Ariel Investments

Q2 2019 13F · by John Rogers, CIO

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $8.0B · prev $8.0B
Positions: 153 · 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%

Moves154 since the prior filing

+2.4 pp in · −2.5 pp out

New 6 +0.25 pp
Added 51 +2.16 pp
Trimmed 90 −2.27 pp
Exited 7 −0.23 pp

The book

Diversified · behaves like 66 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions153 in this filing · 7 exited


MSFTMicrosoft Corp	3.84%	2,283,189	$306M	trimmed−13%	+0.02 pp	25 q
PMPhilip Morris International Inc.	3.47%	3,520,818	$276M	added+8%	−0.11 pp	24 q
FAFFirst American Financial Corporation	2.71%	4,021,932	$216M	trimmed−5%	+0.01 pp	25 q
LAZLazard, Inc.	2.48%	5,739,016	$197M	added+6%	+0.05 pp	25 q
KMTKennametal Inc.	2.45%	5,264,557	$195M	trimmed−1%	+0.01 pp	21 q
BIDUBaidu, Inc.	2.43%	1,651,311	$194M	added+9%	−0.66 pp	25 q
SJMThe J.M. Smucker Company	2.22%	1,537,719	$177M	trimmed−6%	−0.14 pp	25 q
GILDGilead Sciences Inc	2.11%	2,492,927	$168M	added+2%	+0.13 pp	25 q
IPGThe Interpublic Group of Companies, Inc.	2.06%	7,257,522	$164M	added+10%	+0.33 pp	25 q
NTRSNorthern Trust Corp	2.03%	1,799,327	$162M	added+3%	+0.07 pp	25 q
99803EURLaboratory Crp Of Amer Hldgs	2.00%	920,817	$159M	trimmed−1%	+0.23 pp	22 q
MSGNMSG Networks Inc.	1.97%	7,556,573	$157M	added+11%	+0.14 pp	15 q
SRCLStericycle Inc	1.95%	3,257,536	$156M	trimmed−5%	−0.37 pp	6 q
MATMattel, Inc.	1.93%	13,696,438	$154M	added+20%	+0.09 pp	17 q
SLCAU.s. Silica Holdings, Inc.	1.92%	11,967,811	$153M	added+22%	−0.20 pp	24 q
KKRKKR & Co. Inc.	1.86%	5,852,060	$148M	added+3%	+0.20 pp	4 q
ZBRAZebra Technologies Corporation	1.84%	698,672	$146M	trimmed−2%	−0.02 pp	23 q
SNASnap-on Incorporated	1.75%	840,846	$139M	trimmed−1%	+0.10 pp	25 q
JNJJohnson & Johnson	1.66%	950,255	$132M	added+6%	+0.11 pp	25 q
NLSNNielsen Holdings PLC	1.61%	5,657,563	$128M	added+8%	+0.07 pp	10 q
KEYSKeysight Technologies, Inc.	1.60%	1,421,098	$128M	trimmed−7%	−0.06 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	1.53%	570,136	$122M	trimmed−1%	+0.09 pp	24 q
CRLCharles River Laboratories International, Inc.	1.45%	815,507	$116M	trimmed−4%	−0.08 pp	25 q
JLLJones Lang LaSalle, Inc.	1.43%	806,778	$114M	added+11%	+0.04 pp	25 q
VIABViacom Inc. Class B	1.42%	3,795,661	$113M	trimmed−0%	+0.09 pp	25 q
SSDSimpson Manufacturing Co., Inc.	1.41%	1,694,228	$113M	trimmed−7%	+0.07 pp	25 q
NOKNokia Corporation	1.39%	22,107,902	$111M	added+2%	−0.15 pp	25 q
TAPMolson Coors Beverage Company Class B	1.25%	1,777,160	$100M	added+61%	+0.43 pp	3 q
TGNATEGNA Inc.	1.23%	6,459,366	$98M	trimmed−7%	+0.02 pp	17 q
MHKMohawk Industries, Inc.	1.22%	657,923	$97M	added+16%	+0.33 pp	25 q
CBRECbre Group, Inc.	1.19%	1,853,428	$95M	added+2%	+0.07 pp	25 q
SWKStanley Black & Decker, Inc.	1.16%	640,937	$93M	trimmed−1%	+0.07 pp	25 q
AFLAflac Inc.	1.11%	1,611,250	$88M	trimmed−1%	+0.10 pp	25 q
