Ariel Investments

Q3 2018 13F · by John Rogers, CIO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $9.0B · prev $8.9B
Positions: 154 · prev 160
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%

Moves157 since the prior filing

+6.4 pp in · −6.5 pp out

New 5 +2.38 pp
Added 78 +4.05 pp
Trimmed 63 −4.27 pp
Exited 11 −2.27 pp

The book

Diversified · behaves like 68 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions14% of US stock

MSFT Microsoft Corp added+0.53 pp added+0.533.6%
BIDU Baidu, Inc. added+0.02 pp added+0.023.3%
KMT Kennametal Inc. added+0.45 pp added+0.452.6%
FAF First American Financial Corporation trimmed−0.08 pp trimmed−0.082.5%
LAZ Lazard, Inc. added−0.01 pp added−0.012.4%

Positions154 in this filing · 11 exited


MSFTMicrosoft Corp	3.61%	2,852,714	$326M	added+3%	+0.53 pp	22 q
BIDUBaidu, Inc.	3.25%	1,282,642	$293M	added+8%	+0.02 pp	22 q
KMTKennametal Inc.	2.65%	5,499,868	$240M	added+1%	+0.45 pp	18 q
FAFFirst American Financial Corporation	2.54%	4,446,929	$229M	trimmed−2%	−0.08 pp	22 q
LAZLazard, Inc.	2.42%	4,539,483	$218M	added+2%	−0.01 pp	22 q
MSGNMSG Networks Inc.	2.28%	7,986,279	$206M	trimmed−12%	−0.17 pp	12 q
PMPhilip Morris International Inc.	2.15%	2,375,940	$194M	added+9%	+0.17 pp	21 q
KEYSKeysight Technologies, Inc.	2.07%	2,818,898	$187M	trimmed−27%	−0.49 pp	8 q
GILDGilead Sciences Inc	2.06%	2,404,049	$186M	added+3%	+0.21 pp	22 q
ZBRAZebra Technologies Corporation	2.03%	1,038,737	$184M	trimmed−2%	+0.32 pp	20 q
SJMThe J.M. Smucker Company	2.00%	1,762,452	$181M	trimmed−0%	−0.13 pp	22 q
MATMattel, Inc.	1.98%	11,360,760	$178M	added+2%	−0.08 pp	14 q
NTRSNorthern Trust Corp	1.98%	1,749,189	$179M	trimmed−3%	−0.11 pp	22 q
99803EURLaboratory Crp Of Amer Hldgs	1.95%	1,012,147	$176M	trimmed−11%	−0.33 pp	19 q
CRLCharles River Laboratories International, Inc.	1.87%	1,253,966	$169M	trimmed−5%	+0.21 pp	22 q
IPGThe Interpublic Group of Companies, Inc.	1.87%	7,377,194	$169M	trimmed−4%	−0.16 pp	22 q
SNASnap-on Incorporated	1.87%	919,680	$169M	trimmed−1%	+0.19 pp	22 q
KKRKKR & Co. Inc.	1.78%	5,899,119	$161M	new	+1.78 pp	new
SLCAU.s. Silica Holdings, Inc.	1.76%	8,432,203	$159M	added+45%	+0.09 pp	21 q
NLSNNielsen Holdings PLC	1.67%	5,440,749	$150M	added+11%	−0.03 pp	7 q
JNJJohnson & Johnson	1.57%	1,024,773	$142M	added+2%	+0.21 pp	22 q
VIABViacom Inc. Class B	1.53%	4,079,675	$138M	added+15%	+0.33 pp	22 q
NOKNokia Corporation	1.49%	24,133,162	$135M	trimmed−0%	−0.07 pp	22 q
