Ariel Investments

Q4 2017 13F · by John Rogers, CIO

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $8.9B · prev $8.6B
Positions: 172 · prev 176
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%

Moves178 since the prior filing

+4.9 pp in · −4.9 pp out

New 6 +0.46 pp
Added 75 +4.47 pp
Trimmed 87 −4.20 pp
Exited 10 −0.67 pp

The book

Diversified · behaves like 71 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions172 in this filing · 10 exited


BIDUBaidu, Inc.	3.13%	1,185,923	$278M	added+9%	−0.01 pp	19 q
FAFFirst American Financial Corporation	3.00%	4,739,053	$266M	trimmed−9%	−0.02 pp	19 q
LAZLazard, Inc.	2.84%	4,795,854	$252M	trimmed−12%	−0.03 pp	19 q
KMTKennametal Inc.	2.83%	5,189,629	$251M	trimmed−5%	+0.26 pp	15 q
MSFTMicrosoft Corp	2.71%	2,803,720	$240M	added+3%	+0.35 pp	19 q
SJMThe J.M. Smucker Company	2.26%	1,611,582	$200M	added+19%	+0.61 pp	19 q
99803EURLaboratory Crp Of Amer Hldgs	2.20%	1,222,610	$195M	trimmed−2%	+0.01 pp	16 q
KEYSKeysight Technologies, Inc.	2.17%	4,613,257	$192M	trimmed−1%	−0.09 pp	5 q
NTRSNorthern Trust Corp	2.09%	1,858,731	$186M	trimmed−3%	+0.05 pp	19 q
MSGNMSG Networks Inc.	2.05%	8,981,457	$182M	added+18%	+0.17 pp	9 q
unresolvedKkr & Co L P DEL	1.92%	8,064,945	$170M	trimmed−5%	−0.08 pp	19 q
JLLJones Lang LaSalle, Inc.	1.89%	1,125,985	$168M	trimmed−12%	+0.06 pp	19 q
GILDGilead Sciences Inc	1.81%	2,236,337	$160M	added+3%	−0.23 pp	19 q
IPGThe Interpublic Group of Companies, Inc.	1.81%	7,975,621	$161M	added+4%	−0.05 pp	19 q
SLCAU.s. Silica Holdings, Inc.	1.80%	4,899,994	$160M	added+2%	+0.08 pp	18 q
ZBRAZebra Technologies Corporation	1.75%	1,493,325	$155M	trimmed−7%	−0.26 pp	17 q
CRLCharles River Laboratories International, Inc.	1.67%	1,353,195	$148M	trimmed−19%	−0.44 pp	19 q
JNJJohnson & Johnson	1.60%	1,012,823	$142M	added+2%	+0.11 pp	19 q
MATMattel, Inc.	1.59%	9,151,114	$141M	added+10%	+0.10 pp	11 q
BRSBristow Group, Inc.	1.56%	10,263,651	$138M	trimmed−3%	+0.42 pp	19 q
SNASnap-on Incorporated	1.53%	776,792	$135M	added+2%	+0.21 pp	19 q
ZBHZimmer Biomet Holdings, Inc.	1.37%	1,005,470	$121M	trimmed−5%	−0.07 pp	19 q
NLSNNielsen Holdings PLC	1.35%	3,282,583	$119M	added+26%	+0.09 pp	4 q
AFLAflac Inc.	1.32%	1,328,988	$117M	trimmed−16%	−0.17 pp	19 q
CBRECbre Group, Inc.	1.28%	2,618,932	$113M	trimmed−9%	+0.02 pp	19 q
NOKNokia Corporation	1.27%	24,205,746	$113M	trimmed−26%	−1.01 pp	19 q
PMPhilip Morris International Inc.	1.27%	1,062,666	$112M	added+22%	+0.15 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	1.26%	562,411	$111M	added+3%	+0.09 pp	18 q
TGNATEGNA Inc.	1.19%	7,500,773	$106M	added+23%	+0.25 pp	11 q
