Ariel Investments

Q2 2017 13F · by John Rogers, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $8.5B · prev $8.5B
Positions: 184 · prev 188
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%

Moves195 since the prior filing

+6.4 pp in · −6.3 pp out

New 13 +2.62 pp
Added 72 +3.75 pp
Trimmed 93 −3.54 pp
Exited 17 −2.79 pp

The book

Diversified · behaves like 71 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions13% of US stock

LAZ Lazard, Inc. trimmed−0.24 pp trimmed−0.243.0%
FAF First American Financial Corporation trimmed+0.24 pp trimmed+0.242.8%
BIDU Baidu, Inc. added+0.28 pp added+0.282.5%
99803EUR Laboratory Crp Of Amer Hldgs trimmed+0.16 pp trimmed+0.162.5%
KMT Kennametal Inc. trimmed−0.24 pp trimmed−0.242.4%

Positions184 in this filing · 17 exited


LAZLazard, Inc.	3.02%	5,519,562	$256M	trimmed−8%	−0.24 pp	17 q
FAFFirst American Financial Corporation	2.78%	5,254,043	$235M	trimmed−5%	+0.24 pp	17 q
BIDUBaidu, Inc.	2.53%	1,198,487	$214M	added+8%	+0.28 pp	17 q
99803EURLaboratory Crp Of Amer Hldgs	2.52%	1,384,816	$213M	trimmed−1%	+0.16 pp	14 q
KMTKennametal Inc.	2.43%	5,484,076	$205M	trimmed−5%	−0.24 pp	13 q
NOKNokia Corporation	2.41%	33,102,808	$204M	added+2%	+0.35 pp	17 q
CRLCharles River Laboratories International, Inc.	2.33%	1,950,367	$197M	trimmed−5%	+0.15 pp	17 q
NTRSNorthern Trust Corp	2.20%	1,911,706	$186M	trimmed−8%	+0.08 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	2.17%	7,464,535	$184M	trimmed−1%	0.00 pp	17 q
KEYSKeysight Technologies, Inc.	2.15%	4,666,980	$182M	added+25%	+0.57 pp	3 q
MSFTMicrosoft Corp	2.13%	2,614,714	$180M	added+3%	+0.16 pp	17 q
ZBRAZebra Technologies Corporation	2.06%	1,732,385	$174M	trimmed−9%	+0.01 pp	15 q
JLLJones Lang LaSalle, Inc.	2.01%	1,360,283	$170M	trimmed−4%	+0.16 pp	17 q
unresolvedKkr & Co L P DEL	1.89%	8,603,875	$160M	trimmed−1%	+0.02 pp	17 q
GILDGilead Sciences Inc	1.75%	2,090,813	$148M	added+16%	+0.31 pp	17 q
MSGNMSG Networks Inc.	1.63%	6,122,053	$137M	trimmed−2%	−0.09 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	1.61%	1,062,051	$136M	trimmed−1%	+0.06 pp	17 q
SLCAU.s. Silica Holdings, Inc.	1.57%	3,747,589	$133M	added×2.9	+0.83 pp	16 q
VIABViacom Inc. Class B	1.56%	3,935,928	$132M	added+16%	−0.30 pp	17 q
BIOBio-Rad Laboratories, Inc.Class A	1.54%	574,237	$130M	trimmed−15%	−0.04 pp	17 q
MATMattel, Inc.	1.52%	5,952,780	$128M	added+17%	−0.01 pp	9 q
CBRECbre Group, Inc.	1.49%	3,454,514	$126M	trimmed−0%	+0.07 pp	17 q
