Ariel Investments

Q4 2019 13F · by John Rogers, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $8.0B · prev $7.5B
Positions: 146 · prev 144
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%

Moves149 since the prior filing

+5.6 pp in · −5.5 pp out

New 7 +2.66 pp
Added 61 +2.94 pp
Trimmed 76 −3.02 pp
Exited 5 −2.51 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MSFT Microsoft Corp trimmed+0.14 pp trimmed+0.144.1%
PM Philip Morris International Inc. added+0.25 pp added+0.254.1%
BIDU Baidu, Inc. trimmed+0.28 pp trimmed+0.282.9%
LAZ Lazard, Inc. trimmed−0.02 pp trimmed−0.022.7%
KMT Kennametal Inc. added+0.38 pp added+0.382.7%

Positions146 in this filing · 5 exited


MSFTMicrosoft Corp	4.14%	2,091,981	$330M	trimmed−3%	+0.14 pp	27 q
PMPhilip Morris International Inc.	4.06%	3,803,202	$324M	added+1%	+0.25 pp	26 q
BIDUBaidu, Inc.	2.86%	1,802,894	$228M	trimmed−4%	+0.28 pp	27 q
LAZLazard, Inc.	2.73%	5,454,085	$218M	trimmed−7%	−0.02 pp	27 q
KMTKennametal Inc.	2.66%	5,746,294	$212M	added+3%	+0.38 pp	23 q
FAFFirst American Financial Corporation	2.63%	3,587,345	$209M	trimmed−5%	−0.32 pp	27 q
IPGThe Interpublic Group of Companies, Inc.	2.63%	9,088,742	$210M	added0%	+0.02 pp	27 q
SRCLStericycle Inc	2.62%	3,269,315	$209M	trimmed−1%	+0.39 pp	8 q
MATMattel, Inc.	2.60%	15,307,666	$207M	trimmed−0%	+0.27 pp	19 q
NTRSNorthern Trust Corp	2.38%	1,782,576	$189M	trimmed−2%	+0.11 pp	27 q
KKRKKR & Co. Inc.	2.16%	5,900,514	$172M	added+1%	+0.07 pp	6 q
PARAParamount Global-class B	2.09%	3,966,263	$166M	new	+2.09 pp	new
SNASnap-on Incorporated	2.08%	978,884	$166M	added+5%	+0.13 pp	27 q
GILDGilead Sciences Inc	2.05%	2,510,818	$163M	added+1%	−0.05 pp	27 q
SJMThe J.M. Smucker Company	1.97%	1,511,360	$157M	trimmed−0%	−0.25 pp	27 q
NLSNNielsen Holdings PLC	1.95%	7,662,551	$156M	added+32%	+0.31 pp	12 q
MSGNMSG Networks Inc.	1.91%	8,726,557	$152M	added+1%	+0.04 pp	17 q
99803EURLaboratory Crp Of Amer Hldgs	1.90%	895,100	$151M	trimmed−0%	−0.11 pp	24 q
JLLJones Lang LaSalle, Inc.	1.77%	812,449	$141M	added+1%	+0.28 pp	27 q
JNJJohnson & Johnson	1.74%	953,283	$139M	added0%	+0.10 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	1.67%	586,349	$133M	added+1%	+0.06 pp	26 q
CRLCharles River Laboratories International, Inc.	1.63%	850,094	$130M	added+1%	+0.15 pp	27 q
KEYSKeysight Technologies, Inc.	1.50%	1,161,024	$119M	trimmed−5%	−0.09 pp	13 q
ZBRAZebra Technologies Corporation	1.47%	457,377	$117M	trimmed−13%	+0.03 pp	25 q
CBRECbre Group, Inc.	1.39%	1,803,616	$111M	trimmed−0%	+0.11 pp	27 q
BOKFBOK Financial Corp	1.34%	1,219,071	$107M	added+5%	+0.11 pp	15 q
TGNATEGNA Inc.	1.33%	6,331,699	$106M	added+1%	+0.03 pp	19 q
SSDSimpson Manufacturing Co., Inc.	1.30%	1,291,242	$104M	trimmed−23%	−0.26 pp	27 q
