Ariel Investments

Q1 2020 13F · by John Rogers, CIO

As of: Mar 31, 2020
Filed: May 14, 2020
US stock: $5.7B · prev $8.0B
Positions: 148 · prev 146
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

+6.3 pp in · −6.3 pp out

New 12 +3.04 pp
Added 69 +3.26 pp
Trimmed 63 −4.45 pp
Exited 10 −1.87 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

PM Philip Morris International Inc. added+1.30 pp added+1.305.4%
MSFT Microsoft Corp trimmed+0.83 pp trimmed+0.835.0%
BIDU Baidu, Inc. added+0.93 pp added+0.933.8%
GILD Gilead Sciences Inc added+1.45 pp added+1.453.5%
MAT Mattel, Inc. added+0.12 pp added+0.122.7%

Positions148 in this filing · 10 exited


PMPhilip Morris International Inc.	5.36%	4,186,300	$305M	added+10%	+1.30 pp	27 q
MSFTMicrosoft Corp	4.97%	1,797,885	$284M	trimmed−14%	+0.83 pp	28 q
BIDUBaidu, Inc.	3.79%	2,141,373	$216M	added+19%	+0.93 pp	28 q
GILDGilead Sciences Inc	3.50%	2,666,235	$199M	added+6%	+1.45 pp	28 q
MATMattel, Inc.	2.72%	17,599,495	$155M	added+15%	+0.12 pp	20 q
IPGThe Interpublic Group of Companies, Inc.	2.63%	9,261,081	$150M	added+2%	0.00 pp	28 q
NTRSNorthern Trust Corp	2.56%	1,931,699	$146M	added+8%	+0.18 pp	28 q
SRCLStericycle Inc	2.48%	2,914,645	$142M	trimmed−11%	−0.14 pp	9 q
FAFFirst American Financial Corporation	2.40%	3,226,010	$137M	trimmed−10%	−0.23 pp	28 q
LAZLazard, Inc.	2.18%	5,282,628	$124M	trimmed−3%	−0.55 pp	28 q
SJMThe J.M. Smucker Company	2.15%	1,104,669	$123M	trimmed−27%	+0.18 pp	28 q
KMTKennametal Inc.	2.13%	6,524,284	$121M	added+14%	−0.53 pp	24 q
KKRKKR & Co. Inc.	2.08%	5,048,925	$118M	trimmed−14%	−0.08 pp	7 q
JNJJohnson & Johnson	2.00%	868,374	$114M	trimmed−9%	+0.26 pp	28 q
BRK.BBERKSHIRE HATHAWAY Class B	1.93%	600,288	$110M	added+2%	+0.26 pp	27 q
99803EURLaboratory Crp Of Amer Hldgs	1.88%	846,517	$107M	trimmed−5%	−0.02 pp	25 q
SNASnap-on Incorporated	1.88%	984,192	$107M	added+1%	−0.20 pp	28 q
KEYSKeysight Technologies, Inc.	1.77%	1,203,306	$101M	added+4%	+0.27 pp	14 q
MSGNMSG Networks Inc.	1.66%	9,255,161	$94M	added+6%	−0.25 pp	18 q
ZBRAZebra Technologies Corporation	1.61%	498,994	$92M	added+9%	+0.14 pp	26 q
NLSNNielsen Holdings PLC	1.59%	7,244,978	$91M	trimmed−5%	−0.36 pp	13 q
CRLCharles River Laboratories International, Inc.	1.52%	685,583	$87M	trimmed−19%	−0.11 pp	28 q
PARAParamount Global-class B	1.52%	6,199,771	$87M	added+56%	−0.57 pp	2 q
VZVerizon Communications	1.47%	1,555,875	$84M	added+7%	+0.35 pp	22 q
JLLJones Lang LaSalle, Inc.	1.42%	802,095	$81M	trimmed−1%	−0.35 pp	28 q
CVSACovista Inc.	1.33%	2,829,062	$76M	added+81%	+0.64 pp	12 q
PGRProgressive Corporation	1.17%	901,632	$67M	trimmed−6%	+0.30 pp	19 q
CBRECbre Group, Inc.	1.14%	1,728,199	$65M	trimmed−4%	−0.25 pp	28 q
MHKMohawk Industries, Inc.	1.05%	785,656	$60M	added+19%	−0.08 pp	28 q
KNKnowles Corporation	1.04%	4,436,195	$59M	added+24%	+0.09 pp	6 q
