Ariel Investments

Q2 2018 13F · by John Rogers, CIO

As of: Jun 30, 2018
Filed: Aug 10, 2018
US stock: $8.9B · prev $8.8B
Positions: 160 · prev 165
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves164 since the prior filing

+3.7 pp in · −3.8 pp out

New 3 +0.11 pp
Added 71 +3.62 pp
Trimmed 82 −3.01 pp
Exited 8 −0.74 pp

The book

Diversified · behaves like 70 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions14% of US stock

BIDU Baidu, Inc. added+0.36 pp added+0.363.2%
MSFT Microsoft Corp added+0.22 pp added+0.223.1%
FAF First American Financial Corporation trimmed−0.41 pp trimmed−0.412.6%
KEYS Keysight Technologies, Inc. trimmed−0.19 pp trimmed−0.192.6%
MSGN MSG Networks Inc. added+0.11 pp added+0.112.5%

Positions160 in this filing · 8 exited


BIDUBaidu, Inc.	3.23%	1,184,062	$288M	added+5%	+0.36 pp	21 q
MSFTMicrosoft Corp	3.08%	2,782,243	$274M	added+1%	+0.22 pp	21 q
FAFFirst American Financial Corporation	2.62%	4,519,761	$234M	trimmed−0%	−0.41 pp	21 q
KEYSKeysight Technologies, Inc.	2.56%	3,871,085	$229M	trimmed−16%	−0.19 pp	7 q
MSGNMSG Networks Inc.	2.45%	9,114,348	$218M	added+1%	+0.11 pp	11 q
LAZLazard, Inc.	2.43%	4,433,359	$217M	trimmed−2%	−0.27 pp	21 q
99803EURLaboratory Crp Of Amer Hldgs	2.28%	1,133,465	$203M	trimmed−4%	+0.09 pp	18 q
KMTKennametal Inc.	2.20%	5,459,382	$196M	added+5%	−0.18 pp	17 q
SJMThe J.M. Smucker Company	2.13%	1,767,460	$190M	added+7%	−0.22 pp	21 q
NTRSNorthern Trust Corp	2.09%	1,809,965	$186M	trimmed−0%	−0.04 pp	21 q
MATMattel, Inc.	2.06%	11,183,832	$184M	added+13%	+0.58 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	2.03%	7,706,271	$181M	added0%	+0.01 pp	21 q
PMPhilip Morris International Inc.	1.98%	2,187,710	$177M	added×2.1	+0.78 pp	20 q
unresolvedKkr & Co L P DEL	1.89%	6,761,084	$168M	trimmed−14%	+0.07 pp	21 q
GILDGilead Sciences Inc	1.85%	2,329,260	$165M	added+7%	−0.02 pp	21 q
ZBRAZebra Technologies Corporation	1.71%	1,062,680	$152M	trimmed−12%	−0.21 pp	19 q
NLSNNielsen Holdings PLC	1.70%	4,891,462	$151M	added+25%	+0.28 pp	6 q
SNASnap-on Incorporated	1.68%	929,933	$149M	added+10%	+0.26 pp	21 q
SLCAU.s. Silica Holdings, Inc.	1.67%	5,800,668	$149M	trimmed−3%	−0.07 pp	20 q
CRLCharles River Laboratories International, Inc.	1.66%	1,317,586	$148M	trimmed−3%	0.00 pp	21 q
NOKNokia Corporation	1.56%	24,242,239	$139M	added+1%	+0.06 pp	21 q
BRSBristow Group, Inc.	1.51%	9,534,740	$135M	trimmed−6%	+0.01 pp	21 q
JNJJohnson & Johnson	1.36%	1,002,162	$122M	added+1%	−0.08 pp	21 q