JNJJohnson & Johnson	1.49%	950,374	$126M	added+7%	+0.18 pp	17 q
AFLAflac Inc.	1.46%	1,587,803	$123M	trimmed−1%	+0.09 pp	17 q
SJMThe J.M. Smucker Company	1.45%	1,037,495	$123M	trimmed−1%	−0.16 pp	17 q
PMPhilip Morris International Inc.	1.42%	1,019,039	$120M	added+7%	+0.16 pp	16 q
AXEAnixter International Inc	1.28%	1,380,841	$108M	trimmed−5%	−0.08 pp	17 q
JHGJanus Henderson Group PLC	1.22%	3,109,161	$103M	new	+1.22 pp	new
SNASnap-on Incorporated	1.19%	638,486	$101M	trimmed−0%	−0.08 pp	17 q
SWKStanley Black & Decker, Inc.	1.19%	716,909	$101M	trimmed−12%	−0.08 pp	17 q
RCLRoyal Caribbean Group	1.16%	895,272	$98M	trimmed−9%	+0.03 pp	17 q
ISCAInternational Speedway Corp	1.15%	2,584,144	$97M	trimmed−14%	−0.15 pp	17 q
WUThe Western Union Company	1.15%	5,103,022	$97M	trimmed−1%	−0.08 pp	17 q
OMCOmnicom Group Inc.	1.07%	1,095,965	$91M	trimmed−1%	−0.05 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	1.06%	526,840	$89M	added+8%	+0.11 pp	16 q
MTSCMTS Systems Corp	1.04%	1,694,557	$88M	trimmed−6%	−0.12 pp	17 q
unresolvedDun & Bradstreet Corp/The	1.03%	803,997	$87M	trimmed−1%	0.00 pp	17 q
MDPMeredith Corporation	1.03%	1,458,060	$87M	trimmed−4%	−0.13 pp	17 q
NLSNNielsen Holdings PLC	0.98%	2,141,201	$83M	added+73%	+0.38 pp	2 q
BRCBrady Corporation	0.95%	2,364,465	$80M	trimmed−10%	−0.24 pp	17 q
CVSACovista Inc.	0.93%	2,064,263	$78M	new	+0.93 pp	new
MSGSMadison Square Garden Sports Corp.	0.93%	398,629	$78M	trimmed−8%	−0.09 pp	7 q
BRSBristow Group, Inc.	0.92%	10,198,235	$78M	added0%	−0.90 pp	17 q
SSDSimpson Manufacturing Co., Inc.	0.91%	1,761,167	$77M	added0%	+0.02 pp	17 q
BWABorgWarner Inc.	0.87%	1,727,591	$73M	trimmed−1%	+0.01 pp	6 q
AXPAmerican Express Company	0.86%	860,258	$72M	added+4%	+0.09 pp	12 q
NOVNOV Inc.	0.85%	2,179,285	$72M	added+38%	+0.11 pp	17 q
WTWWillis Towers Watson Public Limited Company	0.85%	494,972	$72M	trimmed−1%	+0.08 pp	6 q
unresolvedGlaxosmithkline PLC	0.84%	1,646,146	$71M	held	—	17 q
ITWIllinois Tool Works Inc.	0.82%	483,351	$69M	trimmed−28%	−0.23 pp	17 q
TMOThermo Fisher Scientific, Inc.	0.80%	386,046	$67M	trimmed−17%	−0.04 pp	17 q
TGNATEGNA Inc.	0.79%	4,634,990	$67M	trimmed−16%	−0.87 pp	9 q
LFUSLittelfuse Inc	0.76%	387,516	$64M	trimmed−12%	−0.07 pp	17 q
CHLChina Mobile Limited	0.74%	1,175,130	$62M	added+20%	+0.10 pp	17 q
MHKMohawk Industries, Inc.	0.69%	242,581	$59M	trimmed−5%	0.00 pp	17 q
