Ariel Investments

Q1 2017 13F · by John Rogers, CIO

As of: Mar 31, 2017
Filed: May 11, 2017
US stock: $8.5B · prev $8.5B
Positions: 188 · prev 190
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
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%

Moves181 since the prior filing

+4.7 pp in · −4.8 pp out

New 11 +0.93 pp
Added 52 +3.77 pp
Trimmed 105 −2.83 pp
Exited 13 −1.97 pp

The book

Diversified · behaves like 73 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions13% of US stock

LAZ Lazard, Inc. trimmed+0.12 pp trimmed+0.123.3%
KMT Kennametal Inc. trimmed−0.02 pp trimmed−0.022.7%
FAF First American Financial Corporation trimmed+0.16 pp trimmed+0.162.5%
99803EUR Laboratory Crp Of Amer Hldgs trimmed+0.13 pp trimmed+0.132.4%
BIDU Baidu, Inc. added+0.22 pp added+0.222.3%

Positions188 in this filing · 13 exited


LAZLazard, Inc.	3.26%	6,020,949	$277M	trimmed−7%	+0.12 pp	16 q
KMTKennametal Inc.	2.67%	5,778,984	$227M	trimmed−21%	−0.02 pp	12 q
FAFFirst American Financial Corporation	2.54%	5,503,113	$216M	trimmed−0%	+0.16 pp	16 q
99803EURLaboratory Crp Of Amer Hldgs	2.36%	1,396,357	$200M	trimmed−5%	+0.13 pp	13 q
BIDUBaidu, Inc.	2.25%	1,111,024	$192M	added+6%	+0.22 pp	16 q
CRLCharles River Laboratories International, Inc.	2.18%	2,060,420	$185M	added+31%	+0.76 pp	16 q
IPGThe Interpublic Group of Companies, Inc.	2.17%	7,517,443	$185M	trimmed−2%	+0.06 pp	16 q
NTRSNorthern Trust Corp	2.12%	2,080,359	$180M	trimmed−3%	−0.14 pp	16 q
NOKNokia Corporation	2.06%	32,372,988	$175M	added+21%	+0.54 pp	16 q
ZBRAZebra Technologies Corporation	2.05%	1,907,004	$174M	trimmed−11%	−0.12 pp	14 q
MSFTMicrosoft Corp	1.97%	2,548,452	$168M	trimmed0%	+0.10 pp	16 q
unresolvedKkr & Co L P DEL	1.87%	8,733,093	$159M	trimmed−16%	−0.01 pp	16 q
VIABViacom Inc. Class B	1.86%	3,387,566	$158M	trimmed−8%	+0.33 pp	16 q
JLLJones Lang LaSalle, Inc.	1.85%	1,410,396	$157M	trimmed−9%	0.00 pp	16 q
BRSBristow Group, Inc.	1.82%	10,160,521	$155M	added+4%	−0.55 pp	16 q
MSGNMSG Networks Inc.	1.72%	6,251,368	$146M	trimmed−4%	+0.06 pp	6 q
TGNATEGNA Inc.	1.66%	5,501,965	$141M	trimmed−13%	+0.06 pp	8 q
SJMThe J.M. Smucker Company	1.61%	1,043,291	$137M	trimmed−4%	−0.03 pp	16 q
BIOBio-Rad Laboratories, Inc.Class A	1.58%	674,360	$134M	trimmed−24%	−0.33 pp	16 q
KEYSKeysight Technologies, Inc.	1.58%	3,722,785	$135M	added+12%	+0.15 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	1.55%	1,076,908	$132M	trimmed−5%	+0.17 pp	16 q
