Ariel Investments

Q4 2015 13F · by John Rogers, CIO

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $8.3B · prev $8.0B
Positions: 196 · 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

+5.2 pp in · −5.2 pp out

New 15 +2.20 pp
Added 81 +3.01 pp
Trimmed 88 −3.24 pp
Exited 6 −1.95 pp

The book

Diversified · behaves like 71 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions13% of US stock

LAZ Lazard, Inc. added+0.02 pp added+0.023.0%
FAF First American Financial Corporation trimmed−0.73 pp trimmed−0.732.6%
SJM The J.M. Smucker Company trimmed−0.13 pp trimmed−0.132.6%
IPG The Interpublic Group of Companies, Inc. trimmed+0.14 pp trimmed+0.142.6%
99803EUR Laboratory Crp Of Amer Hldgs added+0.28 pp added+0.282.5%

Positions196 in this filing · 6 exited


LAZLazard, Inc.	2.99%	5,540,072	$249M	added0%	+0.02 pp	11 q
FAFFirst American Financial Corporation	2.64%	6,144,140	$221M	trimmed−11%	−0.73 pp	11 q
SJMThe J.M. Smucker Company	2.62%	1,773,704	$219M	trimmed−8%	−0.13 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	2.58%	9,260,912	$216M	trimmed−10%	+0.14 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	2.48%	1,675,352	$207M	added+3%	+0.28 pp	8 q
BRSBristow Group, Inc.	2.45%	7,905,737	$205M	added+15%	+0.20 pp	11 q
KMTKennametal Inc.	2.44%	10,602,518	$204M	added+10%	−0.54 pp	7 q
AXEAnixter International Inc	2.34%	3,226,735	$195M	added+3%	+0.09 pp	11 q
JLLJones Lang LaSalle, Inc.	2.18%	1,134,989	$181M	trimmed−4%	+0.07 pp	11 q
ISCAInternational Speedway Corp	2.15%	5,315,653	$179M	trimmed−9%	−0.15 pp	11 q
TGNATEGNA Inc.	2.04%	6,674,555	$170M	added+2%	+0.21 pp	3 q
WUThe Western Union Company	1.94%	9,049,561	$162M	trimmed−14%	−0.47 pp	11 q
MATMattel, Inc.	1.91%	5,863,365	$159M	added+1%	+0.38 pp	3 q
BIDUBaidu, Inc.	1.83%	806,996	$153M	added+6%	+0.52 pp	11 q
SWKStanley Black & Decker, Inc.	1.72%	1,346,214	$144M	trimmed−9%	−0.07 pp	11 q
CRLCharles River Laboratories International, Inc.	1.68%	1,742,890	$140M	added+4%	+0.36 pp	11 q
BIOBio-Rad Laboratories, Inc.Class A	1.67%	1,005,947	$139M	added+1%	0.00 pp	11 q
MSFTMicrosoft Corp	1.65%	2,475,332	$137M	trimmed−1%	+0.27 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	1.64%	1,335,494	$137M	added+6%	+0.16 pp	11 q
SNASnap-on Incorporated	1.63%	790,654	$136M	trimmed−4%	+0.09 pp	11 q
GILDGilead Sciences Inc	1.59%	1,313,500	$133M	held	—	11 q
unresolvedKkr & Co L P DEL	1.55%	8,268,522	$129M	added+15%	+0.05 pp	11 q
AFLAflac Inc.	1.52%	2,110,939	$126M	trimmed−3%	−0.05 pp	11 q
