Ariel Investments

Q3 2019 13F · by John Rogers, CIO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $7.5B · prev $8.0B
Positions: 144 · prev 153
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%

Moves151 since the prior filing

+3.7 pp in · −3.8 pp out

New 1 +0.03 pp
Added 56 +3.69 pp
Trimmed 84 −2.60 pp
Exited 10 −1.16 pp

The book

Diversified · behaves like 61 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.6 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MSFT Microsoft Corp trimmed+0.16 pp trimmed+0.164.0%
PM Philip Morris International Inc. added+0.34 pp added+0.343.8%
FAF First American Financial Corporation trimmed+0.24 pp trimmed+0.243.0%
LAZ Lazard, Inc. added+0.27 pp added+0.272.8%
IPG The Interpublic Group of Companies, Inc. added+0.55 pp added+0.552.6%

Positions144 in this filing · 10 exited


MSFTMicrosoft Corp	4.00%	2,161,476	$301M	trimmed−5%	+0.16 pp	26 q
PMPhilip Morris International Inc.	3.81%	3,761,668	$286M	added+7%	+0.34 pp	25 q
FAFFirst American Financial Corporation	2.95%	3,757,150	$222M	trimmed−7%	+0.24 pp	26 q
LAZLazard, Inc.	2.75%	5,891,253	$206M	added+3%	+0.27 pp	26 q
IPGThe Interpublic Group of Companies, Inc.	2.61%	9,074,775	$196M	added+25%	+0.55 pp	26 q
BIDUBaidu, Inc.	2.58%	1,882,079	$193M	added+14%	+0.15 pp	26 q
MATMattel, Inc.	2.33%	15,371,387	$175M	added+12%	+0.40 pp	18 q
KMTKennametal Inc.	2.28%	5,577,313	$171M	added+6%	−0.17 pp	22 q
NTRSNorthern Trust Corp	2.27%	1,823,831	$170M	added+1%	+0.24 pp	26 q
SRCLStericycle Inc	2.23%	3,288,486	$167M	added+1%	+0.28 pp	7 q
SJMThe J.M. Smucker Company	2.22%	1,513,846	$167M	trimmed−2%	0.00 pp	26 q
GILDGilead Sciences Inc	2.10%	2,490,526	$158M	trimmed−0%	−0.01 pp	26 q
KKRKKR & Co. Inc.	2.09%	5,846,572	$157M	trimmed−0%	+0.23 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	2.01%	898,411	$151M	trimmed−2%	+0.01 pp	23 q
SNASnap-on Incorporated	1.95%	934,020	$146M	added+11%	+0.20 pp	26 q
MSGNMSG Networks Inc.	1.87%	8,671,320	$141M	added+15%	−0.10 pp	16 q
JNJJohnson & Johnson	1.64%	949,410	$123M	trimmed−0%	−0.02 pp	26 q
NLSNNielsen Holdings PLC	1.64%	5,785,916	$123M	added+2%	+0.03 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	1.61%	580,476	$121M	added+2%	+0.08 pp	25 q
KEYSKeysight Technologies, Inc.	1.59%	1,223,481	$119M	trimmed−14%	−0.01 pp	12 q
SSDSimpson Manufacturing Co., Inc.	1.56%	1,683,608	$117M	trimmed−1%	+0.15 pp	26 q
JLLJones Lang LaSalle, Inc.	1.49%	806,187	$112M	trimmed−0%	+0.06 pp	26 q
CRLCharles River Laboratories International, Inc.	1.48%	841,597	$111M	added+3%	+0.03 pp	26 q
NOKNokia Corporation	1.48%	21,929,185	$111M	trimmed−1%	+0.09 pp	26 q
SLCAU.s. Silica Holdings, Inc.	1.44%	11,336,143	$108M	trimmed−5%	−0.48 pp	25 q
ZBRAZebra Technologies Corporation	1.44%	523,880	$108M	trimmed−25%	−0.40 pp	24 q
TAPMolson Coors Beverage Company Class B	1.37%	1,791,782	$103M	added+1%	+0.12 pp	4 q
