Ariel Investments

Q1 2018 13F · by John Rogers, CIO

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $8.8B · prev $8.9B
Positions: 165 · prev 172
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%

Moves173 since the prior filing

+2.6 pp in · −2.7 pp out

New 5 +1.31 pp
Added 51 +1.33 pp
Trimmed 105 −2.11 pp
Exited 12 −0.58 pp

The book

Diversified · behaves like 70 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions165 in this filing · 12 exited


FAFFirst American Financial Corporation	3.03%	4,520,651	$265M	trimmed−5%	+0.03 pp	20 q
BIDUBaidu, Inc.	2.87%	1,127,180	$252M	trimmed−5%	−0.26 pp	20 q
MSFTMicrosoft Corp	2.86%	2,748,518	$251M	trimmed−2%	+0.15 pp	20 q
KEYSKeysight Technologies, Inc.	2.75%	4,604,580	$241M	trimmed−0%	+0.58 pp	6 q
LAZLazard, Inc.	2.70%	4,509,758	$237M	trimmed−6%	−0.14 pp	20 q
KMTKennametal Inc.	2.38%	5,186,954	$208M	trimmed−0%	−0.45 pp	16 q
SJMThe J.M. Smucker Company	2.35%	1,658,632	$206M	added+3%	+0.09 pp	20 q
MSGNMSG Networks Inc.	2.34%	9,069,330	$205M	added+1%	+0.29 pp	10 q
99803EURLaboratory Crp Of Amer Hldgs	2.19%	1,186,682	$192M	trimmed−3%	−0.01 pp	17 q
NTRSNorthern Trust Corp	2.13%	1,810,324	$187M	trimmed−3%	+0.04 pp	20 q
IPGThe Interpublic Group of Companies, Inc.	2.02%	7,677,764	$177M	trimmed−4%	+0.21 pp	20 q
JLLJones Lang LaSalle, Inc.	1.96%	984,830	$172M	trimmed−13%	+0.07 pp	20 q
ZBRAZebra Technologies Corporation	1.92%	1,209,817	$168M	trimmed−19%	+0.17 pp	18 q
GILDGilead Sciences Inc	1.87%	2,169,319	$164M	trimmed−3%	+0.06 pp	20 q
unresolvedKkr & Co L P DEL	1.82%	7,843,723	$159M	trimmed−3%	−0.10 pp	20 q
SLCAU.s. Silica Holdings, Inc.	1.74%	5,970,907	$152M	added+22%	−0.06 pp	19 q
CRLCharles River Laboratories International, Inc.	1.66%	1,361,277	$145M	added+1%	−0.01 pp	20 q
BRSBristow Group, Inc.	1.50%	10,093,161	$131M	trimmed−2%	−0.06 pp	20 q
NOKNokia Corporation	1.50%	24,054,959	$132M	trimmed−1%	+0.23 pp	20 q
MATMattel, Inc.	1.48%	9,869,537	$130M	added+8%	−0.11 pp	12 q
JNJJohnson & Johnson	1.44%	987,940	$127M	trimmed−2%	−0.16 pp	20 q
SNASnap-on Incorporated	1.42%	845,646	$125M	added+9%	−0.11 pp	20 q
NLSNNielsen Holdings PLC	1.42%	3,924,501	$125M	added+20%	+0.07 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	1.24%	544,219	$109M	trimmed−3%	−0.02 pp	19 q
SSDSimpson Manufacturing Co., Inc.	1.24%	1,881,040	$108M	added+9%	+0.13 pp	20 q
VIABViacom Inc. Class B	1.21%	3,426,268	$106M	added+1%	+0.03 pp	20 q
PMPhilip Morris International Inc.	1.20%	1,058,194	$105M	trimmed−0%	−0.07 pp	19 q
ZBHZimmer Biomet Holdings, Inc.	1.19%	955,511	$104M	trimmed−5%	−0.18 pp	20 q
CBRECbre Group, Inc.	1.17%	2,170,848	$103M	trimmed−17%	−0.11 pp	20 q