MATMattel, Inc.	1.53%	5,073,346	$130M	added+14%	+0.08 pp	8 q
GILDGilead Sciences Inc	1.44%	1,800,201	$122M	added+14%	+0.10 pp	16 q
CBRECbre Group, Inc.	1.42%	3,463,449	$120M	trimmed−9%	0.00 pp	16 q
AFLAflac Inc.	1.37%	1,609,342	$117M	trimmed−1%	+0.04 pp	16 q
AXEAnixter International Inc	1.36%	1,454,144	$115M	trimmed−26%	−0.51 pp	16 q
JNJJohnson & Johnson	1.31%	892,116	$111M	added+3%	+0.13 pp	16 q
ISCAInternational Speedway Corp	1.30%	2,998,778	$111M	trimmed−14%	−0.21 pp	16 q
SNASnap-on Incorporated	1.27%	641,624	$108M	trimmed−6%	−0.11 pp	16 q
SWKStanley Black & Decker, Inc.	1.27%	814,351	$108M	trimmed−16%	−0.04 pp	16 q
PMPhilip Morris International Inc.	1.26%	950,373	$107M	added+8%	+0.31 pp	15 q
WUThe Western Union Company	1.23%	5,147,459	$105M	trimmed−14%	−0.30 pp	16 q
BRCBrady Corporation	1.19%	2,626,836	$102M	trimmed−7%	−0.06 pp	16 q
MTSCMTS Systems Corp	1.16%	1,796,566	$99M	added0%	−0.04 pp	16 q
MDPMeredith Corporation	1.16%	1,521,258	$98M	trimmed−13%	−0.06 pp	16 q
RCLRoyal Caribbean Group	1.13%	983,843	$97M	trimmed−7%	+0.11 pp	16 q
OMCOmnicom Group Inc.	1.12%	1,106,597	$95M	trimmed−1%	0.00 pp	16 q
unresolvedJanus Cap Group Inc	1.09%	7,001,000	$92M	added+6%	+0.06 pp	16 q
ITWIllinois Tool Works Inc.	1.05%	673,358	$89M	trimmed−11%	−0.04 pp	16 q
unresolvedDun & Bradstreet Corp/The	1.03%	809,814	$87M	added+4%	−0.08 pp	16 q
MSGSMadison Square Garden Sports Corp.	1.02%	433,379	$87M	trimmed−5%	+0.10 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.95%	485,956	$81M	added+4%	+0.05 pp	15 q
SSDSimpson Manufacturing Co., Inc.	0.89%	1,754,423	$76M	trimmed−8%	−0.09 pp	16 q
unresolvedDevry Ed Group Inc	0.87%	2,080,610	$74M	trimmed−5%	+0.06 pp	16 q
BWABorgWarner Inc.	0.86%	1,748,978	$73M	trimmed−0%	+0.04 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.84%	463,398	$71M	trimmed−4%	+0.03 pp	16 q
LFUSLittelfuse Inc	0.83%	439,000	$70M	trimmed−4%	+0.01 pp	16 q
unresolvedGlaxosmithkline PLC	0.82%	1,646,146	$69M	held	—	16 q
AXPAmerican Express Company	0.77%	830,330	$66M	held	—	11 q
WTWWillis Towers Watson Public Limited Company	0.77%	501,860	$66M	added+23%	+0.18 pp	5 q
NOVNOV Inc.	0.74%	1,577,892	$63M	trimmed−9%	−0.03 pp	16 q
SLCAU.s. Silica Holdings, Inc.	0.74%	1,304,675	$63M	added+9%	−0.06 pp	15 q
CAHCardinal Health, Inc.	0.72%	746,789	$61M	added×20.4	+0.69 pp	2 q
PGRProgressive Corporation	0.70%	1,520,958	$60M	trimmed−10%	−0.01 pp	7 q
MHKMohawk Industries, Inc.	0.69%	254,923	$59M	trimmed−7%	+0.04 pp	16 q
