Ariel Investments

Q3 2020 13F · by John Rogers, CIO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $6.9B · prev $6.6B
Positions: 142 · prev 147
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%

Moves140 since the prior filing

+4.9 pp in · −4.8 pp out

New 5 +0.44 pp
Added 70 +4.45 pp
Trimmed 55 −3.63 pp
Exited 10 −1.15 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

BIDU Baidu, Inc. added+0.24 pp added+0.245.2%
PM Philip Morris International Inc. added+0.24 pp added+0.245.0%
MSFT Microsoft Corp trimmed−0.27 pp trimmed−0.274.8%
MAT Mattel, Inc. trimmed+0.31 pp trimmed+0.312.9%
SRCL Stericycle Inc added+0.22 pp added+0.222.7%

Positions142 in this filing · 10 exited


BIDUBaidu, Inc.	5.24%	2,848,886	$361M	added+4%	+0.24 pp	30 q
PMPhilip Morris International Inc.	4.97%	4,567,625	$343M	added+3%	+0.24 pp	29 q
MSFTMicrosoft Corp	4.81%	1,575,309	$331M	trimmed−4%	−0.27 pp	30 q
MATMattel, Inc.	2.92%	17,214,626	$201M	trimmed−3%	+0.31 pp	22 q
SRCLStericycle Inc	2.71%	2,957,272	$186M	added+1%	+0.22 pp	11 q
LAZLazard, Inc.	2.64%	5,502,144	$182M	added+2%	+0.29 pp	30 q
FAFFirst American Financial Corporation	2.61%	3,529,260	$180M	added+12%	+0.30 pp	30 q
KMTKennametal Inc.	2.50%	5,938,680	$172M	added+2%	−0.04 pp	26 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.47%	6,890,489	$170M	added+12%	+0.50 pp	3 q
GILDGilead Sciences Inc	2.39%	2,603,713	$165M	added+41%	+0.22 pp	30 q
IPGThe Interpublic Group of Companies, Inc.	2.32%	9,582,510	$160M	added+6%	−0.04 pp	30 q
BRK.BBERKSHIRE HATHAWAY Class B	2.20%	710,706	$151M	trimmed−5%	+0.16 pp	29 q
SNASnap-on Incorporated	2.15%	1,005,418	$148M	added+3%	+0.09 pp	30 q
NTRSNorthern Trust Corp	2.01%	1,771,302	$138M	trimmed−2%	−0.18 pp	30 q
99803EURLaboratory Crp Of Amer Hldgs	1.90%	695,892	$131M	trimmed−7%	+0.01 pp	27 q
JNJJohnson & Johnson	1.88%	870,434	$130M	trimmed−4%	−0.07 pp	30 q
KKRKKR & Co. Inc.	1.78%	3,564,315	$122M	trimmed−23%	−0.41 pp	9 q
SJMThe J.M. Smucker Company	1.70%	1,010,509	$117M	trimmed−6%	−0.03 pp	30 q
PARAParamount Global-class B	1.66%	4,073,054	$114M	trimmed−33%	−0.49 pp	4 q
BOKFBOK Financial Corp	1.64%	2,190,988	$113M	added+44%	+0.34 pp	18 q
CRLCharles River Laboratories International, Inc.	1.61%	490,342	$111M	trimmed−22%	−0.05 pp	30 q
MHKMohawk Industries, Inc.	1.60%	1,128,058	$110M	added+41%	+0.36 pp	30 q
SPHRSphere Entertainment Co.	1.59%	1,597,626	$109M	added+48%	+0.36 pp	2 q
NLSNNielsen Holdings PLC	1.56%	7,579,519	$107M	trimmed−0%	−0.16 pp	15 q
MSGNMSG Networks Inc.	1.39%	9,971,664	$95M	added+7%	−0.02 pp	20 q
JLLJones Lang LaSalle, Inc.	1.26%	905,421	$87M	added+12%	−0.01 pp	30 q
CBRECbre Group, Inc.	1.25%	1,825,402	$86M	trimmed−7%	−0.10 pp	30 q
KEYSKeysight Technologies, Inc.	1.23%	857,181	$85M	trimmed−5%	−0.16 pp	16 q