TGNATEGNA Inc.	1.16%	8,917,651	$102M	added+19%	−0.03 pp	12 q
AFLAflac Inc.	1.13%	2,265,896	$99M	trimmed−15%	−0.19 pp	20 q
AXEAnixter International Inc	1.11%	1,278,678	$97M	added+7%	+0.09 pp	20 q
MSGSMadison Square Garden Sports Corp.	1.05%	374,533	$92M	added+19%	+0.30 pp	10 q
unresolvedDun & Bradstreet Corp/The	1.03%	772,790	$90M	trimmed−1%	−0.01 pp	20 q
MTSCMTS Systems Corp	1.03%	1,739,504	$90M	added+4%	+0.01 pp	20 q
SWKStanley Black & Decker, Inc.	1.00%	571,415	$88M	trimmed−2%	−0.12 pp	20 q
CVSACovista Inc.	0.99%	1,833,270	$87M	trimmed−3%	+0.09 pp	4 q
BWABorgWarner Inc.	0.98%	1,714,656	$86M	added+8%	+0.06 pp	9 q
BRCBrady Corporation	0.96%	2,273,413	$84M	trimmed−1%	−0.02 pp	20 q
AXPAmerican Express Company	0.94%	884,170	$82M	trimmed−3%	−0.09 pp	15 q
RCLRoyal Caribbean Group	0.93%	694,214	$82M	trimmed−0%	−0.01 pp	20 q
JHGJanus Henderson Group PLC	0.92%	2,443,502	$81M	trimmed−3%	−0.17 pp	4 q
WUThe Western Union Company	0.91%	4,150,673	$80M	trimmed−13%	−0.11 pp	20 q
ISCAInternational Speedway Corp	0.90%	1,789,512	$79M	trimmed−10%	0.00 pp	20 q
SLBSLB Limited	0.86%	1,166,990	$76M	trimmed−3%	−0.06 pp	15 q
OMCOmnicom Group Inc.	0.85%	1,026,751	$75M	trimmed−1%	0.00 pp	20 q
NOVNOV Inc.	0.83%	1,979,168	$73M	trimmed−6%	−0.03 pp	20 q
TMOThermo Fisher Scientific, Inc.	0.80%	340,370	$70M	trimmed−8%	+0.01 pp	20 q
unresolvedGlaxosmithkline PLC	0.79%	1,771,550	$69M	trimmed−0%	+0.08 pp	20 q
HLIHoulihan Lokey, Inc.	0.77%	1,510,115	$67M	trimmed−2%	−0.02 pp	9 q
ITWIllinois Tool Works Inc.	0.77%	433,442	$68M	trimmed−1%	−0.06 pp	20 q
FLRFluor Corporation	0.73%	1,114,682	$64M	trimmed−5%	+0.05 pp	7 q
OAKOaktree Capital Group, LLC	0.73%	1,626,373	$64M	new	+0.73 pp	new
BIOBio-Rad Laboratories, Inc.Class A	0.72%	251,129	$63M	trimmed−6%	0.00 pp	20 q
PXDPioneer Natural Resource Co.	0.70%	355,472	$61M	added+15%	+0.10 pp	3 q
WTWWillis Towers Watson Public Limited Company	0.70%	405,638	$62M	trimmed−1%	0.00 pp	9 q
MDPMeredith Corporation	0.68%	1,102,033	$59M	added+33%	+0.06 pp	20 q
PGRProgressive Corporation	0.65%	937,052	$57M	trimmed−1%	+0.05 pp	11 q
CAHCardinal Health, Inc.	0.61%	850,845	$53M	trimmed−1%	+0.01 pp	6 q
CLBCore Laboratories Inc.	0.61%	491,822	$53M	trimmed−0%	0.00 pp	16 q
CHLChina Mobile Limited	0.60%	1,144,959	$52M	trimmed−1%	−0.06 pp	20 q
BOKFBOK Financial Corp	0.58%	514,177	$51M	added+10%	+0.09 pp	8 q
MHKMohawk Industries, Inc.	0.57%	213,672	$50M	trimmed−0%	−0.10 pp	20 q
JWNNordstrom, Inc.	0.57%	1,033,310	$50M	trimmed−21%	−0.13 pp	20 q
VZVerizon Communications	0.53%	973,197	$47M	added+21%	+0.05 pp	14 q
FICOFair Isaac Corporation	0.52%	267,277	$45M	trimmed−2%	+0.05 pp	20 q