JWNNordstrom, Inc.	0.67%	1,215,593	$57M	added+42%	+0.18 pp	16 q
unresolvedCBS Corp	0.65%	800,749	$56M	trimmed−33%	−0.25 pp	16 q
CHLChina Mobile Limited	0.64%	980,913	$54M	added+7%	+0.08 pp	16 q
HLIHoulihan Lokey, Inc.	0.63%	1,566,735	$54M	added+50%	+0.25 pp	5 q
NLSNNielsen Holdings PLC	0.60%	1,238,592	$51M	new	+0.60 pp	new
TISITeam, Inc.	0.59%	1,860,103	$50M	added+6%	−0.22 pp	16 q
FICOFair Isaac Corporation	0.54%	358,293	$46M	trimmed−7%	0.00 pp	16 q
RSTRosetta Stone Inc	0.50%	4,371,194	$43M	trimmed−13%	−0.03 pp	16 q
VEAVanguard FTSE Developed Markets ETF	0.49%	1,049,865	$41M	added+60%	+0.21 pp	16 q
BENFranklin Templeton, Inc.	0.48%	958,925	$40M	trimmed−37%	−0.23 pp	16 q
BCOThe Brink's Company	0.47%	741,525	$40M	trimmed−20%	+0.02 pp	16 q
BXBlackstone Inc.	0.45%	1,289,376	$38M	trimmed−9%	0.00 pp	16 q
COWNCowen Inc. Class A	0.42%	2,371,942	$35M	trimmed−15%	−0.09 pp	2 q
CLBCore Laboratories Inc.	0.42%	312,146	$36M	added+14%	+0.03 pp	12 q
ORBCORBCOMM, Inc.	0.40%	3,547,741	$34M	trimmed−4%	+0.04 pp	16 q
VZVerizon Communications	0.40%	704,179	$34M	trimmed−13%	−0.11 pp	10 q
TIFTiffany & Co.	0.38%	342,147	$33M	trimmed−51%	−0.26 pp	16 q
RNWARealnetworks Inc	0.37%	6,531,379	$32M	trimmed−6%	−0.03 pp	15 q
SOThe Southern Company	0.36%	609,568	$30M	added+8%	+0.03 pp	12 q
COSTCostco Wholesale Corp	0.34%	174,481	$29M	added+5%	+0.02 pp	12 q
CNTYCentury Casinos Inc	0.30%	3,339,587	$25M	trimmed−4%	−0.04 pp	13 q
MCFContango Oil & Gas Co.	0.30%	3,481,046	$25M	trimmed−7%	−0.11 pp	16 q
SRESempra	0.30%	231,354	$26M	held	—	3 q
BSACBanco Santander-Chile	0.29%	986,025	$25M	held	—	13 q
OXYOccidental Petroleum Corporation	0.29%	385,286	$24M	added×6.3	+0.24 pp	8 q
BIDTribeca Strategic Acquisition Corp. Class A	0.29%	541,844	$25M	trimmed−7%	+0.02 pp	16 q
FLRFluor Corporation	0.27%	436,266	$23M	held	—	3 q
TILEInterface Inc	0.27%	1,202,898	$23M	added+59%	+0.10 pp	16 q
SLBSLB Limited	0.27%	298,888	$23M	held	—	11 q
KINKindred Biosciences, Inc.	0.25%	2,976,322	$21M	trimmed−24%	+0.05 pp	10 q
DGXQuest Diagnostics Inc.	0.25%	220,617	$22M	trimmed−41%	−0.15 pp	16 q
TNAVTelenav Inc.	0.25%	2,443,117	$21M	trimmed−39%	−0.08 pp	16 q
EOGEOG Resources, Inc.	0.24%	209,395	$20M	added+26%	+0.04 pp	7 q
ACTGAcacia Research Corporation	0.23%	3,413,174	$20M	held	—	16 q
PEWPctel Inc	0.23%	2,703,541	$19M	trimmed−15%	+0.03 pp	16 q
TROWT Rowe Price Group Inc	0.23%	289,220	$20M	added0%	−0.03 pp	16 q
