Ariel Investments

Q2 2020 13F · by John Rogers, CIO

As of: Jun 30, 2020
Filed: Aug 14, 2019
US stock: $6.6B · prev $5.7B
Positions: 147 · prev 148
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%

Moves158 since the prior filing

+8.1 pp in · −8.1 pp out

New 11 +3.28 pp
Added 55 +4.82 pp
Trimmed 80 −5.88 pp
Exited 12 −2.22 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MSFT Microsoft Corp trimmed+0.11 pp trimmed+0.115.1%
BIDU Baidu, Inc. added+1.21 pp added+1.215.0%
PM Philip Morris International Inc. added−0.63 pp added−0.634.7%
MAT Mattel, Inc. added−0.11 pp added−0.112.6%
KMT Kennametal Inc. trimmed+0.41 pp trimmed+0.412.5%

Positions147 in this filing · 12 exited


MSFTMicrosoft Corp	5.08%	1,640,371	$334M	trimmed−9%	+0.11 pp	29 q
BIDUBaidu, Inc.	5.00%	2,737,733	$328M	added+28%	+1.21 pp	29 q
PMPhilip Morris International Inc.	4.73%	4,436,972	$311M	added+6%	−0.63 pp	28 q
MATMattel, Inc.	2.61%	17,687,993	$171M	added+1%	−0.11 pp	21 q
KMTKennametal Inc.	2.54%	5,814,629	$167M	trimmed−11%	+0.41 pp	25 q
SRCLStericycle Inc	2.49%	2,915,590	$163M	added0%	+0.01 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	2.36%	9,027,084	$155M	trimmed−3%	−0.27 pp	29 q
LAZLazard, Inc.	2.35%	5,396,999	$155M	added+2%	+0.17 pp	29 q
FAFFirst American Financial Corporation	2.31%	3,163,594	$152M	trimmed−2%	−0.09 pp	29 q
KKRKKR & Co. Inc.	2.19%	4,653,028	$144M	trimmed−8%	+0.11 pp	8 q
NTRSNorthern Trust Corp	2.19%	1,809,103	$144M	trimmed−6%	−0.37 pp	29 q
GILDGilead Sciences Inc	2.17%	1,852,515	$143M	trimmed−31%	−1.33 pp	29 q
PARAParamount Global-class B	2.15%	6,053,571	$141M	trimmed−2%	+0.63 pp	3 q
SNASnap-on Incorporated	2.06%	975,543	$135M	trimmed−1%	+0.18 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	2.04%	749,557	$134M	added+25%	+0.11 pp	28 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.97%	6,144,385	$130M	added+76%	+1.06 pp	2 q
JNJJohnson & Johnson	1.95%	908,980	$128M	added+5%	−0.05 pp	29 q
99803EURLaboratory Crp Of Amer Hldgs	1.89%	745,438	$124M	trimmed−12%	+0.01 pp	26 q
SJMThe J.M. Smucker Company	1.73%	1,076,328	$114M	trimmed−3%	−0.42 pp	29 q
NLSNNielsen Holdings PLC	1.72%	7,615,704	$113M	added+5%	+0.13 pp	14 q
CRLCharles River Laboratories International, Inc.	1.66%	624,606	$109M	trimmed−9%	+0.14 pp	29 q
MSGNMSG Networks Inc.	1.41%	9,277,337	$92M	added0%	−0.25 pp	19 q
KEYSKeysight Technologies, Inc.	1.39%	904,124	$91M	trimmed−25%	−0.38 pp	15 q
CBRECbre Group, Inc.	1.35%	1,966,938	$89M	added+14%	+0.21 pp	29 q
CVSACovista Inc.	1.34%	2,824,755	$88M	trimmed−0%	+0.01 pp	13 q
BOKFBOK Financial Corp	1.30%	1,517,097	$86M	added+11%	+0.28 pp	17 q
VZVerizon Communications	1.28%	1,526,810	$84M	trimmed−2%	−0.19 pp	23 q
JLLJones Lang LaSalle, Inc.	1.27%	807,903	$84M	added+1%	−0.15 pp	29 q
ZBRAZebra Technologies Corporation	1.25%	319,724	$82M	trimmed−36%	−0.36 pp	27 q
MHKMohawk Industries, Inc.	1.24%	798,497	$81M	added+2%	+0.19 pp	29 q
