Ariel Investments

Q1 2019 13F · by John Rogers, CIO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $8.0B · prev $7.2B
Positions: 154 · prev 157
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

+3.9 pp in · −3.8 pp out

New 3 +0.71 pp
Added 54 +3.17 pp
Trimmed 93 −3.40 pp
Exited 6 −0.42 pp

The book

Diversified · behaves like 66 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions154 in this filing · 6 exited


MSFTMicrosoft Corp	3.82%	2,609,735	$308M	trimmed−4%	−0.04 pp	24 q
PMPhilip Morris International Inc.	3.58%	3,263,982	$289M	added+2%	+0.59 pp	23 q
BIDUBaidu, Inc.	3.09%	1,509,050	$249M	added+8%	−0.01 pp	24 q
FAFFirst American Financial Corporation	2.70%	4,218,085	$217M	trimmed−5%	−0.05 pp	24 q
KMTKennametal Inc.	2.44%	5,334,942	$196M	trimmed−2%	−0.09 pp	20 q
LAZLazard, Inc.	2.43%	5,416,732	$196M	added+12%	−0.05 pp	24 q
SJMThe J.M. Smucker Company	2.36%	1,627,842	$190M	added+2%	+0.29 pp	24 q
SRCLStericycle Inc	2.32%	3,433,073	$187M	added+11%	+0.74 pp	5 q
SLCAU.s. Silica Holdings, Inc.	2.12%	9,831,225	$171M	trimmed−2%	+0.70 pp	23 q
GILDGilead Sciences Inc	1.98%	2,452,232	$159M	added+2%	−0.12 pp	24 q
NTRSNorthern Trust Corp	1.96%	1,742,791	$158M	added0%	−0.07 pp	24 q
ZBRAZebra Technologies Corporation	1.86%	716,101	$150M	trimmed−15%	−0.01 pp	22 q
MATMattel, Inc.	1.84%	11,386,674	$148M	trimmed−7%	+0.13 pp	16 q
MSGNMSG Networks Inc.	1.83%	6,779,963	$147M	trimmed−3%	−0.47 pp	14 q
99803EURLaboratory Crp Of Amer Hldgs	1.77%	932,207	$143M	trimmed−3%	+0.07 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.73%	6,623,769	$139M	added+3%	−0.12 pp	24 q
KKRKKR & Co. Inc.	1.66%	5,675,855	$133M	added0%	+0.11 pp	3 q
KEYSKeysight Technologies, Inc.	1.66%	1,534,667	$134M	trimmed−33%	−0.33 pp	10 q
SNASnap-on Incorporated	1.65%	848,087	$133M	trimmed−3%	−0.12 pp	24 q
JNJJohnson & Johnson	1.55%	893,391	$125M	trimmed−2%	−0.09 pp	24 q
NOKNokia Corporation	1.54%	21,608,267	$124M	added+3%	−0.17 pp	24 q
NLSNNielsen Holdings PLC	1.54%	5,244,764	$124M	trimmed−1%	−0.18 pp	9 q
CRLCharles River Laboratories International, Inc.	1.53%	846,442	$123M	trimmed−14%	−0.03 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	1.44%	576,635	$116M	added+3%	−0.15 pp	23 q
JLLJones Lang LaSalle, Inc.	1.39%	723,798	$112M	trimmed−2%	+0.09 pp	24 q
SSDSimpson Manufacturing Co., Inc.	1.34%	1,824,623	$108M	trimmed−0%	−0.04 pp	24 q
VIABViacom Inc. Class B	1.33%	3,809,445	$107M	added+3%	+0.01 pp	24 q
TGNATEGNA Inc.	1.21%	6,926,734	$98M	trimmed−11%	+0.03 pp	16 q
ZBHZimmer Biomet Holdings, Inc.	1.13%	710,505	$91M	trimmed−11%	−0.03 pp	24 q
CBRECbre Group, Inc.	1.12%	1,824,140	$90M	trimmed−2%	+0.08 pp	24 q
MTSCMTS Systems Corp	1.10%	1,627,046	$89M	trimmed−6%	+0.13 pp	24 q
SWKStanley Black & Decker, Inc.	1.09%	644,982	$88M	trimmed−11%	−0.12 pp	24 q
VZVerizon Communications	1.06%	1,439,431	$85M	trimmed−2%	−0.09 pp	18 q