VIABViacom Inc. Class B	1.18%	3,397,206	$105M	added+29%	+0.33 pp	19 q
SWKStanley Black & Decker, Inc.	1.12%	582,745	$99M	trimmed−7%	+0.02 pp	19 q
SSDSimpson Manufacturing Co., Inc.	1.11%	1,720,558	$99M	trimmed−3%	+0.10 pp	19 q
JHGJanus Henderson Group PLC	1.09%	2,530,520	$97M	trimmed−2%	+0.04 pp	3 q
unresolvedDun & Bradstreet Corp/The	1.04%	779,286	$92M	trimmed−4%	−0.05 pp	19 q
AXPAmerican Express Company	1.03%	915,248	$91M	added+2%	+0.09 pp	14 q
AXEAnixter International Inc	1.02%	1,192,076	$91M	trimmed−2%	−0.18 pp	19 q
MTSCMTS Systems Corp	1.02%	1,680,002	$90M	trimmed−3%	−0.06 pp	19 q
WUThe Western Union Company	1.02%	4,766,217	$91M	trimmed−7%	−0.12 pp	19 q
BRCBrady Corporation	0.98%	2,298,208	$87M	trimmed−3%	−0.06 pp	19 q
RCLRoyal Caribbean Group	0.94%	695,736	$83M	trimmed−14%	−0.18 pp	19 q
BWABorgWarner Inc.	0.92%	1,590,457	$81M	trimmed−8%	−0.10 pp	8 q
SLBSLB Limited	0.92%	1,206,793	$81M	added×2.5	+0.54 pp	14 q
CVSACovista Inc.	0.90%	1,892,503	$80M	trimmed−7%	+0.06 pp	3 q
ISCAInternational Speedway Corp	0.90%	1,993,379	$79M	trimmed−19%	−0.13 pp	19 q
NOVNOV Inc.	0.86%	2,106,100	$76M	trimmed−3%	−0.04 pp	19 q
OMCOmnicom Group Inc.	0.85%	1,040,043	$76M	trimmed−5%	−0.09 pp	19 q
ITWIllinois Tool Works Inc.	0.83%	438,343	$73M	trimmed−9%	0.00 pp	19 q
HLIHoulihan Lokey, Inc.	0.79%	1,533,036	$70M	trimmed0%	+0.09 pp	8 q
TMOThermo Fisher Scientific, Inc.	0.79%	370,944	$70M	trimmed−3%	−0.05 pp	19 q
MSGSMadison Square Garden Sports Corp.	0.75%	313,545	$66M	trimmed−17%	−0.19 pp	9 q
BIOBio-Rad Laboratories, Inc.Class A	0.72%	267,520	$64M	trimmed−49%	−0.63 pp	19 q
unresolvedGlaxosmithkline PLC	0.71%	1,779,641	$63M	added+6%	−0.08 pp	19 q
JWNNordstrom, Inc.	0.70%	1,303,102	$62M	added+9%	+0.05 pp	19 q
WTWWillis Towers Watson Public Limited Company	0.70%	411,762	$62M	trimmed−17%	−0.18 pp	8 q
FLRFluor Corporation	0.68%	1,168,574	$60M	added+5%	+0.14 pp	6 q
MHKMohawk Industries, Inc.	0.67%	214,260	$59M	trimmed−0%	+0.05 pp	19 q
CHLChina Mobile Limited	0.66%	1,155,391	$58M	added0%	−0.02 pp	19 q
MDPMeredith Corporation	0.62%	829,958	$55M	trimmed−42%	−0.31 pp	19 q
CLBCore Laboratories Inc.	0.61%	494,100	$54M	added+9%	+0.09 pp	15 q
CAHCardinal Health, Inc.	0.60%	861,809	$53M	added+17%	+0.03 pp	5 q
PXDPioneer Natural Resource Co.	0.60%	309,292	$53M	added×2.0	+0.34 pp	2 q
PGRProgressive Corporation	0.60%	946,873	$53M	trimmed−16%	−0.03 pp	10 q
unresolvedCBS Corp	0.59%	880,199	$52M	trimmed−0%	0.00 pp	19 q
LFUSLittelfuse Inc	0.58%	257,920	$51M	trimmed−13%	−0.10 pp	19 q
VEAVanguard FTSE Developed Markets ETF	0.55%	1,077,603	$48M	added+23%	+0.11 pp	19 q
