Ariel Investments

Q3 2017 13F · by John Rogers, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $8.6B · prev $8.5B
Positions: 176 · prev 184
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%

Moves183 since the prior filing

+3.6 pp in · −3.7 pp out

New 4 +0.31 pp
Added 96 +3.33 pp
Trimmed 71 −3.43 pp
Exited 12 −0.32 pp

The book

Diversified · behaves like 71 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions176 in this filing · 12 exited


BIDUBaidu, Inc.	3.14%	1,091,778	$270M	trimmed−9%	+0.61 pp	18 q
FAFFirst American Financial Corporation	3.02%	5,213,571	$261M	trimmed−1%	+0.24 pp	18 q
LAZLazard, Inc.	2.87%	5,473,715	$248M	trimmed−1%	−0.15 pp	18 q
KMTKennametal Inc.	2.57%	5,489,586	$221M	added0%	+0.14 pp	14 q
MSFTMicrosoft Corp	2.36%	2,734,536	$204M	added+5%	+0.23 pp	18 q
NOKNokia Corporation	2.28%	32,811,545	$196M	trimmed−1%	−0.13 pp	18 q
KEYSKeysight Technologies, Inc.	2.26%	4,673,259	$195M	added0%	+0.11 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	2.19%	1,247,988	$188M	trimmed−10%	−0.33 pp	15 q
CRLCharles River Laboratories International, Inc.	2.11%	1,680,066	$181M	trimmed−14%	−0.22 pp	18 q
GILDGilead Sciences Inc	2.04%	2,169,437	$176M	added+4%	+0.29 pp	18 q
NTRSNorthern Trust Corp	2.04%	1,908,175	$175M	trimmed−0%	−0.16 pp	18 q
ZBRAZebra Technologies Corporation	2.01%	1,597,152	$173M	trimmed−8%	−0.05 pp	16 q
unresolvedKkr & Co L P DEL	2.00%	8,477,064	$172M	trimmed−1%	+0.11 pp	18 q
MSGNMSG Networks Inc.	1.88%	7,642,286	$162M	added+25%	+0.25 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	1.86%	7,701,574	$160M	added+3%	−0.31 pp	18 q
JLLJones Lang LaSalle, Inc.	1.83%	1,276,857	$158M	trimmed−6%	−0.18 pp	18 q
SLCAU.s. Silica Holdings, Inc.	1.72%	4,780,845	$149M	added+28%	+0.15 pp	17 q
SJMThe J.M. Smucker Company	1.65%	1,356,718	$142M	added+31%	+0.20 pp	18 q
AFLAflac Inc.	1.49%	1,580,593	$129M	trimmed−0%	+0.03 pp	18 q
JNJJohnson & Johnson	1.49%	989,289	$129M	added+4%	0.00 pp	18 q
MATMattel, Inc.	1.49%	8,313,633	$129M	added+40%	−0.03 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	1.44%	1,057,463	$124M	trimmed−0%	−0.17 pp	18 q
BIOBio-Rad Laboratories, Inc.Class A	1.35%	524,244	$116M	trimmed−9%	−0.19 pp	18 q
SNASnap-on Incorporated	1.32%	764,034	$114M	added+20%	+0.13 pp	18 q
CBRECbre Group, Inc.	1.26%	2,872,129	$109M	trimmed−17%	−0.23 pp	18 q
NLSNNielsen Holdings PLC	1.26%	2,615,673	$108M	added+22%	+0.28 pp	3 q
AXEAnixter International Inc	1.20%	1,217,558	$103M	trimmed−12%	−0.08 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	1.17%	548,655	$101M	added+4%	+0.11 pp	17 q
BRSBristow Group, Inc.	1.14%	10,528,836	$98M	added+3%	+0.22 pp	18 q
WUThe Western Union Company	1.14%	5,106,000	$98M	added0%	−0.01 pp	18 q