SSDSimpson Manufacturing Co., Inc.	1.42%	1,774,558	$129M	trimmed−3%	+0.15 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	1.33%	560,217	$120M	added+2%	+0.17 pp	21 q
ZBHZimmer Biomet Holdings, Inc.	1.32%	904,186	$119M	trimmed−4%	+0.14 pp	22 q
TGNATEGNA Inc.	1.31%	9,886,434	$118M	added0%	+0.11 pp	14 q
SRCLStericycle Inc	1.24%	1,914,750	$112M	added×2.2	+0.60 pp	3 q
SLBSLB Limited	1.17%	1,731,746	$105M	added+46%	+0.28 pp	17 q
AFLAflac Inc.	1.15%	2,203,665	$104M	trimmed−2%	+0.07 pp	22 q
JLLJones Lang LaSalle, Inc.	1.14%	715,900	$103M	trimmed−2%	−0.22 pp	22 q
BRSBristow Group, Inc.	1.10%	8,186,048	$99M	trimmed−14%	−0.41 pp	22 q
SWKStanley Black & Decker, Inc.	1.07%	657,626	$96M	added+10%	+0.18 pp	22 q
MTSCMTS Systems Corp	1.06%	1,746,141	$96M	added0%	+0.03 pp	22 q
RCLRoyal Caribbean Group	1.00%	694,050	$90M	held	—	22 q
MSGSMadison Square Garden Sports Corp.	0.96%	275,259	$87M	trimmed−26%	−0.33 pp	12 q
OAKOaktree Capital Group, LLC	0.95%	2,079,001	$86M	added+23%	+0.18 pp	3 q
CBRECbre Group, Inc.	0.92%	1,889,877	$83M	trimmed−0%	−0.09 pp	22 q
BRCBrady Corporation	0.87%	1,791,085	$78M	trimmed−4%	+0.06 pp	22 q
WUThe Western Union Company	0.87%	4,112,165	$78M	added0%	−0.07 pp	22 q
AXEAnixter International Inc	0.86%	1,105,270	$78M	trimmed−13%	−0.04 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.85%	315,897	$77M	trimmed−6%	+0.07 pp	22 q
OMCOmnicom Group Inc.	0.84%	1,118,798	$76M	added+10%	−0.03 pp	22 q
BIOBio-Rad Laboratories, Inc.Class A	0.81%	232,661	$73M	added0%	+0.06 pp	22 q
BWABorgWarner Inc.	0.80%	1,696,170	$73M	trimmed−0%	−0.02 pp	11 q
VZVerizon Communications	0.80%	1,354,173	$72M	added+6%	+0.08 pp	16 q
unresolvedCBS Corp	0.79%	1,241,544	$71M	added+8%	+0.07 pp	22 q
MDPMeredith Corporation	0.79%	1,403,625	$72M	added+10%	+0.06 pp	22 q
unresolvedGlaxosmithkline PLC	0.76%	1,705,128	$68M	held	—	22 q
ISCAInternational Speedway Corp	0.73%	1,513,750	$66M	trimmed−15%	−0.16 pp	22 q
PGRProgressive Corporation	0.72%	916,909	$65M	trimmed−0%	+0.11 pp	13 q
AXPAmerican Express Company	0.71%	605,168	$64M	trimmed−31%	−0.26 pp	17 q
JHGJanus Henderson Group PLC	0.71%	2,371,639	$64M	added0%	−0.11 pp	6 q
FLRFluor Corporation	0.70%	1,083,011	$63M	added+3%	+0.12 pp	9 q
PXDPioneer Natural Resource Co.	0.70%	362,754	$63M	added+2%	−0.06 pp	5 q
HLIHoulihan Lokey, Inc.	0.69%	1,388,621	$62M	trimmed−7%	−0.16 pp	11 q
ITWIllinois Tool Works Inc.	0.66%	425,214	$60M	trimmed−0%	0.00 pp	22 q
CLBCore Laboratories Inc.	0.64%	500,360	$58M	added+2%	−0.06 pp	18 q