NTRSNorthern Trust Corp	1.39%	1,602,589	$116M	added+1%	+0.04 pp	11 q
BRCBrady Corporation	1.37%	4,956,917	$114M	added0%	+0.16 pp	11 q
OMCOmnicom Group Inc.	1.32%	1,453,560	$110M	added+1%	+0.13 pp	11 q
unresolvedJanus Cap Group Inc	1.30%	7,719,585	$109M	trimmed−7%	−0.10 pp	11 q
SSDSimpson Manufacturing Co., Inc.	1.23%	3,013,810	$103M	trimmed−0%	−0.03 pp	11 q
MTSCMTS Systems Corp	1.20%	1,574,515	$100M	added+1%	+0.03 pp	11 q
CBRECbre Group, Inc.	1.18%	2,858,175	$99M	trimmed−8%	−0.06 pp	11 q
MDPMeredith Corporation	1.13%	2,180,306	$94M	added+3%	+0.01 pp	11 q
MSGSMadison Square Garden Sports Corp.	1.12%	574,935	$93M	new	+1.12 pp	new
unresolvedDun & Bradstreet Corp/The	1.10%	885,469	$92M	added+6%	+0.01 pp	11 q
ITWIllinois Tool Works Inc.	1.07%	962,183	$89M	added+1%	+0.09 pp	11 q
unresolvedCBS Corp	1.06%	1,870,445	$88M	added+1%	+0.14 pp	11 q
LFUSLittelfuse Inc	1.06%	829,241	$89M	trimmed−3%	+0.09 pp	11 q
TMOThermo Fisher Scientific, Inc.	1.04%	610,985	$87M	added+1%	+0.12 pp	11 q
JNJJohnson & Johnson	1.02%	831,664	$85M	trimmed−6%	−0.01 pp	11 q
unresolvedSt Jude Med Inc	0.99%	1,333,643	$82M	added+1%	−0.05 pp	11 q
VIABViacom Inc. Class B	0.97%	1,957,027	$81M	added+4%	−0.04 pp	11 q
RCLRoyal Caribbean Group	0.97%	799,888	$81M	trimmed−15%	−0.08 pp	11 q
SOThe Southern Company	0.93%	1,665,185	$78M	held	—	7 q
SLCAU.s. Silica Holdings, Inc.	0.91%	4,058,476	$76M	trimmed−5%	+0.16 pp	10 q
unresolvedBlount Intl Inc New	0.89%	7,536,792	$74M	trimmed−21%	+0.23 pp	11 q
BENFranklin Templeton, Inc.	0.89%	2,026,161	$75M	added+1%	−0.04 pp	11 q
PMPhilip Morris International Inc.	0.86%	812,963	$71M	added+12%	+0.14 pp	10 q
VZVerizon Communications	0.86%	1,544,785	$71M	added0%	+0.02 pp	5 q
MSGNMSG Networks Inc.	0.84%	3,355,502	$70M	new	+0.84 pp	new
MHKMohawk Industries, Inc.	0.84%	372,132	$70M	trimmed−0%	0.00 pp	11 q
unresolvedHarman Intl Inds Inc	0.82%	726,096	$68M	added+2%	−0.03 pp	11 q
ZBRAZebra Technologies Corporation	0.81%	974,716	$68M	added×2.4	+0.43 pp	9 q
unresolvedGlaxosmithkline PLC	0.71%	1,476,976	$60M	added+1%	+0.01 pp	11 q
JWNNordstrom, Inc.	0.71%	1,197,130	$60M	added+42%	−0.04 pp	11 q
NWLNewell Brands Inc.	0.70%	1,324,601	$58M	trimmed−60%	−0.93 pp	11 q
NOVNOV Inc.	0.67%	1,676,053	$56M	added+1%	−0.11 pp	11 q
NOKNokia Corporation	0.67%	7,997,646	$56M	added+9%	+0.05 pp	11 q
DGXQuest Diagnostics Inc.	0.59%	693,253	$49M	trimmed−0%	+0.06 pp	11 q
PGRProgressive Corporation	0.54%	1,405,610	$45M	added+26%	+0.11 pp	2 q