PMPhilip Morris International Inc.	1.12%	870,047	$97M	trimmed−15%	−0.30 pp	17 q
RCLRoyal Caribbean Group	1.12%	813,289	$96M	trimmed−9%	−0.04 pp	18 q
SWKStanley Black & Decker, Inc.	1.10%	627,079	$95M	trimmed−13%	−0.09 pp	18 q
unresolvedDun & Bradstreet Corp/The	1.09%	809,178	$94M	added+1%	+0.06 pp	18 q
MTSCMTS Systems Corp	1.08%	1,736,946	$93M	added+3%	+0.04 pp	18 q
JHGJanus Henderson Group PLC	1.05%	2,590,958	$90M	trimmed−17%	−0.17 pp	2 q
BRCBrady Corporation	1.04%	2,369,820	$90M	added0%	+0.09 pp	18 q
ISCAInternational Speedway Corp	1.03%	2,457,565	$88M	trimmed−5%	−0.12 pp	18 q
BWABorgWarner Inc.	1.02%	1,721,109	$88M	trimmed−0%	+0.15 pp	7 q
SSDSimpson Manufacturing Co., Inc.	1.01%	1,769,398	$87M	added0%	+0.10 pp	18 q
AXPAmerican Express Company	0.94%	893,621	$81M	added+4%	+0.08 pp	13 q
MSGSMadison Square Garden Sports Corp.	0.94%	377,743	$81M	trimmed−5%	+0.01 pp	8 q
OMCOmnicom Group Inc.	0.94%	1,092,423	$81M	trimmed−0%	−0.13 pp	18 q
TGNATEGNA Inc.	0.94%	6,104,953	$81M	added+32%	+0.15 pp	10 q
MDPMeredith Corporation	0.93%	1,441,369	$80M	trimmed−1%	−0.10 pp	18 q
NOVNOV Inc.	0.90%	2,170,763	$78M	trimmed−0%	+0.05 pp	18 q
WTWWillis Towers Watson Public Limited Company	0.88%	493,420	$76M	trimmed−0%	+0.03 pp	7 q
VIABViacom Inc. Class B	0.85%	2,641,575	$74M	trimmed−33%	−0.71 pp	18 q
CVSACovista Inc.	0.84%	2,024,619	$73M	trimmed−2%	−0.09 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.84%	384,317	$73M	trimmed−0%	+0.04 pp	18 q
ITWIllinois Tool Works Inc.	0.83%	481,754	$71M	trimmed−0%	+0.01 pp	18 q
unresolvedGlaxosmithkline PLC	0.79%	1,684,870	$68M	added+2%	−0.05 pp	18 q
HLIHoulihan Lokey, Inc.	0.70%	1,533,104	$60M	trimmed−0%	+0.07 pp	7 q
CHLChina Mobile Limited	0.68%	1,155,345	$58M	trimmed−2%	−0.06 pp	18 q
LFUSLittelfuse Inc	0.68%	297,555	$58M	trimmed−23%	−0.08 pp	18 q
JWNNordstrom, Inc.	0.65%	1,193,349	$56M	trimmed−1%	−0.03 pp	18 q
PGRProgressive Corporation	0.63%	1,128,176	$55M	trimmed−11%	−0.03 pp	9 q
MHKMohawk Industries, Inc.	0.62%	214,967	$53M	trimmed−11%	−0.07 pp	18 q
unresolvedCBS Corp	0.59%	880,306	$51M	added+11%	−0.01 pp	18 q
CAHCardinal Health, Inc.	0.57%	735,687	$49M	added+11%	−0.04 pp	4 q
FLRFluor Corporation	0.54%	1,115,084	$47M	added+21%	+0.04 pp	5 q
CLBCore Laboratories Inc.	0.52%	452,481	$45M	added+40%	+0.13 pp	14 q
FICOFair Isaac Corporation	0.51%	315,124	$44M	trimmed−5%	−0.03 pp	18 q
BOKFBOK Financial Corp	0.50%	484,109	$43M	added+1%	+0.02 pp	6 q
SOThe Southern Company	0.49%	862,246	$42M	added+4%	+0.02 pp	14 q
RSTRosetta Stone Inc	0.45%	3,791,336	$39M	added+7%	0.00 pp	18 q
VZVerizon Communications	0.45%	780,843	$39M	added+4%	+0.05 pp	12 q