TGNATEGNA Inc.	1.30%	6,285,538	$98M	trimmed−3%	+0.07 pp	18 q
CBRECbre Group, Inc.	1.28%	1,807,228	$96M	trimmed−2%	+0.09 pp	26 q
VIABViacom Inc. Class B	1.26%	3,925,003	$94M	added+3%	−0.16 pp	26 q
SWKStanley Black & Decker, Inc.	1.24%	642,129	$93M	added0%	+0.08 pp	26 q
BOKFBOK Financial Corp	1.23%	1,163,942	$92M	added+21%	+0.32 pp	14 q
VZVerizon Communications	1.16%	1,438,720	$87M	trimmed−0%	+0.13 pp	20 q
AFLAflac Inc.	1.13%	1,616,450	$85M	added0%	+0.02 pp	26 q
MTSCMTS Systems Corp	1.09%	1,483,515	$82M	added+2%	+0.02 pp	26 q
MHKMohawk Industries, Inc.	1.09%	657,921	$82M	trimmed0%	−0.13 pp	26 q
KNKnowles Corporation	1.00%	3,675,157	$75M	trimmed−8%	+0.08 pp	4 q
BIOBio-Rad Laboratories, Inc.Class A	0.99%	224,172	$75M	trimmed−3%	+0.08 pp	26 q
PGRProgressive Corporation	0.99%	964,740	$75M	added+5%	+0.07 pp	17 q
BWABorgWarner Inc.	0.96%	1,972,344	$72M	added0%	−0.08 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	0.96%	527,316	$72M	trimmed−25%	−0.08 pp	26 q
LFUSLittelfuse Inc	0.95%	402,421	$71M	trimmed−9%	−0.03 pp	26 q
RCLRoyal Caribbean Group	0.95%	661,639	$72M	added0%	−0.06 pp	26 q
EOGEOG Resources, Inc.	0.91%	922,831	$68M	added+30%	+0.08 pp	17 q
SLBSLB Limited	0.86%	1,883,003	$64M	trimmed−0%	−0.08 pp	21 q
DOXAmdocs Limited	0.86%	976,303	$65M	trimmed−0%	+0.10 pp	7 q
unresolvedGlaxosmithkline PLC	0.81%	1,432,134	$61M	trimmed−3%	+0.07 pp	26 q
unresolvedCBS Corp	0.76%	1,421,695	$57M	added+10%	−0.05 pp	26 q
WTWWillis Towers Watson Public Limited Company	0.70%	273,963	$53M	added0%	+0.04 pp	15 q
HLIHoulihan Lokey, Inc.	0.66%	1,093,722	$49M	added0%	+0.05 pp	15 q
MDPMeredith Corporation	0.66%	1,341,345	$49M	trimmed−3%	−0.29 pp	26 q
OMCOmnicom Group Inc.	0.66%	634,101	$50M	trimmed−7%	−0.04 pp	26 q
AMGAffiliated Managers Group	0.65%	586,723	$49M	added+28%	+0.12 pp	5 q
AXEAnixter International Inc	0.65%	707,769	$49M	trimmed−7%	+0.08 pp	26 q
MASMasco Corporation	0.65%	1,173,447	$49M	held	—	4 q
PXDPioneer Natural Resource Co.	0.65%	389,404	$49M	trimmed−5%	−0.15 pp	9 q
MSGSMadison Square Garden Sports Corp.	0.63%	179,048	$47M	trimmed−11%	−0.08 pp	16 q
JHGJanus Henderson Group PLC	0.60%	2,010,991	$45M	added+3%	+0.07 pp	10 q
CHLChina Mobile Limited	0.59%	1,077,162	$45M	trimmed−2%	−0.03 pp	26 q
DGXQuest Diagnostics Inc.	0.59%	411,068	$44M	added+3%	+0.08 pp	26 q
ITWIllinois Tool Works Inc.	0.58%	276,263	$43M	trimmed−23%	−0.10 pp	26 q
BCOThe Brink's Company	0.55%	501,350	$42M	added+7%	+0.07 pp	26 q
CAHCardinal Health, Inc.	0.54%	860,371	$41M	added0%	+0.03 pp	12 q
KMXCarMax Inc.	0.49%	418,962	$37M	added0%	+0.04 pp	3 q
GNRCGenerac Holdings Inc	0.49%	473,837	$37M	added+10%	+0.12 pp	3 q
CVSACovista Inc.	0.48%	953,946	$36M	added+2%	−0.05 pp	10 q
WUThe Western Union Company	0.48%	1,564,089	$36M	trimmed−17%	+0.01 pp	26 q
TMOThermo Fisher Scientific, Inc.	0.45%	114,755	$33M	trimmed−24%	−0.11 pp	26 q
TIFTiffany & Co.	0.44%	354,224	$33M	added+77%	+0.20 pp	4 q