SPHRSphere Entertainment Co.	1.23%	1,080,307	$81M	new	+1.23 pp	new
SWKStanley Black & Decker, Inc.	1.19%	560,760	$78M	added+3%	+0.23 pp	29 q
BWABorgWarner Inc.	1.12%	2,085,534	$74M	trimmed−4%	+0.19 pp	18 q
TGNATEGNA Inc.	1.11%	6,568,089	$73M	added+32%	+0.16 pp	21 q
KNKnowles Corporation	1.09%	4,674,554	$71M	added+5%	+0.05 pp	7 q
NOKNokia Corporation	1.05%	15,720,365	$69M	trimmed−12%	+0.08 pp	29 q
LFUSLittelfuse Inc	1.04%	401,840	$69M	added+2%	+0.12 pp	29 q
MTNVail Resorts, Inc.	1.04%	374,651	$68M	added+20%	+0.23 pp	2 q
PGRProgressive Corporation	1.03%	841,182	$67M	trimmed−7%	−0.14 pp	20 q
DOXAmdocs Limited	0.93%	1,003,050	$61M	added+3%	−0.01 pp	10 q
SSDSimpson Manufacturing Co., Inc.	0.92%	713,992	$60M	trimmed−23%	−0.08 pp	29 q
MASMasco Corporation	0.90%	1,182,821	$59M	trimmed−0%	+0.18 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	0.87%	480,064	$57M	added+1%	+0.03 pp	29 q
AMGAffiliated Managers Group	0.85%	749,289	$56M	added+14%	+0.17 pp	8 q
AFLAflac Inc.	0.77%	1,404,877	$51M	trimmed−12%	−0.18 pp	29 q
MDPMeredith Corporation	0.74%	3,324,043	$48M	added+18%	+0.14 pp	29 q
JHGJanus Henderson Group PLC	0.66%	2,050,225	$43M	added+1%	+0.11 pp	13 q
CLBCore Laboratories Inc.	0.65%	2,084,533	$42M	new	+0.65 pp	new
unresolvedGlaxosmithkline PLC	0.64%	1,023,455	$42M	trimmed−12%	−0.14 pp	29 q
GNRCGenerac Holdings Inc	0.57%	309,243	$38M	trimmed−4%	+0.04 pp	6 q
KMXCarMax Inc.	0.56%	407,735	$37M	trimmed−26%	+0.04 pp	6 q
GSGoldman Sachs Group Inc.	0.55%	181,176	$36M	added+41%	+0.20 pp	29 q
CAHCardinal Health, Inc.	0.54%	678,109	$35M	trimmed−5%	−0.06 pp	15 q
SCHWThe Charles Schwab Corporation	0.51%	990,981	$33M	added+30%	+0.06 pp	2 q
BIOBio-Rad Laboratories, Inc.Class A	0.50%	72,686	$33M	trimmed−54%	−0.48 pp	29 q
BCOThe Brink's Company	0.50%	715,264	$33M	added+30%	0.00 pp	29 q
SLCAU.s. Silica Holdings, Inc.	0.48%	8,774,459	$32M	trimmed−21%	+0.13 pp	28 q
WTWWillis Towers Watson Public Limited Company	0.48%	160,420	$32M	trimmed−21%	−0.13 pp	18 q
WOOFoot Locker Inc	0.47%	1,053,395	$31M	added+4%	+0.08 pp	11 q
VEAVanguard FTSE Developed Markets ETF	0.46%	786,166	$30M	trimmed−26%	−0.16 pp	29 q
HLIHoulihan Lokey, Inc.	0.45%	534,779	$30M	trimmed−28%	−0.23 pp	18 q
WBAWalgreens Boots Alliance, Inc	0.45%	689,297	$29M	new	+0.45 pp	new
MEIMethode Electronics	0.44%	921,805	$29M	trimmed−2%	0.00 pp	11 q
OMCOmnicom Group Inc.	0.41%	491,248	$27M	trimmed−14%	−0.14 pp	29 q
CHKPCheck Point Software Technologies Ltd	0.41%	247,949	$27M	added×3.7	+0.29 pp	2 q
CHLChina Mobile Limited	0.36%	709,968	$24M	trimmed−15%	−0.19 pp	29 q
RCLRoyal Caribbean Group	0.36%	468,400	$24M	trimmed−51%	−0.18 pp	29 q
KFYKorn Ferry	0.34%	734,797	$23M	added+7%	+0.05 pp	6 q
MSGSMadison Square Garden Sports Corp.	0.34%	150,129	$22M	trimmed−25%	−0.40 pp	19 q
NOVNOV Inc.	0.34%	1,847,467	$23M	added+1%	+0.02 pp	29 q
NTAPNetApp, Inc	0.34%	500,041	$22M	new	+0.34 pp	new