COSTCostco Wholesale Corp	0.44%	228,597	$38M	added+4%	+0.02 pp	14 q
VEAVanguard FTSE Developed Markets ETF	0.44%	876,082	$38M	added+13%	+0.06 pp	18 q
EOGEOG Resources, Inc.	0.43%	379,433	$37M	added+45%	+0.15 pp	9 q
OXYOccidental Petroleum Corporation	0.41%	543,942	$35M	added+35%	+0.12 pp	10 q
TROWT Rowe Price Group Inc	0.39%	367,760	$33M	trimmed−1%	+0.06 pp	18 q
RNWARealnetworks Inc	0.39%	6,977,136	$33M	added+2%	+0.04 pp	17 q
BXBlackstone Inc.	0.38%	978,206	$33M	trimmed−20%	−0.10 pp	18 q
SLBSLB Limited	0.38%	473,917	$33M	added+45%	+0.13 pp	13 q
SRESempra	0.35%	265,582	$30M	added+8%	+0.02 pp	5 q
TISITeam, Inc.	0.34%	2,219,202	$30M	added+37%	−0.11 pp	18 q
COWNCowen Inc. Class A	0.33%	1,602,274	$29M	trimmed−15%	−0.03 pp	4 q
CNTYCentury Casinos Inc	0.32%	3,361,757	$28M	added+4%	+0.04 pp	15 q
BCOThe Brink's Company	0.30%	308,801	$26M	trimmed−29%	−0.04 pp	18 q
BSACBanco Santander-Chile	0.27%	786,160	$23M	trimmed−12%	0.00 pp	15 q
TILEInterface Inc	0.26%	1,022,517	$22M	added+1%	+0.03 pp	18 q
PXDPioneer Natural Resource Co.	0.26%	151,931	$22M	new	+0.26 pp	new
ORBCORBCOMM, Inc.	0.25%	2,069,524	$22M	trimmed−4%	−0.04 pp	18 q
AFHAtlas Financial Holdings Inc	0.25%	1,158,673	$22M	added+2%	+0.05 pp	4 q
BIDTribeca Strategic Acquisition Corp. Class A	0.23%	434,663	$20M	trimmed−11%	−0.08 pp	18 q
USBU.S. Bancorp	0.23%	377,409	$20M	added+4%	+0.01 pp	17 q
unresolvedXO Group Inc.	0.23%	995,567	$20M	added+1%	+0.02 pp	18 q
TNAVTelenav Inc.	0.22%	2,977,736	$19M	added+34%	+0.01 pp	18 q
IEXIDEX Corporation	0.21%	150,567	$18M	trimmed−9%	−0.01 pp	18 q
KINKindred Biosciences, Inc.	0.21%	2,340,123	$18M	added+19%	+0.01 pp	12 q
TSTenaris S. A.	0.21%	629,830	$18M	added+33%	+0.04 pp	7 q
DFSDiscover Financial Services	0.20%	263,838	$17M	added+46%	+0.07 pp	8 q
unresolvedSafeguard Scientifics Inc.	0.20%	1,264,609	$17M	added+11%	+0.04 pp	3 q
unresolvedBallantyne Strong, Inc.	0.19%	2,648,899	$16M	added+24%	+0.02 pp	18 q
CSWCCapital Southwest Corp	0.19%	963,726	$17M	added+1%	+0.01 pp	16 q
MCFContango Oil & Gas Co.	0.19%	3,335,528	$17M	added+1%	−0.07 pp	18 q
PEWPctel Inc	0.18%	2,477,204	$16M	added+1%	−0.03 pp	18 q
ACTGAcacia Research Corporation	0.16%	2,952,115	$13M	trimmed−14%	−0.01 pp	18 q
GSITGSI Technology	0.16%	1,851,708	$13M	added+23%	+0.02 pp	4 q
unresolvedEdgewater Technology Inc.	0.15%	1,916,003	$12M	added+9%	+0.01 pp	18 q
BENFranklin Templeton, Inc.	0.15%	295,853	$13M	trimmed−54%	−0.19 pp	18 q
DGXQuest Diagnostics Inc.	0.15%	133,840	$13M	trimmed−18%	−0.07 pp	18 q
ACWXiShares MSCI ACWI ex US ETF	0.14%	251,560	$12M	held	—	6 q
SEACSeachange Intl Inc	0.14%	4,289,425	$12M	added+3%	+0.01 pp	11 q
GHCGraham Holdings Company	0.13%	19,310	$11M	trimmed−17%	−0.03 pp	16 q
