Ariel Investments

Q2 2016 13F · by John Rogers, CIO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $8.0B · prev $8.3B
Positions: 192 · prev 194
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

+3.2 pp in · −3.2 pp out

New 7 +0.17 pp
Added 83 +3.01 pp
Trimmed 92 −2.59 pp
Exited 9 −0.63 pp

The book

Diversified · behaves like 75 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions13% of US stock

KMT Kennametal Inc. trimmed−0.07 pp trimmed−0.072.9%
FAF First American Financial Corporation trimmed+0.11 pp trimmed+0.112.9%
99803EUR Laboratory Crp Of Amer Hldgs trimmed+0.24 pp trimmed+0.242.5%
LAZ Lazard, Inc. added−0.58 pp added−0.582.5%
IPG The Interpublic Group of Companies, Inc. trimmed+0.05 pp trimmed+0.052.3%

Positions192 in this filing · 9 exited


KMTKennametal Inc.	2.88%	10,390,755	$230M	trimmed−5%	−0.07 pp	9 q
FAFFirst American Financial Corporation	2.86%	5,666,824	$228M	trimmed−5%	+0.11 pp	13 q
99803EURLaboratory Crp Of Amer Hldgs	2.48%	1,514,925	$197M	trimmed−5%	+0.24 pp	10 q
LAZLazard, Inc.	2.45%	6,539,522	$195M	added+1%	−0.58 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	2.29%	7,893,877	$182M	trimmed−2%	+0.05 pp	13 q
SJMThe J.M. Smucker Company	2.23%	1,167,672	$178M	trimmed−10%	+0.19 pp	13 q
NTRSNorthern Trust Corp	2.11%	2,541,852	$168M	trimmed−0%	+0.11 pp	13 q
AXEAnixter International Inc	1.94%	2,905,773	$155M	trimmed−12%	−0.14 pp	13 q
BIDUBaidu, Inc.	1.92%	928,237	$153M	added+12%	+0.01 pp	13 q
ZBHZimmer Biomet Holdings, Inc.	1.85%	1,220,988	$147M	trimmed−4%	+0.21 pp	13 q
TGNATEGNA Inc.	1.84%	6,334,056	$147M	trimmed−7%	−0.09 pp	5 q
JLLJones Lang LaSalle, Inc.	1.79%	1,464,933	$143M	added+1%	−0.26 pp	13 q
BIOBio-Rad Laboratories, Inc.Class A	1.76%	980,851	$140M	trimmed−2%	+0.11 pp	13 q
WUThe Western Union Company	1.68%	6,989,817	$134M	trimmed−10%	−0.13 pp	13 q
AFLAflac Inc.	1.66%	1,836,789	$133M	trimmed−6%	+0.17 pp	13 q
ISCAInternational Speedway Corp	1.65%	3,923,230	$131M	trimmed−7%	−0.23 pp	13 q
unresolvedKkr & Co L P DEL	1.65%	10,667,131	$132M	added+4%	−0.17 pp	13 q
MSFTMicrosoft Corp	1.62%	2,523,380	$129M	added+2%	−0.03 pp	13 q
BRCBrady Corporation	1.60%	4,180,434	$128M	trimmed−13%	+0.05 pp	13 q
VIABViacom Inc. Class B	1.59%	3,055,954	$127M	added+35%	+0.46 pp	13 q
MATMattel, Inc.	1.58%	4,011,191	$126M	trimmed−9%	−0.21 pp	5 q
CRLCharles River Laboratories International, Inc.	1.52%	1,464,130	$121M	trimmed−12%	0.00 pp	13 q