BOKFBOK Financial Corp	0.22%	239,292	$19M	trimmed−2%	−0.02 pp	4 q
IEXIDEX Corporation	0.22%	196,152	$18M	trimmed−8%	−0.01 pp	16 q
unresolvedPendrell Corp.	0.21%	2,788,835	$18M	trimmed−14%	−0.05 pp	2 q
USBU.S. Bancorp	0.21%	339,811	$18M	held	—	15 q
unresolvedXO Group Inc.	0.21%	1,030,831	$18M	trimmed−10%	−0.05 pp	16 q
CSWCCapital Southwest Corp	0.19%	952,713	$16M	added+1%	+0.01 pp	14 q
AFHAtlas Financial Holdings Inc	0.18%	1,120,753	$15M	added+14%	−0.03 pp	2 q
GHCGraham Holdings Company	0.16%	23,207	$14M	trimmed−4%	+0.01 pp	14 q
HMNHorace Mann Educators Corporation	0.16%	325,720	$13M	trimmed−6%	−0.02 pp	16 q
MATWMatthews International Corp	0.16%	204,000	$14M	trimmed−7%	−0.04 pp	16 q
unresolvedMitcham Industries, Inc.	0.16%	2,794,526	$14M	trimmed−5%	+0.02 pp	16 q
TSTenaris S. A.	0.14%	342,574	$12M	added+27%	+0.03 pp	5 q
unresolvedEdgewater Technology Inc.	0.13%	1,444,025	$11M	trimmed−18%	−0.03 pp	16 q
GSITGSI Technology	0.13%	1,228,843	$11M	trimmed−16%	+0.02 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.13%	260,590	$11M	trimmed−6%	0.00 pp	4 q
PRCPPerceptron Inc	0.13%	1,306,697	$11M	trimmed−25%	−0.01 pp	16 q
SEACSeachange Intl Inc	0.13%	4,616,607	$11M	added+12%	+0.02 pp	9 q
ALOTAstroNova, Inc.	0.12%	641,849	$10M	trimmed−27%	−0.03 pp	16 q
unresolvedBallantyne Strong, Inc.	0.11%	1,567,437	$9M	trimmed−2%	−0.04 pp	16 q
CVSCvs Health Corporation	0.11%	115,681	$9M	added×3.5	+0.08 pp	2 q
CPIXCumberland Pharmaceuticals Inc	0.11%	1,393,125	$10M	trimmed−24%	−0.01 pp	16 q
IBMInternational Business Machines Corporation	0.11%	53,047	$9M	added+1%	+0.01 pp	16 q
LMTLockheed Martin Corp.	0.11%	33,419	$9M	added+2%	+0.01 pp	16 q
unresolvedLumber Liquidators Hldgs Inc	0.11%	442,491	$9M	trimmed−5%	+0.02 pp	10 q
ORCLOracle Corp	0.11%	204,135	$9M	trimmed−0%	+0.02 pp	14 q
OESXOrion Energy Systems, Inc.	0.11%	4,761,584	$9M	trimmed−8%	−0.02 pp	16 q
AKXAnsys Inc	0.10%	82,060	$9M	held	—	12 q
ABXBarrick Mining Corporation	0.10%	430,524	$8M	added+9%	+0.03 pp	12 q
CMECME Group Inc.	0.10%	71,231	$8M	held	—	3 q
unresolvedSpartan Motors Inc.	0.10%	1,112,075	$9M	trimmed−28%	−0.07 pp	16 q
EFTTechtarget	0.10%	915,788	$8M	added+6%	+0.01 pp	3 q
AZTAAzenta, Inc.	0.09%	323,510	$7M	trimmed−51%	−0.04 pp	15 q
CVUCPI Aerostructures, Inc.	0.09%	1,128,967	$8M	trimmed−21%	−0.07 pp	16 q
unresolvedCoach Inc	0.09%	189,364	$8M	held	—	16 q
JPMJPMorgan Chase & Co.	0.09%	82,905	$7M	added+1%	+0.01 pp	16 q
LFCRLifecore Biomedical, Inc.	0.09%	671,578	$8M	trimmed−16%	−0.04 pp	16 q
