Ariel Investments

Q3 2016 13F · by John Rogers, CIO

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $8.3B · prev $8.0B
Positions: 185 · prev 192
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%

Moves179 since the prior filing

+5.9 pp in · −5.8 pp out

New 9 +0.63 pp
Added 72 +5.29 pp
Trimmed 82 −4.52 pp
Exited 16 −1.31 pp

The book

Diversified · behaves like 73 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions13% of US stock

KMT Kennametal Inc. trimmed+0.40 pp trimmed+0.403.3%
LAZ Lazard, Inc. added+0.43 pp added+0.432.9%
FAF First American Financial Corporation trimmed−0.24 pp trimmed−0.242.6%
99803EUR Laboratory Crp Of Amer Hldgs trimmed−0.09 pp trimmed−0.092.4%
BIDU Baidu, Inc. added+0.26 pp added+0.262.2%

Positions185 in this filing · 16 exited


KMTKennametal Inc.	3.28%	9,339,969	$271M	trimmed−10%	+0.40 pp	10 q
LAZLazard, Inc.	2.88%	6,541,286	$238M	added0%	+0.43 pp	14 q
FAFFirst American Financial Corporation	2.62%	5,508,306	$216M	trimmed−3%	−0.24 pp	14 q
99803EURLaboratory Crp Of Amer Hldgs	2.39%	1,438,798	$198M	trimmed−5%	−0.09 pp	11 q
BIDUBaidu, Inc.	2.18%	988,668	$180M	added+7%	+0.26 pp	14 q
IPGThe Interpublic Group of Companies, Inc.	2.08%	7,677,162	$172M	trimmed−3%	−0.21 pp	14 q
AXEAnixter International Inc	2.06%	2,645,472	$171M	trimmed−9%	+0.12 pp	14 q
JLLJones Lang LaSalle, Inc.	2.05%	1,488,867	$169M	added+2%	+0.26 pp	14 q
NTRSNorthern Trust Corp	2.05%	2,488,981	$169M	trimmed−2%	−0.06 pp	14 q
ZBRAZebra Technologies Corporation	1.94%	2,301,441	$160M	added+5%	+0.56 pp	12 q
BIOBio-Rad Laboratories, Inc.Class A	1.90%	958,046	$157M	trimmed−2%	+0.14 pp	14 q
unresolvedKkr & Co L P DEL	1.84%	10,660,683	$152M	trimmed−0%	+0.19 pp	14 q
SJMThe J.M. Smucker Company	1.79%	1,089,815	$148M	trimmed−7%	−0.44 pp	14 q
BRSBristow Group, Inc.	1.76%	10,393,910	$146M	added+9%	+0.40 pp	14 q
MSFTMicrosoft Corp	1.75%	2,516,316	$145M	trimmed−0%	+0.13 pp	14 q
TGNATEGNA Inc.	1.64%	6,202,888	$136M	trimmed−2%	−0.20 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	1.58%	1,005,150	$131M	trimmed−18%	−0.27 pp	14 q
BRCBrady Corporation	1.56%	3,733,043	$129M	trimmed−11%	−0.04 pp	14 q
WUThe Western Union Company	1.56%	6,206,933	$129M	trimmed−11%	−0.12 pp	14 q
ISCAInternational Speedway Corp	1.55%	3,839,731	$128M	trimmed−2%	−0.10 pp	14 q
SWKStanley Black & Decker, Inc.	1.50%	1,008,738	$124M	trimmed−5%	+0.03 pp	14 q