GILDGilead Sciences Inc	1.51%	1,443,305	$120M	added+6%	0.00 pp	13 q
SWKStanley Black & Decker, Inc.	1.47%	1,056,291	$117M	trimmed−9%	0.00 pp	13 q
MDPMeredith Corporation	1.45%	2,230,110	$116M	trimmed−2%	+0.14 pp	13 q
ZBRAZebra Technologies Corporation	1.38%	2,201,394	$110M	added+45%	+0.11 pp	11 q
BRSBristow Group, Inc.	1.36%	9,512,567	$109M	trimmed−3%	−0.87 pp	13 q
SNASnap-on Incorporated	1.34%	678,453	$107M	trimmed−0%	+0.05 pp	13 q
SSDSimpson Manufacturing Co., Inc.	1.32%	2,639,761	$106M	trimmed−12%	−0.06 pp	13 q
unresolvedDun & Bradstreet Corp/The	1.31%	857,930	$105M	trimmed−6%	+0.18 pp	13 q
unresolvedJanus Cap Group Inc	1.31%	7,498,973	$104M	trimmed−2%	−0.04 pp	13 q
JNJJohnson & Johnson	1.31%	857,563	$104M	added+1%	+0.20 pp	13 q
OMCOmnicom Group Inc.	1.29%	1,258,486	$103M	trimmed−1%	+0.02 pp	13 q
NOKNokia Corporation	1.22%	17,011,488	$97M	added+47%	+0.40 pp	13 q
ITWIllinois Tool Works Inc.	1.19%	906,206	$94M	trimmed−1%	+0.06 pp	13 q
MSGNMSG Networks Inc.	1.15%	5,978,906	$92M	added+36%	+0.24 pp	3 q
unresolvedHarman Intl Inds Inc	1.13%	1,257,068	$90M	added+45%	+0.20 pp	13 q
SLCAU.s. Silica Holdings, Inc.	1.12%	2,593,654	$89M	trimmed−33%	+0.06 pp	12 q
CBRECbre Group, Inc.	1.09%	3,269,893	$87M	added+6%	+0.02 pp	13 q
MSGSMadison Square Garden Sports Corp.	1.06%	490,416	$85M	added+4%	+0.12 pp	3 q
TMOThermo Fisher Scientific, Inc.	1.00%	536,549	$79M	trimmed−1%	+0.08 pp	13 q
LFUSLittelfuse Inc	0.97%	651,033	$77M	trimmed−11%	−0.11 pp	13 q
unresolvedSt Jude Med Inc	0.94%	959,830	$75M	trimmed−48%	−0.29 pp	13 q
MTSCMTS Systems Corp	0.90%	1,627,547	$71M	added+2%	−0.28 pp	13 q
RCLRoyal Caribbean Group	0.88%	1,048,798	$70M	added+8%	−0.08 pp	13 q
unresolvedGlaxosmithkline PLC	0.87%	1,607,697	$70M	added+2%	+0.10 pp	13 q
unresolvedCBS Corp	0.86%	1,254,511	$68M	trimmed−7%	−0.03 pp	13 q
VZVerizon Communications	0.82%	1,168,913	$65M	trimmed−24%	−0.18 pp	7 q
BENFranklin Templeton, Inc.	0.79%	1,887,442	$63M	trimmed−1%	−0.10 pp	13 q
MHKMohawk Industries, Inc.	0.76%	319,793	$61M	trimmed−17%	−0.12 pp	13 q
NOVNOV Inc.	0.75%	1,776,400	$60M	added0%	+0.09 pp	13 q
PGRProgressive Corporation	0.74%	1,770,198	$59M	added+17%	+0.10 pp	4 q
SOThe Southern Company	0.69%	1,023,977	$55M	trimmed−37%	−0.32 pp	9 q
unresolvedTumi Holdings Inc.	0.66%	1,971,878	$53M	added+1%	+0.03 pp	12 q
AXPAmerican Express Company	0.63%	820,453	$50M	added+25%	+0.15 pp	8 q
MCFContango Oil & Gas Co.	0.61%	3,966,531	$49M	trimmed−16%	−0.06 pp	13 q
FICOFair Isaac Corporation	0.61%	433,087	$49M	trimmed−5%	+0.03 pp	13 q