MTSCMTS Systems Corp	1.07%	1,460,058	$85M	trimmed−10%	−0.03 pp	25 q
BWABorgWarner Inc.	1.04%	1,964,059	$82M	added+14%	+0.22 pp	14 q
ZBHZimmer Biomet Holdings, Inc.	1.04%	706,227	$83M	trimmed−1%	−0.09 pp	25 q
VZVerizon Communications	1.03%	1,440,172	$82M	added0%	−0.03 pp	19 q
RCLRoyal Caribbean Group	1.01%	661,381	$80M	trimmed−1%	+0.06 pp	25 q
LFUSLittelfuse Inc	0.98%	442,402	$78M	added0%	−0.02 pp	25 q
MDPMeredith Corporation	0.95%	1,379,356	$76M	trimmed−2%	−0.01 pp	25 q
SLBSLB Limited	0.94%	1,884,751	$75M	added+2%	−0.06 pp	20 q
KNKnowles Corporation	0.92%	4,001,125	$73M	trimmed−8%	−0.03 pp	3 q
PGRProgressive Corporation	0.92%	916,702	$73M	trimmed−1%	+0.09 pp	16 q
BOKFBOK Financial Corp	0.91%	959,244	$72M	added+6%	0.00 pp	13 q
BIOBio-Rad Laboratories, Inc.Class A	0.91%	231,318	$72M	trimmed−4%	0.00 pp	25 q
EOGEOG Resources, Inc.	0.83%	708,282	$66M	added+15%	+0.10 pp	16 q
unresolvedCBS Corp	0.81%	1,287,125	$64M	added+9%	+0.11 pp	25 q
PXDPioneer Natural Resource Co.	0.80%	411,940	$63M	trimmed−1%	+0.01 pp	8 q
DOXAmdocs Limited	0.76%	977,154	$61M	added+15%	+0.19 pp	6 q
unresolvedGlaxosmithkline PLC	0.74%	1,475,330	$59M	trimmed−11%	−0.12 pp	25 q
MSGSMadison Square Garden Sports Corp.	0.71%	200,615	$56M	trimmed−18%	−0.18 pp	15 q
FLRFluor Corporation	0.70%	1,647,033	$55M	added+22%	+0.08 pp	12 q
OMCOmnicom Group Inc.	0.70%	684,479	$56M	trimmed−1%	+0.07 pp	25 q
BRCBrady Corporation	0.69%	1,106,482	$55M	trimmed−15%	−0.06 pp	25 q
ITWIllinois Tool Works Inc.	0.68%	359,612	$54M	trimmed−1%	+0.03 pp	25 q
WTWWillis Towers Watson Public Limited Company	0.66%	272,662	$52M	trimmed−4%	+0.04 pp	14 q
CHLChina Mobile Limited	0.62%	1,098,095	$50M	trimmed−6%	−0.12 pp	25 q
HLIHoulihan Lokey, Inc.	0.61%	1,089,117	$48M	trimmed−21%	−0.17 pp	14 q
MASMasco Corporation	0.58%	1,173,447	$46M	added+1%	+0.01 pp	3 q
AXEAnixter International Inc	0.57%	763,582	$46M	trimmed−2%	+0.02 pp	25 q
TMOThermo Fisher Scientific, Inc.	0.56%	151,641	$45M	trimmed−5%	+0.02 pp	25 q
CVSACovista Inc.	0.53%	938,436	$42M	trimmed−2%	−0.02 pp	9 q
AMGAffiliated Managers Group	0.53%	457,553	$42M	added+13%	−0.01 pp	4 q
JHGJanus Henderson Group PLC	0.53%	1,958,684	$42M	trimmed−3%	−0.10 pp	9 q
CAHCardinal Health, Inc.	0.51%	860,367	$41M	trimmed−1%	−0.01 pp	11 q
DGXQuest Diagnostics Inc.	0.51%	400,014	$41M	added+2%	+0.07 pp	25 q
BCOThe Brink's Company	0.48%	468,396	$38M	trimmed−9%	0.00 pp	25 q
FICOFair Isaac Corporation	0.47%	119,272	$37M	trimmed−28%	−0.09 pp	25 q
WUThe Western Union Company	0.47%	1,875,269	$37M	trimmed−0%	+0.04 pp	25 q
KMXCarMax Inc.	0.45%	417,221	$36M	added+22%	+0.15 pp	2 q
BXBlackstone Inc.	0.43%	777,213	$35M	trimmed−15%	+0.03 pp	25 q
TPRTapestry, Inc.	0.41%	1,023,539	$32M	added+59%	+0.15 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.39%	743,722	$31M	trimmed−9%	−0.03 pp	25 q
GNRCGenerac Holdings Inc	0.37%	430,194	$30M	added+33%	+0.16 pp	2 q
