Ariel Investments

Q4 2016 13F · by John Rogers, CIO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $8.5B · prev $8.3B
Positions: 190 · 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 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves191 since the prior filing

+4.2 pp in · −4.3 pp out

New 17 +2.84 pp
Added 62 +1.38 pp
Trimmed 100 −2.42 pp
Exited 12 −1.84 pp

The book

Diversified · behaves like 74 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions13% of US stock

LAZ Lazard, Inc. trimmed+0.26 pp trimmed+0.263.1%
KMT Kennametal Inc. trimmed−0.59 pp trimmed−0.592.7%
FAF First American Financial Corporation added−0.24 pp added−0.242.4%
BRS Bristow Group, Inc. trimmed+0.61 pp trimmed+0.612.4%
NTRS Northern Trust Corp trimmed+0.21 pp trimmed+0.212.3%

Positions190 in this filing · 12 exited


LAZLazard, Inc.	3.14%	6,483,375	$266M	trimmed−1%	+0.26 pp	15 q
KMTKennametal Inc.	2.69%	7,283,818	$228M	trimmed−22%	−0.59 pp	11 q
FAFFirst American Financial Corporation	2.38%	5,511,941	$202M	added0%	−0.24 pp	15 q
BRSBristow Group, Inc.	2.37%	9,789,512	$200M	trimmed−6%	+0.61 pp	15 q
NTRSNorthern Trust Corp	2.26%	2,150,452	$191M	trimmed−14%	+0.21 pp	15 q
99803EURLaboratory Crp Of Amer Hldgs	2.23%	1,470,340	$189M	added+2%	−0.16 pp	12 q
ZBRAZebra Technologies Corporation	2.17%	2,139,837	$184M	trimmed−7%	+0.23 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	2.11%	7,639,560	$179M	trimmed−0%	+0.03 pp	15 q
BIDUBaidu, Inc.	2.03%	1,046,203	$172M	added+6%	−0.15 pp	15 q
BIOBio-Rad Laboratories, Inc.Class A	1.91%	886,827	$162M	trimmed−7%	+0.01 pp	15 q
unresolvedKkr & Co L P DEL	1.88%	10,357,455	$159M	trimmed−3%	+0.04 pp	15 q
AXEAnixter International Inc	1.87%	1,952,923	$158M	trimmed−26%	−0.19 pp	15 q
MSFTMicrosoft Corp	1.87%	2,548,541	$158M	added+1%	+0.12 pp	15 q
JLLJones Lang LaSalle, Inc.	1.85%	1,554,422	$157M	added+4%	−0.20 pp	15 q
MSGNMSG Networks Inc.	1.66%	6,545,162	$141M	trimmed−0%	+0.18 pp	5 q
SJMThe J.M. Smucker Company	1.64%	1,083,778	$139M	trimmed−1%	−0.15 pp	15 q
TGNATEGNA Inc.	1.60%	6,351,002	$136M	added+2%	−0.04 pp	7 q
VIABViacom Inc. Class B	1.53%	3,693,761	$130M	added+15%	+0.05 pp	15 q
WUThe Western Union Company	1.53%	5,956,053	$129M	trimmed−4%	−0.03 pp	15 q
NOKNokia Corporation	1.52%	26,722,490	$129M	added+29%	+0.06 pp	15 q
ISCAInternational Speedway Corp	1.51%	3,483,402	$128M	trimmed−9%	−0.04 pp	15 q
MATMattel, Inc.	1.45%	4,460,539	$123M	added+18%	+0.07 pp	7 q