unresolvedDevry Ed Group Inc	0.60%	2,684,472	$48M	added+39%	+0.20 pp	13 q
JWNNordstrom, Inc.	0.59%	1,237,572	$47M	added+9%	−0.19 pp	13 q
TISITeam, Inc.	0.59%	1,893,696	$47M	trimmed−6%	−0.15 pp	13 q
WTWWillis Towers Watson Public Limited Company	0.55%	349,721	$43M	added+5%	+0.07 pp	2 q
CHLChina Mobile Limited	0.54%	741,201	$43M	added+11%	+0.09 pp	13 q
RSTRosetta Stone Inc	0.51%	5,260,321	$41M	added+1%	+0.09 pp	13 q
BWABorgWarner Inc.	0.49%	1,326,716	$39M	added×11.6	+0.44 pp	2 q
BXBlackstone Inc.	0.46%	1,482,772	$36M	trimmed−1%	−0.04 pp	13 q
DGXQuest Diagnostics Inc.	0.46%	454,535	$37M	trimmed−39%	−0.18 pp	13 q
PMPhilip Morris International Inc.	0.45%	348,783	$35M	added+4%	+0.05 pp	12 q
BCOThe Brink's Company	0.42%	1,181,800	$34M	trimmed−13%	−0.13 pp	13 q
unresolvedCowen group Inc.	0.42%	11,414,740	$34M	added+1%	−0.10 pp	13 q
BIDTribeca Strategic Acquisition Corp. Class A	0.42%	1,231,663	$34M	trimmed−3%	+0.01 pp	13 q
ORBCORBCOMM, Inc.	0.41%	3,243,192	$32M	trimmed−15%	−0.05 pp	13 q
TIFTiffany & Co.	0.39%	516,976	$31M	added+41%	+0.07 pp	13 q
CLBCore Laboratories Inc.	0.39%	249,977	$31M	trimmed−18%	−0.02 pp	9 q
RNWARealnetworks Inc	0.37%	6,886,815	$30M	added+25%	+0.10 pp	12 q
TROWT Rowe Price Group Inc	0.34%	367,885	$27M	trimmed−1%	+0.01 pp	13 q
unresolvedCEB Inc.	0.33%	427,804	$26M	added+54%	+0.11 pp	2 q
unresolvedRockwell Collins Inc	0.33%	304,862	$26M	added×3.4	+0.23 pp	9 q
unresolvedPrivatebancorp Inc	0.32%	578,722	$25M	added+19%	+0.09 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.30%	165,562	$24M	added+5%	+0.03 pp	12 q
HLIHoulihan Lokey, Inc.	0.29%	1,016,245	$23M	added+21%	+0.04 pp	2 q
SLBSLB Limited	0.29%	287,802	$23M	added+1%	+0.04 pp	8 q
BSACBanco Santander-Chile	0.28%	1,131,420	$22M	added+4%	+0.03 pp	10 q
CNTYCentury Casinos Inc	0.28%	3,540,858	$22M	added+13%	+0.05 pp	10 q
IEXIDEX Corporation	0.28%	269,174	$22M	trimmed−21%	−0.06 pp	13 q
unresolvedXO Group Inc.	0.28%	1,292,321	$23M	trimmed−8%	+0.01 pp	13 q
EOGEOG Resources, Inc.	0.27%	253,674	$21M	added+5%	+0.06 pp	4 q
USBU.S. Bancorp	0.25%	499,677	$20M	added+2%	+0.01 pp	12 q
VEAVanguard FTSE Developed Markets ETF	0.25%	557,757	$20M	added+11%	+0.03 pp	13 q
TNAVTelenav Inc.	0.24%	3,803,353	$19M	added+7%	−0.01 pp	13 q
AKXAnsys Inc	0.21%	182,479	$17M	added+72%	+0.10 pp	9 q
LFCRLifecore Biomedical, Inc.	0.21%	1,590,824	$17M	trimmed−2%	0.00 pp	13 q
ACTGAcacia Research Corporation	0.20%	3,648,477	$16M	added+2%	+0.04 pp	13 q