MSGNMSG Networks Inc.	1.48%	6,557,430	$122M	added+10%	+0.33 pp	4 q
VIABViacom Inc. Class B	1.48%	3,215,086	$122M	added+5%	−0.11 pp	14 q
GILDGilead Sciences Inc	1.47%	1,532,528	$121M	added+6%	−0.04 pp	14 q
NOKNokia Corporation	1.46%	20,784,782	$120M	added+22%	+0.24 pp	14 q
CRLCharles River Laboratories International, Inc.	1.44%	1,426,842	$119M	trimmed−3%	−0.08 pp	14 q
AFLAflac Inc.	1.42%	1,634,782	$117M	trimmed−11%	−0.24 pp	14 q
MATMattel, Inc.	1.38%	3,775,361	$114M	trimmed−6%	−0.20 pp	6 q
SSDSimpson Manufacturing Co., Inc.	1.31%	2,460,804	$108M	trimmed−7%	−0.01 pp	14 q
CBRECbre Group, Inc.	1.30%	3,833,411	$107M	added+17%	+0.21 pp	14 q
unresolvedHarman Intl Inds Inc	1.29%	1,263,018	$107M	added0%	+0.16 pp	14 q
unresolvedDun & Bradstreet Corp/The	1.27%	770,846	$105M	trimmed−10%	−0.04 pp	14 q
unresolvedJanus Cap Group Inc	1.25%	7,384,638	$103M	trimmed−2%	−0.06 pp	14 q
OMCOmnicom Group Inc.	1.24%	1,207,774	$103M	trimmed−4%	−0.05 pp	14 q
JNJJohnson & Johnson	1.23%	858,549	$101M	added0%	−0.08 pp	14 q
SNASnap-on Incorporated	1.22%	661,531	$101M	trimmed−2%	−0.12 pp	14 q
ITWIllinois Tool Works Inc.	1.16%	800,732	$96M	trimmed−12%	−0.03 pp	14 q
MDPMeredith Corporation	1.14%	1,813,300	$94M	trimmed−19%	−0.31 pp	14 q
SLCAU.s. Silica Holdings, Inc.	1.06%	1,886,231	$88M	trimmed−27%	−0.06 pp	13 q
TMOThermo Fisher Scientific, Inc.	1.01%	526,143	$84M	trimmed−2%	+0.01 pp	14 q
MSGSMadison Square Garden Sports Corp.	0.98%	476,978	$81M	trimmed−3%	−0.08 pp	4 q
RCLRoyal Caribbean Group	0.96%	1,055,980	$79M	added+1%	+0.08 pp	14 q
LFUSLittelfuse Inc	0.93%	594,034	$77M	trimmed−9%	−0.04 pp	14 q
MTSCMTS Systems Corp	0.93%	1,675,914	$77M	added+3%	+0.03 pp	14 q
unresolvedGlaxosmithkline PLC	0.84%	1,607,697	$69M	held	—	14 q
unresolvedCBS Corp	0.80%	1,204,426	$66M	trimmed−4%	−0.06 pp	14 q
BENFranklin Templeton, Inc.	0.78%	1,817,416	$65M	trimmed−4%	−0.01 pp	14 q
NOVNOV Inc.	0.76%	1,711,291	$63M	trimmed−4%	+0.01 pp	14 q
TISITeam, Inc.	0.76%	1,917,778	$63M	added+1%	+0.17 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	0.73%	415,662	$60M	added×2.5	+0.43 pp	13 q
BWABorgWarner Inc.	0.71%	1,668,778	$59M	added+26%	+0.22 pp	3 q
JWNNordstrom, Inc.	0.71%	1,131,857	$59M	trimmed−9%	+0.12 pp	14 q
MHKMohawk Industries, Inc.	0.67%	275,647	$55M	trimmed−14%	−0.09 pp	14 q
WTWWillis Towers Watson Public Limited Company	0.66%	410,119	$54M	added+17%	+0.11 pp	3 q
PGRProgressive Corporation	0.65%	1,701,394	$54M	trimmed−4%	−0.09 pp	5 q