HMNHorace Mann Educators Corporation	0.13%	277,963	$11M	added+1%	+0.01 pp	18 q
MATWMatthews International Corp	0.13%	173,333	$11M	added+1%	+0.01 pp	18 q
CMECME Group Inc.	0.12%	78,646	$11M	added+4%	+0.01 pp	5 q
unresolvedMitcham Industries, Inc.	0.12%	2,989,080	$10M	added+8%	−0.01 pp	18 q
EFTTechtarget	0.12%	860,767	$10M	trimmed−13%	0.00 pp	5 q
ALOTAstroNova, Inc.	0.11%	748,142	$10M	added+47%	+0.03 pp	18 q
ABXBarrick Mining Corporation	0.11%	597,450	$10M	added+31%	+0.02 pp	14 q
CVSCvs Health Corporation	0.11%	115,894	$9M	added0%	0.00 pp	4 q
LMTLockheed Martin Corp.	0.11%	30,317	$9M	trimmed−8%	0.00 pp	18 q
ORCLOracle Corp	0.11%	202,878	$10M	added+1%	−0.01 pp	16 q
STRTStrattec Security Corp	0.11%	233,735	$10M	added+30%	+0.04 pp	7 q
unresolvedCoach Inc	0.10%	210,757	$8M	added+4%	−0.01 pp	18 q
GRBKGreen Brick Partners, Inc	0.10%	836,548	$8M	added+31%	+0.01 pp	5 q
PRCPPerceptron Inc	0.10%	1,123,968	$9M	added+1%	0.00 pp	18 q
CARSCars.com Inc.	0.09%	280,059	$7M	trimmed−18%	−0.02 pp	2 q
XOMExxon Mobil Corp	0.09%	90,422	$7M	added+6%	+0.01 pp	18 q
GIFIGulf Island Fabrication Inc	0.09%	601,602	$8M	added+2%	+0.01 pp	18 q
TURN180 Degree Capital Corp.	0.09%	4,394,499	$8M	added+4%	+0.01 pp	3 q
unresolvedPandora Media Inc	0.09%	995,427	$8M	added+60%	+0.02 pp	2 q
SYNCSynacor Inc	0.09%	2,944,912	$8M	added+43%	0.00 pp	2 q
GLUUGlu Mobile Inc.	0.08%	1,779,788	$7M	trimmed−39%	−0.01 pp	6 q
unresolvedGrupo Financiero Santander Mex	0.08%	688,950	$7M	added+2%	0.00 pp	15 q
IBMInternational Business Machines Corporation	0.08%	46,964	$7M	trimmed−0%	−0.01 pp	18 q
JPMJPMorgan Chase & Co.	0.08%	72,190	$7M	trimmed−13%	−0.01 pp	18 q
unresolvedPendrell Corp.	0.08%	1,043,632	$7M	trimmed−42%	−0.07 pp	4 q
unresolvedSpartan Motors Inc.	0.08%	631,295	$7M	trimmed−24%	−0.01 pp	18 q
CVUCPI Aerostructures, Inc.	0.07%	684,236	$6M	added0%	−0.01 pp	18 q
CRAICRA International, Inc.	0.07%	152,998	$6M	trimmed−15%	−0.01 pp	7 q
CPIXCumberland Pharmaceuticals Inc	0.07%	887,144	$6M	trimmed−9%	−0.01 pp	18 q
FDSFactset Research Systems	0.07%	33,870	$6M	added+3%	+0.01 pp	4 q
GSGoldman Sachs Group Inc.	0.07%	24,795	$6M	trimmed−0%	0.00 pp	18 q
IWMiShares Russell 2000 ETF	0.07%	38,300	$6M	trimmed−14%	0.00 pp	2 q
MOSThe Mosaic Company	0.07%	282,737	$6M	trimmed−0%	−0.01 pp	17 q
MOVMovado Group, Inc.	0.07%	221,700	$6M	added+2%	+0.01 pp	7 q
OESXOrion Energy Systems, Inc.	0.07%	5,027,415	$6M	added+1%	−0.01 pp	18 q
TSCOTractor Supply Co	0.07%	91,493	$6M	added+4%	+0.01 pp	4 q
9990302DApache Corp	0.06%	106,420	$5M	trimmed−0%	0.00 pp	17 q
ASPNAspen Aerogels, Inc.	0.06%	1,095,517	$5M	added0%	0.00 pp	5 q
BNYBank of New York Mellon Corporation	0.06%	103,249	$5M	trimmed−9%	−0.01 pp	18 q