unresolvedPendrell Corp.	0.20%	31,788,586	$16M	trimmed−1%	0.00 pp	13 q
unresolvedEdgewater Technology Inc.	0.19%	1,781,915	$15M	trimmed−5%	+0.01 pp	13 q
MATWMatthews International Corp	0.19%	272,076	$15M	trimmed−9%	0.00 pp	13 q
PEWPctel Inc	0.19%	3,241,813	$15M	trimmed−2%	0.00 pp	13 q
MNManning & Napier, Inc.	0.18%	1,497,505	$14M	trimmed−9%	+0.02 pp	7 q
unresolvedSpartan Motors Inc.	0.18%	2,287,584	$14M	trimmed−46%	−0.02 pp	13 q
VTVanguard Total World Stock ETF	0.18%	241,772	$14M	added×3.4	+0.13 pp	12 q
ALOTAstroNova, Inc.	0.17%	882,174	$13M	trimmed−16%	−0.01 pp	13 q
BTIBritish American Tobacco p.l.c.	0.16%	96,775	$13M	added+11%	+0.04 pp	11 q
HMNHorace Mann Educators Corporation	0.16%	388,649	$13M	trimmed−8%	0.00 pp	13 q
TILEInterface Inc	0.16%	837,938	$13M	trimmed−13%	−0.06 pp	13 q
KINKindred Biosciences, Inc.	0.16%	3,695,576	$13M	added+3%	+0.01 pp	7 q
SEACSeachange Intl Inc	0.16%	4,099,664	$13M	trimmed−1%	−0.11 pp	6 q
VOOVanguard S&P 500 ETF	0.16%	65,876	$13M	trimmed−44%	−0.11 pp	7 q
unresolvedGaiam, Inc.	0.15%	1,523,127	$12M	trimmed−2%	+0.03 pp	4 q
GHCGraham Holdings Company	0.15%	24,274	$12M	trimmed−0%	+0.01 pp	11 q
unresolvedMitcham Industries, Inc.	0.14%	3,006,299	$11M	added+1%	+0.03 pp	13 q
unresolvedSkullcandy, Inc.	0.14%	1,863,205	$11M	trimmed−15%	+0.05 pp	3 q
unresolvedBallantyne Strong, Inc.	0.12%	1,796,542	$9M	trimmed−4%	+0.02 pp	13 q
unresolvedImation Corp	0.12%	7,744,809	$10M	added+2%	−0.02 pp	13 q
TSTenaris S. A.	0.12%	317,764	$9M	added×2.4	+0.08 pp	2 q
CVUCPI Aerostructures, Inc.	0.11%	1,468,866	$9M	added+4%	−0.01 pp	13 q
CPIXCumberland Pharmaceuticals Inc	0.11%	1,992,613	$9M	added+1%	0.00 pp	13 q
IBMInternational Business Machines Corporation	0.11%	55,310	$8M	held	—	13 q
AXTIAXT Inc	0.10%	2,440,564	$8M	trimmed−25%	0.00 pp	7 q
AZTAAzenta, Inc.	0.10%	720,600	$8M	added+5%	+0.01 pp	12 q
CSWCCapital Southwest Corp	0.10%	604,281	$8M	added×2.4	+0.06 pp	11 q
LMTLockheed Martin Corp.	0.10%	33,417	$8M	trimmed−5%	+0.01 pp	13 q
unresolvedLumber Liquidators Hldgs Inc	0.10%	517,635	$8M	trimmed−9%	+0.01 pp	7 q
ORCLOracle Corp	0.10%	204,295	$8M	held	—	11 q
PRCPPerceptron Inc	0.10%	1,628,189	$8M	trimmed−4%	0.00 pp	13 q
unresolvedQlogic Corp	0.10%	545,995	$8M	trimmed−22%	−0.01 pp	13 q
QUMUQumu Corp.	0.10%	1,797,020	$8M	added+2%	0.00 pp	12 q
unresolvedCoach Inc	0.09%	184,960	$8M	added0%	0.00 pp	13 q
GCIGannett Co Inc	0.09%	540,628	$7M	trimmed−71%	−0.26 pp	5 q