AXPAmerican Express Company	0.62%	797,470	$51M	trimmed−3%	−0.01 pp	9 q
TIFTiffany & Co.	0.62%	705,916	$51M	added+37%	+0.23 pp	14 q
unresolvedDevry Ed Group Inc	0.61%	2,184,576	$50M	trimmed−19%	+0.01 pp	14 q
unresolvedRockwell Collins Inc	0.61%	594,714	$50M	added+95%	+0.28 pp	10 q
FICOFair Isaac Corporation	0.59%	393,429	$49M	trimmed−9%	−0.02 pp	14 q
CHLChina Mobile Limited	0.57%	762,548	$47M	added+3%	+0.03 pp	14 q
RSTRosetta Stone Inc	0.55%	5,351,617	$45M	added+2%	+0.04 pp	14 q
unresolvedCowen group Inc.	0.53%	12,123,459	$44M	added+6%	+0.11 pp	14 q
PMPhilip Morris International Inc.	0.53%	453,174	$44M	added+30%	+0.08 pp	13 q
BCOThe Brink's Company	0.51%	1,128,582	$42M	trimmed−5%	+0.09 pp	14 q
VZVerizon Communications	0.49%	782,809	$41M	trimmed−33%	−0.33 pp	8 q
MCFContango Oil & Gas Co.	0.47%	3,824,759	$39M	trimmed−4%	−0.14 pp	14 q
BXBlackstone Inc.	0.44%	1,421,642	$36M	trimmed−4%	−0.02 pp	14 q
DGXQuest Diagnostics Inc.	0.41%	404,984	$34M	trimmed−11%	−0.05 pp	14 q
RNWARealnetworks Inc	0.39%	7,187,763	$32M	added+4%	+0.02 pp	13 q
ORBCORBCOMM, Inc.	0.37%	2,964,735	$30M	trimmed−9%	−0.04 pp	14 q
CLBCore Laboratories Inc.	0.36%	262,624	$30M	added+5%	−0.03 pp	10 q
SOThe Southern Company	0.35%	564,193	$29M	trimmed−45%	−0.34 pp	10 q
HLIHoulihan Lokey, Inc.	0.32%	1,052,361	$26M	added+4%	+0.03 pp	3 q
CNTYCentury Casinos Inc	0.31%	3,721,469	$26M	added+5%	+0.03 pp	11 q
EOGEOG Resources, Inc.	0.30%	254,890	$25M	added0%	+0.03 pp	5 q
BIDTribeca Strategic Acquisition Corp. Class A	0.30%	656,940	$25M	trimmed−47%	−0.12 pp	14 q
unresolvedCEB Inc.	0.29%	435,367	$24M	added+2%	−0.04 pp	3 q
IEXIDEX Corporation	0.29%	255,668	$24M	trimmed−5%	+0.01 pp	14 q
BSACBanco Santander-Chile	0.28%	1,116,464	$23M	trimmed−1%	0.00 pp	11 q
TROWT Rowe Price Group Inc	0.28%	352,967	$23M	trimmed−4%	−0.06 pp	14 q
TNAVTelenav Inc.	0.28%	4,041,034	$23M	added+6%	+0.04 pp	14 q
ACTGAcacia Research Corporation	0.27%	3,406,693	$22M	trimmed−7%	+0.07 pp	14 q
unresolvedPendrell Corp.	0.27%	33,096,673	$23M	added+4%	+0.07 pp	14 q
SLBSLB Limited	0.27%	287,810	$23M	added0%	−0.02 pp	9 q
unresolvedXO Group Inc.	0.27%	1,172,273	$23M	trimmed−9%	−0.01 pp	14 q
USBU.S. Bancorp	0.26%	499,677	$21M	held	—	13 q
KINKindred Biosciences, Inc.	0.23%	3,835,163	$19M	added+4%	+0.07 pp	8 q
PEWPctel Inc	0.22%	3,386,715	$18M	added+4%	+0.03 pp	14 q
VEAVanguard FTSE Developed Markets ETF	0.22%	484,548	$18M	trimmed−13%	−0.03 pp	14 q