JWNNordstrom, Inc.	0.68%	1,201,477	$57M	trimmed−1%	+0.01 pp	17 q
PGRProgressive Corporation	0.66%	1,262,773	$56M	trimmed−17%	−0.04 pp	8 q
HLIHoulihan Lokey, Inc.	0.63%	1,538,508	$54M	trimmed−2%	0.00 pp	6 q
CAHCardinal Health, Inc.	0.61%	661,475	$52M	trimmed−11%	−0.11 pp	3 q
unresolvedCBS Corp	0.60%	791,924	$51M	trimmed−1%	−0.05 pp	17 q
FICOFair Isaac Corporation	0.54%	330,345	$46M	trimmed−8%	0.00 pp	17 q
FLRFluor Corporation	0.50%	919,193	$42M	added×2.1	+0.23 pp	4 q
BOKFBOK Financial Corp	0.48%	480,080	$40M	added×2.0	+0.26 pp	5 q
BXBlackstone Inc.	0.48%	1,223,189	$41M	trimmed−5%	+0.03 pp	17 q
SOThe Southern Company	0.47%	827,730	$40M	added+36%	+0.11 pp	13 q
RSTRosetta Stone Inc	0.45%	3,532,764	$38M	trimmed−19%	−0.05 pp	17 q
TISITeam, Inc.	0.45%	1,625,596	$38M	trimmed−13%	−0.14 pp	17 q
COSTCostco Wholesale Corp	0.42%	219,563	$35M	added+26%	+0.08 pp	13 q
VZVerizon Communications	0.40%	748,140	$33M	added+6%	0.00 pp	11 q
CLBCore Laboratories Inc.	0.39%	323,383	$33M	added+4%	−0.03 pp	13 q
VEAVanguard FTSE Developed Markets ETF	0.38%	777,393	$32M	trimmed−26%	−0.11 pp	17 q
COWNCowen Inc. Class A	0.36%	1,877,564	$31M	trimmed−21%	−0.06 pp	3 q
RNWARealnetworks Inc	0.35%	6,845,311	$30M	added+5%	−0.02 pp	16 q
BCOThe Brink's Company	0.34%	431,882	$29M	trimmed−42%	−0.13 pp	17 q
BENFranklin Templeton, Inc.	0.34%	645,974	$29M	trimmed−33%	−0.14 pp	17 q
TROWT Rowe Price Group Inc	0.33%	370,630	$28M	added+28%	+0.10 pp	17 q
SRESempra	0.33%	245,709	$28M	added+6%	+0.03 pp	4 q
BIDTribeca Strategic Acquisition Corp. Class A	0.31%	487,339	$26M	trimmed−10%	+0.02 pp	17 q
OXYOccidental Petroleum Corporation	0.29%	404,431	$24M	added+5%	0.00 pp	9 q
ORBCORBCOMM, Inc.	0.29%	2,157,866	$24M	trimmed−39%	−0.11 pp	17 q
CNTYCentury Casinos Inc	0.28%	3,236,785	$24M	trimmed−3%	−0.02 pp	14 q
EOGEOG Resources, Inc.	0.28%	262,520	$24M	added+25%	+0.04 pp	8 q
BSACBanco Santander-Chile	0.27%	895,203	$23M	trimmed−9%	−0.02 pp	14 q
MCFContango Oil & Gas Co.	0.26%	3,313,130	$22M	trimmed−5%	−0.04 pp	17 q
SLBSLB Limited	0.25%	327,030	$22M	added+9%	−0.02 pp	12 q
TILEInterface Inc	0.23%	1,009,330	$20M	trimmed−16%	−0.04 pp	17 q
IEXIDEX Corporation	0.22%	164,593	$19M	trimmed−16%	0.00 pp	17 q
DGXQuest Diagnostics Inc.	0.22%	164,157	$18M	trimmed−26%	−0.03 pp	17 q
USBU.S. Bancorp	0.22%	361,586	$19M	added+6%	+0.01 pp	16 q
PEWPctel Inc	0.21%	2,449,549	$17M	trimmed−9%	−0.02 pp	17 q
TNAVTelenav Inc.	0.21%	2,223,076	$18M	trimmed−9%	−0.04 pp	17 q