AFLAflac Inc.	1.01%	1,622,240	$81M	trimmed−0%	−0.02 pp	24 q
LFUSLittelfuse Inc	1.00%	441,788	$81M	trimmed−1%	−0.06 pp	24 q
SLBSLB Limited	1.00%	1,842,143	$80M	trimmed−2%	+0.06 pp	19 q
MDPMeredith Corporation	0.96%	1,404,455	$78M	trimmed−3%	−0.09 pp	24 q
KNKnowles Corporation	0.95%	4,348,520	$77M	added+66%	+0.47 pp	2 q
RCLRoyal Caribbean Group	0.95%	666,684	$76M	added0%	+0.05 pp	24 q
BOKFBOK Financial Corp	0.91%	902,957	$74M	added+1%	0.00 pp	12 q
BIOBio-Rad Laboratories, Inc.Class A	0.91%	240,349	$73M	added+7%	+0.18 pp	24 q
MSGSMadison Square Garden Sports Corp.	0.89%	244,776	$72M	trimmed−1%	−0.03 pp	14 q
MHKMohawk Industries, Inc.	0.89%	565,448	$71M	added+9%	+0.05 pp	24 q
unresolvedGlaxosmithkline PLC	0.86%	1,660,683	$69M	held	—	24 q
PGRProgressive Corporation	0.83%	922,501	$67M	added+9%	+0.12 pp	15 q
BWABorgWarner Inc.	0.82%	1,724,553	$66M	trimmed−1%	−0.02 pp	13 q
TAPMolson Coors Beverage Company Class B	0.82%	1,106,069	$66M	added×3.4	+0.57 pp	2 q
PXDPioneer Natural Resource Co.	0.79%	416,696	$63M	added+2%	+0.04 pp	7 q
HLIHoulihan Lokey, Inc.	0.78%	1,377,346	$63M	trimmed−5%	+0.03 pp	13 q
BRCBrady Corporation	0.75%	1,306,065	$61M	trimmed−8%	−0.11 pp	24 q
CHLChina Mobile Limited	0.74%	1,162,045	$59M	added+4%	−0.01 pp	24 q
EOGEOG Resources, Inc.	0.73%	615,223	$59M	added+11%	+0.06 pp	15 q
unresolvedCBS Corp	0.70%	1,181,907	$56M	added+6%	+0.02 pp	24 q
ITWIllinois Tool Works Inc.	0.65%	362,908	$52M	trimmed−0%	+0.01 pp	24 q
OMCOmnicom Group Inc.	0.63%	692,217	$51M	trimmed−25%	−0.32 pp	24 q
JHGJanus Henderson Group PLC	0.63%	2,018,876	$50M	trimmed−15%	−0.05 pp	8 q
FLRFluor Corporation	0.62%	1,352,182	$50M	added+9%	+0.06 pp	11 q
WTWWillis Towers Watson Public Limited Company	0.62%	285,024	$50M	trimmed−0%	+0.02 pp	13 q
MASMasco Corporation	0.57%	1,163,653	$46M	added+8%	+0.13 pp	2 q
DOXAmdocs Limited	0.57%	848,223	$46M	added+24%	+0.01 pp	5 q
FICOFair Isaac Corporation	0.56%	165,795	$45M	trimmed−1%	+0.12 pp	24 q
CVSACovista Inc.	0.55%	952,801	$44M	added0%	−0.08 pp	8 q
AXEAnixter International Inc	0.55%	783,111	$44M	trimmed−0%	−0.04 pp	24 q
AMGAffiliated Managers Group	0.54%	405,414	$43M	added+1%	−0.01 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.54%	160,205	$44M	trimmed−13%	−0.03 pp	24 q
CAHCardinal Health, Inc.	0.52%	866,100	$42M	added+1%	−0.01 pp	10 q
BCOThe Brink's Company	0.48%	514,182	$39M	trimmed−2%	+0.01 pp	24 q
OAKOaktree Capital Group, LLC	0.48%	783,793	$39M	trimmed−61%	−0.64 pp	5 q
DGXQuest Diagnostics Inc.	0.44%	393,751	$35M	added+11%	+0.03 pp	24 q
WUThe Western Union Company	0.43%	1,880,180	$35M	trimmed−17%	−0.11 pp	24 q
VEAVanguard FTSE Developed Markets ETF	0.42%	817,494	$33M	trimmed−45%	−0.34 pp	24 q
COSTCostco Wholesale Corp	0.41%	134,976	$33M	trimmed−2%	+0.02 pp	20 q
BXBlackstone Inc.	0.40%	914,030	$32M	added+1%	+0.02 pp	24 q
CLBCore Laboratories Inc.	0.39%	453,713	$31M	trimmed−0%	+0.01 pp	20 q