KEYSKeysight Technologies, Inc.	1.43%	3,320,024	$121M	new	+1.43 pp	new
CBRECbre Group, Inc.	1.42%	3,821,756	$120M	trimmed−0%	+0.12 pp	15 q
CRLCharles River Laboratories International, Inc.	1.42%	1,576,856	$120M	added+11%	−0.02 pp	15 q
SNASnap-on Incorporated	1.38%	684,163	$117M	added+3%	+0.16 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	1.38%	1,129,553	$117M	added+12%	−0.20 pp	15 q
unresolvedHarman Intl Inds Inc	1.36%	1,036,078	$115M	trimmed−18%	+0.07 pp	15 q
GILDGilead Sciences Inc	1.34%	1,584,199	$113M	added+3%	−0.13 pp	15 q
AFLAflac Inc.	1.33%	1,623,769	$113M	trimmed−1%	−0.09 pp	15 q
SWKStanley Black & Decker, Inc.	1.31%	965,758	$111M	trimmed−4%	−0.19 pp	15 q
BRCBrady Corporation	1.25%	2,830,048	$106M	trimmed−24%	−0.31 pp	15 q
MDPMeredith Corporation	1.22%	1,752,372	$104M	trimmed−3%	+0.08 pp	15 q
MTSCMTS Systems Corp	1.20%	1,791,564	$102M	added+7%	+0.27 pp	15 q
JNJJohnson & Johnson	1.18%	870,359	$100M	added+1%	−0.05 pp	15 q
OMCOmnicom Group Inc.	1.12%	1,117,699	$95M	trimmed−7%	−0.12 pp	15 q
unresolvedDun & Bradstreet Corp/The	1.11%	777,739	$94M	added+1%	−0.16 pp	15 q
ITWIllinois Tool Works Inc.	1.09%	754,329	$92M	trimmed−6%	−0.07 pp	15 q
unresolvedJanus Cap Group Inc	1.03%	6,579,350	$87M	trimmed−11%	−0.22 pp	15 q
RCLRoyal Caribbean Group	1.02%	1,052,646	$86M	trimmed−0%	+0.06 pp	15 q
SSDSimpson Manufacturing Co., Inc.	0.98%	1,903,201	$83M	trimmed−23%	−0.33 pp	15 q
PMPhilip Morris International Inc.	0.95%	876,515	$80M	added+93%	+0.42 pp	14 q
MSGSMadison Square Garden Sports Corp.	0.92%	456,825	$78M	trimmed−4%	−0.06 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.90%	467,962	$76M	added+13%	+0.17 pp	14 q
unresolvedCBS Corp	0.90%	1,200,657	$76M	trimmed−0%	+0.10 pp	15 q
BWABorgWarner Inc.	0.82%	1,752,713	$69M	added+5%	+0.11 pp	4 q
LFUSLittelfuse Inc	0.82%	455,005	$69M	trimmed−23%	−0.11 pp	15 q
unresolvedDevry Ed Group Inc	0.81%	2,188,443	$68M	added0%	+0.20 pp	15 q
TISITeam, Inc.	0.81%	1,748,481	$69M	trimmed−9%	+0.05 pp	15 q
TMOThermo Fisher Scientific, Inc.	0.81%	483,526	$68M	trimmed−8%	−0.20 pp	15 q
SLCAU.s. Silica Holdings, Inc.	0.80%	1,195,314	$68M	trimmed−37%	−0.26 pp	14 q
NOVNOV Inc.	0.77%	1,740,985	$65M	added+2%	+0.01 pp	15 q
unresolvedGlaxosmithkline PLC	0.75%	1,646,146	$63M	added+2%	−0.09 pp	15 q
AXPAmerican Express Company	0.73%	830,330	$62M	added+4%	+0.11 pp	10 q
BENFranklin Templeton, Inc.	0.71%	1,521,120	$60M	trimmed−16%	−0.07 pp	15 q
PGRProgressive Corporation	0.71%	1,696,257	$60M	trimmed−0%	+0.06 pp	6 q