TPRTapestry, Inc.	0.34%	1,703,472	$23M	added+4%	−0.03 pp	11 q
BMYBristol-Myers Squibb Co.	0.32%	356,396	$21M	added×2.6	+0.19 pp	2 q
OSWOneSpaWorld Holdings Limited	0.30%	4,100,708	$20M	added×2.4	+0.18 pp	2 q
BRCBrady Corporation	0.29%	402,313	$19M	trimmed−10%	−0.06 pp	29 q
ACIAAcacia Communications, Inc.	0.27%	260,215	$17M	added×2.6	+0.15 pp	8 q
VODVodafone Group PLC	0.26%	1,060,825	$17M	new	+0.26 pp	new
TAPMolson Coors Beverage Company Class B	0.25%	479,437	$16M	trimmed−68%	−0.77 pp	7 q
EOGEOG Resources, Inc.	0.24%	316,900	$16M	trimmed−77%	−0.63 pp	20 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.24%	971,672	$16M	added+45%	+0.11 pp	2 q
HP5AEquity Commonwealth	0.21%	431,367	$14M	added+5%	−0.02 pp	5 q
BSACBanco Santander-Chile	0.18%	717,840	$12M	trimmed−9%	−0.03 pp	26 q
IBKRInteractive Brokers Group, Inc. Class A	0.18%	275,652	$12M	new	+0.18 pp	new
EVREvercore Inc.	0.17%	191,818	$11M	added×3.5	+0.13 pp	3 q
MIDDMiddleby Corp	0.17%	139,508	$11M	added×2.5	+0.12 pp	2 q
USBU.S. Bancorp	0.17%	295,549	$11M	added+4%	0.00 pp	28 q
BAPCredicorp LTD	0.17%	83,925	$11M	new	+0.17 pp	new
MTSCMTS Systems Corp	0.15%	547,752	$10M	added+2%	−0.06 pp	29 q
RSTRosetta Stone Inc	0.15%	587,207	$10M	trimmed−2%	0.00 pp	29 q
CCLCarnival Corporation Ltd.	0.14%	560,533	$9M	trimmed−46%	−0.10 pp	3 q
HMNHorace Mann Educators Corporation	0.14%	257,965	$9M	added+3%	−0.02 pp	29 q
COWNCowen Inc. Class A	0.13%	533,287	$9M	trimmed−32%	0.00 pp	15 q
ORCLOracle Corp	0.13%	160,179	$9M	trimmed−10%	−0.02 pp	27 q
TISITeam, Inc.	0.13%	1,539,876	$9M	added+2%	−0.04 pp	29 q
WUThe Western Union Company	0.13%	396,620	$9M	trimmed−2%	0.00 pp	29 q
JWNNordstrom, Inc.	0.12%	522,439	$8M	added+1%	−0.02 pp	29 q
ACTGAcacia Research Corporation	0.11%	1,745,534	$7M	trimmed−21%	+0.02 pp	29 q
ORBCORBCOMM, Inc.	0.11%	1,801,022	$7M	trimmed−34%	−0.01 pp	29 q
DFSDiscover Financial Services	0.10%	126,453	$6M	trimmed−55%	−0.08 pp	2 q
ICEIntercontinental Exchange Inc.	0.10%	69,779	$6M	added+4%	0.00 pp	14 q
KINKindred Biosciences, Inc.	0.10%	1,533,812	$7M	trimmed−14%	−0.02 pp	23 q
LMTLockheed Martin Corp.	0.10%	17,753	$6M	trimmed−25%	−0.04 pp	29 q
IWNiShares Russell 2000 Value ETF	0.08%	50,654	$5M	trimmed−54%	−0.08 pp	5 q
MOSThe Mosaic Company	0.08%	398,008	$5M	trimmed−4%	0.00 pp	28 q
unresolvedBallantyne Strong, Inc.	0.07%	2,649,581	$4M	trimmed−23%	−0.03 pp	29 q
HNGRHanger Inc.	0.07%	292,894	$5M	trimmed−9%	−0.02 pp	24 q
MATWMatthews International Corp	0.07%	255,756	$5M	added+3%	−0.04 pp	29 q
RNWARealnetworks Inc	0.07%	3,471,438	$5M	trimmed−43%	−0.01 pp	28 q
9990302DApache Corp	0.06%	286,010	$4M	added+26%	+0.04 pp	28 q
BNYBank of New York Mellon Corporation	0.06%	98,536	$4M	trimmed−3%	0.00 pp	29 q
CSCOCisco Systems, Inc. (DE)	0.06%	83,690	$4M	added+4%	0.00 pp	2 q
GAIAGaia, Inc. Class A	0.06%	499,744	$4M	trimmed−45%	−0.08 pp	5 q
GRBKGreen Brick Partners, Inc	0.06%	319,716	$4M	trimmed−26%	0.00 pp	16 q