CVSACovista Inc.	0.63%	1,185,289	$57M	trimmed−29%	−0.28 pp	6 q
EOGEOG Resources, Inc.	0.61%	434,418	$55M	added+2%	+0.01 pp	13 q
BOKFBOK Financial Corp	0.60%	555,898	$54M	added+9%	+0.06 pp	10 q
CHLChina Mobile Limited	0.60%	1,100,340	$54M	added0%	+0.05 pp	22 q
WTWWillis Towers Watson Public Limited Company	0.59%	380,844	$54M	trimmed−5%	−0.09 pp	11 q
JWNNordstrom, Inc.	0.56%	850,962	$51M	trimmed−17%	−0.03 pp	22 q
CAHCardinal Health, Inc.	0.55%	927,657	$50M	trimmed−0%	+0.04 pp	8 q
NOVNOV Inc.	0.52%	1,088,679	$47M	trimmed−23%	−0.17 pp	22 q
LFUSLittelfuse Inc	0.51%	234,146	$46M	added+5%	−0.06 pp	22 q
FICOFair Isaac Corporation	0.50%	198,475	$45M	trimmed−14%	0.00 pp	22 q
MHKMohawk Industries, Inc.	0.47%	243,219	$43M	added+12%	−0.05 pp	22 q
BXBlackstone Inc.	0.45%	1,055,375	$40M	added+15%	+0.12 pp	22 q
SOThe Southern Company	0.43%	885,251	$39M	added+2%	−0.02 pp	18 q
VEAVanguard FTSE Developed Markets ETF	0.42%	882,433	$38M	trimmed−15%	−0.08 pp	22 q
AMGAffiliated Managers Group	0.41%	267,897	$37M	new	+0.41 pp	new
MEIMethode Electronics	0.41%	1,012,375	$37M	added+16%	+0.01 pp	4 q
TISITeam, Inc.	0.41%	1,664,477	$37M	trimmed−24%	−0.15 pp	22 q
DOXAmdocs Limited	0.37%	501,877	$33M	added×6.6	+0.31 pp	3 q
COSTCostco Wholesale Corp	0.36%	138,012	$32M	trimmed−40%	−0.18 pp	18 q
KINKindred Biosciences, Inc.	0.34%	2,176,012	$30M	trimmed−2%	+0.07 pp	16 q
COWNCowen Inc. Class A	0.33%	1,843,566	$30M	trimmed−14%	0.00 pp	8 q
TSTenaris S. A.	0.33%	889,534	$30M	added+1%	−0.03 pp	11 q
BSACBanco Santander-Chile	0.32%	897,525	$29M	added+4%	+0.02 pp	19 q
CNTYCentury Casinos Inc	0.32%	3,904,555	$29M	added+8%	−0.03 pp	19 q
BCOThe Brink's Company	0.31%	401,432	$28M	added+27%	+0.03 pp	22 q
DGXQuest Diagnostics Inc.	0.31%	260,261	$28M	added+7%	+0.01 pp	22 q
unresolvedDun & Bradstreet Corp/The	0.30%	190,431	$27M	trimmed−75%	−0.74 pp	22 q
TILEInterface Inc	0.29%	1,121,525	$26M	added+14%	+0.04 pp	22 q
ICEIntercontinental Exchange Inc.	0.25%	299,763	$22M	added+3%	+0.01 pp	7 q
OXYOccidental Petroleum Corporation	0.25%	278,664	$23M	added+3%	0.00 pp	14 q
GRBKGreen Brick Partners, Inc	0.24%	2,117,354	$21M	added+23%	+0.05 pp	9 q
RNWARealnetworks Inc	0.23%	7,204,679	$21M	added+4%	−0.06 pp	21 q
USBU.S. Bancorp	0.23%	393,774	$21M	added+3%	+0.02 pp	21 q
ORBCORBCOMM, Inc.	0.22%	1,870,680	$20M	trimmed−22%	−0.05 pp	22 q
TNAVTelenav Inc.	0.22%	3,852,180	$19M	added0%	−0.02 pp	22 q