MHKMohawk Industries, Inc.	0.65%	274,530	$55M	trimmed−0%	−0.02 pp	15 q
TIFTiffany & Co.	0.64%	703,583	$54M	trimmed−0%	+0.02 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.59%	409,202	$50M	trimmed−0%	−0.07 pp	4 q
CHLChina Mobile Limited	0.56%	912,673	$48M	added+20%	−0.01 pp	15 q
FICOFair Isaac Corporation	0.54%	384,588	$46M	trimmed−2%	−0.05 pp	15 q
RSTRosetta Stone Inc	0.53%	5,005,395	$45M	trimmed−6%	−0.02 pp	15 q
COWNCowen Inc. Class A	0.51%	2,774,161	$43M	new	+0.51 pp	new
VZVerizon Communications	0.51%	808,974	$43M	added+3%	+0.02 pp	9 q
JWNNordstrom, Inc.	0.49%	857,949	$41M	trimmed−24%	−0.22 pp	15 q
BXBlackstone Inc.	0.45%	1,420,949	$38M	trimmed−0%	+0.01 pp	15 q
BCOThe Brink's Company	0.45%	927,499	$38M	trimmed−18%	−0.06 pp	15 q
MCFContango Oil & Gas Co.	0.41%	3,727,380	$35M	trimmed−3%	−0.06 pp	15 q
DGXQuest Diagnostics Inc.	0.40%	371,880	$34M	trimmed−8%	−0.01 pp	15 q
RNWARealnetworks Inc	0.40%	6,927,952	$34M	trimmed−4%	+0.01 pp	14 q
CLBCore Laboratories Inc.	0.39%	274,344	$33M	added+4%	+0.03 pp	11 q
unresolvedCEB Inc.	0.38%	530,057	$32M	added+22%	+0.09 pp	4 q
HLIHoulihan Lokey, Inc.	0.38%	1,044,970	$33M	trimmed−1%	+0.06 pp	4 q
ORBCORBCOMM, Inc.	0.36%	3,707,403	$31M	added+25%	−0.01 pp	15 q
CNTYCentury Casinos Inc	0.34%	3,476,882	$29M	trimmed−7%	+0.03 pp	12 q
SOThe Southern Company	0.33%	566,215	$28M	added0%	−0.02 pp	11 q
TNAVTelenav Inc.	0.33%	4,012,661	$28M	trimmed−1%	+0.05 pp	15 q
COSTCostco Wholesale Corp	0.32%	166,868	$27M	added×2.2	+0.18 pp	11 q
SLBSLB Limited	0.30%	298,888	$25M	added+4%	+0.03 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.28%	657,739	$24M	added+36%	+0.06 pp	15 q
FLRFluor Corporation	0.27%	436,266	$23M	added+62%	+0.10 pp	2 q
SRESempra	0.27%	231,354	$23M	added×2.3	+0.14 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	0.27%	584,214	$23M	trimmed−11%	−0.03 pp	15 q
ACTGAcacia Research Corporation	0.26%	3,413,174	$22M	added0%	−0.01 pp	15 q
unresolvedPendrell Corp.	0.26%	3,250,012	$22M	new	+0.26 pp	new
TROWT Rowe Price Group Inc	0.26%	289,155	$22M	trimmed−18%	−0.02 pp	15 q
unresolvedXO Group Inc.	0.26%	1,140,218	$22M	trimmed−3%	−0.01 pp	15 q
BSACBanco Santander-Chile	0.25%	986,025	$22M	trimmed−12%	−0.03 pp	12 q
BOKFBOK Financial Corp	0.24%	242,933	$20M	trimmed−3%	+0.03 pp	3 q
IEXIDEX Corporation	0.23%	212,984	$19M	trimmed−17%	−0.06 pp	15 q
USBU.S. Bancorp	0.21%	339,811	$17M	trimmed−32%	−0.05 pp	14 q