BOKFBOK Financial Corp	0.21%	250,242	$17M	added×37.9	+0.20 pp	2 q
unresolvedSpartan Motors Inc.	0.21%	1,784,414	$17M	trimmed−22%	+0.03 pp	14 q
AKXAnsys Inc	0.20%	182,494	$17M	added0%	−0.01 pp	10 q
LFCRLifecore Biomedical, Inc.	0.19%	1,160,586	$16M	trimmed−27%	−0.02 pp	14 q
MATWMatthews International Corp	0.19%	256,796	$16M	trimmed−6%	0.00 pp	14 q
unresolvedEdgewater Technology Inc.	0.18%	1,781,915	$15M	held	—	14 q
SEACSeachange Intl Inc	0.18%	4,839,364	$14M	added+18%	+0.02 pp	7 q
VTVanguard Total World Stock ETF	0.18%	241,772	$15M	held	—	13 q
FLRFluor Corporation	0.17%	269,566	$14M	new	+0.17 pp	new
ALOTAstroNova, Inc.	0.16%	882,174	$13M	held	—	14 q
unresolvedBallantyne Strong, Inc.	0.16%	1,858,160	$13M	added+3%	+0.04 pp	14 q
HMNHorace Mann Educators Corporation	0.16%	365,837	$13M	trimmed−6%	0.00 pp	14 q
TILEInterface Inc	0.16%	785,599	$13M	trimmed−6%	0.00 pp	14 q
VOOVanguard S&P 500 ETF	0.16%	65,876	$13M	held	—	8 q
CSWCCapital Southwest Corp	0.15%	847,268	$12M	added+40%	+0.05 pp	12 q
CVUCPI Aerostructures, Inc.	0.14%	1,650,515	$11M	added+12%	+0.03 pp	14 q
COSTCostco Wholesale Corp	0.14%	75,667	$12M	added+99%	+0.07 pp	10 q
GHCGraham Holdings Company	0.14%	24,268	$12M	trimmed−0%	−0.01 pp	12 q
AXTIAXT Inc	0.13%	2,031,875	$11M	trimmed−17%	+0.03 pp	8 q
AZTAAzenta, Inc.	0.13%	816,000	$11M	added+13%	+0.03 pp	13 q
PRCPPerceptron Inc	0.13%	1,656,804	$11M	added+2%	+0.03 pp	14 q
RYAAYRyanair Holdings plc	0.13%	140,229	$11M	added+70%	+0.06 pp	4 q
SRESempra	0.13%	99,695	$11M	new	+0.13 pp	new
CPIXCumberland Pharmaceuticals Inc	0.12%	2,049,760	$10M	added+3%	+0.01 pp	14 q
GAIAGaia, Inc. Class A	0.12%	1,334,879	$10M	new	+0.12 pp	new
unresolvedLumber Liquidators Hldgs Inc	0.12%	485,683	$10M	trimmed−6%	+0.02 pp	8 q
MNManning & Napier, Inc.	0.12%	1,407,774	$10M	trimmed−6%	−0.06 pp	8 q
unresolvedMitcham Industries, Inc.	0.12%	2,975,304	$10M	trimmed−1%	−0.02 pp	14 q
BTIBritish American Tobacco p.l.c.	0.11%	71,669	$9M	trimmed−26%	−0.05 pp	12 q
unresolvedPrivatebancorp Inc	0.11%	205,510	$9M	trimmed−64%	−0.21 pp	14 q
IBMInternational Business Machines Corporation	0.10%	52,688	$8M	trimmed−5%	−0.01 pp	14 q
MSMorgan Stanley	0.10%	245,842	$8M	held	—	14 q
ORCLOracle Corp	0.10%	204,295	$8M	held	—	12 q
GIFIGulf Island Fabrication Inc	0.09%	783,900	$7M	added+12%	+0.03 pp	14 q
LMTLockheed Martin Corp.	0.09%	32,745	$8M	trimmed−2%	−0.01 pp	14 q