JLLJones Lang LaSalle, Inc.	1.36%	730,113	$121M	trimmed−26%	−0.60 pp	21 q
MSGSMadison Square Garden Sports Corp.	1.29%	371,786	$115M	trimmed−1%	+0.24 pp	11 q
SSDSimpson Manufacturing Co., Inc.	1.27%	1,823,128	$113M	trimmed−3%	+0.03 pp	21 q
TGNATEGNA Inc.	1.20%	9,882,320	$107M	added+11%	+0.04 pp	13 q
VIABViacom Inc. Class B	1.20%	3,535,519	$107M	added+3%	−0.01 pp	21 q
ZBHZimmer Biomet Holdings, Inc.	1.18%	942,571	$105M	trimmed−1%	−0.01 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	1.16%	551,717	$103M	added+1%	−0.08 pp	20 q
AFLAflac Inc.	1.08%	2,239,458	$96M	trimmed−1%	−0.05 pp	21 q
unresolvedDun & Bradstreet Corp/The	1.04%	753,190	$92M	trimmed−3%	+0.01 pp	21 q
MTSCMTS Systems Corp	1.03%	1,740,129	$92M	added0%	0.00 pp	21 q
CBRECbre Group, Inc.	1.01%	1,890,673	$90M	trimmed−13%	−0.16 pp	21 q
AXPAmerican Express Company	0.97%	880,912	$86M	trimmed−0%	+0.03 pp	16 q
WUThe Western Union Company	0.94%	4,110,274	$84M	trimmed−1%	+0.03 pp	21 q
CVSACovista Inc.	0.91%	1,677,418	$81M	trimmed−9%	−0.08 pp	5 q
AXEAnixter International Inc	0.90%	1,269,344	$80M	trimmed−1%	−0.21 pp	21 q
ISCAInternational Speedway Corp	0.89%	1,781,444	$80M	trimmed−0%	−0.01 pp	21 q
SLBSLB Limited	0.89%	1,182,121	$79M	added+1%	+0.03 pp	16 q
SWKStanley Black & Decker, Inc.	0.89%	598,592	$79M	added+5%	−0.11 pp	21 q
OMCOmnicom Group Inc.	0.87%	1,015,724	$77M	trimmed−1%	+0.02 pp	21 q
HLIHoulihan Lokey, Inc.	0.85%	1,487,106	$76M	trimmed−2%	+0.08 pp	10 q
BWABorgWarner Inc.	0.82%	1,696,836	$73M	trimmed−1%	−0.16 pp	10 q
JHGJanus Henderson Group PLC	0.82%	2,367,518	$73M	trimmed−3%	−0.10 pp	5 q
BRCBrady Corporation	0.81%	1,866,529	$72M	trimmed−18%	−0.15 pp	21 q
RCLRoyal Caribbean Group	0.81%	694,050	$72M	trimmed−0%	−0.12 pp	21 q
TMOThermo Fisher Scientific, Inc.	0.78%	334,978	$69M	trimmed−2%	−0.02 pp	21 q
unresolvedGlaxosmithkline PLC	0.77%	1,705,128	$69M	trimmed−4%	−0.02 pp	21 q
OAKOaktree Capital Group, LLC	0.77%	1,696,756	$69M	added+4%	+0.04 pp	2 q
PXDPioneer Natural Resource Co.	0.76%	355,984	$67M	added0%	+0.06 pp	4 q
BIOBio-Rad Laboratories, Inc.Class A	0.75%	231,976	$67M	trimmed−8%	+0.03 pp	21 q
MDPMeredith Corporation	0.73%	1,281,789	$65M	added+16%	+0.05 pp	21 q
unresolvedCBS Corp	0.72%	1,146,334	$64M	added+32%	+0.21 pp	21 q
VZVerizon Communications	0.72%	1,281,823	$64M	added+32%	+0.19 pp	15 q
CLBCore Laboratories Inc.	0.70%	490,915	$62M	trimmed−0%	+0.09 pp	17 q
NOVNOV Inc.	0.69%	1,411,604	$61M	trimmed−29%	−0.14 pp	21 q