VZVerizon Communications	1.21%	1,399,763	$83M	trimmed−8%	−0.07 pp	24 q
TGNATEGNA Inc.	1.20%	7,007,889	$82M	added+7%	+0.09 pp	22 q
MTNVail Resorts, Inc.	1.19%	383,252	$82M	added+2%	+0.15 pp	3 q
CVSACovista Inc.	1.09%	3,066,741	$75M	added+9%	−0.25 pp	14 q
BWABorgWarner Inc.	1.05%	1,861,761	$72M	trimmed−11%	−0.07 pp	19 q
PGRProgressive Corporation	1.02%	741,155	$70M	trimmed−12%	−0.01 pp	21 q
KNKnowles Corporation	0.99%	4,560,318	$68M	trimmed−2%	−0.10 pp	8 q
LFUSLittelfuse Inc	0.98%	380,484	$67M	trimmed−5%	−0.06 pp	30 q
SWKStanley Black & Decker, Inc.	0.96%	408,949	$66M	trimmed−27%	−0.23 pp	30 q
ZBHZimmer Biomet Holdings, Inc.	0.94%	475,582	$65M	trimmed−1%	+0.07 pp	30 q
DOXAmdocs Limited	0.94%	1,127,730	$65M	added+12%	+0.01 pp	11 q
ZBRAZebra Technologies Corporation	0.86%	234,172	$59M	trimmed−27%	−0.39 pp	28 q
GSGoldman Sachs Group Inc.	0.85%	290,545	$58M	added+60%	+0.30 pp	30 q
MASMasco Corporation	0.84%	1,045,719	$58M	trimmed−12%	−0.06 pp	8 q
AFLAflac Inc.	0.82%	1,559,172	$57M	added+11%	+0.05 pp	30 q
NOKNokia Corporation	0.82%	14,526,888	$57M	trimmed−8%	−0.23 pp	30 q
SSDSimpson Manufacturing Co., Inc.	0.82%	580,001	$56M	trimmed−19%	−0.10 pp	30 q
BCOThe Brink's Company	0.78%	1,306,519	$54M	added+83%	+0.28 pp	30 q
AMGAffiliated Managers Group	0.74%	749,421	$51M	added0%	−0.11 pp	9 q
MDPMeredith Corporation	0.71%	3,726,201	$49M	added+12%	−0.03 pp	30 q
CLBCore Laboratories Inc.	0.70%	3,180,513	$49M	added+53%	+0.05 pp	2 q
SCHWThe Charles Schwab Corporation	0.66%	1,253,261	$45M	added+26%	+0.15 pp	3 q
GNRCGenerac Holdings Inc	0.65%	232,082	$45M	trimmed−25%	+0.08 pp	7 q
JHGJanus Henderson Group PLC	0.65%	2,050,329	$45M	added0%	−0.01 pp	14 q
OSWOneSpaWorld Holdings Limited	0.58%	6,105,347	$40M	added+49%	+0.28 pp	3 q
NTAPNetApp, Inc	0.51%	805,353	$35M	added+61%	+0.17 pp	2 q
BIOBio-Rad Laboratories, Inc.Class A	0.48%	64,393	$33M	trimmed−11%	−0.02 pp	30 q
CAHCardinal Health, Inc.	0.48%	704,181	$33M	added+4%	−0.06 pp	16 q
VEAVanguard FTSE Developed Markets ETF	0.48%	812,881	$33M	added+3%	+0.02 pp	30 q
unresolvedGlaxosmithkline PLC	0.47%	865,441	$33M	trimmed−15%	−0.17 pp	30 q
HLIHoulihan Lokey, Inc.	0.45%	522,157	$31M	trimmed−2%	0.00 pp	19 q
CHKPCheck Point Software Technologies Ltd	0.45%	255,532	$31M	added+3%	+0.04 pp	3 q
KMXCarMax Inc.	0.44%	327,299	$30M	trimmed−20%	−0.12 pp	7 q
RCLRoyal Caribbean Group	0.44%	468,469	$30M	added0%	+0.08 pp	30 q
WOOFoot Locker Inc	0.42%	883,071	$29M	trimmed−16%	−0.05 pp	12 q
WBAWalgreens Boots Alliance, Inc	0.42%	799,074	$29M	added+16%	−0.03 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.42%	139,890	$29M	trimmed−13%	−0.06 pp	19 q
MEIMethode Electronics	0.38%	922,605	$26M	added0%	−0.06 pp	12 q
SLCAU.s. Silica Holdings, Inc.	0.38%	8,774,459	$26M	held	—	29 q