BOKFBOK Financial Corp	1.02%	1,369,393	$58M	added+12%	−0.32 pp	16 q
TAPMolson Coors Beverage Company Class B	1.02%	1,486,161	$58M	trimmed−21%	−0.26 pp	6 q
SSDSimpson Manufacturing Co., Inc.	1.00%	922,707	$57M	trimmed−29%	−0.30 pp	28 q
BIOBio-Rad Laboratories, Inc.Class A	0.98%	158,814	$56M	trimmed−30%	−0.07 pp	28 q
NOKNokia Corporation	0.97%	17,838,921	$55M	trimmed−1%	+0.13 pp	28 q
SWKStanley Black & Decker, Inc.	0.96%	546,728	$55M	trimmed−10%	−0.30 pp	28 q
AFLAflac Inc.	0.95%	1,589,373	$54M	trimmed−1%	−0.11 pp	28 q
TGNATEGNA Inc.	0.95%	4,986,967	$54M	trimmed−21%	−0.38 pp	20 q
DOXAmdocs Limited	0.94%	970,246	$53M	trimmed−0%	+0.06 pp	9 q
BWABorgWarner Inc.	0.93%	2,165,104	$53M	added+9%	−0.15 pp	17 q
LFUSLittelfuse Inc	0.92%	393,593	$53M	trimmed−3%	−0.06 pp	28 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.91%	3,487,094	$52M	new	+0.91 pp	new
EOGEOG Resources, Inc.	0.87%	1,386,759	$50M	added+46%	−0.13 pp	19 q
ZBHZimmer Biomet Holdings, Inc.	0.84%	476,068	$48M	trimmed−9%	−0.14 pp	28 q
DGXQuest Diagnostics Inc.	0.83%	592,375	$48M	added+48%	+0.29 pp	28 q
MTNVail Resorts, Inc.	0.81%	312,781	$46M	new	+0.81 pp	new
unresolvedGlaxosmithkline PLC	0.78%	1,167,730	$44M	added0%	+0.09 pp	28 q
MSGSMadison Square Garden Sports Corp.	0.74%	200,315	$42M	added+10%	+0.07 pp	18 q
MASMasco Corporation	0.72%	1,184,624	$41M	trimmed−1%	0.00 pp	6 q
AMGAffiliated Managers Group	0.68%	659,154	$39M	added+11%	+0.05 pp	7 q
HLIHoulihan Lokey, Inc.	0.68%	743,857	$39M	trimmed−31%	+0.02 pp	17 q
VEAVanguard FTSE Developed Markets ETF	0.62%	1,060,742	$35M	added+38%	+0.19 pp	28 q
WTWWillis Towers Watson Public Limited Company	0.61%	203,837	$35M	trimmed−25%	−0.08 pp	17 q
CAHCardinal Health, Inc.	0.60%	711,463	$34M	added+2%	+0.16 pp	14 q
MDPMeredith Corporation	0.60%	2,809,966	$34M	added+94%	+0.01 pp	28 q
CHLChina Mobile Limited	0.55%	833,636	$31M	trimmed−14%	+0.04 pp	28 q
OMCOmnicom Group Inc.	0.55%	570,989	$31M	trimmed−9%	−0.09 pp	28 q
JHGJanus Henderson Group PLC	0.55%	2,035,755	$31M	added+3%	−0.06 pp	12 q
RCLRoyal Caribbean Group	0.54%	950,791	$31M	added+44%	−0.57 pp	28 q
GNRCGenerac Holdings Inc	0.53%	323,718	$30M	trimmed−23%	0.00 pp	5 q
KMXCarMax Inc.	0.52%	549,013	$30M	added+15%	−0.01 pp	5 q
BCOThe Brink's Company	0.50%	548,273	$29M	added+5%	−0.09 pp	28 q
SCHWThe Charles Schwab Corporation	0.45%	761,173	$26M	new	+0.45 pp	new
MEIMethode Electronics	0.44%	939,030	$25M	added+10%	+0.02 pp	10 q
SLBSLB Limited	0.41%	1,739,797	$23M	trimmed−0%	−0.47 pp	23 q
WOOFoot Locker Inc	0.39%	1,015,346	$22M	added×2.4	+0.18 pp	10 q
TPRTapestry, Inc.	0.37%	1,642,101	$21M	added+54%	+0.01 pp	10 q
BRCBrady Corporation	0.35%	446,620	$20M	trimmed−10%	−0.01 pp	28 q
GSGoldman Sachs Group Inc.	0.35%	128,480	$20M	added×3.6	+0.25 pp	28 q
SLCAU.s. Silica Holdings, Inc.	0.35%	11,155,583	$20M	added+4%	−0.48 pp	27 q
NOVNOV Inc.	0.32%	1,837,185	$18M	added+2%	−0.25 pp	28 q