WTWWillis Towers Watson Public Limited Company	0.68%	400,915	$61M	trimmed−1%	−0.02 pp	10 q
ITWIllinois Tool Works Inc.	0.66%	426,600	$59M	trimmed−2%	−0.11 pp	21 q
SRCLStericycle Inc	0.64%	869,852	$57M	added+26%	+0.18 pp	2 q
PGRProgressive Corporation	0.61%	920,272	$54M	trimmed−2%	−0.04 pp	12 q
EOGEOG Resources, Inc.	0.60%	426,678	$53M	added+1%	+0.09 pp	12 q
JWNNordstrom, Inc.	0.59%	1,021,143	$53M	trimmed−1%	+0.02 pp	21 q
FLRFluor Corporation	0.58%	1,055,914	$52M	trimmed−5%	−0.15 pp	8 q
LFUSLittelfuse Inc	0.57%	222,801	$51M	added+1%	+0.05 pp	21 q
TISITeam, Inc.	0.56%	2,178,962	$50M	trimmed−6%	+0.20 pp	21 q
CHLChina Mobile Limited	0.55%	1,100,299	$49M	trimmed−4%	−0.05 pp	21 q
BOKFBOK Financial Corp	0.54%	511,018	$48M	trimmed−1%	−0.04 pp	9 q
COSTCostco Wholesale Corp	0.54%	229,982	$48M	added+1%	+0.05 pp	17 q
MHKMohawk Industries, Inc.	0.52%	217,719	$47M	added+2%	−0.05 pp	21 q
CAHCardinal Health, Inc.	0.51%	930,324	$45M	added+9%	−0.10 pp	7 q
FICOFair Isaac Corporation	0.50%	229,585	$44M	trimmed−14%	−0.02 pp	21 q
VEAVanguard FTSE Developed Markets ETF	0.50%	1,036,217	$44M	trimmed−0%	−0.02 pp	21 q
SOThe Southern Company	0.45%	870,337	$40M	added+1%	+0.01 pp	17 q
MEIMethode Electronics	0.40%	875,325	$35M	added+21%	+0.08 pp	3 q
TSTenaris S. A.	0.36%	878,750	$32M	added+7%	+0.03 pp	10 q
CNTYCentury Casinos Inc	0.35%	3,609,149	$32M	added+19%	+0.09 pp	18 q
BXBlackstone Inc.	0.33%	915,624	$29M	trimmed−11%	−0.04 pp	21 q
COWNCowen Inc. Class A	0.33%	2,145,366	$30M	trimmed−1%	0.00 pp	7 q
BSACBanco Santander-Chile	0.30%	863,364	$27M	added+15%	+0.01 pp	18 q
DGXQuest Diagnostics Inc.	0.30%	243,599	$27M	added+1%	+0.02 pp	21 q
RNWARealnetworks Inc	0.29%	6,959,612	$26M	trimmed−1%	+0.05 pp	20 q
BCOThe Brink's Company	0.28%	316,237	$25M	added+16%	+0.06 pp	21 q
SRESempra	0.28%	217,127	$25M	trimmed−30%	−0.11 pp	8 q
KINKindred Biosciences, Inc.	0.27%	2,218,612	$24M	added+26%	+0.10 pp	15 q
ORBCORBCOMM, Inc.	0.27%	2,399,961	$24M	added+3%	+0.02 pp	21 q
TILEInterface Inc	0.25%	987,315	$23M	added+10%	−0.01 pp	21 q
OXYOccidental Petroleum Corporation	0.25%	270,437	$23M	trimmed−53%	−0.18 pp	13 q
ICEIntercontinental Exchange Inc.	0.24%	291,045	$21M	added+1%	0.00 pp	6 q
TNAVTelenav Inc.	0.24%	3,840,700	$22M	trimmed−2%	0.00 pp	21 q
RSTRosetta Stone Inc	0.23%	1,294,970	$21M	trimmed−35%	−0.07 pp	21 q
unresolvedSafeguard Scientifics Inc.	0.23%	1,575,258	$20M	trimmed−5%	0.00 pp	6 q
BIDTribeca Strategic Acquisition Corp. Class A	0.22%	365,244	$20M	trimmed−12%	−0.02 pp	21 q