EOGEOG Resources, Inc.	0.52%	424,143	$46M	added+12%	+0.09 pp	10 q
BOKFBOK Financial Corp	0.49%	467,367	$43M	trimmed−3%	−0.01 pp	7 q
COSTCostco Wholesale Corp	0.49%	234,513	$44M	added+3%	+0.05 pp	15 q
OXYOccidental Petroleum Corporation	0.49%	584,359	$43M	added+7%	+0.08 pp	11 q
SOThe Southern Company	0.48%	884,757	$43M	added+3%	−0.01 pp	15 q
VZVerizon Communications	0.48%	802,066	$42M	added+3%	+0.03 pp	13 q
FICOFair Isaac Corporation	0.47%	272,713	$42M	trimmed−13%	−0.04 pp	19 q
RSTRosetta Stone Inc	0.43%	3,079,704	$38M	trimmed−19%	−0.02 pp	19 q
TROWT Rowe Price Group Inc	0.40%	335,472	$35M	trimmed−9%	+0.01 pp	19 q
TISITeam, Inc.	0.39%	2,323,566	$35M	added+5%	+0.05 pp	19 q
BXBlackstone Inc.	0.35%	977,615	$31M	trimmed−0%	−0.03 pp	19 q
CNTYCentury Casinos Inc	0.33%	3,206,500	$29M	trimmed−5%	+0.01 pp	16 q
COWNCowen Inc. Class A	0.33%	2,129,096	$29M	added+33%	0.00 pp	5 q
SRESempra	0.33%	272,533	$29M	added+3%	−0.02 pp	6 q
BSACBanco Santander-Chile	0.30%	845,001	$26M	added+7%	+0.03 pp	16 q
TSTenaris S. A.	0.29%	794,700	$25M	added+26%	+0.08 pp	8 q
DGXQuest Diagnostics Inc.	0.28%	248,132	$24M	added+85%	+0.13 pp	19 q
RNWARealnetworks Inc	0.28%	7,236,402	$25M	added+4%	−0.11 pp	18 q
AFHAtlas Financial Holdings Inc	0.27%	1,176,802	$24M	added+2%	+0.02 pp	5 q
TILEInterface Inc	0.26%	928,943	$23M	trimmed−9%	0.00 pp	19 q
ORBCORBCOMM, Inc.	0.26%	2,278,944	$23M	added+10%	+0.01 pp	19 q
BCOThe Brink's Company	0.25%	280,485	$22M	trimmed−9%	−0.05 pp	19 q
DFSDiscover Financial Services	0.25%	289,240	$22M	added+10%	+0.05 pp	9 q
ICEIntercontinental Exchange Inc.	0.24%	296,345	$21M	added×13.2	+0.22 pp	4 q
BIDTribeca Strategic Acquisition Corp. Class A	0.24%	419,425	$22M	trimmed−4%	+0.01 pp	19 q
USBU.S. Bancorp	0.23%	387,748	$21M	added+3%	0.00 pp	18 q
TNAVTelenav Inc.	0.22%	3,609,773	$20M	added+21%	0.00 pp	19 q
KINKindred Biosciences, Inc.	0.21%	1,955,552	$18M	trimmed−16%	0.00 pp	13 q
PEWPctel Inc	0.20%	2,430,032	$18M	trimmed−2%	+0.02 pp	19 q
unresolvedXO Group Inc.	0.20%	952,279	$18M	trimmed−4%	−0.03 pp	19 q
CSWCCapital Southwest Corp	0.19%	1,008,803	$17M	added+5%	0.00 pp	17 q
unresolvedSafeguard Scientifics Inc.	0.19%	1,501,367	$17M	added+19%	−0.01 pp	4 q
MCFContango Oil & Gas Co.	0.17%	3,163,269	$15M	trimmed−5%	−0.02 pp	19 q
GSITGSI Technology	0.17%	1,876,484	$15M	added+1%	+0.01 pp	5 q
ACWXiShares MSCI ACWI ex US ETF	0.17%	301,792	$15M	added+20%	+0.03 pp	7 q
MEIMethode Electronics	0.16%	363,583	$15M	new	+0.16 pp	new
unresolvedBallantyne Strong, Inc.	0.15%	2,888,434	$13M	added+9%	−0.04 pp	19 q
unresolvedEdgewater Technology Inc.	0.14%	1,952,908	$12M	added+2%	−0.01 pp	19 q