KFYKorn Ferry	0.29%	685,482	$17M	added+28%	0.00 pp	5 q
CCLCarnival Corporation Ltd.	0.24%	1,046,230	$14M	added+68%	−0.16 pp	2 q
HP5AEquity Commonwealth	0.23%	412,102	$13M	added×4.1	+0.19 pp	4 q
BXBlackstone Inc.	0.22%	274,046	$12M	trimmed−11%	0.00 pp	28 q
ITWIllinois Tool Works Inc.	0.22%	87,025	$12M	trimmed−63%	−0.31 pp	28 q
BSACBanco Santander-Chile	0.21%	786,020	$12M	held	—	25 q
MTSCMTS Systems Corp	0.21%	535,552	$12M	trimmed−63%	−0.66 pp	28 q
DFSDiscover Financial Services	0.18%	283,404	$10M	new	+0.18 pp	new
FICOFair Isaac Corporation	0.18%	33,204	$10M	trimmed−18%	−0.01 pp	28 q
TISITeam, Inc.	0.17%	1,514,101	$10M	added+11%	−0.10 pp	28 q
USBU.S. Bancorp	0.17%	284,933	$10M	trimmed−0%	−0.04 pp	27 q
HMNHorace Mann Educators Corporation	0.16%	250,965	$9M	trimmed−0%	+0.02 pp	28 q
IWNiShares Russell 2000 Value ETF	0.16%	109,800	$9M	trimmed−15%	−0.05 pp	4 q
ORCLOracle Corp	0.15%	178,755	$9M	trimmed−9%	+0.02 pp	26 q
RSTRosetta Stone Inc	0.15%	596,337	$8M	added+10%	+0.03 pp	28 q
GAIAGaia, Inc. Class A	0.14%	908,327	$8M	added+13%	+0.06 pp	4 q
LMTLockheed Martin Corp.	0.14%	23,706	$8M	trimmed−4%	+0.02 pp	28 q
JWNNordstrom, Inc.	0.14%	517,859	$8M	trimmed−14%	−0.17 pp	28 q
TSTenaris S. A.	0.14%	666,657	$8M	trimmed−28%	−0.12 pp	17 q
BMYBristol-Myers Squibb Co.	0.13%	134,506	$7M	new	+0.13 pp	new
COWNCowen Inc. Class A	0.13%	786,548	$8M	added+10%	−0.01 pp	14 q
WUThe Western Union Company	0.13%	405,139	$7M	trimmed−74%	−0.40 pp	28 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.13%	668,008	$7M	new	+0.13 pp	new
ACIAAcacia Communications, Inc.	0.12%	101,912	$7M	added×2.3	+0.08 pp	7 q
KINKindred Biosciences, Inc.	0.12%	1,776,477	$7M	trimmed−0%	−0.07 pp	22 q
ORBCORBCOMM, Inc.	0.12%	2,731,365	$7M	added+4%	−0.02 pp	28 q
CHKPCheck Point Software Technologies Ltd	0.12%	66,412	$7M	new	+0.12 pp	new
OSWOneSpaWorld Holdings Limited	0.12%	1,725,487	$7M	new	+0.12 pp	new
MATWMatthews International Corp	0.11%	248,556	$6M	added+9%	0.00 pp	28 q
unresolvedBallantyne Strong, Inc.	0.10%	3,422,031	$6M	added+1%	−0.04 pp	28 q
ICEIntercontinental Exchange Inc.	0.10%	67,272	$5M	trimmed−0%	+0.02 pp	13 q
QCOMQualcomm Inc	0.10%	85,972	$6M	added×2.2	+0.06 pp	7 q
ACTGAcacia Research Corporation	0.09%	2,214,854	$5M	held	—	28 q
HNGRHanger Inc.	0.09%	320,294	$5M	added+3%	−0.02 pp	23 q
MOSThe Mosaic Company	0.08%	413,608	$4M	added+34%	0.00 pp	27 q
RNWARealnetworks Inc	0.08%	6,083,130	$4M	added+1%	−0.01 pp	27 q
TRCTejon Ranch Co.	0.08%	332,549	$5M	trimmed−0%	+0.01 pp	11 q
COSTCostco Wholesale Corp	0.07%	13,061	$4M	trimmed−71%	−0.10 pp	24 q
CPIXCumberland Pharmaceuticals Inc	0.07%	1,084,223	$4M	added+7%	0.00 pp	28 q
TURN180 Degree Capital Corp.	0.07%	2,948,659	$4M	trimmed−1%	−0.01 pp	13 q
BNYBank of New York Mellon Corporation	0.06%	101,136	$3M	held	—	28 q
CSCOCisco Systems, Inc. (DE)	0.06%	80,659	$3M	new	+0.06 pp	new