LFUSLittelfuse Inc	0.52%	220,851	$46M	trimmed−14%	−0.06 pp	20 q
VEAVanguard FTSE Developed Markets ETF	0.52%	1,038,279	$46M	trimmed−4%	−0.03 pp	20 q
unresolvedCBS Corp	0.51%	867,556	$45M	trimmed−1%	−0.08 pp	20 q
EOGEOG Resources, Inc.	0.51%	423,713	$45M	trimmed−0%	−0.01 pp	11 q
COSTCostco Wholesale Corp	0.49%	226,825	$43M	trimmed−3%	0.00 pp	16 q
SRCLStericycle Inc	0.46%	689,586	$40M	new	+0.46 pp	new
SOThe Southern Company	0.44%	858,043	$38M	trimmed−3%	−0.04 pp	16 q
OXYOccidental Petroleum Corporation	0.43%	576,828	$37M	trimmed−1%	−0.06 pp	12 q
SRESempra	0.39%	309,383	$34M	added+14%	+0.06 pp	7 q
BXBlackstone Inc.	0.37%	1,025,133	$33M	added+5%	+0.02 pp	20 q
TISITeam, Inc.	0.36%	2,324,853	$32M	added0%	−0.03 pp	20 q
COWNCowen Inc. Class A	0.33%	2,165,788	$29M	added+2%	0.00 pp	6 q
TSTenaris S. A.	0.33%	821,832	$28M	added+3%	+0.04 pp	9 q
MEIMethode Electronics	0.32%	724,811	$28M	added+99%	+0.16 pp	2 q
RSTRosetta Stone Inc	0.30%	1,988,755	$26M	trimmed−35%	−0.13 pp	20 q
BSACBanco Santander-Chile	0.29%	748,613	$25M	trimmed−11%	−0.01 pp	17 q
DGXQuest Diagnostics Inc.	0.28%	240,442	$24M	trimmed−3%	0.00 pp	20 q
CNTYCentury Casinos Inc	0.26%	3,027,113	$23M	trimmed−6%	−0.07 pp	17 q
TILEInterface Inc	0.26%	898,074	$23M	trimmed−3%	0.00 pp	20 q
ORBCORBCOMM, Inc.	0.25%	2,333,742	$22M	added+2%	−0.01 pp	20 q
TROWT Rowe Price Group Inc	0.25%	206,474	$22M	trimmed−38%	−0.15 pp	20 q
ICEIntercontinental Exchange Inc.	0.24%	287,232	$21M	trimmed−3%	0.00 pp	5 q
RNWARealnetworks Inc	0.24%	7,001,160	$21M	trimmed−3%	−0.04 pp	19 q
BIDTribeca Strategic Acquisition Corp. Class A	0.24%	413,419	$21M	trimmed−1%	0.00 pp	20 q
TNAVTelenav Inc.	0.24%	3,934,922	$21M	added+9%	+0.02 pp	20 q
unresolvedSafeguard Scientifics Inc.	0.23%	1,654,499	$20M	added+10%	+0.04 pp	5 q
BCOThe Brink's Company	0.22%	272,911	$19M	trimmed−3%	−0.03 pp	20 q
USBU.S. Bancorp	0.22%	377,304	$19M	trimmed−3%	−0.01 pp	19 q
CSWCCapital Southwest Corp	0.19%	991,723	$17M	trimmed−2%	0.00 pp	18 q
PEWPctel Inc	0.18%	2,251,250	$16M	trimmed−7%	−0.02 pp	20 q
MCFContango Oil & Gas Co.	0.17%	4,190,221	$15M	added+32%	0.00 pp	20 q
KINKindred Biosciences, Inc.	0.17%	1,761,829	$15M	trimmed−10%	−0.04 pp	14 q
DFSDiscover Financial Services	0.16%	190,072	$14M	trimmed−34%	−0.09 pp	10 q
TRCTejon Ranch Co.	0.16%	595,590	$14M	added+5%	+0.03 pp	3 q
AFHAtlas Financial Holdings Inc	0.16%	1,329,307	$14M	added+13%	−0.11 pp	6 q
unresolvedBallantyne Strong, Inc.	0.15%	3,008,530	$13M	added+4%	0.00 pp	20 q
unresolvedEdgewater Technology Inc.	0.14%	2,286,380	$13M	added+17%	0.00 pp	20 q
GSITGSI Technology	0.14%	1,659,059	$12M	trimmed−12%	−0.03 pp	6 q