CSWCCapital Southwest Corp	0.21%	1,039,515	$19M	added+5%	+0.02 pp	19 q
USBU.S. Bancorp	0.21%	382,407	$19M	added+1%	−0.01 pp	20 q
GRBKGreen Brick Partners, Inc	0.19%	1,718,846	$17M	added+62%	+0.06 pp	8 q
unresolvedBallantyne Strong, Inc.	0.18%	3,296,508	$16M	added+10%	+0.03 pp	21 q
unresolvedEdgewater Technology Inc.	0.17%	2,789,490	$15M	added+22%	+0.03 pp	21 q
PEWPctel Inc	0.16%	2,320,817	$14M	added+3%	−0.02 pp	21 q
AFHAtlas Financial Holdings Inc	0.16%	1,629,226	$14M	added+23%	0.00 pp	7 q
DFSDiscover Financial Services	0.15%	192,579	$14M	added+1%	−0.01 pp	11 q
TRCTejon Ranch Co.	0.15%	533,836	$13M	trimmed−10%	−0.01 pp	4 q
GSITGSI Technology	0.14%	1,702,758	$13M	added+3%	0.00 pp	7 q
EMKREmcore Corp	0.13%	2,290,816	$12M	added+15%	0.00 pp	9 q
unresolvedMitcham Industries, Inc.	0.13%	2,954,868	$12M	added0%	+0.02 pp	21 q
TURN180 Degree Capital Corp.	0.13%	4,937,746	$11M	added+3%	+0.03 pp	6 q
SEACSeachange Intl Inc	0.13%	3,417,075	$12M	added+32%	+0.05 pp	14 q
STRTStrattec Security Corp	0.13%	371,796	$11M	added+18%	0.00 pp	10 q
ACTGAcacia Research Corporation	0.12%	2,514,436	$10M	held	—	21 q
HMNHorace Mann Educators Corporation	0.12%	247,883	$11M	added+1%	0.00 pp	21 q
ACWXiShares MSCI ACWI ex US ETF	0.12%	231,557	$11M	trimmed−5%	−0.02 pp	9 q
ALOTAstroNova, Inc.	0.11%	538,207	$10M	trimmed−10%	0.00 pp	21 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.11%	1,422,038	$10M	added+11%	+0.01 pp	2 q
ABXBarrick Mining Corporation	0.10%	689,855	$9M	trimmed−0%	0.00 pp	17 q
HNGRHanger Inc.	0.10%	525,206	$9M	trimmed−0%	0.00 pp	16 q
LMTLockheed Martin Corp.	0.10%	28,769	$8M	trimmed−0%	−0.01 pp	21 q
MATWMatthews International Corp	0.10%	154,658	$9M	added0%	+0.01 pp	21 q
ORCLOracle Corp	0.10%	211,467	$9M	trimmed−0%	−0.01 pp	19 q
PRCPPerceptron Inc	0.10%	825,986	$9M	trimmed−1%	+0.02 pp	21 q
TPRTapestry, Inc.	0.10%	190,568	$9M	added+1%	−0.01 pp	3 q
ASPNAspen Aerogels, Inc.	0.09%	1,657,889	$8M	added+38%	+0.03 pp	8 q
CVUCPI Aerostructures, Inc.	0.09%	776,157	$8M	added+11%	+0.01 pp	21 q
CPIXCumberland Pharmaceuticals Inc	0.09%	1,305,052	$8M	added+29%	+0.01 pp	21 q
MOSThe Mosaic Company	0.09%	282,463	$8M	trimmed−0%	+0.01 pp	20 q
SYNCSynacor Inc	0.09%	3,976,412	$8M	trimmed−2%	+0.02 pp	5 q
CARSCars.com Inc.	0.08%	252,759	$7M	added0%	0.00 pp	5 q
XOMExxon Mobil Corp	0.08%	90,287	$7M	trimmed−0%	0.00 pp	21 q
WOOFoot Locker Inc	0.08%	137,771	$7M	added+1%	+0.01 pp	3 q
GLUUGlu Mobile Inc.	0.08%	1,058,243	$7M	trimmed−60%	−0.03 pp	9 q
LAKELakeland Industries Inc	0.08%	474,799	$7M	new	+0.08 pp	new
