Ariel Investments

Q4 2020 13F · by John Rogers, CIO

As of: Dec 31, 2020
Filed: Feb 10, 2021
US stock: $8.9B · prev $6.9B
Positions: 140 · prev 142
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%

Moves138 since the prior filing

+8.9 pp in · −8.8 pp out

New 4 +0.03 pp
Added 70 +8.83 pp
Trimmed 58 −7.78 pp
Exited 6 −1.05 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions140 in this filing · 6 exited


BIDUBaidu, Inc.	7.14%	2,930,586	$634M	added+3%	+1.90 pp	31 q
PMPhilip Morris International Inc.	4.11%	4,408,951	$365M	trimmed−3%	−0.86 pp	30 q
MSFTMicrosoft Corp	3.57%	1,423,200	$317M	trimmed−10%	−1.24 pp	31 q
MATMattel, Inc.	3.13%	15,926,754	$278M	trimmed−7%	+0.21 pp	23 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.69%	7,078,143	$239M	added+3%	+0.22 pp	4 q
LAZLazard, Inc.	2.64%	5,541,371	$234M	added+1%	0.00 pp	31 q
IPGThe Interpublic Group of Companies, Inc.	2.58%	9,742,138	$229M	added+2%	+0.26 pp	31 q
NLSNNielsen Holdings PLC	2.57%	10,927,743	$228M	added+44%	+1.01 pp	16 q
FAFFirst American Financial Corporation	2.54%	4,368,561	$226M	added+24%	−0.07 pp	31 q
KMTKennametal Inc.	2.50%	6,113,401	$222M	added+3%	0.00 pp	27 q
SPHRSphere Entertainment Co.	2.49%	2,107,380	$221M	added+32%	+0.90 pp	3 q
SRCLStericycle Inc	2.42%	3,100,084	$215M	added+5%	−0.29 pp	12 q
SNASnap-on Incorporated	2.08%	1,078,202	$185M	added+7%	−0.07 pp	31 q
GILDGilead Sciences Inc	1.96%	2,978,954	$174M	added+14%	−0.43 pp	31 q
MHKMohawk Industries, Inc.	1.94%	1,220,516	$172M	added+8%	+0.34 pp	31 q
BOKFBOK Financial Corp	1.90%	2,462,077	$169M	added+12%	+0.26 pp	19 q
NTRSNorthern Trust Corp	1.80%	1,719,296	$160M	trimmed−3%	−0.21 pp	31 q
BRK.BBERKSHIRE HATHAWAY Class B	1.71%	653,169	$151M	trimmed−8%	−0.49 pp	30 q
JLLJones Lang LaSalle, Inc.	1.70%	1,017,386	$151M	added+12%	+0.44 pp	31 q
MSGNMSG Networks Inc.	1.68%	10,133,713	$149M	added+2%	+0.29 pp	21 q
JNJJohnson & Johnson	1.61%	907,443	$143M	added+4%	−0.27 pp	31 q
99803EURLaboratory Crp Of Amer Hldgs	1.59%	691,256	$141M	trimmed−1%	−0.31 pp	28 q
KKRKKR & Co. Inc.	1.56%	3,411,548	$138M	trimmed−4%	−0.22 pp	10 q
PARAParamount Global-class B	1.55%	3,690,127	$137M	trimmed−9%	−0.11 pp	5 q
BCOThe Brink's Company	1.35%	1,663,475	$120M	added+27%	+0.57 pp	31 q
CLBCore Laboratories Inc.	1.35%	4,521,001	$120M	added+42%	+0.65 pp	3 q
SJMThe J.M. Smucker Company	1.25%	963,094	$111M	trimmed−5%	−0.45 pp	31 q
KEYSKeysight Technologies, Inc.	1.23%	827,634	$109M	trimmed−3%	0.00 pp	17 q
TGNATEGNA Inc.	1.19%	7,555,142	$105M	added+8%	−0.01 pp	23 q
CBRECbre Group, Inc.	1.16%	1,640,207	$103M	trimmed−10%	−0.09 pp	31 q
CRLCharles River Laboratories International, Inc.	1.16%	412,866	$103M	trimmed−16%	−0.45 pp	31 q