STRTStrattec Security Corp	0.14%	276,457	$12M	added+18%	+0.03 pp	8 q
ACTGAcacia Research Corporation	0.13%	2,804,686	$11M	trimmed−5%	−0.03 pp	19 q
HMNHorace Mann Educators Corporation	0.13%	252,807	$11M	trimmed−9%	0.00 pp	19 q
SEACSeachange Intl Inc	0.13%	2,930,417	$12M	trimmed−32%	−0.01 pp	12 q
TRCTejon Ranch Co.	0.13%	565,739	$12M	added×3.1	+0.09 pp	2 q
ALOTAstroNova, Inc.	0.12%	745,767	$10M	trimmed−0%	+0.01 pp	19 q
GRBKGreen Brick Partners, Inc	0.12%	964,341	$11M	added+15%	+0.02 pp	6 q
TURN180 Degree Capital Corp.	0.12%	5,220,715	$10M	added+19%	+0.03 pp	4 q
ABXBarrick Mining Corporation	0.11%	690,291	$10M	added+16%	0.00 pp	15 q
EMKREmcore Corp	0.11%	1,542,419	$10M	added×3.4	+0.07 pp	7 q
IEXIDEX Corporation	0.11%	75,942	$10M	trimmed−50%	−0.10 pp	19 q
unresolvedMitcham Industries, Inc.	0.11%	2,998,392	$10M	added0%	−0.01 pp	19 q
ORCLOracle Corp	0.11%	211,679	$10M	added+4%	0.00 pp	17 q
TPRTapestry, Inc.	0.11%	217,101	$10M	new	+0.11 pp	new
EFTTechtarget	0.11%	730,560	$10M	trimmed−15%	−0.01 pp	6 q
LMTLockheed Martin Corp.	0.10%	28,802	$9M	trimmed−5%	−0.01 pp	19 q
SYNCSynacor Inc	0.10%	3,777,912	$9M	added+28%	+0.01 pp	3 q
XOMExxon Mobil Corp	0.09%	90,385	$8M	trimmed−0%	0.00 pp	19 q
HNGRHanger Inc.	0.09%	491,208	$8M	added+12%	+0.03 pp	14 q
MATWMatthews International Corp	0.09%	157,426	$8M	trimmed−9%	−0.04 pp	19 q
PRCPPerceptron Inc	0.09%	790,617	$8M	trimmed−30%	−0.01 pp	19 q
CRAICRA International, Inc.	0.08%	162,498	$7M	added+6%	+0.01 pp	8 q
CARSCars.com Inc.	0.08%	256,499	$7M	trimmed−8%	−0.01 pp	3 q
CPIXCumberland Pharmaceuticals Inc	0.08%	910,076	$7M	added+3%	+0.01 pp	19 q
GIFIGulf Island Fabrication Inc	0.08%	540,319	$7M	trimmed−10%	−0.01 pp	19 q
IBMInternational Business Machines Corporation	0.08%	46,946	$7M	trimmed−0%	0.00 pp	19 q
JPMJPMorgan Chase & Co.	0.08%	67,440	$7M	trimmed−7%	0.00 pp	19 q
MOSThe Mosaic Company	0.08%	282,630	$7M	trimmed−0%	+0.01 pp	18 q
TSCOTractor Supply Co	0.08%	93,836	$7M	added+3%	+0.01 pp	5 q
WOOFoot Locker Inc	0.07%	140,193	$7M	new	+0.07 pp	new
GLUUGlu Mobile Inc.	0.07%	1,793,088	$7M	added+1%	−0.01 pp	7 q
GSGoldman Sachs Group Inc.	0.07%	22,671	$6M	trimmed−9%	0.00 pp	19 q
IWNiShares Russell 2000 Value ETF	0.07%	47,818	$6M	new	+0.07 pp	new
MOVMovado Group, Inc.	0.07%	181,700	$6M	trimmed−18%	0.00 pp	8 q
ASPNAspen Aerogels, Inc.	0.06%	1,090,898	$5M	trimmed−0%	0.00 pp	6 q
BNYBank of New York Mellon Corporation	0.06%	103,226	$6M	trimmed−0%	0.00 pp	19 q
CVUCPI Aerostructures, Inc.	0.06%	638,543	$6M	trimmed−7%	−0.01 pp	19 q
EXPDExpeditors International of Washington, Inc.	0.06%	75,937	$5M	added×3.2	+0.04 pp	4 q