unresolvedXO Group Inc.	0.21%	987,396	$17M	trimmed−4%	0.00 pp	17 q
KINKindred Biosciences, Inc.	0.20%	1,961,912	$17M	trimmed−34%	−0.05 pp	11 q
AFHAtlas Financial Holdings Inc	0.20%	1,140,596	$17M	added+2%	+0.02 pp	3 q
CSWCCapital Southwest Corp	0.18%	951,668	$15M	trimmed−0%	−0.01 pp	15 q
ACTGAcacia Research Corporation	0.17%	3,413,758	$14M	added0%	−0.06 pp	17 q
unresolvedBallantyne Strong, Inc.	0.17%	2,129,363	$14M	added+36%	+0.06 pp	17 q
TSTenaris S. A.	0.17%	472,087	$15M	added+38%	+0.03 pp	6 q
GHCGraham Holdings Company	0.16%	23,211	$14M	added0%	0.00 pp	15 q
unresolvedSafeguard Scientifics Inc.	0.16%	1,140,937	$14M	added+80%	+0.07 pp	2 q
unresolvedPendrell Corp.	0.15%	1,804,791	$13M	trimmed−35%	−0.06 pp	3 q
unresolvedEdgewater Technology Inc.	0.14%	1,759,234	$12M	added+22%	+0.01 pp	17 q
GSITGSI Technology	0.14%	1,501,943	$12M	added+22%	+0.01 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.14%	251,560	$11M	trimmed−3%	+0.01 pp	5 q
DFSDiscover Financial Services	0.13%	181,327	$11M	added×8.6	+0.11 pp	7 q
unresolvedMitcham Industries, Inc.	0.13%	2,780,406	$11M	trimmed−1%	−0.03 pp	17 q
SEACSeachange Intl Inc	0.13%	4,179,930	$11M	trimmed−9%	0.00 pp	10 q
HMNHorace Mann Educators Corporation	0.12%	274,640	$10M	trimmed−16%	−0.04 pp	17 q
MATWMatthews International Corp	0.12%	171,118	$10M	trimmed−16%	−0.04 pp	17 q
ORCLOracle Corp	0.12%	201,713	$10M	trimmed−1%	+0.01 pp	15 q
EFTTechtarget	0.12%	990,288	$10M	added+8%	+0.02 pp	4 q
CMECME Group Inc.	0.11%	75,485	$9M	added+6%	+0.01 pp	4 q
CVSCvs Health Corporation	0.11%	115,661	$9M	trimmed−0%	0.00 pp	3 q
CARSCars.com Inc.	0.11%	339,686	$9M	new	+0.11 pp	new
unresolvedCoach Inc	0.11%	201,795	$10M	added+7%	+0.02 pp	17 q
LMTLockheed Martin Corp.	0.11%	32,804	$9M	trimmed−2%	0.00 pp	17 q
PRCPPerceptron Inc	0.10%	1,113,794	$8M	trimmed−15%	−0.03 pp	17 q
VTVanguard Total World Stock ETF	0.10%	125,462	$8M	added+40%	+0.03 pp	16 q
ABXBarrick Mining Corporation	0.09%	457,601	$7M	added+6%	−0.01 pp	13 q
GLUUGlu Mobile Inc.	0.09%	2,894,600	$7M	added+9%	+0.02 pp	5 q
GRBKGreen Brick Partners, Inc	0.09%	638,000	$7M	added+28%	+0.03 pp	4 q
IBMInternational Business Machines Corporation	0.09%	46,987	$7M	trimmed−11%	−0.02 pp	17 q
JPMJPMorgan Chase & Co.	0.09%	82,890	$8M	trimmed−0%	0.00 pp	17 q
LFCRLifecore Biomedical, Inc.	0.09%	517,637	$8M	trimmed−23%	0.00 pp	17 q
unresolvedSpartan Motors Inc.	0.09%	826,991	$7M	trimmed−26%	−0.01 pp	17 q