ITUBItau Unibanco Holding S.A.	0.09%	720,676	$7M	trimmed−58%	−0.09 pp	10 q
ABXBarrick Mining Corporation	0.08%	298,590	$6M	trimmed−28%	+0.01 pp	9 q
unresolvedDover Motorsports, Inc.	0.08%	2,973,354	$6M	trimmed−5%	−0.01 pp	13 q
XOMExxon Mobil Corp	0.08%	66,717	$6M	trimmed−2%	+0.01 pp	13 q
unresolvedHarris & Harris Group, Inc.	0.08%	4,189,075	$7M	added+10%	0.00 pp	7 q
MSMorgan Stanley	0.08%	245,842	$6M	added+23%	+0.02 pp	13 q
OXYOccidental Petroleum Corporation	0.08%	87,776	$7M	added+2%	+0.01 pp	5 q
unresolvedRentech, Inc.	0.08%	2,507,794	$6M	trimmed−13%	0.00 pp	4 q
COSTCostco Wholesale Corp	0.07%	37,970	$6M	added×2.6	+0.04 pp	9 q
CRWSCrown Crafts Inc	0.07%	574,455	$5M	trimmed−16%	−0.01 pp	13 q
MOSThe Mosaic Company	0.07%	212,170	$6M	held	—	12 q
OESXOrion Energy Systems, Inc.	0.07%	5,001,084	$6M	trimmed−2%	−0.02 pp	13 q
PXGBXPraxair Inc	0.07%	47,283	$5M	added+1%	+0.01 pp	12 q
RELLRichardson Electronics Ltd	0.07%	1,013,990	$5M	trimmed−4%	0.00 pp	4 q
RYAAYRyanair Holdings plc	0.07%	82,728	$6M	trimmed−19%	−0.04 pp	3 q
BNYBank of New York Mellon Corporation	0.06%	112,970	$4M	held	—	13 q
EMKREmcore Corp	0.06%	803,580	$5M	new	+0.06 pp	new
GSGoldman Sachs Group Inc.	0.06%	33,810	$5M	held	—	13 q
unresolvedGrupo Financiero Santander Mex	0.06%	482,835	$4M	trimmed−44%	−0.03 pp	10 q
GIFIGulf Island Fabrication Inc	0.06%	699,400	$5M	added+26%	+0.01 pp	13 q
unresolvedHardinge Inc.	0.06%	501,059	$5M	trimmed−28%	−0.04 pp	13 q
JPMJPMorgan Chase & Co.	0.06%	81,873	$5M	added+5%	0.00 pp	13 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.06%	41,395	$4M	trimmed−11%	0.00 pp	13 q
SSUPSuperior Industries Intl	0.06%	185,600	$5M	trimmed−35%	−0.02 pp	12 q
AETIStabilis Solutions, Inc.	0.05%	1,528,639	$4M	trimmed−4%	+0.02 pp	13 q
9990302DApache Corp	0.05%	77,018	$4M	added+7%	+0.01 pp	12 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	97,240	$4M	held	—	9 q
CRAICRA International, Inc.	0.05%	151,500	$4M	added+3%	+0.02 pp	2 q
unresolvedMb Financial Inc New	0.05%	100,600	$4M	trimmed−22%	0.00 pp	13 q
RELYReal Industry Inc	0.05%	511,799	$4M	added+47%	+0.01 pp	2 q
DGIIDigi International Inc	0.03%	259,238	$3M	added+31%	+0.01 pp	2 q
unresolvedE M C Corp Mass	0.03%	80,919	$2M	trimmed−63%	−0.04 pp	12 q
GLUUGlu Mobile Inc.	0.03%	1,237,500	$3M	new	+0.03 pp	new
unresolvediShares MSCI United Kingdom Index ETF	0.03%	159,220	$2M	trimmed−7%	0.00 pp	7 q
MOVMovado Group, Inc.	0.03%	109,100	$2M	added×2.9	+0.02 pp	2 q