ACWXiShares MSCI ACWI ex US ETF	0.14%	242,954	$12M	trimmed−20%	−0.03 pp	8 q
EMKREmcore Corp	0.13%	1,986,560	$11M	added+29%	+0.02 pp	8 q
GRBKGreen Brick Partners, Inc	0.13%	1,063,993	$12M	added+10%	+0.01 pp	7 q
STRTStrattec Security Corp	0.13%	315,096	$12M	added+14%	−0.01 pp	9 q
HMNHorace Mann Educators Corporation	0.12%	245,083	$10M	trimmed−3%	−0.01 pp	20 q
unresolvedXO Group Inc.	0.12%	497,487	$10M	trimmed−48%	−0.08 pp	20 q
ALOTAstroNova, Inc.	0.11%	598,361	$9M	trimmed−20%	−0.01 pp	20 q
GLUUGlu Mobile Inc.	0.11%	2,646,603	$10M	added+48%	+0.04 pp	8 q
LMTLockheed Martin Corp.	0.11%	28,790	$10M	trimmed−0%	+0.01 pp	20 q
unresolvedMitcham Industries, Inc.	0.11%	2,942,932	$10M	trimmed−2%	0.00 pp	20 q
ORCLOracle Corp	0.11%	211,589	$10M	trimmed−0%	0.00 pp	18 q
TPRTapestry, Inc.	0.11%	188,091	$10M	trimmed−13%	0.00 pp	2 q
ACTGAcacia Research Corporation	0.10%	2,514,436	$9M	trimmed−10%	−0.03 pp	20 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.10%	1,275,618	$9M	new	+0.10 pp	new
ABXBarrick Mining Corporation	0.10%	690,291	$9M	held	—	16 q
HNGRHanger Inc.	0.10%	525,377	$8M	added+7%	+0.01 pp	15 q
IEXIDEX Corporation	0.10%	58,816	$8M	trimmed−23%	−0.01 pp	20 q
TURN180 Degree Capital Corp.	0.10%	4,786,704	$9M	trimmed−8%	−0.02 pp	5 q
MATWMatthews International Corp	0.09%	154,058	$8M	trimmed−2%	0.00 pp	20 q
MOVMovado Group, Inc.	0.09%	194,800	$7M	added+7%	+0.02 pp	9 q
CVUCPI Aerostructures, Inc.	0.08%	696,703	$7M	added+9%	+0.02 pp	20 q
CARSCars.com Inc.	0.08%	251,684	$7M	trimmed−2%	0.00 pp	4 q
CPIXCumberland Pharmaceuticals Inc	0.08%	1,013,926	$7M	added+11%	0.00 pp	20 q
XOMExxon Mobil Corp	0.08%	90,344	$7M	trimmed−0%	−0.01 pp	20 q
MOSThe Mosaic Company	0.08%	282,588	$7M	trimmed−0%	0.00 pp	19 q
PRCPPerceptron Inc	0.08%	837,818	$7M	added+6%	−0.01 pp	20 q
SEACSeachange Intl Inc	0.08%	2,583,823	$7M	trimmed−12%	−0.05 pp	13 q
CRAICRA International, Inc.	0.07%	109,748	$6M	trimmed−32%	−0.01 pp	9 q
WOOFoot Locker Inc	0.07%	135,970	$6M	trimmed−3%	0.00 pp	2 q
GSGoldman Sachs Group Inc.	0.07%	22,665	$6M	trimmed−0%	0.00 pp	20 q
SYNCSynacor Inc	0.07%	4,050,912	$6M	added+7%	−0.03 pp	4 q
9990302DApache Corp	0.06%	136,492	$5M	added+28%	+0.01 pp	19 q
ASPNAspen Aerogels, Inc.	0.06%	1,202,956	$5M	added+10%	0.00 pp	7 q
BNYBank of New York Mellon Corporation	0.06%	103,166	$5M	trimmed−0%	0.00 pp	20 q
unresolvedMb Financial Inc New	0.06%	130,696	$5M	added+6%	0.00 pp	20 q
NVSNovartis AG	0.06%	69,405	$6M	added+2%	0.00 pp	10 q
unresolvedPandora Media Inc	0.06%	992,617	$5M	trimmed−3%	0.00 pp	4 q
unresolvedSpartan Motors Inc.	0.06%	308,148	$5M	trimmed−12%	0.00 pp	20 q