MNManning & Napier, Inc.	0.09%	1,281,586	$7M	trimmed−2%	−0.03 pp	10 q
unresolvedSafeguard Scientifics Inc.	0.09%	634,282	$8M	new	+0.09 pp	new
XOMExxon Mobil Corp	0.08%	85,009	$7M	added+27%	+0.01 pp	16 q
MOSThe Mosaic Company	0.08%	225,512	$7M	added+1%	0.00 pp	15 q
TURN180 Degree Capital Corp.	0.08%	4,654,119	$7M	new	+0.08 pp	new
ASPNAspen Aerogels, Inc.	0.07%	1,483,872	$6M	trimmed−10%	−0.01 pp	3 q
CRAICRA International, Inc.	0.07%	162,898	$6M	trimmed−5%	0.00 pp	5 q
GLUUGlu Mobile Inc.	0.07%	2,649,500	$6M	trimmed−4%	+0.01 pp	4 q
GSGoldman Sachs Group Inc.	0.07%	24,805	$6M	trimmed−13%	−0.01 pp	16 q
GIFIGulf Island Fabrication Inc	0.07%	546,471	$6M	trimmed−18%	−0.02 pp	16 q
HNGRHanger Inc.	0.07%	438,100	$6M	added+12%	+0.02 pp	11 q
VTVanguard Total World Stock ETF	0.07%	89,465	$6M	trimmed−31%	−0.02 pp	15 q
AXTIAXT Inc	0.06%	832,727	$5M	trimmed−38%	−0.02 pp	10 q
BNYBank of New York Mellon Corporation	0.06%	112,864	$5M	trimmed−0%	0.00 pp	16 q
GAIAGaia, Inc. Class A	0.06%	522,433	$5M	trimmed−53%	−0.05 pp	3 q
GRBKGreen Brick Partners, Inc	0.06%	500,200	$5M	added+27%	+0.01 pp	3 q
unresolvedGrupo Financiero Santander Mex	0.06%	585,081	$5M	held	—	13 q
MOVMovado Group, Inc.	0.06%	200,200	$5M	added+16%	0.00 pp	5 q
WMARWest Marine Inc	0.06%	541,296	$5M	trimmed−2%	−0.01 pp	5 q
9990302DApache Corp	0.05%	87,418	$4M	added+14%	−0.01 pp	15 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	97,171	$4M	trimmed−0%	0.00 pp	12 q
EMKREmcore Corp	0.05%	443,242	$4M	trimmed−27%	−0.01 pp	4 q
FDSFactset Research Systems	0.05%	23,417	$4M	held	—	2 q
FFFuture Fuel Corporation	0.05%	271,300	$4M	trimmed−4%	0.00 pp	3 q
unresolvedHardinge Inc.	0.05%	367,390	$4M	trimmed−25%	−0.01 pp	16 q
unresolvedMb Financial Inc New	0.05%	104,996	$4M	trimmed−7%	−0.01 pp	16 q
RYAAYRyanair Holdings plc	0.05%	46,417	$4M	trimmed−41%	−0.03 pp	6 q
STRTStrattec Security Corp	0.05%	152,097	$4M	added0%	−0.02 pp	5 q
TSCOTractor Supply Co	0.05%	66,210	$5M	added×3.9	+0.03 pp	2 q
VOOVanguard S&P 500 ETF	0.05%	21,290	$5M	held	—	10 q
unresolvedElectro Scientific Industries, Inc.	0.04%	515,247	$4M	trimmed−3%	0.00 pp	7 q
unresolvedGlassBridge Enterprises Inc.	0.04%	755,589	$4M	new	+0.04 pp	new
MANHManhattan Associates Inc	0.04%	73,496	$4M	new	+0.04 pp	new
NVSNovartis AG	0.04%	48,737	$4M	added×3.2	+0.03 pp	6 q
RELLRichardson Electronics Ltd	0.04%	544,864	$3M	trimmed−38%	−0.02 pp	7 q
TRIPTripAdvisor, Inc.	0.04%	70,930	$3M	new	+0.04 pp	new