PNCPNC Financial Services Group	0.03%	33,445	$3M	added+3%	0.00 pp	12 q
unresolvedPier 1 Imports, Inc.	0.03%	524,005	$3M	held	—	9 q
unresolvedRubicon Technology, Inc.	0.03%	3,754,180	$3M	trimmed−15%	−0.01 pp	13 q
STRTStrattec Security Corp	0.03%	54,397	$2M	added+91%	+0.01 pp	2 q
TMToyota Motor Corporation	0.03%	20,941	$2M	added×7.2	+0.03 pp	3 q
unresolvedVical Inc.	0.03%	528,991	$2M	new	+0.03 pp	new
WMARWest Marine Inc	0.03%	309,631	$3M	added+34%	0.00 pp	2 q
ARCBArcBest Corporation	0.02%	112,900	$2M	added+3%	−0.01 pp	2 q
CFRCullen/Frost Bankers Inc.	0.02%	30,850	$2M	added+2%	0.00 pp	3 q
FASTFastenal Co	0.02%	42,869	$2M	added+3%	0.00 pp	6 q
GWWW.W. Grainger, Inc.	0.02%	7,303	$2M	added+3%	0.00 pp	6 q
HNGRHanger Inc.	0.02%	226,895	$2M	held	—	8 q
EWLiShares MSCI Switzerland ETF	0.02%	52,452	$2M	trimmed−8%	0.00 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.02%	37,170	$1M	new	+0.02 pp	new
NVSNovartis AG	0.02%	14,818	$1M	added+11%	+0.01 pp	3 q
PXDPioneer Natural Resource Co.	0.02%	10,225	$2M	held	—	2 q
UNPUnion Pacific Corp.	0.02%	14,068	$1M	added+2%	+0.01 pp	2 q
VARVarian Medical Systems, Inc.	0.02%	23,467	$2M	new	+0.02 pp	new
unresolvedVersar Inc.	0.02%	1,793,489	$2M	added+1%	−0.03 pp	13 q
BOKFBOK Financial Corp	0.01%	6,600	$414,000	new	+0.01 pp	new
CAJPYCanon Inc S/	0.01%	17,654	$505,000	trimmed−1%	0.00 pp	3 q
DFSDiscover Financial Services	0.01%	9,598	$514,000	held	—	3 q
unresolvedElectro Scientific Industries, Inc.	0.01%	196,247	$1M	trimmed−17%	−0.01 pp	4 q
unresolvedErickson Inc.	0.01%	1,341,795	$818,000	trimmed−36%	−0.03 pp	13 q
HSBCHSBC Holdings PLC	0.01%	12,750	$399,000	trimmed−78%	−0.01 pp	12 q
ICEIntercontinental Exchange Inc.	0.01%	4,235	$1M	added+3%	0.00 pp	2 q
ACNAccenture PLC	0.01%	9,576	$1M	added+3%	0.00 pp	9 q
unresolvedMarkit ltd.	0.01%	29,022	$946,000	trimmed−81%	−0.06 pp	5 q
DEODiageo plc	0.00%	2,711	$306,000	added0%	0.00 pp	2 q
IWCiShares Micro-Cap ETF	0.00%	3,313	$234,000	new	0.00 pp	new
unresolvedRuckus Wireless Inc	—	−2,232,313	—	exited	−0.26 pp	—
NWLNewell Brands Inc.	—	−307,974	—	exited	−0.16 pp	—
unresolvedElectro Rent Corp.	—	−1,263,662	—	exited	−0.14 pp	—
unresolvedVical Inc	—	−5,537,755	—	exited	−0.03 pp	—
RDS.ARoyal Dutch Shell PLC	—	−42,739	—	exited	−0.02 pp	—
CHKChesapeake Energy Corp	—	−137,360	—	exited	−0.01 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−33,916	—	exited	−0.01 pp	—
BTBT Group plc (	—	−6,308	—	exited	0.00 pp	—
VIVTelefonica Brasil, S.A.	—	−28,101	—	exited	0.00 pp	—