GAIAGaia, Inc. Class A	0.06%	452,893	$5M	added+3%	0.00 pp	5 q
HNGRHanger Inc.	0.06%	437,840	$5M	trimmed−0%	0.00 pp	13 q
LFCRLifecore Biomedical, Inc.	0.06%	377,245	$5M	trimmed−27%	−0.03 pp	18 q
unresolvedMb Financial Inc New	0.06%	118,896	$5M	added+6%	0.00 pp	18 q
NVSNovartis AG	0.06%	57,697	$5M	added+16%	+0.01 pp	8 q
VOOVanguard S&P 500 ETF	0.06%	21,290	$5M	held	—	12 q
MNManning & Napier, Inc.	0.05%	1,099,079	$4M	added+2%	−0.01 pp	12 q
ACNAccenture PLC	0.05%	33,794	$5M	added+4%	0.00 pp	14 q
AXTIAXT Inc	0.04%	390,513	$4M	trimmed−39%	−0.01 pp	12 q
EMKREmcore Corp	0.04%	453,060	$4M	added+26%	−0.01 pp	6 q
TRCTejon Ranch Co.	0.04%	180,027	$4M	new	+0.04 pp	new
TRIPTripAdvisor, Inc.	0.04%	78,870	$3M	added+5%	+0.01 pp	3 q
VTVanguard Total World Stock ETF	0.04%	47,532	$3M	trimmed−62%	−0.06 pp	17 q
AETIStabilis Solutions, Inc.	0.03%	1,582,198	$3M	added+11%	0.00 pp	18 q
unresolvedAutobytel Inc.	0.03%	356,728	$2M	added+69%	0.00 pp	2 q
unresolvedDigirad Corp.	0.03%	638,042	$2M	added+28%	+0.01 pp	2 q
unresolvedElectro Scientific Industries, Inc.	0.03%	207,062	$3M	trimmed−62%	−0.02 pp	9 q
IDCCInterDigital, Inc.	0.03%	35,122	$3M	added+5%	0.00 pp	2 q
AYIAcuity Inc.	0.02%	8,780	$2M	added+3%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.02%	24,041	$1M	added+4%	0.00 pp	3 q
unresolvedGlassBridge Enterprises Inc.	0.02%	989,600	$2M	added+14%	−0.02 pp	3 q
ICEIntercontinental Exchange Inc.	0.02%	22,403	$2M	added+4%	0.00 pp	3 q
DCMYYNtt Docomo Inc-spon ADR	0.02%	76,913	$2M	added+51%	+0.01 pp	4 q
RBCNRubicon Tech Inc	0.02%	177,992	$1M	trimmed−1%	0.00 pp	2 q
unresolvedVical Inc.	0.02%	582,244	$1M	added+51%	+0.01 pp	6 q
unresolvedDover Motorsports, Inc.	0.01%	577,594	$1M	trimmed−39%	−0.01 pp	18 q
IWRiShares Russell Mid-Cap ETF	0.01%	3,649	$719,000	new	+0.01 pp	new
MAMastercard Incorporated	0.01%	7,461	$1M	held	—	2 q
SNYSanofi	0.01%	17,790	$886,000	held	—	3 q
FASTFastenal Co	0.00%	5,505	$251,000	new	0.00 pp	new
FFIVF5, Inc.	0.00%	3,152	$380,000	held	—	2 q
WMARWest Marine Inc	—	−591,796	—	exited	−0.09 pp	—
unresolvedLumber Liquidators Hldgs Inc	—	−137,068	—	exited	−0.04 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−97,171	—	exited	−0.03 pp	—
NTTYYNtt Inc. S/	—	−56,112	—	exited	−0.03 pp	—
unresolvedVersar Inc.	—	−1,883,876	—	exited	−0.03 pp	—
CHDChurch & Dwight Co., Inc.	—	−28,683	—	exited	−0.02 pp	—
DGIIDigi International Inc	—	−181,030	—	exited	−0.02 pp	—
unresolvedHardinge Inc.	—	−106,688	—	exited	−0.02 pp	—
RELLRichardson Electronics Ltd	—	−315,027	—	exited	−0.02 pp	—
ITUBItau Unibanco Holding S.A.	—	−39,869	—	exited	−0.01 pp	—
TMToyota Motor Corporation	—	−5,708	—	exited	−0.01 pp	—
LPLLG Display Co. Ltd.	—	−10,258	—	exited	0.00 pp	—