unresolvedMedia Gen Inc New	0.52%	2,704,268	$44M	trimmed−0%	+0.05 pp	2 q
FICOFair Isaac Corporation	0.51%	448,858	$42M	trimmed−10%	−0.01 pp	11 q
TROWT Rowe Price Group Inc	0.50%	578,356	$41M	added+1%	0.00 pp	11 q
unresolvedTowers Watson & Co.	0.49%	316,232	$41M	added+2%	+0.04 pp	11 q
BCOThe Brink's Company	0.45%	1,309,293	$38M	added+1%	+0.01 pp	11 q
unresolvedCoach Inc	0.45%	1,148,491	$38M	added+2%	+0.04 pp	11 q
TISITeam, Inc.	0.45%	1,179,073	$38M	added+5%	0.00 pp	11 q
ORBCORBCOMM, Inc.	0.42%	4,833,159	$35M	trimmed−17%	+0.02 pp	11 q
BXBlackstone Inc.	0.41%	1,156,592	$34M	added+1%	−0.04 pp	11 q
unresolvedTumi Holdings Inc.	0.40%	1,990,663	$33M	added+9%	0.00 pp	10 q
CHLChina Mobile Limited	0.38%	558,585	$31M	added+23%	+0.04 pp	11 q
BIDTribeca Strategic Acquisition Corp. Class A	0.38%	1,240,509	$32M	trimmed−45%	−0.51 pp	11 q
USBU.S. Bancorp	0.38%	734,637	$31M	held	—	10 q
VOOVanguard S&P 500 ETF	0.37%	165,187	$31M	trimmed−23%	−0.10 pp	5 q
CLBCore Laboratories Inc.	0.37%	282,149	$31M	added+7%	+0.04 pp	7 q
MCFContango Oil & Gas Co.	0.36%	4,743,352	$30M	trimmed−1%	−0.10 pp	11 q
GCIGannett Co Inc	0.36%	1,856,838	$30M	added0%	+0.02 pp	3 q
TIFTiffany & Co.	0.36%	389,006	$30M	added+1%	−0.01 pp	11 q
unresolvedCowen group Inc.	0.34%	7,361,233	$28M	added+6%	−0.05 pp	11 q
RSTRosetta Stone Inc	0.33%	4,137,810	$28M	trimmed−2%	−0.02 pp	11 q
CNTYCentury Casinos Inc	0.31%	3,316,958	$26M	trimmed−4%	+0.05 pp	8 q
IEXIDEX Corporation	0.30%	326,952	$25M	added+1%	+0.01 pp	11 q
unresolvedRuckus Wireless Inc	0.28%	2,183,372	$23M	added0%	−0.04 pp	10 q
RNWARealnetworks Inc	0.27%	5,366,745	$23M	trimmed−1%	−0.01 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.27%	603,652	$22M	added+54%	+0.10 pp	11 q
unresolvedPrivatebancorp Inc	0.24%	485,684	$20M	added+1%	+0.01 pp	11 q
BSACBanco Santander-Chile	0.23%	1,083,634	$19M	trimmed−0%	−0.02 pp	8 q
SLBSLB Limited	0.23%	277,953	$19M	added+3%	0.00 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.22%	139,394	$18M	added+27%	+0.04 pp	10 q
TILEInterface Inc	0.22%	965,447	$18M	trimmed−0%	−0.05 pp	11 q
SEACSeachange Intl Inc	0.22%	2,761,904	$19M	trimmed−1%	0.00 pp	4 q
unresolvedXO Group Inc.	0.22%	1,164,220	$19M	trimmed−9%	−0.01 pp	11 q
LFCRLifecore Biomedical, Inc.	0.19%	1,316,527	$16M	trimmed−7%	−0.02 pp	11 q
MATWMatthews International Corp	0.19%	300,251	$16M	added+1%	+0.01 pp	11 q
ACTGAcacia Research Corporation	0.18%	3,584,986	$15M	added+12%	−0.18 pp	11 q
ALOTAstroNova, Inc.	0.18%	1,060,361	$15M	trimmed−7%	−0.02 pp	11 q