ACNAccenture PLC	0.04%	30,467	$4M	added×3.2	+0.03 pp	12 q
AETIStabilis Solutions, Inc.	0.03%	1,329,246	$3M	trimmed−0%	+0.01 pp	16 q
CAKECheesecake Factory (The)	0.03%	45,115	$3M	held	—	2 q
DGIIDigi International Inc	0.03%	203,292	$2M	trimmed−30%	−0.02 pp	5 q
unresolvedDover Motorsports, Inc.	0.03%	1,309,092	$3M	trimmed−25%	−0.02 pp	16 q
NTTYYNtt Inc. S/	0.03%	55,882	$2M	added+35%	+0.01 pp	3 q
unresolvedVersar Inc.	0.03%	1,727,471	$3M	trimmed−2%	0.00 pp	16 q
CHDChurch & Dwight Co., Inc.	0.02%	27,666	$1M	added+4%	+0.01 pp	2 q
DFSDiscover Financial Services	0.02%	20,963	$1M	held	—	6 q
unresolvedRubicon Technology, Inc.	0.02%	2,467,591	$2M	trimmed−24%	0.00 pp	16 q
VARVarian Medical Systems, Inc.	0.02%	20,918	$2M	added+4%	0.00 pp	4 q
unresolvedCEB Inc.	0.01%	5,916	$465,000	trimmed−99%	−0.37 pp	5 q
CAJPYCanon Inc S/	0.01%	17,529	$548,000	held	—	6 q
EXPDExpeditors International of Washington, Inc.	0.01%	22,212	$1M	new	+0.01 pp	new
ICEIntercontinental Exchange Inc.	0.01%	20,652	$1M	new	+0.01 pp	new
EWLiShares MSCI Switzerland ETF	0.01%	18,854	$603,000	trimmed−64%	−0.01 pp	6 q
DCMYYNtt Docomo Inc-spon ADR	0.01%	50,297	$1M	added×2.2	0.00 pp	2 q
PPGPPG Industries, Inc.	0.01%	12,113	$1M	held	—	2 q
SNYSanofi	0.01%	17,794	$805,000	new	+0.01 pp	new
TMToyota Motor Corporation	0.01%	5,708	$620,000	held	—	6 q
UNPUnion Pacific Corp.	0.01%	11,432	$1M	new	+0.01 pp	new
unresolvedVical Inc.	0.01%	343,613	$770,000	trimmed−27%	0.00 pp	4 q
EWUiShares MSCI United Kingdom ETF	0.00%	9,974	$325,000	trimmed−40%	−0.01 pp	2 q
ITUBItau Unibanco Holding S.A.	0.00%	29,023	$350,000	held	—	13 q
LPLLG Display Co. Ltd.	0.00%	17,402	$237,000	new	0.00 pp	new
unresolvedHarman Intl Inds Inc	—	−1,036,078	—	exited	−1.36 pp	—
IWNiShares Russell 2000 Value ETF	—	−71,494	—	exited	−0.10 pp	—
unresolvedHarris & Harris Group, Inc.	—	−5,282,791	—	exited	−0.09 pp	—
unresolvedImation Corp	—	−8,049,085	—	exited	−0.08 pp	—
unresolvedRentech, Inc.	—	−2,272,066	—	exited	−0.07 pp	—
SSUPSuperior Industries Intl	—	−217,559	—	exited	−0.07 pp	—
MSMorgan Stanley	—	−116,692	—	exited	−0.06 pp	—
CRWSCrown Crafts Inc	—	−404,862	—	exited	−0.04 pp	—
QUMUQumu Corp.	—	−1,514,922	—	exited	−0.04 pp	—
ARCBArcBest Corporation	—	−94,820	—	exited	−0.03 pp	—
BTIBritish American Tobacco p.l.c.	—	−19,360	—	exited	−0.01 pp	—
IWMiShares Russell 2000 ETF	—	−9,341	—	exited	−0.01 pp	—
IWCiShares Micro-Cap ETF	—	−12,602	—	exited	−0.01 pp	—