Ariel Investments

Q4 2018 13F · by John Rogers, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $7.2B · prev $9.0B
Positions: 157 · prev 154
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%

Moves156 since the prior filing

+5.3 pp in · −5.4 pp out

New 7 +1.61 pp
Added 46 +3.67 pp
Trimmed 99 −5.04 pp
Exited 4 −0.32 pp

The book

Diversified · behaves like 67 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions15% of US stock

MSFT Microsoft Corp trimmed+0.25 pp trimmed+0.253.9%
BIDU Baidu, Inc. added−0.15 pp added−0.153.1%
PM Philip Morris International Inc. added+0.84 pp added+0.843.0%
FAF First American Financial Corporation trimmed+0.21 pp trimmed+0.212.8%
KMT Kennametal Inc. trimmed−0.12 pp trimmed−0.122.5%

Positions157 in this filing · 4 exited


MSFTMicrosoft Corp	3.86%	2,729,418	$277M	trimmed−4%	+0.25 pp	23 q
BIDUBaidu, Inc.	3.10%	1,402,302	$222M	added+9%	−0.15 pp	23 q
PMPhilip Morris International Inc.	2.99%	3,209,444	$214M	added+35%	+0.84 pp	22 q
FAFFirst American Financial Corporation	2.75%	4,421,642	$197M	trimmed−1%	+0.21 pp	23 q
KMTKennametal Inc.	2.53%	5,451,895	$181M	trimmed−1%	−0.12 pp	19 q
LAZLazard, Inc.	2.48%	4,816,609	$178M	added+6%	+0.06 pp	23 q
MSGNMSG Networks Inc.	2.30%	7,002,559	$165M	trimmed−12%	+0.02 pp	13 q
GILDGilead Sciences Inc	2.10%	2,404,049	$150M	held	—	23 q
SJMThe J.M. Smucker Company	2.07%	1,588,636	$149M	trimmed−10%	+0.07 pp	23 q
NTRSNorthern Trust Corp	2.03%	1,742,486	$146M	trimmed−0%	+0.05 pp	23 q
KEYSKeysight Technologies, Inc.	1.99%	2,294,993	$142M	trimmed−19%	−0.08 pp	9 q
ZBRAZebra Technologies Corporation	1.87%	844,246	$134M	trimmed−19%	−0.16 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.85%	6,431,772	$133M	trimmed−13%	−0.02 pp	23 q
SNASnap-on Incorporated	1.77%	873,989	$127M	trimmed−5%	−0.10 pp	23 q
NLSNNielsen Holdings PLC	1.72%	5,298,985	$124M	trimmed−3%	+0.05 pp	8 q
MATMattel, Inc.	1.71%	12,296,345	$123M	added+8%	−0.27 pp	15 q
NOKNokia Corporation	1.71%	21,063,714	$123M	trimmed−13%	+0.22 pp	23 q
99803EURLaboratory Crp Of Amer Hldgs	1.70%	964,759	$122M	trimmed−5%	−0.25 pp	20 q
JNJJohnson & Johnson	1.64%	909,332	$117M	trimmed−11%	+0.07 pp	23 q
BRK.BBERKSHIRE HATHAWAY Class B	1.59%	558,458	$114M	trimmed−0%	+0.26 pp	22 q
SRCLStericycle Inc	1.58%	3,086,531	$113M	added+61%	+0.34 pp	4 q
CRLCharles River Laboratories International, Inc.	1.56%	988,171	$112M	trimmed−21%	−0.31 pp	23 q