unresolvedEdgewater Technology Inc.	0.18%	1,827,347	$15M	added+2%	+0.02 pp	11 q
unresolvedQlogic Corp	0.18%	1,228,640	$15M	trimmed−31%	−0.05 pp	11 q
WMTWalmart Inc.	0.17%	234,168	$14M	trimmed−0%	−0.02 pp	10 q
CVUCPI Aerostructures, Inc.	0.16%	1,412,625	$14M	trimmed−8%	−0.01 pp	11 q
HMNHorace Mann Educators Corporation	0.16%	408,859	$14M	added+1%	−0.01 pp	11 q
MNManning & Napier, Inc.	0.16%	1,616,120	$14M	trimmed−0%	+0.01 pp	5 q
PEWPctel Inc	0.16%	2,915,815	$13M	trimmed−6%	−0.07 pp	11 q
AXPAmerican Express Company	0.15%	185,409	$13M	added+71%	+0.05 pp	6 q
unresolvedPendrell Corp.	0.15%	25,453,220	$13M	trimmed−6%	−0.09 pp	11 q
PRCPPerceptron Inc	0.15%	1,611,673	$13M	added+8%	+0.01 pp	11 q
GHCGraham Holdings Company	0.14%	23,756	$12M	trimmed−0%	−0.03 pp	9 q
unresolvedRentech, Inc.	0.14%	3,308,289	$12M	added+4%	−0.08 pp	2 q
unresolvedSpartan Motors Inc.	0.14%	3,725,797	$12M	trimmed−5%	−0.06 pp	11 q
unresolvedFurmanite Corp.	0.13%	1,579,929	$11M	trimmed−48%	−0.10 pp	11 q
ITUBItau Unibanco Holding S.A.	0.13%	1,722,429	$11M	added+34%	+0.02 pp	8 q
TNAVTelenav Inc.	0.13%	1,975,906	$11M	trimmed−4%	−0.07 pp	11 q
AKXAnsys Inc	0.12%	103,788	$10M	added+1%	+0.01 pp	7 q
unresolvedImation Corp	0.12%	7,232,839	$10M	added+16%	−0.05 pp	11 q
unresolvedLumber Liquidators Hldgs Inc	0.12%	556,035	$10M	trimmed−0%	+0.03 pp	5 q
OESXOrion Energy Systems, Inc.	0.11%	4,302,052	$9M	trimmed−1%	+0.01 pp	11 q
RYAAYRyanair Holdings plc	0.11%	109,344	$9M	new	+0.11 pp	new
AXTIAXT Inc	0.10%	3,470,140	$9M	trimmed−7%	+0.01 pp	5 q
unresolvedBallantyne Strong, Inc.	0.10%	1,884,258	$9M	trimmed−8%	−0.02 pp	11 q
unresolvedElectro Rent Corp.	0.10%	921,414	$8M	added+51%	+0.02 pp	3 q
JPMJPMorgan Chase & Co.	0.10%	131,837	$9M	trimmed−4%	0.00 pp	11 q
KINKindred Biosciences, Inc.	0.10%	2,498,179	$8M	added+43%	−0.01 pp	5 q
LMTLockheed Martin Corp.	0.10%	39,877	$9M	trimmed−10%	−0.01 pp	11 q
unresolvedMitcham Industries, Inc.	0.10%	2,889,193	$9M	trimmed−3%	−0.04 pp	11 q
ORCLOracle Corp	0.10%	217,260	$8M	trimmed−4%	0.00 pp	9 q
unresolvedRockwell Collins Inc	0.10%	87,033	$8M	added0%	+0.01 pp	7 q
BTIBritish American Tobacco p.l.c.	0.09%	68,232	$8M	added+46%	+0.03 pp	9 q
CPIXCumberland Pharmaceuticals Inc	0.09%	1,416,660	$7M	trimmed−5%	−0.02 pp	11 q
unresolvedDover Motorsports, Inc.	0.09%	3,137,997	$7M	trimmed−5%	0.00 pp	11 q
unresolvedGrupo Financiero Santander Mex	0.09%	833,761	$7M	trimmed−2%	+0.01 pp	8 q