MTNVail Resorts, Inc.	1.10%	351,518	$98M	trimmed−8%	−0.09 pp	4 q
FLIRFLIR Systems, Inc. (DE)	1.04%	2,100,295	$92M	added×3.3	+0.71 pp	2 q
LFUSLittelfuse Inc	1.04%	363,328	$93M	trimmed−5%	+0.06 pp	31 q
CVSACovista Inc.	0.97%	2,542,875	$86M	trimmed−17%	−0.12 pp	15 q
KNKnowles Corporation	0.97%	4,648,684	$86M	added+2%	−0.02 pp	9 q
MDPMeredith Corporation	0.96%	4,453,221	$86M	added+20%	+0.25 pp	31 q
OSWOneSpaWorld Holdings Limited	0.93%	8,177,824	$83M	added+34%	+0.35 pp	4 q
AMGAffiliated Managers Group	0.91%	791,454	$80M	added+6%	+0.17 pp	10 q
GSGoldman Sachs Group Inc.	0.86%	289,635	$76M	trimmed−0%	+0.01 pp	31 q
DOXAmdocs Limited	0.83%	1,037,873	$74M	trimmed−8%	−0.11 pp	12 q
JHGJanus Henderson Group PLC	0.82%	2,227,867	$72M	added+9%	+0.17 pp	15 q
BWABorgWarner Inc.	0.76%	1,741,960	$67M	trimmed−6%	−0.29 pp	20 q
VZVerizon Communications	0.76%	1,146,984	$67M	trimmed−18%	−0.45 pp	25 q
ZBHZimmer Biomet Holdings, Inc.	0.75%	430,618	$66M	trimmed−9%	−0.19 pp	31 q
ZBRAZebra Technologies Corporation	0.74%	170,654	$66M	trimmed−27%	−0.12 pp	29 q
AFLAflac Inc.	0.73%	1,465,539	$65M	trimmed−6%	−0.09 pp	31 q
SLCAU.s. Silica Holdings, Inc.	0.71%	8,960,928	$63M	added+2%	+0.33 pp	30 q
VEAVanguard FTSE Developed Markets ETF	0.70%	1,322,252	$62M	added+63%	+0.22 pp	31 q
PGRProgressive Corporation	0.69%	623,354	$62M	trimmed−16%	−0.33 pp	22 q
SCHWThe Charles Schwab Corporation	0.69%	1,151,827	$61M	trimmed−8%	+0.03 pp	4 q
MASMasco Corporation	0.67%	1,079,607	$59M	added+3%	−0.17 pp	9 q
SSDSimpson Manufacturing Co., Inc.	0.66%	624,907	$58M	added+8%	−0.16 pp	31 q
SWKStanley Black & Decker, Inc.	0.64%	318,910	$57M	trimmed−22%	−0.32 pp	31 q
NTAPNetApp, Inc	0.56%	748,792	$50M	trimmed−7%	+0.05 pp	3 q
WBAWalgreens Boots Alliance, Inc	0.53%	1,190,065	$47M	added+49%	+0.11 pp	3 q
TPRTapestry, Inc.	0.51%	1,468,077	$46M	trimmed−10%	+0.14 pp	13 q
CAHCardinal Health, Inc.	0.50%	827,647	$44M	added+18%	+0.02 pp	17 q
CHKPCheck Point Software Technologies Ltd	0.50%	331,912	$44M	added+30%	+0.05 pp	4 q
BAPCredicorp LTD	0.47%	253,152	$42M	added+44%	+0.15 pp	3 q
MEIMethode Electronics	0.44%	1,025,932	$39M	added+11%	+0.06 pp	13 q
KMXCarMax Inc.	0.43%	403,267	$38M	added+23%	−0.01 pp	8 q
HP5AEquity Commonwealth	0.42%	1,351,000	$37M	added+55%	+0.08 pp	7 q
KFYKorn Ferry	0.41%	841,966	$37M	added+12%	+0.09 pp	8 q
RCLRoyal Caribbean Group	0.41%	485,469	$36M	added+4%	−0.03 pp	31 q
MSGSMadison Square Garden Sports Corp.	0.37%	180,145	$33M	added+20%	+0.04 pp	21 q
NOKNokia Corporation	0.36%	8,206,588	$32M	trimmed−44%	−0.46 pp	31 q
BRCBrady Corporation	0.34%	575,094	$30M	added+37%	+0.10 pp	31 q
BIOBio-Rad Laboratories, Inc.Class A	0.32%	49,311	$29M	trimmed−23%	−0.16 pp	31 q