KKRKKR & Co. Inc.	1.55%	5,649,833	$111M	trimmed−4%	−0.23 pp	2 q
SLCAU.s. Silica Holdings, Inc.	1.42%	9,989,309	$102M	added+18%	−0.34 pp	22 q
SSDSimpson Manufacturing Co., Inc.	1.38%	1,833,666	$99M	added+3%	−0.04 pp	23 q
VIABViacom Inc. Class B	1.32%	3,698,840	$95M	trimmed−9%	−0.21 pp	23 q
JLLJones Lang LaSalle, Inc.	1.30%	738,277	$93M	added+3%	+0.16 pp	23 q
SWKStanley Black & Decker, Inc.	1.21%	726,117	$87M	added+10%	+0.14 pp	23 q
TGNATEGNA Inc.	1.18%	7,809,567	$85M	trimmed−21%	−0.13 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	1.16%	801,150	$83M	trimmed−11%	−0.16 pp	23 q
VZVerizon Communications	1.15%	1,462,772	$82M	added+8%	+0.35 pp	17 q
OAKOaktree Capital Group, LLC	1.12%	2,019,992	$80M	trimmed−3%	+0.17 pp	4 q
LFUSLittelfuse Inc	1.06%	444,719	$76M	added+90%	+0.55 pp	23 q
MDPMeredith Corporation	1.05%	1,447,068	$75M	added+3%	+0.26 pp	23 q
CBRECbre Group, Inc.	1.04%	1,862,505	$75M	trimmed−1%	+0.12 pp	23 q
AFLAflac Inc.	1.03%	1,628,456	$74M	trimmed−26%	−0.12 pp	23 q
MTSCMTS Systems Corp	0.97%	1,738,655	$70M	trimmed−0%	−0.09 pp	23 q
OMCOmnicom Group Inc.	0.95%	927,708	$68M	trimmed−17%	+0.11 pp	23 q
SLBSLB Limited	0.94%	1,874,765	$68M	added+8%	−0.23 pp	18 q
MSGSMadison Square Garden Sports Corp.	0.92%	247,192	$66M	trimmed−10%	−0.04 pp	13 q
BOKFBOK Financial Corp	0.91%	890,787	$65M	added+60%	+0.31 pp	11 q
RCLRoyal Caribbean Group	0.90%	663,755	$65M	trimmed−4%	−0.10 pp	23 q
unresolvedGlaxosmithkline PLC	0.88%	1,660,683	$63M	trimmed−3%	+0.12 pp	23 q
BRCBrady Corporation	0.86%	1,426,083	$62M	trimmed−20%	−0.01 pp	23 q
BWABorgWarner Inc.	0.84%	1,734,929	$60M	added+2%	+0.04 pp	12 q
MHKMohawk Industries, Inc.	0.84%	518,358	$61M	added×2.1	+0.37 pp	23 q
VEAVanguard FTSE Developed Markets ETF	0.76%	1,474,330	$55M	added+67%	+0.34 pp	23 q
CHLChina Mobile Limited	0.75%	1,121,098	$54M	added+2%	+0.15 pp	23 q
HLIHoulihan Lokey, Inc.	0.75%	1,453,401	$53M	added+5%	+0.06 pp	12 q
PXDPioneer Natural Resource Co.	0.75%	410,436	$54M	added+13%	+0.05 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	0.73%	224,338	$52M	trimmed−4%	−0.08 pp	23 q
PGRProgressive Corporation	0.71%	843,883	$51M	trimmed−8%	−0.01 pp	14 q
unresolvedCBS Corp	0.68%	1,116,177	$49M	trimmed−10%	−0.11 pp	23 q
JHGJanus Henderson Group PLC	0.68%	2,362,025	$49M	trimmed−0%	−0.03 pp	7 q
EOGEOG Resources, Inc.	0.67%	553,319	$48M	added+27%	+0.06 pp	14 q
ITWIllinois Tool Works Inc.	0.64%	363,761	$46M	trimmed−14%	−0.02 pp	23 q