unresolvedHarris & Harris Group, Inc.	0.09%	3,508,644	$8M	added+15%	+0.01 pp	5 q
IBMInternational Business Machines Corporation	0.09%	53,900	$7M	trimmed−4%	−0.01 pp	11 q
PXGBXPraxair Inc	0.09%	75,252	$8M	held	—	10 q
RDS.ARoyal Dutch Shell PLC	0.09%	170,310	$8M	trimmed−6%	−0.02 pp	11 q
unresolvedStanley Furniture Co., Inc.	0.09%	2,652,341	$7M	trimmed−8%	−0.02 pp	10 q
XOMExxon Mobil Corp	0.08%	80,635	$6M	trimmed−3%	0.00 pp	11 q
unresolvedHardinge Inc.	0.08%	696,780	$6M	trimmed−9%	−0.01 pp	11 q
unresolvedMarkit ltd.	0.08%	226,024	$7M	added+25%	+0.01 pp	3 q
CRWSCrown Crafts Inc	0.07%	731,826	$6M	trimmed−22%	−0.03 pp	11 q
unresolvedDevry Ed Group Inc	0.07%	226,826	$6M	trimmed−0%	−0.01 pp	11 q
unresolvedE M C Corp Mass	0.07%	213,564	$5M	held	—	10 q
GSGoldman Sachs Group Inc.	0.07%	32,495	$6M	trimmed−0%	0.00 pp	11 q
MOSThe Mosaic Company	0.07%	201,130	$6M	added+22%	+0.01 pp	10 q
OXYOccidental Petroleum Corporation	0.07%	84,869	$6M	held	—	3 q
RELLRichardson Electronics Ltd	0.07%	1,072,760	$6M	trimmed−7%	−0.01 pp	2 q
unresolvedRubicon Technology, Inc.	0.07%	4,767,365	$5M	trimmed−7%	0.00 pp	11 q
MSMorgan Stanley	0.06%	157,500	$5M	added+1%	0.00 pp	11 q
QUMUQumu Corp.	0.06%	1,779,492	$5M	added+4%	−0.02 pp	10 q
TKCTurkcell Iletisim Hizmetleri A.s.	0.06%	597,725	$5M	trimmed−0%	0.00 pp	11 q
unresolvedVersar Inc.	0.06%	1,646,082	$5M	trimmed−2%	−0.01 pp	11 q
BNYBank of New York Mellon Corporation	0.05%	107,315	$4M	trimmed−5%	−0.01 pp	11 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	93,030	$4M	trimmed−3%	−0.02 pp	7 q
unresolvedErickson Inc.	0.05%	2,174,086	$4M	trimmed−7%	−0.04 pp	11 q
HNGRHanger Inc.	0.05%	239,690	$4M	trimmed−3%	+0.01 pp	6 q
VTVanguard Total World Stock ETF	0.05%	66,437	$4M	trimmed−10%	0.00 pp	10 q
BAPCredicorp LTD	0.05%	43,518	$4M	trimmed−17%	−0.02 pp	4 q
AETIStabilis Solutions, Inc.	0.04%	1,599,491	$3M	added+2%	−0.01 pp	11 q
9990302DApache Corp	0.04%	66,975	$3M	trimmed−5%	+0.01 pp	10 q
ABXBarrick Mining Corporation	0.04%	449,223	$3M	trimmed−3%	0.00 pp	7 q
CMECME Group Inc.	0.04%	33,926	$3M	added+2%	0.00 pp	5 q
EOGEOG Resources, Inc.	0.04%	42,132	$3M	held	—	2 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	41,151	$4M	trimmed−3%	0.00 pp	11 q
PNCPNC Financial Services Group	0.04%	31,719	$3M	trimmed−50%	−0.03 pp	10 q
ACNAccenture PLC	0.04%	30,512	$3M	held	—	7 q
BAXBaxter International Inc.	0.03%	63,595	$2M	trimmed−4%	0.00 pp	11 q
AZTAAzenta, Inc.	0.03%	264,700	$3M	added+1%	−0.01 pp	10 q
COSTCostco Wholesale Corp	0.03%	14,063	$2M	held	—	7 q