SYNCSynacor Inc	0.09%	2,064,651	$8M	new	+0.09 pp	new
WMARWest Marine Inc	0.09%	591,796	$8M	added+9%	+0.03 pp	6 q
ALOTAstroNova, Inc.	0.08%	508,077	$7M	trimmed−21%	−0.04 pp	17 q
CVUCPI Aerostructures, Inc.	0.08%	682,301	$6M	trimmed−40%	−0.01 pp	17 q
CRAICRA International, Inc.	0.08%	179,298	$7M	added+10%	+0.01 pp	6 q
CPIXCumberland Pharmaceuticals Inc	0.08%	976,377	$7M	trimmed−30%	−0.03 pp	17 q
XOMExxon Mobil Corp	0.08%	85,009	$7M	held	—	17 q
unresolvedGrupo Financiero Santander Mex	0.08%	673,541	$6M	added+15%	+0.02 pp	14 q
GIFIGulf Island Fabrication Inc	0.08%	590,771	$7M	added+8%	+0.01 pp	17 q
MOSThe Mosaic Company	0.08%	282,878	$6M	added+25%	0.00 pp	16 q
TURN180 Degree Capital Corp.	0.08%	4,244,134	$7M	trimmed−9%	0.00 pp	2 q
OESXOrion Energy Systems, Inc.	0.08%	4,980,847	$6M	added+5%	−0.03 pp	17 q
BNYBank of New York Mellon Corporation	0.07%	112,837	$6M	trimmed−0%	+0.01 pp	17 q
GSGoldman Sachs Group Inc.	0.07%	24,799	$6M	trimmed−0%	0.00 pp	17 q
IWMiShares Russell 2000 ETF	0.07%	44,400	$6M	new	+0.07 pp	new
unresolvedPandora Media Inc	0.07%	621,896	$6M	new	+0.07 pp	new
STRTStrattec Security Corp	0.07%	179,116	$6M	added+18%	+0.02 pp	6 q
9990302DApache Corp	0.06%	106,476	$5M	added+22%	+0.01 pp	16 q
ASPNAspen Aerogels, Inc.	0.06%	1,093,997	$5M	trimmed−26%	−0.01 pp	4 q
FDSFactset Research Systems	0.06%	32,840	$5M	added+40%	+0.01 pp	3 q
GAIAGaia, Inc. Class A	0.06%	441,693	$5M	trimmed−15%	0.00 pp	4 q
HNGRHanger Inc.	0.06%	438,100	$5M	held	—	12 q
unresolvedMb Financial Inc New	0.06%	112,696	$5M	added+7%	+0.01 pp	17 q
MNManning & Napier, Inc.	0.06%	1,078,386	$5M	trimmed−16%	−0.03 pp	11 q
MOVMovado Group, Inc.	0.06%	216,400	$5M	added+8%	0.00 pp	6 q
TSCOTractor Supply Co	0.06%	87,938	$5M	added+33%	+0.01 pp	3 q
VOOVanguard S&P 500 ETF	0.06%	21,290	$5M	held	—	11 q
AXTIAXT Inc	0.05%	642,318	$4M	trimmed−23%	−0.01 pp	11 q
unresolvedElectro Scientific Industries, Inc.	0.05%	549,247	$5M	added+7%	+0.01 pp	8 q
EMKREmcore Corp	0.05%	359,104	$4M	trimmed−19%	0.00 pp	5 q
NVSNovartis AG	0.05%	49,665	$4M	added+2%	+0.01 pp	7 q
ACNAccenture PLC	0.05%	32,379	$4M	added+6%	+0.01 pp	13 q
unresolvedGlassBridge Enterprises Inc.	0.04%	864,948	$3M	added+14%	0.00 pp	2 q
unresolvedLumber Liquidators Hldgs Inc	0.04%	137,068	$3M	trimmed−69%	−0.07 pp	11 q
AETIStabilis Solutions, Inc.	0.03%	1,422,211	$3M	added+7%	0.00 pp	17 q
unresolvedAutobytel Inc.	0.03%	210,872	$3M	new	+0.03 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.03%	97,171	$3M	held	—	13 q