TSCOTractor Supply Co	0.08%	87,581	$7M	trimmed−1%	+0.02 pp	7 q
FNFabrinet	0.08%	182,189	$7M	added×3.1	+0.06 pp	2 q
9990302DApache Corp	0.07%	136,492	$6M	held	—	20 q
unresolvedMb Financial Inc New	0.07%	127,296	$6M	trimmed−3%	+0.01 pp	21 q
BNYBank of New York Mellon Corporation	0.06%	103,130	$6M	trimmed−0%	0.00 pp	21 q
EXPDExpeditors International of Washington, Inc.	0.06%	74,595	$5M	added+1%	+0.01 pp	6 q
GSGoldman Sachs Group Inc.	0.06%	22,654	$5M	trimmed−0%	−0.01 pp	21 q
GIFIGulf Island Fabrication Inc	0.06%	575,783	$5M	trimmed−2%	+0.01 pp	21 q
NVSNovartis AG	0.06%	69,026	$5M	trimmed−1%	0.00 pp	11 q
OESXOrion Energy Systems, Inc.	0.06%	4,704,759	$5M	trimmed−3%	+0.01 pp	21 q
unresolvedPandora Media Inc	0.06%	642,961	$5M	trimmed−35%	0.00 pp	5 q
DOXAmdocs Limited	0.06%	75,799	$5M	added×19.6	+0.06 pp	2 q
LFCRLifecore Biomedical, Inc.	0.05%	322,595	$5M	trimmed−5%	0.00 pp	21 q
MOVMovado Group, Inc.	0.05%	88,200	$4M	trimmed−55%	−0.04 pp	10 q
AYIAcuity Inc.	0.04%	31,063	$4M	added+1%	−0.01 pp	5 q
ABTLAutoweb Inc	0.03%	520,843	$2M	added0%	+0.01 pp	3 q
MNManning & Napier, Inc.	0.03%	992,478	$3M	trimmed−3%	−0.01 pp	15 q
AXTIAXT Inc	0.02%	283,741	$2M	added+8%	0.00 pp	15 q
DCMYYNtt Docomo Inc-spon ADR	0.02%	76,950	$2M	held	—	7 q
RBCNRubicon Tech Inc	0.02%	215,083	$2M	added+38%	+0.01 pp	5 q
RUBIMagnite, Inc.	0.02%	620,120	$2M	new	+0.02 pp	new
VTVanguard Total World Stock ETF	0.02%	24,189	$2M	trimmed−41%	−0.01 pp	20 q
AETIStabilis Solutions, Inc.	0.01%	685,288	$857,000	trimmed−50%	−0.01 pp	21 q
CRWSCrown Crafts Inc	0.01%	157,616	$898,000	new	+0.01 pp	new
unresolvedDigirad Corp.	0.01%	825,443	$1M	trimmed−22%	−0.01 pp	5 q
unresolvedDover Motorsports, Inc.	0.01%	241,817	$544,000	trimmed−1%	0.00 pp	21 q
unresolvedGlassBridge Enterprises Inc.	0.01%	819,788	$664,000	trimmed−10%	0.00 pp	6 q
SNYSanofi	0.01%	17,790	$712,000	held	—	6 q
unresolvedSpartan Motors Inc.	0.01%	33,404	$504,000	trimmed−89%	−0.05 pp	21 q
PCYOPure Cycle Corporation	0.00%	34,417	$329,000	trimmed−1%	0.00 pp	3 q
TROWT Rowe Price Group Inc	—	−206,474	—	exited	−0.25 pp	—
MCFContango Oil & Gas Co.	—	−4,190,221	—	exited	−0.17 pp	—
unresolvedXO Group Inc.	—	−497,487	—	exited	−0.12 pp	—
IEXIDEX Corporation	—	−58,816	—	exited	−0.10 pp	—
CRAICRA International, Inc.	—	−109,748	—	exited	−0.07 pp	—
TRIPTripAdvisor, Inc.	—	−60,316	—	exited	−0.03 pp	—
MAMastercard Incorporated	—	−1,649	—	exited	0.00 pp	—
unresolvedVical Inc.	—	−302,328	—	exited	0.00 pp	—