TPRTapestry, Inc.	0.37%	1,634,164	$26M	trimmed−4%	+0.03 pp	12 q
HP5AEquity Commonwealth	0.34%	871,213	$23M	added×2.0	+0.13 pp	6 q
FLIRFLIR Systems, Inc. (DE)	0.33%	632,002	$23M	new	+0.33 pp	new
MSGSMadison Square Garden Sports Corp.	0.33%	150,089	$23M	trimmed−0%	−0.01 pp	20 q
KFYKorn Ferry	0.32%	752,772	$22M	added+2%	−0.02 pp	7 q
OMCOmnicom Group Inc.	0.32%	446,697	$22M	trimmed−9%	−0.09 pp	30 q
BAPCredicorp LTD	0.32%	175,358	$22M	added×2.1	+0.15 pp	2 q
BMYBristol-Myers Squibb Co.	0.28%	323,956	$20M	trimmed−9%	−0.04 pp	3 q
CHLChina Mobile Limited	0.25%	532,320	$17M	trimmed−25%	−0.11 pp	30 q
BRCBrady Corporation	0.24%	420,513	$17M	added+5%	−0.05 pp	30 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.24%	971,672	$17M	held	—	3 q
TAPMolson Coors Beverage Company Class B	0.23%	467,324	$16M	trimmed−3%	−0.02 pp	8 q
NOVNOV Inc.	0.21%	1,574,412	$14M	trimmed−15%	−0.13 pp	30 q
VODVodafone Group PLC	0.19%	975,553	$13M	trimmed−8%	−0.07 pp	2 q
EVREvercore Inc.	0.18%	191,818	$13M	held	—	4 q
MIDDMiddleby Corp	0.18%	141,124	$13M	added+1%	+0.01 pp	3 q
BSACBanco Santander-Chile	0.17%	848,756	$12M	added+18%	−0.01 pp	27 q
MTSCMTS Systems Corp	0.15%	547,752	$10M	held	—	30 q
TISITeam, Inc.	0.15%	1,865,220	$10M	added+21%	+0.02 pp	30 q
USBU.S. Bancorp	0.15%	283,344	$10M	trimmed−4%	−0.02 pp	29 q
ORCLOracle Corp	0.14%	162,716	$10M	added+2%	+0.01 pp	28 q
COWNCowen Inc. Class A	0.13%	532,433	$9M	trimmed−0%	0.00 pp	16 q
HMNHorace Mann Educators Corporation	0.13%	257,965	$9M	held	—	30 q
WUThe Western Union Company	0.13%	410,024	$9M	added+3%	0.00 pp	30 q
CCLCarnival Corporation Ltd.	0.12%	537,970	$8M	trimmed−4%	−0.02 pp	4 q
IWNiShares Russell 2000 Value ETF	0.12%	84,510	$8M	added+67%	+0.04 pp	6 q
KINKindred Biosciences, Inc.	0.11%	1,685,506	$7M	added+10%	+0.01 pp	24 q
ICEIntercontinental Exchange Inc.	0.10%	66,919	$7M	trimmed−4%	0.00 pp	15 q
LMTLockheed Martin Corp.	0.10%	17,453	$7M	trimmed−2%	0.00 pp	30 q
MOSThe Mosaic Company	0.10%	392,008	$7M	trimmed−2%	+0.02 pp	29 q
JWNNordstrom, Inc.	0.09%	520,646	$6M	trimmed−0%	−0.03 pp	30 q
ORBCORBCOMM, Inc.	0.09%	1,893,438	$6M	added+5%	−0.02 pp	30 q
ACTGAcacia Research Corporation	0.08%	1,592,800	$6M	trimmed−9%	−0.03 pp	30 q
MATWMatthews International Corp	0.08%	255,756	$6M	held	—	30 q
CNTYCentury Casinos Inc	0.07%	818,059	$4M	trimmed−6%	+0.02 pp	27 q
HNGRHanger Inc.	0.07%	304,314	$5M	added+4%	0.00 pp	25 q
MINDMIND Technology, Inc. (DE)	0.07%	2,411,101	$5M	new	+0.07 pp	new
unresolvedBallantyne Strong, Inc.	0.06%	2,654,305	$4M	added0%	−0.01 pp	30 q
BNYBank of New York Mellon Corporation	0.06%	118,575	$4M	added+20%	0.00 pp	30 q
GAIAGaia, Inc. Class A	0.06%	435,421	$4M	trimmed−13%	0.00 pp	6 q
TURN180 Degree Capital Corp.	0.06%	2,297,163	$4M	added+1%	0.00 pp	15 q
PCYOPure Cycle Corporation	0.06%	446,622	$4M	added+85%	+0.03 pp	12 q