VEAVanguard FTSE Developed Markets ETF	0.43%	784,198	$32M	added+5%	+0.04 pp	26 q
FLRFluor Corporation	0.42%	1,664,075	$32M	added+1%	−0.28 pp	13 q
MEIMethode Electronics	0.41%	917,917	$31M	added+1%	+0.08 pp	8 q
BRCBrady Corporation	0.40%	562,421	$30M	trimmed−49%	−0.29 pp	26 q
TPRTapestry, Inc.	0.37%	1,059,571	$28M	added+4%	−0.04 pp	8 q
TISITeam, Inc.	0.35%	1,447,762	$26M	added+8%	+0.09 pp	26 q
NOVNOV Inc.	0.31%	1,098,512	$23M	trimmed0%	0.00 pp	26 q
BXBlackstone Inc.	0.30%	466,005	$23M	trimmed−40%	−0.13 pp	26 q
TSTenaris S. A.	0.30%	1,055,854	$22M	added+3%	−0.04 pp	15 q
BSACBanco Santander-Chile	0.29%	785,548	$22M	added+16%	+0.03 pp	23 q
JWNNordstrom, Inc.	0.27%	606,933	$20M	trimmed−8%	+0.01 pp	26 q
KFYKorn Ferry	0.25%	479,462	$19M	added+21%	+0.05 pp	3 q
VTVanguard Total World Stock ETF	0.24%	241,410	$18M	added×2.1	+0.13 pp	2 q
FICOFair Isaac Corporation	0.21%	51,068	$16M	trimmed−57%	−0.26 pp	26 q
TILEInterface Inc	0.21%	1,115,005	$16M	added+10%	+0.02 pp	26 q
USBU.S. Bancorp	0.21%	283,494	$16M	trimmed−26%	−0.04 pp	25 q
COSTCostco Wholesale Corp	0.17%	44,578	$13M	trimmed−52%	−0.14 pp	22 q
KINKindred Biosciences, Inc.	0.17%	1,906,785	$13M	trimmed−33%	−0.13 pp	20 q
COWNCowen Inc. Class A	0.15%	709,323	$11M	trimmed−31%	−0.07 pp	12 q
WOOFoot Locker Inc	0.15%	268,414	$12M	added+25%	+0.04 pp	8 q
HMNHorace Mann Educators Corporation	0.15%	245,257	$11M	added+10%	+0.04 pp	26 q
ORCLOracle Corp	0.14%	194,257	$11M	trimmed−1%	0.00 pp	24 q
unresolvedBallantyne Strong, Inc.	0.13%	3,050,028	$9M	trimmed−15%	−0.02 pp	26 q
HNGRHanger Inc.	0.13%	485,271	$10M	trimmed−3%	+0.01 pp	21 q
IWNiShares Russell 2000 Value ETF	0.13%	83,045	$10M	added+74%	+0.06 pp	2 q
LMTLockheed Martin Corp.	0.13%	24,312	$9M	trimmed−0%	+0.02 pp	26 q
ORBCORBCOMM, Inc.	0.13%	2,072,263	$10M	added+3%	−0.05 pp	26 q
RSTRosetta Stone Inc	0.13%	544,582	$9M	added+4%	−0.02 pp	26 q
CNTYCentury Casinos Inc	0.12%	1,181,710	$9M	trimmed−38%	−0.11 pp	23 q
unresolvedMitcham Industries, Inc.	0.12%	2,832,542	$9M	trimmed−5%	−0.03 pp	26 q
GRBKGreen Brick Partners, Inc	0.11%	791,062	$8M	trimmed−48%	−0.05 pp	13 q
MATWMatthews International Corp	0.11%	231,763	$8M	added+10%	+0.02 pp	26 q
RNWARealnetworks Inc	0.11%	4,982,572	$8M	trimmed−12%	−0.03 pp	25 q
GSGoldman Sachs Group Inc.	0.10%	35,687	$7M	trimmed−0%	+0.01 pp	26 q
ACTGAcacia Research Corporation	0.09%	2,428,943	$7M	held	—	26 q
LAKELakeland Industries Inc	0.09%	551,399	$7M	trimmed−44%	−0.05 pp	6 q
CPIXCumberland Pharmaceuticals Inc	0.08%	958,319	$6M	trimmed−25%	−0.02 pp	26 q
ICEIntercontinental Exchange Inc.	0.08%	66,821	$6M	trimmed−49%	−0.06 pp	11 q
MOSThe Mosaic Company	0.08%	298,075	$6M	trimmed−0%	−0.01 pp	25 q
TURN180 Degree Capital Corp.	0.08%	2,914,318	$6M	trimmed−41%	−0.04 pp	11 q
TRCTejon Ranch Co.	0.08%	346,135	$6M	trimmed−24%	−0.01 pp	9 q
CSWCCapital Southwest Corp	0.07%	228,297	$5M	trimmed−62%	−0.09 pp	24 q