TSTenaris S. A.	0.34%	1,026,210	$27M	trimmed−3%	−0.03 pp	14 q
MEIMethode Electronics	0.33%	911,549	$26M	trimmed−7%	−0.02 pp	7 q
COSTCostco Wholesale Corp	0.31%	92,635	$24M	trimmed−31%	−0.10 pp	21 q
NOVNOV Inc.	0.31%	1,098,548	$24M	added+29%	+0.03 pp	25 q
KINKindred Biosciences, Inc.	0.30%	2,848,808	$24M	added+9%	0.00 pp	19 q
CLBCore Laboratories Inc.	0.29%	448,977	$23M	trimmed−1%	−0.10 pp	21 q
BSACBanco Santander-Chile	0.26%	679,761	$20M	trimmed−5%	−0.01 pp	22 q
JWNNordstrom, Inc.	0.26%	657,992	$21M	added+35%	−0.01 pp	25 q
TISITeam, Inc.	0.26%	1,337,917	$20M	trimmed−7%	−0.05 pp	25 q
USBU.S. Bancorp	0.25%	380,580	$20M	trimmed−1%	+0.02 pp	24 q
TIFTiffany & Co.	0.24%	199,874	$19M	trimmed−18%	−0.08 pp	3 q
CNTYCentury Casinos Inc	0.23%	1,901,309	$18M	trimmed−37%	−0.11 pp	22 q
QCOMQualcomm Inc	0.23%	236,924	$18M	trimmed−25%	+0.01 pp	4 q
COWNCowen Inc. Class A	0.22%	1,026,078	$18M	trimmed−26%	−0.03 pp	11 q
KFYKorn Ferry	0.20%	395,714	$16M	added+12%	0.00 pp	2 q
TILEInterface Inc	0.19%	1,012,066	$16M	trimmed−9%	−0.02 pp	25 q
OXYOccidental Petroleum Corporation	0.19%	293,195	$15M	trimmed−37%	−0.19 pp	17 q
SOThe Southern Company	0.19%	279,387	$15M	trimmed−36%	−0.09 pp	21 q
ORBCORBCOMM, Inc.	0.18%	2,017,210	$15M	trimmed−16%	−0.02 pp	25 q
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	0.16%	1,692,701	$13M	trimmed−4%	+0.01 pp	6 q
CSWCCapital Southwest Corp	0.16%	601,256	$13M	trimmed−12%	−0.02 pp	23 q
GRBKGreen Brick Partners, Inc	0.16%	1,529,688	$13M	trimmed−22%	−0.05 pp	12 q
unresolvedBallantyne Strong, Inc.	0.15%	3,588,813	$12M	trimmed−6%	+0.07 pp	25 q
unresolvedMitcham Industries, Inc.	0.15%	2,973,689	$12M	trimmed−1%	0.00 pp	25 q
RSTRosetta Stone Inc	0.15%	523,530	$12M	trimmed−17%	−0.02 pp	25 q
ICEIntercontinental Exchange Inc.	0.14%	132,284	$11M	trimmed−1%	+0.01 pp	10 q
LAKELakeland Industries Inc	0.14%	983,899	$11M	added+1%	0.00 pp	5 q
ORCLOracle Corp	0.14%	196,757	$11M	held	—	23 q
RNWARealnetworks Inc	0.14%	5,659,928	$11M	trimmed−14%	−0.12 pp	24 q
unresolvedSafeguard Scientifics Inc.	0.13%	865,193	$10M	trimmed−42%	−0.07 pp	10 q
TNAVTelenav Inc.	0.13%	1,343,437	$11M	trimmed−48%	−0.06 pp	25 q
HNGRHanger Inc.	0.12%	498,643	$10M	added+8%	+0.01 pp	20 q
OAKOaktree Capital Group, LLC	0.12%	199,408	$10M	trimmed−75%	−0.36 pp	6 q
TURN180 Degree Capital Corp.	0.12%	4,913,205	$10M	added+6%	+0.01 pp	10 q
STRTStrattec Security Corp	0.12%	413,013	$10M	trimmed−1%	−0.03 pp	14 q
ALYAFAlithya Group Inc A Vtg	0.11%	3,243,611	$8M	trimmed−5%	−0.03 pp	3 q
WOOFoot Locker Inc	0.11%	215,301	$9M	added×2.5	+0.05 pp	7 q
GSITGSI Technology	0.11%	1,056,120	$9M	trimmed−28%	−0.03 pp	11 q
HMNHorace Mann Educators Corporation	0.11%	223,493	$9M	trimmed−9%	0.00 pp	25 q
LMTLockheed Martin Corp.	0.11%	24,327	$9M	trimmed−9%	+0.01 pp	25 q
VTVanguard Total World Stock ETF	0.11%	112,709	$8M	new	+0.11 pp	new
CPIXCumberland Pharmaceuticals Inc	0.10%	1,281,104	$8M	added+7%	+0.01 pp	25 q