CSWCCapital Southwest Corp	0.21%	1,021,415	$19M	trimmed−2%	0.00 pp	20 q
RSTRosetta Stone Inc	0.19%	854,882	$17M	trimmed−34%	−0.04 pp	22 q
unresolvedSafeguard Scientifics Inc.	0.19%	1,874,240	$18M	added+19%	−0.04 pp	7 q
AFHAtlas Financial Holdings Inc	0.19%	1,734,710	$17M	added+6%	+0.03 pp	8 q
unresolvedEdgewater Technology Inc.	0.16%	2,822,590	$14M	added+1%	−0.01 pp	22 q
STRTStrattec Security Corp	0.16%	398,196	$14M	added+7%	+0.03 pp	11 q
unresolvedBallantyne Strong, Inc.	0.15%	3,381,466	$14M	added+3%	−0.03 pp	22 q
GSITGSI Technology	0.14%	1,828,255	$13M	added+7%	0.00 pp	8 q
unresolvedMitcham Industries, Inc.	0.14%	2,973,954	$12M	added+1%	+0.01 pp	22 q
QCOMQualcomm Inc	0.14%	174,200	$13M	new	+0.14 pp	new
TRCTejon Ranch Co.	0.14%	567,727	$12M	added+6%	−0.01 pp	5 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.13%	1,460,990	$11M	added+3%	+0.02 pp	3 q
EMKREmcore Corp	0.13%	2,412,864	$11M	added+5%	0.00 pp	10 q
ALOTAstroNova, Inc.	0.12%	519,221	$11M	trimmed−4%	+0.01 pp	22 q
HMNHorace Mann Educators Corporation	0.12%	248,883	$11M	added0%	0.00 pp	22 q
ACWXiShares MSCI ACWI ex US ETF	0.12%	231,557	$11M	held	—	10 q
LAKELakeland Industries Inc	0.12%	833,499	$11M	added+76%	+0.04 pp	2 q
TURN180 Degree Capital Corp.	0.12%	4,794,034	$10M	trimmed−3%	−0.01 pp	7 q
ORCLOracle Corp	0.12%	211,438	$11M	trimmed−0%	+0.02 pp	20 q
PEWPctel Inc	0.12%	2,279,817	$11M	trimmed−2%	−0.04 pp	22 q
BIDTribeca Strategic Acquisition Corp. Class A	0.12%	218,279	$11M	trimmed−40%	−0.10 pp	22 q
HNGRHanger Inc.	0.11%	476,407	$10M	trimmed−9%	+0.01 pp	17 q
LMTLockheed Martin Corp.	0.11%	28,769	$10M	held	—	22 q
TPRTapestry, Inc.	0.11%	196,192	$10M	added+3%	+0.01 pp	4 q
MOSThe Mosaic Company	0.10%	282,355	$9M	trimmed−0%	+0.01 pp	21 q
PRCPPerceptron Inc	0.10%	914,619	$9M	added+11%	0.00 pp	22 q
ACTGAcacia Research Corporation	0.09%	2,514,436	$8M	held	—	22 q
ASPNAspen Aerogels, Inc.	0.09%	1,838,989	$8M	added+11%	0.00 pp	9 q
MATWMatthews International Corp	0.09%	155,458	$8M	added+1%	−0.01 pp	22 q
FNFabrinet	0.09%	181,933	$8M	trimmed−0%	+0.01 pp	3 q
CVUCPI Aerostructures, Inc.	0.08%	819,857	$7M	added+6%	−0.01 pp	22 q
CARSCars.com Inc.	0.08%	253,959	$7M	added0%	0.00 pp	6 q
CPIXCumberland Pharmaceuticals Inc	0.08%	1,290,317	$7M	trimmed−1%	−0.01 pp	22 q
XOMExxon Mobil Corp	0.08%	90,267	$8M	trimmed−0%	0.00 pp	22 q
WOOFoot Locker Inc	0.08%	141,905	$7M	added+3%	0.00 pp	4 q
9990302DApache Corp	0.07%	136,456	$7M	trimmed−0%	0.00 pp	21 q
GIFIGulf Island Fabrication Inc	0.07%	598,585	$6M	added+4%	+0.01 pp	22 q