CVSACovista Inc.	0.63%	952,488	$45M	trimmed−20%	0.00 pp	7 q
SOThe Southern Company	0.61%	1,002,214	$44M	added+13%	+0.18 pp	19 q
WTWWillis Towers Watson Public Limited Company	0.60%	285,167	$43M	trimmed−25%	+0.01 pp	12 q
AXEAnixter International Inc	0.59%	784,241	$43M	trimmed−29%	−0.27 pp	23 q
TMOThermo Fisher Scientific, Inc.	0.57%	183,495	$41M	trimmed−42%	−0.28 pp	23 q
FLRFluor Corporation	0.56%	1,239,161	$40M	added+14%	−0.14 pp	10 q
DOXAmdocs Limited	0.56%	683,994	$40M	added+36%	+0.19 pp	4 q
AMGAffiliated Managers Group	0.55%	403,025	$39M	added+50%	+0.14 pp	2 q
WUThe Western Union Company	0.54%	2,260,753	$39M	trimmed−45%	−0.33 pp	23 q
CAHCardinal Health, Inc.	0.53%	855,750	$38M	trimmed−8%	−0.02 pp	9 q
KNKnowles Corporation	0.48%	2,612,178	$35M	new	+0.48 pp	new
BCOThe Brink's Company	0.47%	526,424	$34M	added+31%	+0.16 pp	23 q
FICOFair Isaac Corporation	0.44%	167,786	$31M	trimmed−15%	−0.06 pp	23 q
MASMasco Corporation	0.44%	1,075,521	$31M	new	+0.44 pp	new
DGXQuest Diagnostics Inc.	0.41%	354,042	$29M	added+36%	+0.10 pp	23 q
COSTCostco Wholesale Corp	0.39%	137,560	$28M	trimmed−0%	+0.03 pp	19 q
BXBlackstone Inc.	0.38%	905,951	$27M	trimmed−14%	−0.07 pp	23 q
CLBCore Laboratories Inc.	0.38%	455,273	$27M	trimmed−9%	−0.26 pp	19 q
CNTYCentury Casinos Inc	0.36%	3,466,105	$26M	trimmed−11%	+0.04 pp	20 q
MEIMethode Electronics	0.33%	1,018,250	$24M	added+1%	−0.08 pp	5 q
OXYOccidental Petroleum Corporation	0.33%	382,817	$23M	added+37%	+0.08 pp	15 q
BSACBanco Santander-Chile	0.32%	764,754	$23M	trimmed−15%	0.00 pp	20 q
JWNNordstrom, Inc.	0.32%	487,581	$23M	trimmed−43%	−0.24 pp	23 q
NOVNOV Inc.	0.31%	875,953	$23M	trimmed−20%	−0.21 pp	23 q
KINKindred Biosciences, Inc.	0.30%	1,996,806	$22M	trimmed−8%	−0.04 pp	17 q
TISITeam, Inc.	0.30%	1,475,060	$22M	trimmed−11%	−0.11 pp	23 q
TSTenaris S. A.	0.29%	989,815	$21M	added+11%	−0.04 pp	12 q
unresolvedDun & Bradstreet Corp/The	0.28%	141,155	$20M	trimmed−26%	−0.02 pp	23 q
COWNCowen Inc. Class A	0.27%	1,479,113	$20M	trimmed−20%	−0.06 pp	9 q
TIFTiffany & Co.	0.27%	242,838	$20M	new	+0.27 pp	new
BRSBristow Group, Inc.	0.25%	7,485,152	$18M	trimmed−9%	−0.85 pp	23 q
TAPMolson Coors Beverage Company Class B	0.25%	323,289	$18M	new	+0.25 pp	new
USBU.S. Bancorp	0.25%	392,485	$18M	trimmed−0%	+0.02 pp	22 q
CSWCCapital Southwest Corp	0.24%	881,804	$17M	trimmed−14%	+0.03 pp	21 q