unresolvedGrupo Financiero Santander Mex	0.06%	746,773	$5M	added+8%	−0.02 pp	16 q
unresolvedMb Financial Inc New	0.06%	123,296	$5M	added+4%	0.00 pp	19 q
NVSNovartis AG	0.06%	68,028	$6M	added+18%	0.00 pp	9 q
unresolvedPandora Media Inc	0.06%	1,021,135	$5M	added+3%	−0.03 pp	3 q
unresolvedSpartan Motors Inc.	0.06%	350,295	$6M	trimmed−45%	−0.02 pp	19 q
9990302DApache Corp	0.05%	106,376	$4M	trimmed−0%	−0.01 pp	18 q
CMECME Group Inc.	0.05%	29,910	$4M	trimmed−62%	−0.07 pp	6 q
GAIAGaia, Inc. Class A	0.05%	374,393	$5M	trimmed−17%	−0.01 pp	6 q
LFCRLifecore Biomedical, Inc.	0.05%	369,233	$5M	trimmed−2%	−0.01 pp	19 q
OESXOrion Energy Systems, Inc.	0.05%	5,267,011	$5M	added+5%	−0.02 pp	19 q
ABTLAutoweb Inc	0.04%	406,783	$4M	new	+0.04 pp	new
unresolvedDigirad Corp.	0.04%	1,222,819	$3M	added+92%	+0.01 pp	3 q
MNManning & Napier, Inc.	0.04%	963,858	$3M	trimmed−12%	−0.01 pp	13 q
ACNAccenture PLC	0.04%	20,374	$3M	trimmed−40%	−0.01 pp	15 q
AETIStabilis Solutions, Inc.	0.03%	1,567,506	$2M	trimmed−1%	0.00 pp	19 q
TRIPTripAdvisor, Inc.	0.03%	79,628	$3M	added+1%	−0.01 pp	4 q
VTVanguard Total World Stock ETF	0.03%	41,144	$3M	trimmed−13%	−0.01 pp	18 q
AXTIAXT Inc	0.02%	246,890	$2M	trimmed−37%	−0.02 pp	13 q
AYIAcuity Inc.	0.02%	8,984	$2M	added+2%	0.00 pp	3 q
GHCGraham Holdings Company	0.02%	3,327	$2M	trimmed−83%	−0.11 pp	17 q
IWMiShares Russell 2000 ETF	0.02%	13,700	$2M	trimmed−64%	−0.05 pp	3 q
DCMYYNtt Docomo Inc-spon ADR	0.02%	76,950	$2M	added0%	0.00 pp	5 q
RBCNRubicon Tech Inc	0.02%	182,827	$1M	added+3%	0.00 pp	3 q
unresolvedDover Motorsports, Inc.	0.01%	486,009	$948,000	trimmed−16%	0.00 pp	19 q
unresolvedGlassBridge Enterprises Inc.	0.01%	988,549	$919,000	trimmed−0%	−0.01 pp	4 q
MAMastercard Incorporated	0.01%	7,461	$1M	held	—	3 q
PCYOPure Cycle Corporation	0.01%	60,970	$509,000	new	+0.01 pp	new
SNYSanofi	0.01%	17,790	$765,000	held	—	4 q
unresolvedVical Inc.	0.01%	637,913	$1M	added+10%	−0.01 pp	7 q
FASTFastenal Co	0.00%	5,505	$301,000	held	—	2 q
FFIVF5, Inc.	0.00%	3,152	$414,000	held	—	3 q
BENFranklin Templeton, Inc.	—	−295,853	—	exited	−0.15 pp	—
CVSCvs Health Corporation	—	−115,894	—	exited	−0.11 pp	—
unresolvedCoach Inc	—	−210,757	—	exited	−0.10 pp	—
unresolvedPendrell Corp.	—	−1,043,632	—	exited	−0.08 pp	—
FDSFactset Research Systems	—	−33,870	—	exited	−0.07 pp	—
VOOVanguard S&P 500 ETF	—	−21,290	—	exited	−0.06 pp	—
unresolvedAutobytel Inc.	—	−356,728	—	exited	−0.03 pp	—
unresolvedElectro Scientific Industries, Inc.	—	−207,062	—	exited	−0.03 pp	—
IDCCInterDigital, Inc.	—	−35,122	—	exited	−0.03 pp	—
IWRiShares Russell Mid-Cap ETF	—	−3,649	—	exited	−0.01 pp	—