TAPMolson Coors Beverage Company Class B	1.28%	1,892,974	$102M	added+6%	−0.09 pp	5 q
SWKStanley Black & Decker, Inc.	1.26%	606,656	$101M	trimmed−6%	+0.02 pp	27 q
MHKMohawk Industries, Inc.	1.13%	662,711	$90M	added+1%	+0.04 pp	27 q
VZVerizon Communications	1.12%	1,451,841	$89M	added+1%	−0.04 pp	21 q
RCLRoyal Caribbean Group	1.11%	662,107	$88M	added0%	+0.16 pp	27 q
BWABorgWarner Inc.	1.08%	1,987,879	$86M	added+1%	+0.12 pp	16 q
AFLAflac Inc.	1.06%	1,597,997	$85M	trimmed−1%	−0.07 pp	27 q
BIOBio-Rad Laboratories, Inc.Class A	1.05%	226,498	$84M	added+1%	+0.06 pp	27 q
EOGEOG Resources, Inc.	1.00%	949,349	$80M	added+3%	+0.09 pp	18 q
LFUSLittelfuse Inc	0.98%	406,309	$78M	added+1%	+0.03 pp	27 q
ZBHZimmer Biomet Holdings, Inc.	0.98%	523,667	$78M	trimmed−1%	+0.02 pp	27 q
KNKnowles Corporation	0.95%	3,585,309	$76M	trimmed−2%	−0.05 pp	5 q
SLBSLB Limited	0.88%	1,744,423	$70M	trimmed−7%	+0.02 pp	22 q
DOXAmdocs Limited	0.88%	972,626	$70M	trimmed−0%	+0.02 pp	8 q
MTSCMTS Systems Corp	0.87%	1,443,494	$69M	trimmed−3%	−0.22 pp	27 q
PGRProgressive Corporation	0.87%	956,173	$69M	trimmed−1%	−0.12 pp	18 q
NOKNokia Corporation	0.84%	17,990,370	$67M	trimmed−18%	−0.64 pp	27 q
SLCAU.s. Silica Holdings, Inc.	0.83%	10,778,483	$66M	trimmed−5%	−0.61 pp	26 q
MASMasco Corporation	0.72%	1,193,432	$57M	added+2%	+0.07 pp	5 q
PXDPioneer Natural Resource Co.	0.72%	378,120	$57M	trimmed−3%	+0.07 pp	10 q
CVSACovista Inc.	0.69%	1,565,767	$55M	added+64%	+0.21 pp	11 q
unresolvedGlaxosmithkline PLC	0.69%	1,167,412	$55M	trimmed−18%	−0.12 pp	27 q
WTWWillis Towers Watson Public Limited Company	0.69%	270,542	$55M	trimmed−1%	−0.01 pp	16 q
MSGSMadison Square Garden Sports Corp.	0.67%	182,336	$54M	added+2%	+0.04 pp	17 q
HLIHoulihan Lokey, Inc.	0.66%	1,080,877	$53M	trimmed−1%	0.00 pp	16 q
OMCOmnicom Group Inc.	0.64%	626,875	$51M	trimmed−1%	−0.02 pp	27 q
AMGAffiliated Managers Group	0.63%	592,698	$50M	added+1%	−0.02 pp	6 q
JHGJanus Henderson Group PLC	0.61%	1,985,800	$49M	trimmed−1%	+0.01 pp	11 q
BCOThe Brink's Company	0.59%	520,769	$47M	added+4%	+0.04 pp	27 q
MDPMeredith Corporation	0.59%	1,444,894	$47M	added+8%	−0.07 pp	27 q
NOVNOV Inc.	0.57%	1,799,310	$45M	added+64%	+0.26 pp	27 q
DGXQuest Diagnostics Inc.	0.54%	401,466	$43M	trimmed−2%	−0.05 pp	27 q
KMXCarMax Inc.	0.53%	477,550	$42M	added+14%	+0.04 pp	4 q
GNRCGenerac Holdings Inc	0.53%	421,276	$42M	trimmed−11%	+0.04 pp	4 q
ITWIllinois Tool Works Inc.	0.53%	236,721	$43M	trimmed−14%	−0.05 pp	27 q
WUThe Western Union Company	0.53%	1,573,789	$42M	added+1%	+0.05 pp	27 q
CHLChina Mobile Limited	0.51%	964,353	$41M	trimmed−10%	−0.08 pp	27 q
CAHCardinal Health, Inc.	0.44%	694,625	$35M	trimmed−19%	−0.10 pp	13 q
VEAVanguard FTSE Developed Markets ETF	0.43%	769,899	$34M	trimmed−2%	0.00 pp	27 q