RNWARealnetworks Inc	0.23%	7,046,784	$16M	trimmed−2%	0.00 pp	22 q
TILEInterface Inc	0.22%	1,125,872	$16M	added0%	−0.07 pp	23 q
ORBCORBCOMM, Inc.	0.22%	1,886,023	$16M	added+1%	0.00 pp	23 q
GRBKGreen Brick Partners, Inc	0.21%	2,127,785	$15M	added0%	−0.03 pp	10 q
unresolvedSafeguard Scientifics Inc.	0.21%	1,766,424	$15M	trimmed−6%	+0.02 pp	8 q
ISCAInternational Speedway Corp	0.20%	332,377	$15M	trimmed−78%	−0.53 pp	23 q
TNAVTelenav Inc.	0.20%	3,492,237	$14M	trimmed−9%	−0.02 pp	23 q
AFHAtlas Financial Holdings Inc	0.20%	1,737,158	$14M	added0%	+0.01 pp	9 q
RSTRosetta Stone Inc	0.17%	746,852	$12M	trimmed−13%	−0.02 pp	23 q
STRTStrattec Security Corp	0.16%	401,200	$12M	added+1%	0.00 pp	12 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.14%	1,688,493	$10M	added+16%	+0.01 pp	4 q
ICEIntercontinental Exchange Inc.	0.14%	136,231	$10M	trimmed−55%	−0.11 pp	8 q
ACWXiShares MSCI ACWI ex US ETF	0.14%	244,922	$10M	added+6%	+0.02 pp	11 q
QCOMQualcomm Inc	0.14%	174,200	$10M	held	—	2 q
HNGRHanger Inc.	0.13%	473,411	$9M	trimmed−1%	+0.02 pp	18 q
HMNHorace Mann Educators Corporation	0.13%	248,707	$9M	trimmed−0%	+0.01 pp	23 q
LAKELakeland Industries Inc	0.13%	885,653	$9M	added+6%	+0.01 pp	3 q
MATWMatthews International Corp	0.13%	232,942	$9M	added+50%	+0.04 pp	23 q
ORCLOracle Corp	0.13%	204,861	$9M	trimmed−3%	+0.01 pp	21 q
TRCTejon Ranch Co.	0.13%	564,031	$9M	trimmed−1%	−0.01 pp	6 q
FNFabrinet	0.13%	187,392	$10M	added+3%	+0.04 pp	4 q
ALYAFAlithya Group Inc A Vtg	0.12%	3,580,299	$8M	new	+0.12 pp	new
AXPAmerican Express Company	0.12%	90,029	$9M	trimmed−85%	−0.59 pp	18 q
GSITGSI Technology	0.12%	1,634,696	$8M	trimmed−11%	−0.02 pp	9 q
MOSThe Mosaic Company	0.12%	291,371	$9M	added+3%	+0.02 pp	22 q
ALOTAstroNova, Inc.	0.11%	429,959	$8M	trimmed−17%	−0.01 pp	23 q
unresolvedMitcham Industries, Inc.	0.11%	2,961,299	$8M	trimmed−0%	−0.03 pp	23 q
TURN180 Degree Capital Corp.	0.11%	4,363,922	$8M	trimmed−9%	−0.01 pp	8 q
PRCPPerceptron Inc	0.11%	944,282	$8M	added+3%	+0.01 pp	23 q
ACTGAcacia Research Corporation	0.10%	2,514,436	$7M	held	—	23 q
CPIXCumberland Pharmaceuticals Inc	0.10%	1,179,803	$7M	trimmed−9%	+0.02 pp	23 q
EMKREmcore Corp	0.10%	1,672,557	$7M	trimmed−31%	−0.03 pp	11 q
LMTLockheed Martin Corp.	0.10%	27,751	$7M	trimmed−4%	−0.01 pp	23 q
PEWPctel Inc	0.10%	1,689,638	$7M	trimmed−26%	−0.02 pp	23 q
BIDTribeca Strategic Acquisition Corp. Class A	0.10%	176,718	$7M	trimmed−19%	−0.02 pp	23 q
