 pp	9 q
VGKVanguard FTSE Europe ETF	0.03%	57,162	$3M	added×4.5	+0.02 pp	10 q
unresolvedApollo Group Inc Class A	0.02%	131,710	$1M	added+10%	0.00 pp	10 q
CHKChesapeake Energy Corp	0.02%	267,555	$2M	trimmed−3%	−0.01 pp	10 q
FASTFastenal Co	0.02%	44,382	$2M	added+14%	0.00 pp	3 q
unresolvedGaiam, Inc.	0.02%	228,400	$1M	new	+0.02 pp	new
GWWW.W. Grainger, Inc.	0.02%	7,909	$2M	added+14%	0.00 pp	3 q
HSBCHSBC Holdings PLC	0.02%	43,207	$2M	added+6%	0.00 pp	9 q
BWENBroadwind, Inc.	0.01%	266,933	$553,000	new	+0.01 pp	new
unresolvedElectro Scientific Industries, Inc.	0.01%	256,200	$1M	new	+0.01 pp	new
unresolvediShares MSCI United Kingdom Index ETF	0.01%	48,356	$793,000	trimmed−15%	0.00 pp	4 q
unresolvedLeapfrog Enterprises Inc	0.01%	909,442	$649,000	trimmed−1%	0.00 pp	2 q
unresolvedMb Financial Inc New	0.01%	36,400	$1M	trimmed−34%	−0.01 pp	10 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	33,916	$1M	held	—	7 q
VIVTelefonica Brasil, S.A.	0.00%	28,158	$257,000	held	—	9 q
unresolvedRentech, Inc.	—	−23,675,039	—	exited	−0.29 pp	—
BOBEBob Evans Farms, Inc.	—	−205,686	—	exited	−0.12 pp	—
CVSCvs Health Corporation	—	−82,895	—	exited	−0.10 pp	—
unresolvedAltera Corp	—	−84,373	—	exited	−0.05 pp	—
EXPDExpeditors International of Washington, Inc.	—	−37,846	—	exited	−0.02 pp	—
MTBM&T Bank Corp.	—	−13,294	—	exited	−0.02 pp	—
unresolvedPanera Bread Co	—	−1,664	—	exited	0.00 pp	—