GSITGSI Technology	0.07%	572,965	$5M	trimmed−46%	−0.04 pp	12 q
GAIAGaia, Inc. Class A	0.07%	835,287	$5M	added+46%	+0.02 pp	2 q
unresolvedSafeguard Scientifics Inc.	0.07%	490,095	$6M	trimmed−43%	−0.06 pp	11 q
ALOTAstroNova, Inc.	0.06%	280,763	$5M	added+23%	−0.01 pp	26 q
BNYBank of New York Mellon Corporation	0.06%	99,936	$5M	trimmed−0%	0.00 pp	26 q
XOMExxon Mobil Corp	0.06%	66,356	$5M	trimmed−0%	0.00 pp	26 q
PRCPPerceptron Inc	0.06%	900,044	$4M	trimmed−45%	−0.03 pp	26 q
STRTStrattec Security Corp	0.06%	238,807	$5M	trimmed−42%	−0.06 pp	15 q
ALYAFAlithya Group Inc A Vtg	0.05%	1,343,006	$4M	trimmed−59%	−0.06 pp	4 q
9990302DApache Corp	0.05%	131,980	$3M	trimmed−0%	0.00 pp	25 q
EMKREmcore Corp	0.05%	1,112,170	$3M	trimmed−49%	−0.04 pp	14 q
ENZBEnzo Biochem Inc	0.05%	1,026,313	$4M	added×3.2	+0.04 pp	2 q
MOVMovado Group, Inc.	0.05%	156,825	$4M	trimmed−46%	−0.05 pp	15 q
ACIAAcacia Communications, Inc.	0.04%	44,487	$3M	trimmed0%	+0.01 pp	5 q
ASPNAspen Aerogels, Inc.	0.04%	444,331	$3M	trimmed−35%	−0.02 pp	13 q
HP5AEquity Commonwealth	0.04%	81,043	$3M	added×2.2	+0.03 pp	2 q
PEWPctel Inc	0.04%	336,434	$3M	trimmed−67%	−0.02 pp	26 q
QCOMQualcomm Inc	0.04%	39,056	$3M	trimmed−84%	−0.19 pp	5 q
CVUCPI Aerostructures, Inc.	0.03%	317,783	$3M	trimmed−34%	−0.02 pp	26 q
JCAPJernigan Capital Inc	0.03%	116,246	$2M	trimmed−43%	−0.02 pp	5 q
NVSNovartis AG	0.03%	28,688	$2M	trimmed−1%	0.00 pp	16 q
SYNCSynacor Inc	0.03%	1,547,567	$2M	trimmed−53%	−0.03 pp	10 q
WAASAquaventure Holdings Ltd	0.03%	112,275	$2M	new	+0.03 pp	new
OESXOrion Energy Systems, Inc.	0.02%	610,242	$2M	trimmed−43%	−0.02 pp	26 q
FNFabrinet	0.02%	29,376	$2M	added+36%	+0.01 pp	7 q
GIFIGulf Island Fabrication Inc	0.01%	202,338	$1M	trimmed−45%	−0.02 pp	26 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	22,999	$1M	held	—	14 q
PCYOPure Cycle Corporation	0.01%	72,797	$748,000	trimmed−22%	0.00 pp	8 q
RBCNRubicon Tech Inc	0.01%	108,015	$1M	trimmed−26%	−0.01 pp	10 q
RUBIMagnite, Inc.	0.01%	53,651	$467,000	trimmed−50%	0.00 pp	6 q
AXTIAXT Inc	0.00%	68,944	$245,000	trimmed−27%	0.00 pp	20 q
CRWSCrown Crafts Inc	0.00%	57,111	$357,000	trimmed−28%	0.00 pp	6 q
unresolvedDigirad Corp.	0.00%	19,529	$87,000	trimmed−52%	0.00 pp	2 q
CLBCore Laboratories Inc.	—	−448,977	—	exited	−0.29 pp	—
OXYOccidental Petroleum Corporation	—	−293,195	—	exited	−0.19 pp	—
SOThe Southern Company	—	−279,387	—	exited	−0.19 pp	—
BSMXBanco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México	—	−1,692,701	—	exited	−0.16 pp	—
TNAVTelenav Inc.	—	−1,343,437	—	exited	−0.13 pp	—
OAKOaktree Capital Group, LLC	—	−199,408	—	exited	−0.12 pp	—
BIDTribeca Strategic Acquisition Corp. Class A	—	−83,552	—	exited	−0.06 pp	—
EXPDExpeditors International of Washington, Inc.	—	−21,033	—	exited	−0.02 pp	—
AETIStabilis Solutions, Inc.	—	−16,861	—	exited	0.00 pp	—
unresolvedGlassBridge Enterprises Inc.	—	−468,751	—	exited	0.00 pp	—