OESXOrion Energy Systems, Inc.	0.09%	5,514,400	$7M	added+10%	+0.02 pp	14 q
unresolvedRentech, Inc.	0.09%	2,491,679	$7M	trimmed−1%	+0.01 pp	5 q
unresolvedSt Jude Med Inc	0.09%	94,498	$8M	trimmed−90%	−0.85 pp	14 q
TSTenaris S. A.	0.09%	251,039	$7M	trimmed−21%	−0.03 pp	3 q
unresolvedCoach Inc	0.08%	187,510	$7M	added+1%	−0.01 pp	14 q
unresolvedDover Motorsports, Inc.	0.08%	2,803,243	$7M	trimmed−6%	0.00 pp	14 q
unresolvedHarris & Harris Group, Inc.	0.08%	4,883,158	$7M	added+17%	0.00 pp	8 q
RELLRichardson Electronics Ltd	0.08%	1,013,663	$7M	trimmed−0%	+0.01 pp	5 q
ABXBarrick Mining Corporation	0.07%	312,916	$6M	added+5%	−0.01 pp	10 q
CRWSCrown Crafts Inc	0.07%	574,455	$6M	held	—	14 q
EMKREmcore Corp	0.07%	983,234	$6M	added+22%	+0.01 pp	2 q
XOMExxon Mobil Corp	0.07%	66,717	$6M	held	—	14 q
GCIGannett Co Inc	0.07%	510,371	$6M	trimmed−6%	−0.02 pp	6 q
GSGoldman Sachs Group Inc.	0.07%	33,810	$5M	held	—	14 q
unresolvedHardinge Inc.	0.07%	545,977	$6M	added+9%	+0.01 pp	14 q
JPMJPMorgan Chase & Co.	0.07%	81,873	$5M	held	—	14 q
SSUPSuperior Industries Intl	0.07%	207,900	$6M	added+12%	+0.01 pp	13 q
9990302DApache Corp	0.06%	77,018	$5M	held	—	13 q
GLUUGlu Mobile Inc.	0.06%	2,269,400	$5M	added+83%	+0.03 pp	2 q
unresolvedImation Corp	0.06%	8,055,966	$5M	added+4%	−0.06 pp	14 q
MOSThe Mosaic Company	0.06%	205,197	$5M	trimmed−3%	−0.01 pp	13 q
ASPNAspen Aerogels, Inc.	0.05%	721,737	$4M	new	+0.05 pp	new
BNYBank of New York Mellon Corporation	0.05%	112,970	$5M	held	—	14 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	97,240	$4M	held	—	10 q
CRAICRA International, Inc.	0.05%	170,600	$5M	added+13%	0.00 pp	3 q
DGIIDigi International Inc	0.05%	350,838	$4M	added+35%	+0.02 pp	3 q
unresolvedGrupo Financiero Santander Mex	0.05%	498,991	$4M	added+3%	−0.01 pp	11 q
ITUBItau Unibanco Holding S.A.	0.05%	407,765	$4M	trimmed−43%	−0.04 pp	11 q
unresolvedMb Financial Inc New	0.05%	112,700	$4M	added+12%	0.00 pp	14 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.05%	40,978	$4M	trimmed−1%	−0.01 pp	14 q
OXYOccidental Petroleum Corporation	0.05%	61,088	$4M	trimmed−30%	−0.03 pp	6 q
QUMUQumu Corp.	0.05%	1,799,618	$4M	added0%	−0.05 pp	13 q
STRTStrattec Security Corp	0.05%	122,197	$4M	added×2.2	+0.02 pp	3 q
EFTTechtarget	0.05%	503,369	$4M	new	+0.05 pp	new
AETIStabilis Solutions, Inc.	0.04%	1,506,160	$4M	trimmed−1%	−0.01 pp	14 q
ARCBArcBest Corporation	0.04%	188,520	$4M	added+67%	+0.02 pp	3 q