TSCOTractor Supply Co	0.06%	88,211	$6M	trimmed−6%	−0.02 pp	6 q
AYIAcuity Inc.	0.05%	30,663	$4M	added×3.4	+0.03 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.05%	73,629	$5M	trimmed−3%	−0.01 pp	5 q
GIFIGulf Island Fabrication Inc	0.05%	586,419	$4M	added+9%	−0.03 pp	20 q
LFCRLifecore Biomedical, Inc.	0.05%	340,857	$4M	trimmed−8%	0.00 pp	20 q
OESXOrion Energy Systems, Inc.	0.05%	4,846,248	$4M	trimmed−8%	0.00 pp	20 q
MNManning & Napier, Inc.	0.04%	1,017,878	$4M	added+6%	0.00 pp	14 q
TRIPTripAdvisor, Inc.	0.03%	60,316	$2M	trimmed−24%	0.00 pp	5 q
VTVanguard Total World Stock ETF	0.03%	41,144	$3M	held	—	19 q
AXTIAXT Inc	0.02%	263,723	$2M	added+7%	0.00 pp	14 q
AETIStabilis Solutions, Inc.	0.02%	1,375,475	$2M	trimmed−12%	−0.01 pp	20 q
ABTLAutoweb Inc	0.02%	520,494	$2M	added+28%	−0.02 pp	2 q
unresolvedDigirad Corp.	0.02%	1,053,374	$2M	trimmed−14%	−0.02 pp	4 q
DCMYYNtt Docomo Inc-spon ADR	0.02%	76,950	$2M	held	—	6 q
FNFabrinet	0.02%	58,269	$2M	new	+0.02 pp	new
unresolvedDover Motorsports, Inc.	0.01%	244,113	$513,000	trimmed−50%	0.00 pp	20 q
unresolvedGlassBridge Enterprises Inc.	0.01%	908,465	$945,000	trimmed−8%	0.00 pp	5 q
RBCNRubicon Tech Inc	0.01%	156,147	$1M	trimmed−15%	−0.01 pp	4 q
SNYSanofi	0.01%	17,790	$713,000	held	—	5 q
MAMastercard Incorporated	0.00%	1,649	$289,000	trimmed−78%	−0.01 pp	4 q
PCYOPure Cycle Corporation	0.00%	34,727	$328,000	trimmed−43%	−0.01 pp	2 q
unresolvedVical Inc.	0.00%	302,328	$438,000	trimmed−53%	−0.01 pp	8 q
DOXAmdocs Limited	0.00%	3,858	$257,000	new	0.00 pp	new
EFTTechtarget	—	−730,560	—	exited	−0.11 pp	—
IBMInternational Business Machines Corporation	—	−46,946	—	exited	−0.08 pp	—
JPMJPMorgan Chase & Co.	—	−67,440	—	exited	−0.08 pp	—
IWNiShares Russell 2000 Value ETF	—	−47,818	—	exited	−0.07 pp	—
unresolvedGrupo Financiero Santander Mex	—	−746,773	—	exited	−0.06 pp	—
CMECME Group Inc.	—	−29,910	—	exited	−0.05 pp	—
GAIAGaia, Inc. Class A	—	−374,393	—	exited	−0.05 pp	—
ACNAccenture PLC	—	−20,374	—	exited	−0.04 pp	—
GHCGraham Holdings Company	—	−3,327	—	exited	−0.02 pp	—
IWMiShares Russell 2000 ETF	—	−13,700	—	exited	−0.02 pp	—
FASTFastenal Co	—	−5,505	—	exited	0.00 pp	—
FFIVF5, Inc.	—	−3,152	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 16 unresolved
Accession: 0000936753-18-000110
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page declares 166 entries; 165 parsed, value total matches — kept, the table is the record
A security outside the official 13F list — CUSIP 377185103 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 41043F208 not on the Official 13(f) List for 2018-03-31

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