MOVMovado Group, Inc.	0.10%	290,482	$8M	added+48%	+0.01 pp	14 q
ACTGAcacia Research Corporation	0.09%	2,428,943	$7M	trimmed−1%	−0.01 pp	25 q
EMKREmcore Corp	0.09%	2,160,338	$7M	added+42%	+0.02 pp	13 q
GSGoldman Sachs Group Inc.	0.09%	35,692	$7M	added+7%	+0.01 pp	25 q
MATWMatthews International Corp	0.09%	210,776	$7M	trimmed−8%	−0.02 pp	25 q
MOSThe Mosaic Company	0.09%	298,199	$7M	held	—	24 q
PRCPPerceptron Inc	0.09%	1,638,116	$7M	added+39%	−0.02 pp	25 q
TRCTejon Ranch Co.	0.09%	453,054	$8M	trimmed−13%	−0.02 pp	8 q
ALOTAstroNova, Inc.	0.07%	227,910	$6M	trimmed−43%	−0.03 pp	25 q
IWNiShares Russell 2000 Value ETF	0.07%	47,800	$6M	new	+0.07 pp	new
ASPNAspen Aerogels, Inc.	0.06%	679,817	$5M	trimmed−54%	+0.01 pp	12 q
BNYBank of New York Mellon Corporation	0.06%	100,014	$4M	held	—	25 q
XOMExxon Mobil Corp	0.06%	66,367	$5M	added0%	−0.01 pp	25 q
PEWPctel Inc	0.06%	1,030,471	$5M	trimmed−32%	−0.03 pp	25 q
BIDTribeca Strategic Acquisition Corp. Class A	0.06%	83,552	$5M	trimmed−54%	−0.03 pp	25 q
SYNCSynacor Inc	0.06%	3,273,919	$5M	trimmed−3%	−0.01 pp	9 q
9990302DApache Corp	0.05%	132,011	$4M	added+3%	−0.01 pp	24 q
CVUCPI Aerostructures, Inc.	0.05%	481,113	$4M	trimmed−10%	+0.01 pp	25 q
GAIAGaia, Inc. Class A	0.05%	571,463	$4M	new	+0.05 pp	new
JCAPJernigan Capital Inc	0.05%	203,226	$4M	added+5%	0.00 pp	4 q
OESXOrion Energy Systems, Inc.	0.04%	1,077,734	$3M	trimmed−61%	+0.01 pp	25 q
ACIAAcacia Communications, Inc.	0.03%	44,489	$2M	trimmed−1%	0.00 pp	4 q
GIFIGulf Island Fabrication Inc	0.03%	366,932	$3M	trimmed−0%	−0.01 pp	25 q
NVSNovartis AG	0.03%	28,969	$3M	added0%	0.00 pp	15 q
EXPDExpeditors International of Washington, Inc.	0.02%	21,033	$2M	trimmed−1%	0.00 pp	10 q
RBCNRubicon Tech Inc	0.02%	145,316	$1M	held	—	9 q
ENZBEnzo Biochem Inc	0.01%	323,615	$1M	new	+0.01 pp	new
HP5AEquity Commonwealth	0.01%	36,049	$1M	new	+0.01 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.01%	22,999	$1M	trimmed−90%	−0.12 pp	13 q
PCYOPure Cycle Corporation	0.01%	92,990	$986,000	added+20%	0.00 pp	7 q
RUBIMagnite, Inc.	0.01%	107,858	$686,000	added+26%	0.00 pp	5 q
FNFabrinet	0.01%	21,556	$1M	trimmed−5%	0.00 pp	6 q
AXTIAXT Inc	0.00%	94,896	$376,000	held	—	19 q
AETIStabilis Solutions, Inc.	0.00%	134,891	$94,000	trimmed−25%	0.00 pp	25 q
CRWSCrown Crafts Inc	0.00%	78,850	$371,000	held	—	5 q
unresolvedDigirad Corp.	0.00%	40,528	$280,000	new	0.00 pp	new
unresolvedGlassBridge Enterprises Inc.	0.00%	468,751	$145,000	trimmed−25%	0.00 pp	10 q
BRSBristow Group, Inc.	—	−4,326,216	—	exited	−0.06 pp	—
ISCAInternational Speedway Corp	—	−90,004	—	exited	−0.05 pp	—
AFHAtlas Financial Holdings Inc	—	−1,687,789	—	exited	−0.05 pp	—
AXPAmerican Express Company	—	−21,161	—	exited	−0.03 pp	—
DFSDiscover Financial Services	—	−21,762	—	exited	−0.02 pp	—
SRESempra	—	−9,671	—	exited	−0.02 pp	—
unresolvedDigirad Corp.	—	−405,200	—	exited	0.00 pp	—