OXYOccidental Petroleum Corporation	0.38%	466,330	$31M	added+22%	+0.05 pp	16 q
TSTenaris S. A.	0.37%	1,057,377	$30M	added+7%	+0.08 pp	13 q
MEIMethode Electronics	0.35%	985,180	$28M	trimmed−3%	+0.02 pp	6 q
CNTYCentury Casinos Inc	0.34%	3,011,748	$27M	trimmed−13%	−0.02 pp	21 q
TIFTiffany & Co.	0.32%	243,047	$26M	added0%	+0.05 pp	2 q
TISITeam, Inc.	0.31%	1,445,308	$25M	trimmed−2%	+0.01 pp	24 q
KMXCarMax Inc.	0.30%	342,801	$24M	new	+0.30 pp	new
KINKindred Biosciences, Inc.	0.30%	2,618,040	$24M	added+31%	0.00 pp	18 q
NOVNOV Inc.	0.28%	854,224	$23M	trimmed−2%	−0.03 pp	24 q
SOThe Southern Company	0.28%	436,419	$23M	trimmed−56%	−0.33 pp	20 q
BSACBanco Santander-Chile	0.27%	718,694	$21M	trimmed−6%	−0.05 pp	21 q
JWNNordstrom, Inc.	0.27%	487,993	$22M	added0%	−0.05 pp	24 q
RNWARealnetworks Inc	0.26%	6,619,113	$21M	trimmed−6%	+0.03 pp	23 q
TPRTapestry, Inc.	0.26%	643,607	$21M	added×3.3	+0.17 pp	6 q
COWNCowen Inc. Class A	0.25%	1,386,213	$20M	trimmed−6%	−0.02 pp	10 q
USBU.S. Bancorp	0.23%	385,090	$19M	trimmed−2%	−0.02 pp	23 q
QCOMQualcomm Inc	0.22%	315,066	$18M	added+81%	+0.08 pp	3 q
GNRCGenerac Holdings Inc	0.21%	324,523	$17M	new	+0.21 pp	new
GRBKGreen Brick Partners, Inc	0.21%	1,964,933	$17M	trimmed−8%	0.00 pp	11 q
TILEInterface Inc	0.21%	1,110,734	$17M	trimmed−1%	−0.01 pp	24 q
KFYKorn Ferry	0.20%	352,829	$16M	new	+0.20 pp	new
ORBCORBCOMM, Inc.	0.20%	2,412,260	$16M	added+28%	−0.02 pp	24 q
unresolvedSafeguard Scientifics Inc.	0.20%	1,490,145	$16M	trimmed−16%	−0.01 pp	9 q
TNAVTelenav Inc.	0.19%	2,574,295	$16M	trimmed−26%	−0.01 pp	24 q
CSWCCapital Southwest Corp	0.18%	682,556	$14M	trimmed−23%	−0.06 pp	22 q
RSTRosetta Stone Inc	0.17%	630,519	$14M	trimmed−16%	0.00 pp	24 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.15%	1,765,481	$12M	added+5%	+0.01 pp	5 q
unresolvedMitcham Industries, Inc.	0.15%	2,990,913	$12M	added+1%	+0.04 pp	24 q
STRTStrattec Security Corp	0.15%	415,713	$12M	added+4%	−0.01 pp	13 q
ALYAFAlithya Group Inc A Vtg	0.14%	3,397,711	$11M	trimmed−5%	+0.02 pp	2 q
GSITGSI Technology	0.14%	1,476,359	$11M	trimmed−10%	+0.02 pp	10 q
LAKELakeland Industries Inc	0.14%	969,863	$11M	added+10%	+0.01 pp	4 q
ICEIntercontinental Exchange Inc.	0.13%	133,868	$10M	trimmed−2%	−0.01 pp	9 q
ACWXiShares MSCI ACWI ex US ETF	0.13%	230,119	$11M	trimmed−6%	−0.01 pp	12 q
ORCLOracle Corp	0.13%	196,757	$11M	trimmed−4%	0.00 pp	22 q
HNGRHanger Inc.	0.11%	461,243	$9M	trimmed−3%	−0.02 pp	19 q
HMNHorace Mann Educators Corporation	0.11%	245,544	$9M	trimmed−1%	−0.02 pp	24 q
MATWMatthews International Corp	0.11%	229,101	$8M	trimmed−2%	−0.02 pp	24 q
TURN180 Degree Capital Corp.	0.11%	4,621,105	$9M	added+6%	0.00 pp	9 q
PRCPPerceptron Inc	0.11%	1,178,142	$9M	added+25%	0.00 pp	24 q
TRCTejon Ranch Co.	0.11%	519,231	$9M	trimmed−8%	−0.02 pp	7 q
ACTGAcacia Research Corporation	0.10%	2,452,096	$8M	trimmed−2%	0.00 pp	24 q
ALOTAstroNova, Inc.	0.10%	399,970	$8M	trimmed−7%	−0.01 pp	24 q