NVSNovartis AG	0.07%	70,379	$6M	added+2%	+0.01 pp	12 q
SEACSeachange Intl Inc	0.07%	3,359,775	$6M	trimmed−2%	−0.06 pp	15 q
SYNCSynacor Inc	0.07%	4,010,712	$6M	added+1%	−0.02 pp	6 q
AYIAcuity Inc.	0.06%	31,678	$5M	added+2%	+0.02 pp	6 q
BNYBank of New York Mellon Corporation	0.06%	103,076	$5M	trimmed−0%	0.00 pp	22 q
EXPDExpeditors International of Washington, Inc.	0.06%	75,708	$6M	added+1%	0.00 pp	7 q
GSGoldman Sachs Group Inc.	0.06%	23,343	$5M	added+3%	0.00 pp	22 q
OESXOrion Energy Systems, Inc.	0.05%	4,648,359	$4M	trimmed−1%	−0.01 pp	22 q
ABXBarrick Mining Corporation	0.04%	330,572	$4M	trimmed−52%	−0.06 pp	18 q
MOVMovado Group, Inc.	0.04%	88,200	$4M	held	—	11 q
unresolvedPandora Media Inc	0.04%	341,880	$3M	trimmed−47%	−0.02 pp	6 q
JCAPJernigan Capital Inc	0.03%	160,406	$3M	new	+0.03 pp	new
ACIAAcacia Communications, Inc.	0.02%	50,764	$2M	new	+0.02 pp	new
ABTLAutoweb Inc	0.02%	480,662	$1M	trimmed−8%	−0.01 pp	4 q
CRWSCrown Crafts Inc	0.02%	249,879	$1M	added+59%	+0.01 pp	2 q
unresolvedDigirad Corp.	0.02%	940,343	$1M	added+14%	+0.01 pp	6 q
DFSDiscover Financial Services	0.02%	22,994	$2M	trimmed−88%	−0.13 pp	12 q
RBCNRubicon Tech Inc	0.02%	224,775	$2M	added+5%	0.00 pp	6 q
RUBIMagnite, Inc.	0.02%	620,120	$2M	held	—	2 q
SRESempra	0.02%	13,429	$2M	trimmed−94%	−0.26 pp	9 q
AXTIAXT Inc	0.01%	165,743	$1M	trimmed−42%	−0.01 pp	16 q
AETIStabilis Solutions, Inc.	0.01%	685,288	$483,000	held	—	22 q
unresolvedGlassBridge Enterprises Inc.	0.01%	816,748	$466,000	trimmed−0%	0.00 pp	7 q
PCYOPure Cycle Corporation	0.01%	90,075	$1M	added×2.6	+0.01 pp	4 q
unresolvedKkr & Co L P DEL	—	−6,761,084	—	exited	−1.89 pp	—
GLUUGlu Mobile Inc.	—	−1,058,243	—	exited	−0.08 pp	—
TSCOTractor Supply Co	—	−87,581	—	exited	−0.08 pp	—
unresolvedMb Financial Inc New	—	−127,296	—	exited	−0.07 pp	—
LFCRLifecore Biomedical, Inc.	—	−322,595	—	exited	−0.05 pp	—
MNManning & Napier, Inc.	—	−992,478	—	exited	−0.03 pp	—
DCMYYNtt Docomo Inc-spon ADR	—	−76,950	—	exited	−0.02 pp	—
VTVanguard Total World Stock ETF	—	−24,189	—	exited	−0.02 pp	—
unresolvedDover Motorsports, Inc.	—	−241,817	—	exited	−0.01 pp	—
SNYSanofi	—	−17,790	—	exited	−0.01 pp	—
unresolvedSpartan Motors Inc.	—	−33,404	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 10 unresolved
Accession: 0000936753-18-000137
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 155 entries; 154 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 2018-09-30

Search