unresolvedGaiam, Inc.	0.03%	369,400	$2M	added+62%	+0.01 pp	2 q
GIFIGulf Island Fabrication Inc	0.03%	231,000	$2M	held	—	11 q
HSBCHSBC Holdings PLC	0.03%	57,148	$2M	added+32%	+0.01 pp	10 q
IWNiShares Russell 2000 Value ETF	0.03%	31,406	$3M	new	+0.03 pp	new
unresolvediShares MSCI United Kingdom Index ETF	0.03%	171,715	$3M	added×3.6	+0.02 pp	5 q
SSUPSuperior Industries Intl	0.03%	129,300	$2M	added+1%	0.00 pp	10 q
unresolvedVical Inc	0.03%	6,952,175	$3M	trimmed−7%	−0.01 pp	11 q
WECWEC Energy Group, Inc.	0.03%	55,138	$3M	held	—	2 q
unresolvedElectro Scientific Industries, Inc.	0.02%	259,100	$1M	added+1%	+0.01 pp	2 q
FASTFastenal Co	0.02%	37,682	$2M	trimmed−15%	0.00 pp	4 q
GWWW.W. Grainger, Inc.	0.02%	6,409	$1M	trimmed−19%	0.00 pp	4 q
EWLiShares MSCI Switzerland ETF	0.02%	56,789	$2M	new	+0.02 pp	new
IWCiShares Micro-Cap ETF	0.02%	18,192	$1M	new	+0.02 pp	new
unresolvedPier 1 Imports, Inc.	0.02%	402,285	$2M	trimmed−4%	−0.02 pp	7 q
unresolvedApollo Group Inc Class A	0.01%	125,860	$965,000	trimmed−4%	−0.01 pp	11 q
BWENBroadwind, Inc.	0.01%	272,233	$566,000	added+2%	0.00 pp	2 q
CSWCSW Industrials, Inc.	0.01%	30,800	$1M	new	+0.01 pp	new
CAJPYCanon Inc S/	0.01%	17,279	$521,000	new	+0.01 pp	new
CSWCCapital Southwest Corp	0.01%	89,000	$1M	held	—	9 q
CHKChesapeake Energy Corp	0.01%	227,230	$1M	trimmed−15%	−0.01 pp	11 q
CFRCullen/Frost Bankers Inc.	0.01%	16,597	$996,000	new	+0.01 pp	new
DFSDiscover Financial Services	0.01%	8,868	$476,000	new	+0.01 pp	new
unresolvedLeapfrog Enterprises Inc	0.01%	923,142	$655,000	added+2%	0.00 pp	3 q
unresolvedMb Financial Inc New	0.01%	28,700	$929,000	trimmed−21%	0.00 pp	11 q
NVSNovartis AG	0.01%	11,267	$969,000	new	+0.01 pp	new
unresolvedSkullcandy, Inc.	0.01%	254,089	$1M	new	+0.01 pp	new
VWOVanguard FTSE Emerging Markets ETF	0.01%	34,506	$1M	added+2%	0.00 pp	8 q
BTBT Group plc (	0.00%	6,308	$218,000	new	0.00 pp	new
IWSiShares Russell Mid-Cap Value ETF	0.00%	4,954	$340,000	new	0.00 pp	new
VIVTelefonica Brasil, S.A.	0.00%	28,101	$254,000	trimmed−0%	0.00 pp	10 q
TMToyota Motor Corporation	0.00%	2,914	$359,000	new	0.00 pp	new
unresolvedMadison Square Garden Co	—	−1,672,297	—	exited	−1.50 pp	—
unresolvedHCC Insurance Holdings, Inc.	—	−168,329	—	exited	−0.16 pp	—
unresolvedRyanair Holdings PLC ADR	—	−114,261	—	exited	−0.11 pp	—
unresolvedAV Homes, Inc.	—	−604,095	—	exited	−0.10 pp	—
MIDDMiddleby Corp	—	−40,831	—	exited	−0.05 pp	—
VGKVanguard FTSE Europe ETF	—	−57,162	—	exited	−0.03 pp	—