TPRTapestry, Inc.	0.09%	195,767	$7M	trimmed−0%	−0.02 pp	5 q
XOMExxon Mobil Corp	0.08%	81,696	$6M	trimmed−10%	0.00 pp	23 q
GSGoldman Sachs Group Inc.	0.08%	34,407	$6M	added+47%	+0.02 pp	23 q
BNYBank of New York Mellon Corporation	0.07%	100,651	$5M	trimmed−2%	+0.01 pp	23 q
CVUCPI Aerostructures, Inc.	0.07%	788,877	$5M	trimmed−4%	−0.01 pp	23 q
SYNCSynacor Inc	0.07%	3,310,993	$5M	trimmed−17%	0.00 pp	7 q
unresolvedBallantyne Strong, Inc.	0.06%	3,582,538	$4M	added+6%	−0.09 pp	23 q
WOOFoot Locker Inc	0.06%	86,525	$5M	trimmed−39%	−0.02 pp	5 q
JCAPJernigan Capital Inc	0.06%	204,826	$4M	added+28%	+0.03 pp	2 q
AYIAcuity Inc.	0.05%	31,678	$4M	held	—	7 q
9990302DApache Corp	0.05%	133,255	$3M	trimmed−2%	−0.02 pp	22 q
ASPNAspen Aerogels, Inc.	0.05%	1,826,280	$4M	trimmed−1%	−0.04 pp	10 q
MOVMovado Group, Inc.	0.05%	115,400	$4M	added+31%	+0.01 pp	12 q
GIFIGulf Island Fabrication Inc	0.04%	429,467	$3M	trimmed−28%	−0.03 pp	23 q
SEACSeachange Intl Inc	0.04%	2,367,553	$3M	trimmed−30%	−0.03 pp	16 q
ACIAAcacia Communications, Inc.	0.03%	50,764	$2M	held	—	2 q
IWNiShares Russell 2000 Value ETF	0.03%	18,873	$2M	new	+0.03 pp	new
NVSNovartis AG	0.03%	27,623	$2M	trimmed−61%	−0.04 pp	13 q
OESXOrion Energy Systems, Inc.	0.03%	3,553,817	$2M	trimmed−24%	−0.02 pp	23 q
DFSDiscover Financial Services	0.02%	22,168	$1M	trimmed−4%	0.00 pp	13 q
EXPDExpeditors International of Washington, Inc.	0.02%	21,663	$1M	trimmed−71%	−0.04 pp	8 q
IWSiShares Russell Mid-Cap Value ETF	0.02%	17,986	$1M	new	+0.02 pp	new
RBCNRubicon Tech Inc	0.02%	144,635	$1M	trimmed−36%	0.00 pp	7 q
SRESempra	0.02%	12,886	$1M	trimmed−4%	0.00 pp	10 q
AXTIAXT Inc	0.01%	94,896	$413,000	trimmed−43%	0.00 pp	17 q
CRWSCrown Crafts Inc	0.01%	78,850	$426,000	trimmed−68%	−0.01 pp	3 q
PCYOPure Cycle Corporation	0.01%	71,996	$715,000	trimmed−20%	0.00 pp	5 q
RUBIMagnite, Inc.	0.01%	195,499	$729,000	trimmed−68%	−0.01 pp	3 q
AETIStabilis Solutions, Inc.	0.00%	178,664	$155,000	trimmed−74%	−0.01 pp	23 q
ABTLAutoweb Inc	0.00%	69,469	$212,000	trimmed−86%	−0.02 pp	5 q
unresolvedDigirad Corp.	0.00%	466,119	$266,000	trimmed−50%	−0.02 pp	7 q
unresolvedGlassBridge Enterprises Inc.	0.00%	639,070	$95,000	trimmed−22%	−0.01 pp	8 q
unresolvedEdgewater Technology Inc.	—	−2,822,590	—	exited	−0.16 pp	—
CARSCars.com Inc.	—	−253,959	—	exited	−0.08 pp	—
ABXBarrick Mining Corporation	—	−330,572	—	exited	−0.04 pp	—
unresolvedPandora Media Inc	—	−341,880	—	exited	−0.04 pp	—