RNWARealnetworks Inc	0.06%	3,531,665	$4M	added+2%	−0.01 pp	29 q
TRCTejon Ranch Co.	0.06%	274,999	$4M	added+7%	0.00 pp	13 q
9990302DApache Corp	0.05%	331,994	$3M	added+16%	−0.01 pp	29 q
CSCOCisco Systems, Inc. (DE)	0.05%	80,277	$3M	trimmed−4%	−0.01 pp	3 q
LAKELakeland Industries Inc	0.05%	166,310	$3M	trimmed−12%	−0.01 pp	10 q
ALOTAstroNova, Inc.	0.04%	302,571	$2M	added+7%	+0.01 pp	30 q
CPIXCumberland Pharmaceuticals Inc	0.04%	782,441	$3M	held	—	30 q
EMKREmcore Corp	0.04%	746,201	$2M	added+1%	0.00 pp	18 q
STRTStrattec Security Corp	0.04%	132,487	$3M	added+4%	+0.01 pp	19 q
CSWCCapital Southwest Corp	0.03%	156,153	$2M	held	—	28 q
ENZBEnzo Biochem Inc	0.03%	831,092	$2M	added+26%	+0.01 pp	6 q
GSITGSI Technology	0.03%	401,562	$2M	added+9%	−0.01 pp	16 q
NVSNovartis AG	0.03%	20,414	$2M	added0%	0.00 pp	20 q
OESXOrion Energy Systems, Inc.	0.03%	279,057	$2M	trimmed−0%	+0.02 pp	30 q
PSTHPershing Square Tontine Holdings, Ltd.	0.03%	86,219	$2M	new	+0.03 pp	new
unresolvedSafeguard Scientifics Inc.	0.03%	337,612	$2M	added+1%	−0.01 pp	15 q
SYNCSynacor Inc	0.03%	1,198,432	$2M	added+24%	+0.01 pp	14 q
ZAGGZAGG Inc (Delaware)	0.03%	795,490	$2M	added+36%	0.00 pp	4 q
IDCCInterDigital, Inc.	0.02%	29,883	$2M	trimmed−4%	−0.01 pp	4 q
MOVMovado Group, Inc.	0.02%	118,950	$1M	added+1%	0.00 pp	19 q
CRAICRA International, Inc.	0.01%	26,816	$1M	new	+0.01 pp	new
GRBKGreen Brick Partners, Inc	0.01%	60,071	$967,000	trimmed−81%	−0.05 pp	17 q
GIFIGulf Island Fabrication Inc	0.01%	132,838	$416,000	held	—	30 q
PRCPPerceptron Inc	0.01%	151,142	$1M	trimmed−84%	−0.04 pp	30 q
RBCNRubicon Tech Inc	0.01%	57,087	$485,000	held	—	14 q
AXTIAXT Inc	0.00%	31,398	$192,000	held	—	24 q
CRWSCrown Crafts Inc	0.00%	37,777	$213,000	added+3%	0.00 pp	10 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	5,804	$267,000	held	—	18 q
NVONovo-Nordisk A/S	0.00%	4,552	$316,000	added+1%	0.00 pp	2 q
OSSOne Stop Systems, Inc.	0.00%	71,260	$150,000	new	0.00 pp	new
PEWPctel Inc	0.00%	58,275	$330,000	added+7%	−0.01 pp	30 q
PICOPICO Holdings, Inc. (DE)	0.00%	26,102	$234,000	added+33%	0.00 pp	2 q
RFILRF Industries Ltd	0.00%	27,087	$120,000	added+81%	0.00 pp	2 q
ACIAAcacia Communications, Inc.	—	−260,215	—	exited	−0.27 pp	—
EOGEOG Resources, Inc.	—	−316,900	—	exited	−0.24 pp	—
IBKRInteractive Brokers Group, Inc. Class A	—	−275,652	—	exited	−0.18 pp	—
RSTRosetta Stone Inc	—	−587,207	—	exited	−0.15 pp	—
DFSDiscover Financial Services	—	−126,453	—	exited	−0.10 pp	—
unresolvedMitcham Industries, Inc.	—	−2,410,769	—	exited	−0.06 pp	—
QCOMQualcomm Inc	—	−40,355	—	exited	−0.06 pp	—
XOMExxon Mobil Corp	—	−72,398	—	exited	−0.05 pp	—
JCAPJernigan Capital Inc	—	−172,596	—	exited	−0.04 pp	—
GLAEGlassbridge Enterprises Inc	—	−2,351	—	exited	0.00 pp	—