AFHAtlas Financial Holdings Inc	0.21%	980,172	$18M	new	+0.21 pp	new
EOGEOG Resources, Inc.	0.20%	166,000	$17M	trimmed−35%	−0.10 pp	6 q
KINKindred Biosciences, Inc.	0.20%	3,940,859	$17M	added+3%	−0.03 pp	9 q
MATWMatthews International Corp	0.20%	218,418	$17M	trimmed−15%	+0.01 pp	15 q
PEWPctel Inc	0.20%	3,175,424	$17M	trimmed−6%	−0.02 pp	15 q
CSWCCapital Southwest Corp	0.18%	939,799	$15M	added+11%	+0.03 pp	13 q
HMNHorace Mann Educators Corporation	0.18%	347,021	$15M	trimmed−5%	+0.02 pp	15 q
TILEInterface Inc	0.17%	756,357	$14M	trimmed−4%	+0.01 pp	15 q
unresolvedSpartan Motors Inc.	0.17%	1,552,876	$14M	trimmed−13%	−0.04 pp	15 q
CVUCPI Aerostructures, Inc.	0.16%	1,427,538	$13M	trimmed−14%	+0.02 pp	15 q
unresolvedEdgewater Technology Inc.	0.16%	1,763,320	$13M	trimmed−1%	−0.02 pp	15 q
ALOTAstroNova, Inc.	0.15%	881,974	$13M	trimmed−0%	−0.01 pp	15 q
unresolvedBallantyne Strong, Inc.	0.15%	1,603,903	$13M	trimmed−14%	−0.01 pp	15 q
GHCGraham Holdings Company	0.15%	24,270	$12M	added0%	+0.01 pp	13 q
unresolvedMitcham Industries, Inc.	0.14%	2,934,110	$12M	trimmed−1%	+0.02 pp	15 q
PRCPPerceptron Inc	0.14%	1,742,706	$12M	added+5%	+0.01 pp	15 q
AZTAAzenta, Inc.	0.13%	660,710	$11M	trimmed−19%	0.00 pp	14 q
ACWXiShares MSCI ACWI ex US ETF	0.13%	276,560	$11M	added×3.6	+0.09 pp	3 q
LFCRLifecore Biomedical, Inc.	0.13%	794,934	$11M	trimmed−32%	−0.06 pp	15 q
OESXOrion Energy Systems, Inc.	0.13%	5,163,080	$11M	trimmed−6%	+0.04 pp	15 q
CPIXCumberland Pharmaceuticals Inc	0.12%	1,824,580	$10M	trimmed−11%	0.00 pp	15 q
MNManning & Napier, Inc.	0.12%	1,311,025	$10M	trimmed−7%	0.00 pp	9 q
GSITGSI Technology	0.11%	1,466,426	$9M	new	+0.11 pp	new
GAIAGaia, Inc. Class A	0.11%	1,121,833	$10M	trimmed−16%	−0.01 pp	2 q
SEACSeachange Intl Inc	0.11%	4,132,278	$10M	trimmed−15%	−0.07 pp	8 q
TSTenaris S. A.	0.11%	270,030	$10M	added+8%	+0.02 pp	4 q
CMECME Group Inc.	0.10%	71,231	$8M	added×2.4	+0.06 pp	2 q
IBMInternational Business Machines Corporation	0.10%	52,688	$9M	held	—	15 q
IWNiShares Russell 2000 Value ETF	0.10%	71,494	$9M	new	+0.10 pp	new
LMTLockheed Martin Corp.	0.10%	32,745	$8M	held	—	15 q
AKXAnsys Inc	0.09%	82,060	$8M	trimmed−55%	−0.11 pp	11 q
GIFIGulf Island Fabrication Inc	0.09%	663,771	$8M	trimmed−15%	0.00 pp	15 q
unresolvedHarris & Harris Group, Inc.	0.09%	5,282,791	$7M	added+8%	+0.01 pp	9 q
unresolvedLumber Liquidators Hldgs Inc	0.09%	467,375	$7M	trimmed−4%	−0.03 pp	9 q
ORCLOracle Corp	0.09%	204,295	$8M	held	—	13 q
EFTTechtarget	0.09%	863,470	$7M	added+72%	+0.04 pp	2 q