CMECME Group Inc.	0.04%	29,788	$3M	new	+0.04 pp	new
FFFuture Fuel Corporation	0.04%	274,100	$3M	new	+0.04 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.04%	76,514	$3M	added×2.1	+0.02 pp	2 q
MOVMovado Group, Inc.	0.04%	165,700	$4M	added+52%	+0.01 pp	3 q
PNCPNC Financial Services Group	0.04%	33,445	$3M	held	—	13 q
WMARWest Marine Inc	0.04%	389,064	$3M	added+26%	+0.01 pp	3 q
unresolvedElectro Scientific Industries, Inc.	0.03%	508,747	$3M	added×2.6	+0.02 pp	5 q
GRBKGreen Brick Partners, Inc	0.03%	306,862	$3M	new	+0.03 pp	new
unresolvedRubicon Technology, Inc.	0.03%	3,760,729	$2M	added0%	0.00 pp	14 q
VARVarian Medical Systems, Inc.	0.03%	24,968	$2M	added+6%	+0.01 pp	2 q
unresolvedVersar Inc.	0.03%	1,796,673	$3M	added0%	+0.01 pp	14 q
FASTFastenal Co	0.02%	42,869	$2M	held	—	7 q
GWWW.W. Grainger, Inc.	0.02%	7,303	$2M	held	—	7 q
HNGRHanger Inc.	0.02%	226,895	$2M	held	—	9 q
EWLiShares MSCI Switzerland ETF	0.02%	52,452	$2M	held	—	4 q
UNPUnion Pacific Corp.	0.02%	14,068	$1M	held	—	3 q
unresolvedVical Inc.	0.02%	529,913	$2M	added0%	−0.01 pp	2 q
CAJPYCanon Inc S/	0.01%	17,606	$511,000	trimmed−0%	0.00 pp	4 q
DFSDiscover Financial Services	0.01%	20,963	$1M	added×2.2	0.00 pp	4 q
unresolvediShares MSCI United Kingdom Index ETF	0.01%	33,502	$531,000	trimmed−79%	−0.02 pp	8 q
NVSNovartis AG	0.01%	13,914	$1M	trimmed−6%	−0.01 pp	4 q
TMToyota Motor Corporation	0.01%	5,726	$665,000	trimmed−73%	−0.02 pp	4 q
ACNAccenture PLC	0.01%	9,576	$1M	held	—	10 q
NTTYYNtt Inc. S/	0.00%	4,604	$211,000	new	0.00 pp	new
unresolvedTumi Holdings Inc.	—	−1,971,878	—	exited	−0.66 pp	—
unresolvedGaiam, Inc.	—	−1,523,127	—	exited	−0.15 pp	—
unresolvedSkullcandy, Inc.	—	−1,863,205	—	exited	−0.14 pp	—
unresolvedQlogic Corp	—	−545,995	—	exited	−0.10 pp	—
PXGBXPraxair Inc	—	−47,283	—	exited	−0.07 pp	—
RELYReal Industry Inc	—	−511,799	—	exited	−0.05 pp	—
unresolvedE M C Corp Mass	—	−80,919	—	exited	−0.03 pp	—
unresolvedPier 1 Imports, Inc.	—	−524,005	—	exited	−0.03 pp	—
CFRCullen/Frost Bankers Inc.	—	−30,850	—	exited	−0.02 pp	—
PXDPioneer Natural Resource Co.	—	−10,225	—	exited	−0.02 pp	—
unresolvedErickson Inc.	—	−1,341,795	—	exited	−0.01 pp	—
HSBCHSBC Holdings PLC	—	−12,927	—	exited	−0.01 pp	—
ICEIntercontinental Exchange Inc.	—	−4,235	—	exited	−0.01 pp	—
unresolvedMarkit ltd.	—	−29,022	—	exited	−0.01 pp	—
DEODiageo plc	—	−2,711	—	exited	0.00 pp	—
IWCiShares Micro-Cap ETF	—	−3,313	—	exited	0.00 pp	—