LAKELakeland Industries Inc	0.06%	189,302	$4M	added+36%	+0.02 pp	9 q
unresolvedMitcham Industries, Inc.	0.06%	2,410,769	$4M	trimmed−17%	0.00 pp	29 q
TURN180 Degree Capital Corp.	0.06%	2,274,863	$4M	trimmed−23%	−0.01 pp	14 q
QCOMQualcomm Inc	0.06%	40,355	$4M	trimmed−53%	−0.04 pp	8 q
TRCTejon Ranch Co.	0.06%	257,799	$4M	trimmed−22%	−0.02 pp	12 q
CNTYCentury Casinos Inc	0.05%	868,087	$4M	trimmed−30%	0.00 pp	26 q
XOMExxon Mobil Corp	0.05%	72,398	$3M	trimmed−4%	0.00 pp	29 q
PRCPPerceptron Inc	0.05%	926,360	$3M	trimmed−22%	−0.01 pp	29 q
CPIXCumberland Pharmaceuticals Inc	0.04%	782,441	$3M	trimmed−28%	−0.03 pp	29 q
EMKREmcore Corp	0.04%	738,801	$2M	trimmed−25%	0.00 pp	17 q
GSITGSI Technology	0.04%	368,150	$3M	trimmed−26%	−0.02 pp	15 q
JCAPJernigan Capital Inc	0.04%	172,596	$2M	added+16%	+0.01 pp	8 q
unresolvedSafeguard Scientifics Inc.	0.04%	334,212	$2M	trimmed−24%	0.00 pp	14 q
ALOTAstroNova, Inc.	0.03%	282,971	$2M	trimmed−24%	−0.02 pp	29 q
CSWCCapital Southwest Corp	0.03%	156,153	$2M	added+4%	0.00 pp	27 q
IDCCInterDigital, Inc.	0.03%	31,236	$2M	added+4%	+0.01 pp	3 q
NVSNovartis AG	0.03%	20,344	$2M	trimmed−51%	−0.03 pp	19 q
PCYOPure Cycle Corporation	0.03%	240,847	$2M	added+10%	−0.01 pp	11 q
STRTStrattec Security Corp	0.03%	127,836	$2M	trimmed−44%	−0.03 pp	18 q
ZAGGZAGG Inc (Delaware)	0.03%	587,007	$2M	trimmed−24%	−0.01 pp	3 q
ENZBEnzo Biochem Inc	0.02%	659,316	$1M	trimmed−24%	−0.02 pp	5 q
MOVMovado Group, Inc.	0.02%	117,725	$1M	trimmed−21%	−0.01 pp	18 q
SYNCSynacor Inc	0.02%	969,883	$1M	trimmed−33%	−0.01 pp	13 q
GIFIGulf Island Fabrication Inc	0.01%	132,838	$408,000	trimmed−16%	0.00 pp	29 q
OESXOrion Energy Systems, Inc.	0.01%	279,414	$967,000	added+14%	−0.01 pp	29 q
PEWPctel Inc	0.01%	54,675	$365,000	trimmed−41%	0.00 pp	29 q
RBCNRubicon Tech Inc	0.01%	57,087	$464,000	trimmed−14%	0.00 pp	13 q
AXTIAXT Inc	0.00%	31,398	$149,000	trimmed−1%	0.00 pp	23 q
CRWSCrown Crafts Inc	0.00%	36,857	$181,000	added+34%	0.00 pp	9 q
GLAEGlassbridge Enterprises Inc	0.00%	2,351	$212,000	new	0.00 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.00%	5,804	$251,000	held	—	17 q
NVONovo-Nordisk A/S	0.00%	4,502	$295,000	new	0.00 pp	new
PICOPICO Holdings, Inc. (DE)	0.00%	19,581	$165,000	new	0.00 pp	new
RFILRF Industries Ltd	0.00%	14,987	$70,000	new	0.00 pp	new
DGXQuest Diagnostics Inc.	—	−592,375	—	exited	−0.83 pp	—
SLBSLB Limited	—	−1,739,797	—	exited	−0.41 pp	—
BXBlackstone Inc.	—	−274,046	—	exited	−0.22 pp	—
ITWIllinois Tool Works Inc.	—	−87,025	—	exited	−0.22 pp	—
FICOFair Isaac Corporation	—	−33,204	—	exited	−0.18 pp	—
TSTenaris S. A.	—	−666,657	—	exited	−0.14 pp	—
COSTCostco Wholesale Corp	—	−13,061	—	exited	−0.07 pp	—
SEICSEI Investments Co	—	−67,378	—	exited	−0.05 pp	—
VTVanguard Total World Stock ETF	—	−43,844	—	exited	−0.05 pp	—
BKNGBooking Holdings Inc.	—	−1,125	—	exited	−0.03 pp	—
ALYAFAlithya Group Inc A Vtg	—	−445,779	—	exited	−0.01 pp	—
FNFabrinet	—	−11,774	—	exited	−0.01 pp	—