VTVanguard Total World Stock ETF	0.09%	128,969	$8M	trimmed−47%	−0.09 pp	14 q
AXTIAXT Inc	0.08%	1,344,402	$6M	trimmed−34%	−0.05 pp	9 q
ASPNAspen Aerogels, Inc.	0.08%	1,655,326	$7M	added×2.3	+0.03 pp	2 q
unresolvedCoach Inc	0.08%	189,364	$7M	added+1%	0.00 pp	15 q
GSGoldman Sachs Group Inc.	0.08%	28,548	$7M	trimmed−16%	+0.01 pp	15 q
unresolvedImation Corp	0.08%	8,049,085	$7M	trimmed−0%	+0.02 pp	15 q
JPMJPMorgan Chase & Co.	0.08%	81,873	$7M	held	—	15 q
MOSThe Mosaic Company	0.08%	222,885	$7M	added+9%	+0.02 pp	14 q
RYAAYRyanair Holdings plc	0.08%	78,351	$7M	trimmed−44%	−0.05 pp	5 q
ABXBarrick Mining Corporation	0.07%	395,944	$6M	added+27%	0.00 pp	11 q
CRAICRA International, Inc.	0.07%	172,200	$6M	added+1%	+0.02 pp	4 q
XOMExxon Mobil Corp	0.07%	66,717	$6M	held	—	15 q
unresolvedRentech, Inc.	0.07%	2,272,066	$6M	trimmed−9%	−0.02 pp	6 q
STRTStrattec Security Corp	0.07%	151,797	$6M	added+24%	+0.02 pp	4 q
SSUPSuperior Industries Intl	0.07%	217,559	$6M	added+5%	0.00 pp	14 q
WMARWest Marine Inc	0.07%	552,196	$6M	added+42%	+0.03 pp	4 q
9990302DApache Corp	0.06%	77,018	$5M	held	—	14 q
BNYBank of New York Mellon Corporation	0.06%	112,970	$5M	held	—	15 q
EMKREmcore Corp	0.06%	608,030	$5M	trimmed−38%	−0.01 pp	3 q
GLUUGlu Mobile Inc.	0.06%	2,753,700	$5M	added+21%	0.00 pp	3 q
unresolvedHardinge Inc.	0.06%	486,609	$5M	trimmed−11%	−0.01 pp	15 q
unresolvedMb Financial Inc New	0.06%	112,400	$5M	trimmed−0%	+0.01 pp	15 q
MSMorgan Stanley	0.06%	116,692	$5M	trimmed−53%	−0.04 pp	15 q
MOVMovado Group, Inc.	0.06%	172,800	$5M	added+4%	+0.02 pp	4 q
RELLRichardson Electronics Ltd	0.06%	872,699	$5M	trimmed−14%	−0.02 pp	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	97,240	$4M	held	—	11 q
DGIIDigi International Inc	0.05%	291,292	$4M	trimmed−17%	0.00 pp	4 q
unresolvedDover Motorsports, Inc.	0.05%	1,748,083	$4M	trimmed−38%	−0.03 pp	15 q
FDSFactset Research Systems	0.05%	23,417	$4M	new	+0.05 pp	new
FFFuture Fuel Corporation	0.05%	281,200	$4M	added+3%	+0.01 pp	2 q
GRBKGreen Brick Partners, Inc	0.05%	394,600	$4M	added+29%	+0.02 pp	2 q
unresolvedGrupo Financiero Santander Mex	0.05%	585,081	$4M	added+17%	0.00 pp	12 q
HNGRHanger Inc.	0.05%	390,999	$4M	added+72%	+0.03 pp	10 q
OXYOccidental Petroleum Corporation	0.05%	61,614	$4M	added+1%	0.00 pp	7 q
VOOVanguard S&P 500 ETF	0.05%	21,290	$4M	trimmed−68%	−0.11 pp	9 q
CRWSCrown Crafts Inc	0.04%	404,862	$3M	trimmed−30%	−0.03 pp	15 q