IDCCInterDigital, Inc.	0.03%	33,594	$3M	new	+0.03 pp	new
NTTYYNtt Inc. S/	0.03%	56,112	$3M	added0%	0.00 pp	4 q
TRIPTripAdvisor, Inc.	0.03%	75,405	$3M	added+6%	−0.01 pp	2 q
unresolvedVersar Inc.	0.03%	1,883,876	$3M	added+9%	0.00 pp	17 q
AYIAcuity Inc.	0.02%	8,486	$2M	new	+0.02 pp	new
CHDChurch & Dwight Co., Inc.	0.02%	28,683	$1M	added+4%	0.00 pp	3 q
DGIIDigi International Inc	0.02%	181,030	$2M	trimmed−11%	−0.01 pp	6 q
unresolvedDigirad Corp.	0.02%	499,254	$2M	new	+0.02 pp	new
unresolvedDover Motorsports, Inc.	0.02%	951,603	$2M	trimmed−27%	−0.01 pp	17 q
EXPDExpeditors International of Washington, Inc.	0.02%	23,059	$1M	added+4%	+0.01 pp	2 q
unresolvedHardinge Inc.	0.02%	106,688	$1M	trimmed−71%	−0.03 pp	17 q
ICEIntercontinental Exchange Inc.	0.02%	21,440	$1M	added+4%	+0.01 pp	2 q
RELLRichardson Electronics Ltd	0.02%	315,027	$2M	trimmed−42%	−0.02 pp	8 q
RBCNRubicon Tech Inc	0.02%	180,297	$2M	new	+0.02 pp	new
ITUBItau Unibanco Holding S.A.	0.01%	39,869	$441,000	added+37%	+0.01 pp	14 q
MAMastercard Incorporated	0.01%	7,461	$906,000	new	+0.01 pp	new
DCMYYNtt Docomo Inc-spon ADR	0.01%	51,038	$1M	added+1%	0.00 pp	3 q
SNYSanofi	0.01%	17,790	$852,000	trimmed−0%	0.00 pp	2 q
TMToyota Motor Corporation	0.01%	5,708	$599,000	held	—	7 q
unresolvedVical Inc.	0.01%	385,426	$1M	added+12%	0.00 pp	5 q
FFIVF5, Inc.	0.00%	3,152	$400,000	new	0.00 pp	new
LPLLG Display Co. Ltd.	0.00%	10,258	$165,000	trimmed−41%	0.00 pp	2 q
unresolvedJanus Cap Group Inc	—	−7,001,000	—	exited	−1.09 pp	—
unresolvedDevry Ed Group Inc	—	−2,080,610	—	exited	−0.87 pp	—
TIFTiffany & Co.	—	−342,147	—	exited	−0.38 pp	—
AKXAnsys Inc	—	−82,060	—	exited	−0.10 pp	—
AZTAAzenta, Inc.	—	−323,510	—	exited	−0.09 pp	—
FFFuture Fuel Corporation	—	−271,300	—	exited	−0.05 pp	—
RYAAYRyanair Holdings plc	—	−46,417	—	exited	−0.05 pp	—
MANHManhattan Associates Inc	—	−73,496	—	exited	−0.04 pp	—
CAKECheesecake Factory (The)	—	−45,115	—	exited	−0.03 pp	—
unresolvedRubicon Technology, Inc.	—	−2,467,591	—	exited	−0.02 pp	—
VARVarian Medical Systems, Inc.	—	−20,918	—	exited	−0.02 pp	—
unresolvedCEB Inc.	—	−5,916	—	exited	−0.01 pp	—
CAJPYCanon Inc S/	—	−17,529	—	exited	−0.01 pp	—
EWLiShares MSCI Switzerland ETF	—	−18,854	—	exited	−0.01 pp	—
PPGPPG Industries, Inc.	—	−12,113	—	exited	−0.01 pp	—
UNPUnion Pacific Corp.	—	−11,432	—	exited	−0.01 pp	—
EWUiShares MSCI United Kingdom ETF	—	−9,974	—	exited	0.00 pp	—