MEIMethode Electronics	0.42%	856,782	$34M	trimmed−7%	+0.01 pp	9 q
CCLCarnival Corporation Ltd.	0.40%	621,390	$32M	new	+0.40 pp	new
FLRFluor Corporation	0.39%	1,651,998	$31M	trimmed−1%	−0.03 pp	14 q
BRCBrady Corporation	0.36%	497,354	$28M	trimmed−12%	−0.04 pp	27 q
TPRTapestry, Inc.	0.36%	1,067,575	$29M	added+1%	−0.01 pp	9 q
TIFTiffany & Co.	0.32%	188,015	$25M	trimmed−47%	−0.12 pp	5 q
JWNNordstrom, Inc.	0.31%	599,301	$25M	trimmed−1%	+0.04 pp	27 q
KFYKorn Ferry	0.29%	537,522	$23M	added+12%	+0.04 pp	4 q
TISITeam, Inc.	0.27%	1,358,122	$22M	trimmed−6%	−0.08 pp	27 q
TSTenaris S. A.	0.26%	929,806	$21M	trimmed−12%	−0.04 pp	16 q
BSACBanco Santander-Chile	0.23%	786,020	$18M	added0%	−0.06 pp	24 q
TILEInterface Inc	0.23%	1,082,675	$18M	trimmed−3%	+0.02 pp	27 q
BXBlackstone Inc.	0.22%	308,156	$17M	trimmed−34%	−0.08 pp	27 q
WOOFoot Locker Inc	0.21%	431,483	$17M	added+61%	+0.06 pp	9 q
IWNiShares Russell 2000 Value ETF	0.21%	129,375	$17M	added+56%	+0.08 pp	3 q
USBU.S. Bancorp	0.21%	285,694	$17M	added+1%	0.00 pp	26 q
FICOFair Isaac Corporation	0.19%	40,602	$15M	trimmed−20%	−0.02 pp	27 q
KINKindred Biosciences, Inc.	0.19%	1,781,770	$15M	trimmed−7%	+0.02 pp	21 q
COSTCostco Wholesale Corp	0.17%	44,912	$13M	added+1%	0.00 pp	23 q
unresolvedBallantyne Strong, Inc.	0.14%	3,373,559	$11M	added+11%	+0.01 pp	27 q
COWNCowen Inc. Class A	0.14%	718,116	$11M	added+1%	−0.01 pp	13 q
HMNHorace Mann Educators Corporation	0.14%	251,450	$11M	added+3%	−0.01 pp	27 q
ORBCORBCOMM, Inc.	0.14%	2,615,186	$11M	added+26%	+0.01 pp	27 q
ORCLOracle Corp	0.13%	196,257	$10M	added+1%	−0.01 pp	25 q
CNTYCentury Casinos Inc	0.12%	1,196,287	$9M	added+1%	0.00 pp	24 q
LMTLockheed Martin Corp.	0.12%	24,812	$10M	added+2%	−0.01 pp	27 q
RSTRosetta Stone Inc	0.12%	544,187	$10M	trimmed−0%	−0.01 pp	27 q
HNGRHanger Inc.	0.11%	311,370	$9M	trimmed−36%	−0.02 pp	22 q
MATWMatthews International Corp	0.11%	227,439	$9M	trimmed−2%	0.00 pp	27 q
AXEAnixter International Inc	0.10%	89,541	$8M	trimmed−87%	−0.55 pp	27 q
GSGoldman Sachs Group Inc.	0.10%	36,087	$8M	added+1%	0.00 pp	27 q
unresolvedMitcham Industries, Inc.	0.10%	2,872,310	$8M	added+1%	−0.02 pp	27 q
RNWARealnetworks Inc	0.09%	6,020,322	$7M	added+21%	−0.02 pp	26 q
GAIAGaia, Inc. Class A	0.08%	803,026	$6M	trimmed−4%	+0.01 pp	3 q
ICEIntercontinental Exchange Inc.	0.08%	67,451	$6M	added+1%	0.00 pp	12 q
MOSThe Mosaic Company	0.08%	309,575	$7M	added+4%	0.00 pp	26 q
TURN180 Degree Capital Corp.	0.08%	2,978,818	$6M	added+2%	0.00 pp	12 q
PRCPPerceptron Inc	0.08%	1,110,702	$6M	added+23%	+0.02 pp	27 q
ACTGAcacia Research Corporation	0.07%	2,214,854	$6M	trimmed−9%	−0.02 pp	27 q
CPIXCumberland Pharmaceuticals Inc	0.07%	1,010,220	$5M	added+5%	−0.01 pp	27 q
GRBKGreen Brick Partners, Inc	0.07%	502,898	$6M	trimmed−36%	−0.04 pp	14 q