unresolvedElectro Scientific Industries, Inc.	0.04%	531,547	$3M	added+4%	+0.01 pp	6 q
QUMUQumu Corp.	0.04%	1,514,922	$4M	trimmed−16%	−0.01 pp	14 q
ARCBArcBest Corporation	0.03%	94,820	$3M	trimmed−50%	−0.01 pp	4 q
CVSCvs Health Corporation	0.03%	33,499	$3M	new	+0.03 pp	new
CAHCardinal Health, Inc.	0.03%	36,526	$3M	new	+0.03 pp	new
CAKECheesecake Factory (The)	0.03%	45,115	$3M	new	+0.03 pp	new
unresolvedVersar Inc.	0.03%	1,765,373	$2M	trimmed−2%	0.00 pp	15 q
AETIStabilis Solutions, Inc.	0.02%	1,329,911	$2M	trimmed−12%	−0.02 pp	15 q
DFSDiscover Financial Services	0.02%	20,963	$2M	held	—	5 q
EWLiShares MSCI Switzerland ETF	0.02%	52,452	$2M	held	—	5 q
NTTYYNtt Inc. S/	0.02%	41,287	$2M	added×9.0	+0.02 pp	2 q
unresolvedRubicon Technology, Inc.	0.02%	3,251,726	$2M	trimmed−14%	−0.01 pp	15 q
TSCOTractor Supply Co	0.02%	16,802	$1M	new	+0.02 pp	new
VARVarian Medical Systems, Inc.	0.02%	20,100	$2M	trimmed−20%	−0.01 pp	3 q
BTIBritish American Tobacco p.l.c.	0.01%	9,680	$1M	trimmed−86%	−0.10 pp	13 q
CAJPYCanon Inc S/	0.01%	17,529	$493,000	trimmed−0%	0.00 pp	5 q
CHDChurch & Dwight Co., Inc.	0.01%	26,571	$1M	new	+0.01 pp	new
IWMiShares Russell 2000 ETF	0.01%	9,341	$1M	new	+0.01 pp	new
IWCiShares Micro-Cap ETF	0.01%	12,602	$1M	new	+0.01 pp	new
EWUiShares MSCI United Kingdom ETF	0.01%	16,751	$514,000	new	+0.01 pp	new
DCMYYNtt Docomo Inc-spon ADR	0.01%	23,127	$526,000	new	+0.01 pp	new
NVSNovartis AG	0.01%	15,402	$1M	added+11%	0.00 pp	5 q
PPGPPG Industries, Inc.	0.01%	12,113	$1M	new	+0.01 pp	new
TMToyota Motor Corporation	0.01%	5,708	$669,000	trimmed−0%	0.00 pp	5 q
unresolvedVical Inc.	0.01%	467,544	$1M	trimmed−12%	−0.01 pp	3 q
ACNAccenture PLC	0.01%	9,576	$1M	held	—	11 q
ITUBItau Unibanco Holding S.A.	0.00%	29,023	$298,000	trimmed−94%	−0.05 pp	12 q
unresolvedRockwell Collins Inc	—	−594,714	—	exited	−0.61 pp	—
unresolvedCowen group Inc.	—	−12,123,459	—	exited	−0.53 pp	—
unresolvedPendrell Corp.	—	−33,096,673	—	exited	−0.27 pp	—
unresolvedPrivatebancorp Inc	—	−205,510	—	exited	−0.11 pp	—
unresolvedSt Jude Med Inc	—	−94,498	—	exited	−0.09 pp	—
GCIGannett Co Inc	—	−510,371	—	exited	−0.07 pp	—
MKCMcCormick & Company, Incorporated Non-VTG CS	—	−40,978	—	exited	−0.05 pp	—
PNCPNC Financial Services Group	—	−33,445	—	exited	−0.04 pp	—
FASTFastenal Co	—	−42,869	—	exited	−0.02 pp	—
GWWW.W. Grainger, Inc.	—	−7,303	—	exited	−0.02 pp	—
UNPUnion Pacific Corp.	—	−14,068	—	exited	−0.02 pp	—
unresolvediShares MSCI United Kingdom Index ETF	—	−33,502	—	exited	−0.01 pp	—