LMTLockheed Martin Corp.	0.10%	26,644	$8M	trimmed−4%	0.00 pp	24 q
MOSThe Mosaic Company	0.10%	298,199	$8M	added+2%	−0.02 pp	23 q
CPIXCumberland Pharmaceuticals Inc	0.09%	1,199,707	$7M	added+2%	−0.01 pp	24 q
MOVMovado Group, Inc.	0.09%	196,400	$7M	added+70%	+0.04 pp	13 q
PEWPctel Inc	0.09%	1,522,981	$8M	trimmed−10%	−0.01 pp	24 q
BIDTribeca Strategic Acquisition Corp. Class A	0.09%	182,604	$7M	added+3%	−0.01 pp	24 q
unresolvedBallantyne Strong, Inc.	0.08%	3,813,995	$7M	added+6%	+0.02 pp	24 q
GSGoldman Sachs Group Inc.	0.08%	33,275	$6M	trimmed−3%	0.00 pp	24 q
EMKREmcore Corp	0.07%	1,523,093	$6M	trimmed−9%	−0.03 pp	12 q
XOMExxon Mobil Corp	0.07%	66,356	$5M	trimmed−19%	−0.01 pp	24 q
SYNCSynacor Inc	0.07%	3,390,319	$5M	added+2%	0.00 pp	8 q
9990302DApache Corp	0.06%	127,811	$4M	trimmed−4%	+0.01 pp	23 q
BNYBank of New York Mellon Corporation	0.06%	100,014	$5M	trimmed−1%	−0.01 pp	24 q
BRSBristow Group, Inc.	0.06%	4,326,216	$5M	trimmed−42%	−0.19 pp	24 q
WOOFoot Locker Inc	0.06%	85,024	$5M	trimmed−2%	0.00 pp	6 q
ASPNAspen Aerogels, Inc.	0.05%	1,465,380	$4M	trimmed−20%	0.00 pp	11 q
ISCAInternational Speedway Corp	0.05%	90,004	$4M	trimmed−73%	−0.15 pp	24 q
JCAPJernigan Capital Inc	0.05%	194,426	$4M	trimmed−5%	−0.01 pp	3 q
AFHAtlas Financial Holdings Inc	0.05%	1,687,789	$4M	trimmed−3%	−0.15 pp	10 q
CVUCPI Aerostructures, Inc.	0.04%	536,368	$3M	trimmed−32%	−0.03 pp	24 q
GIFIGulf Island Fabrication Inc	0.04%	368,044	$3M	trimmed−14%	0.00 pp	24 q
ACIAAcacia Communications, Inc.	0.03%	45,108	$3M	trimmed−11%	0.00 pp	3 q
AXPAmerican Express Company	0.03%	21,161	$2M	trimmed−77%	−0.09 pp	19 q
NVSNovartis AG	0.03%	28,875	$3M	added+5%	0.00 pp	14 q
OESXOrion Energy Systems, Inc.	0.03%	2,769,085	$2M	trimmed−22%	0.00 pp	24 q
DFSDiscover Financial Services	0.02%	21,762	$2M	trimmed−2%	0.00 pp	14 q
EXPDExpeditors International of Washington, Inc.	0.02%	21,243	$2M	trimmed−2%	0.00 pp	9 q
SRESempra	0.02%	9,671	$1M	trimmed−25%	0.00 pp	11 q
AXTIAXT Inc	0.01%	94,896	$422,000	held	—	18 q
CRWSCrown Crafts Inc	0.01%	78,850	$407,000	held	—	4 q
PCYOPure Cycle Corporation	0.01%	77,549	$765,000	added+8%	0.00 pp	6 q
RBCNRubicon Tech Inc	0.01%	145,316	$1M	added0%	−0.01 pp	8 q
RUBIMagnite, Inc.	0.01%	85,715	$521,000	trimmed−56%	0.00 pp	4 q
FNFabrinet	0.01%	22,713	$1M	trimmed−88%	−0.12 pp	5 q
AETIStabilis Solutions, Inc.	0.00%	178,664	$152,000	held	—	24 q
unresolvedDigirad Corp.	0.00%	405,200	$369,000	trimmed−13%	0.00 pp	8 q
unresolvedGlassBridge Enterprises Inc.	0.00%	628,769	$126,000	trimmed−2%	0.00 pp	9 q
unresolvedDun & Bradstreet Corp/The	—	−141,155	—	exited	−0.28 pp	—
AYIAcuity Inc.	—	−31,678	—	exited	−0.05 pp	—
SEACSeachange Intl Inc	—	−2,367,553	—	exited	−0.04 pp	—
IWNiShares Russell 2000 Value ETF	—	−18,873	—	exited	−0.03 pp	—
IWSiShares Russell Mid-Cap Value ETF	—	−17,986	—	exited	−0.02 pp	—
ABTLAutoweb Inc	—	−69,469	—	exited	0.00 pp	—