LAKELakeland Industries Inc	0.07%	540,752	$6M	trimmed−2%	−0.02 pp	7 q
TRCTejon Ranch Co.	0.07%	334,135	$5M	trimmed−3%	−0.01 pp	10 q
ALOTAstroNova, Inc.	0.06%	340,348	$5M	added+21%	0.00 pp	27 q
BNYBank of New York Mellon Corporation	0.06%	101,136	$5M	added+1%	0.00 pp	27 q
XOMExxon Mobil Corp	0.06%	67,156	$5M	added+1%	0.00 pp	27 q
unresolvedSafeguard Scientifics Inc.	0.06%	438,695	$5M	trimmed−10%	−0.01 pp	12 q
STRTStrattec Security Corp	0.06%	230,507	$5M	trimmed−3%	0.00 pp	16 q
9990302DApache Corp	0.05%	150,068	$4M	added+14%	0.00 pp	26 q
EVREvercore Inc.	0.05%	48,700	$4M	new	+0.05 pp	new
GSITGSI Technology	0.05%	548,581	$4M	trimmed−4%	−0.02 pp	13 q
IWMiShares Russell 2000 ETF	0.05%	23,900	$4M	new	+0.05 pp	new
ACIAAcacia Communications, Inc.	0.04%	44,988	$3M	added+1%	0.00 pp	6 q
CSWCCapital Southwest Corp	0.04%	161,240	$3M	trimmed−29%	−0.03 pp	25 q
EMKREmcore Corp	0.04%	982,052	$3M	trimmed−12%	−0.01 pp	15 q
HP5AEquity Commonwealth	0.04%	100,119	$3M	added+24%	0.00 pp	3 q
JCAPJernigan Capital Inc	0.04%	148,346	$3M	added+28%	+0.01 pp	6 q
MOVMovado Group, Inc.	0.04%	145,025	$3M	trimmed−8%	−0.01 pp	16 q
QCOMQualcomm Inc	0.04%	39,387	$3M	added+1%	0.00 pp	6 q
VTVanguard Total World Stock ETF	0.04%	35,839	$3M	trimmed−85%	−0.20 pp	3 q
ZAGGZAGG Inc (Delaware)	0.04%	362,275	$3M	new	+0.04 pp	new
ENZBEnzo Biochem Inc	0.03%	965,584	$3M	trimmed−6%	−0.02 pp	3 q
NVSNovartis AG	0.03%	26,138	$2M	trimmed−9%	0.00 pp	17 q
SYNCSynacor Inc	0.03%	1,343,867	$2M	trimmed−13%	0.00 pp	11 q
WAASAquaventure Holdings Ltd	0.03%	85,554	$2M	trimmed−24%	0.00 pp	2 q
ALYAFAlithya Group Inc A Vtg	0.02%	688,778	$2M	trimmed−49%	−0.03 pp	5 q
CVUCPI Aerostructures, Inc.	0.02%	207,452	$1M	trimmed−35%	−0.01 pp	27 q
IDCCInterDigital, Inc.	0.02%	30,119	$2M	new	+0.02 pp	new
OESXOrion Energy Systems, Inc.	0.02%	436,448	$1M	trimmed−28%	0.00 pp	27 q
FNFabrinet	0.02%	29,376	$2M	held	—	8 q
GLAEGlassbridge Enterprises Inc	0.01%	3,883	$971,000	new	+0.01 pp	new
GIFIGulf Island Fabrication Inc	0.01%	161,538	$819,000	trimmed−20%	0.00 pp	27 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	22,999	$1M	held	—	15 q
PEWPctel Inc	0.01%	126,478	$1M	trimmed−62%	−0.03 pp	27 q
PCYOPure Cycle Corporation	0.01%	61,901	$779,000	trimmed−15%	0.00 pp	9 q
RBCNRubicon Tech Inc	0.01%	78,078	$650,000	trimmed−28%	0.00 pp	11 q
AXTIAXT Inc	0.00%	49,933	$217,000	trimmed−28%	0.00 pp	21 q
CRWSCrown Crafts Inc	0.00%	32,253	$198,000	trimmed−44%	0.00 pp	7 q
RUBIMagnite, Inc.	0.00%	33,130	$270,000	trimmed−38%	−0.01 pp	7 q
VIABViacom Inc. Class B	—	−3,925,003	—	exited	−1.26 pp	—
unresolvedCBS Corp	—	−1,421,695	—	exited	−0.76 pp	—
TMOThermo Fisher Scientific, Inc.	—	−114,755	—	exited	−0.45 pp	—
ASPNAspen Aerogels, Inc.	—	−444,331	—	exited	−0.04 pp	—
unresolvedDigirad Corp.	—	−19,529	—	exited	0.00 pp	—