GSITGSI Technology	0.06%	494,400	$3M	trimmed−10%	+0.01 pp	14 q
GRBKGreen Brick Partners, Inc	0.06%	431,418	$3M	trimmed−14%	−0.01 pp	15 q
unresolvedMitcham Industries, Inc.	0.06%	2,908,648	$4M	added+1%	−0.04 pp	28 q
NVSNovartis AG	0.06%	41,104	$3M	added+57%	+0.03 pp	18 q
PRCPPerceptron Inc	0.06%	1,187,854	$3M	added+7%	−0.02 pp	28 q
STRTStrattec Security Corp	0.06%	228,373	$3M	trimmed−1%	0.00 pp	17 q
ALOTAstroNova, Inc.	0.05%	371,866	$3M	added+9%	−0.01 pp	28 q
CNTYCentury Casinos Inc	0.05%	1,241,271	$3M	added+4%	−0.07 pp	25 q
XOMExxon Mobil Corp	0.05%	75,098	$3M	added+12%	−0.01 pp	28 q
MIDDMiddleby Corp	0.05%	54,936	$3M	new	+0.05 pp	new
SEICSEI Investments Co	0.05%	67,378	$3M	new	+0.05 pp	new
VTVanguard Total World Stock ETF	0.05%	43,844	$3M	added+22%	+0.01 pp	4 q
EMKREmcore Corp	0.04%	985,327	$2M	added0%	0.00 pp	16 q
ENZBEnzo Biochem Inc	0.04%	870,079	$2M	trimmed−10%	+0.01 pp	4 q
EVREvercore Inc.	0.04%	54,900	$3M	added+13%	−0.01 pp	2 q
LAKELakeland Industries Inc	0.04%	139,544	$2M	trimmed−74%	−0.03 pp	8 q
PCYOPure Cycle Corporation	0.04%	219,556	$2M	added×3.5	+0.03 pp	10 q
unresolvedSafeguard Scientifics Inc.	0.04%	439,615	$2M	added0%	−0.02 pp	13 q
ZAGGZAGG Inc (Delaware)	0.04%	776,601	$2M	added×2.1	0.00 pp	2 q
BKNGBooking Holdings Inc.	0.03%	1,125	$2M	new	+0.03 pp	new
CSWCCapital Southwest Corp	0.03%	149,989	$2M	trimmed−7%	−0.01 pp	26 q
JCAPJernigan Capital Inc	0.03%	148,796	$2M	added0%	−0.01 pp	7 q
MOVMovado Group, Inc.	0.03%	149,625	$2M	added+3%	−0.01 pp	17 q
SYNCSynacor Inc	0.03%	1,456,508	$1M	added+8%	0.00 pp	12 q
9990302DApache Corp	0.02%	226,670	$947,000	added+51%	−0.03 pp	27 q
IDCCInterDigital, Inc.	0.02%	30,119	$1M	held	—	2 q
OESXOrion Energy Systems, Inc.	0.02%	244,479	$905,000	trimmed−44%	0.00 pp	28 q
ALYAFAlithya Group Inc A Vtg	0.01%	445,779	$776,000	trimmed−35%	−0.01 pp	6 q
GIFIGulf Island Fabrication Inc	0.01%	157,838	$474,000	trimmed−2%	0.00 pp	28 q
PEWPctel Inc	0.01%	93,427	$621,000	trimmed−26%	0.00 pp	28 q
RBCNRubicon Tech Inc	0.01%	66,568	$514,000	trimmed−15%	0.00 pp	12 q
FNFabrinet	0.01%	11,774	$642,000	trimmed−60%	−0.01 pp	9 q
AXTIAXT Inc	0.00%	31,823	$102,000	trimmed−36%	0.00 pp	22 q
CRWSCrown Crafts Inc	0.00%	27,524	$132,000	trimmed−15%	0.00 pp	8 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	5,804	$219,000	trimmed−75%	−0.01 pp	16 q
PXDPioneer Natural Resource Co.	—	−378,120	—	exited	−0.72 pp	—
FLRFluor Corporation	—	−1,651,998	—	exited	−0.39 pp	—
TIFTiffany & Co.	—	−188,015	—	exited	−0.32 pp	—
TILEInterface Inc	—	−1,082,675	—	exited	−0.23 pp	—
AXEAnixter International Inc	—	−89,541	—	exited	−0.10 pp	—
IWMiShares Russell 2000 ETF	—	−23,900	—	exited	−0.05 pp	—
WAASAquaventure Holdings Ltd	—	−85,554	—	exited	−0.03 pp	—
CVUCPI Aerostructures, Inc.	—	−207,452	—	exited	−0.02 pp	—
GLAEGlassbridge Enterprises Inc	—	−3,883	—	exited	−0.01 pp	—
RUBIMagnite, Inc.	—	−33,130	—	exited	0.00 pp	—