EVREvercore Inc.	0.32%	260,183	$29M	added+36%	+0.14 pp	5 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.32%	1,130,782	$29M	added+16%	+0.08 pp	4 q
HLIHoulihan Lokey, Inc.	0.30%	398,231	$27M	trimmed−24%	−0.15 pp	20 q
IWNiShares Russell 2000 Value ETF	0.30%	201,217	$27M	added×2.4	+0.18 pp	7 q
OMCOmnicom Group Inc.	0.29%	411,388	$26M	trimmed−8%	−0.03 pp	31 q
TISITeam, Inc.	0.26%	2,124,478	$23M	added+14%	+0.11 pp	31 q
WTWWillis Towers Watson Public Limited Company	0.25%	104,184	$22M	trimmed−26%	−0.17 pp	20 q
unresolvedGlaxosmithkline PLC	0.24%	578,882	$21M	trimmed−33%	−0.23 pp	31 q
MIDDMiddleby Corp	0.24%	166,234	$21M	added+18%	+0.06 pp	4 q
NOVNOV Inc.	0.23%	1,476,193	$20M	trimmed−6%	+0.02 pp	31 q
TAPMolson Coors Beverage Company Class B	0.22%	428,588	$19M	trimmed−8%	−0.01 pp	9 q
MTSCMTS Systems Corp	0.20%	300,551	$17M	trimmed−45%	+0.05 pp	31 q
BSACBanco Santander-Chile	0.18%	841,567	$16M	trimmed−1%	+0.01 pp	28 q
BMYBristol-Myers Squibb Co.	0.18%	254,798	$16M	trimmed−21%	−0.10 pp	4 q
WOOFoot Locker Inc	0.18%	395,302	$16M	trimmed−55%	−0.24 pp	13 q
HMNHorace Mann Educators Corporation	0.15%	308,202	$13M	added+19%	+0.02 pp	31 q
VODVodafone Group PLC	0.15%	826,746	$14M	trimmed−15%	−0.04 pp	3 q
USBU.S. Bancorp	0.13%	255,575	$12M	trimmed−10%	−0.02 pp	30 q
ORCLOracle Corp	0.12%	162,716	$11M	held	—	29 q
COWNCowen Inc. Class A	0.11%	361,648	$9M	trimmed−32%	−0.02 pp	17 q
JWNNordstrom, Inc.	0.11%	298,852	$9M	trimmed−43%	+0.02 pp	31 q
ORBCORBCOMM, Inc.	0.11%	1,316,295	$10M	trimmed−30%	+0.02 pp	31 q
MOSThe Mosaic Company	0.10%	392,008	$9M	held	—	30 q
WUThe Western Union Company	0.10%	410,024	$9M	held	—	31 q
KINKindred Biosciences, Inc.	0.09%	1,928,976	$8M	added+14%	−0.02 pp	25 q
MATWMatthews International Corp	0.09%	280,475	$8M	added+10%	+0.01 pp	31 q
HNGRHanger Inc.	0.08%	304,314	$7M	held	—	26 q
ICEIntercontinental Exchange Inc.	0.08%	59,962	$7M	trimmed−10%	−0.02 pp	16 q
BNYBank of New York Mellon Corporation	0.07%	146,128	$6M	added+23%	+0.01 pp	31 q
LMTLockheed Martin Corp.	0.07%	17,453	$6M	held	—	31 q
MINDMIND Technology, Inc. (DE)	0.07%	2,631,312	$6M	added+9%	0.00 pp	2 q
PCYOPure Cycle Corporation	0.07%	552,591	$6M	added+24%	+0.01 pp	13 q
9990302DApache Corp	0.06%	373,013	$5M	added+12%	+0.01 pp	30 q
unresolvedBallantyne Strong, Inc.	0.06%	2,583,100	$5M	trimmed−3%	0.00 pp	31 q
CNTYCentury Casinos Inc	0.06%	849,759	$5M	added+4%	−0.01 pp	28 q
GAIAGaia, Inc. Class A	0.06%	541,097	$5M	added+24%	0.00 pp	7 q
TURN180 Degree Capital Corp.	0.06%	2,317,898	$5M	added+1%	0.00 pp	16 q
RNWARealnetworks Inc	0.06%	3,378,127	$5M	trimmed−4%	0.00 pp	30 q
TRCTejon Ranch Co.	0.05%	277,400	$4M	added+1%	−0.01 pp	14 q
ALOTAstroNova, Inc.	0.04%	321,363	$3M	added+6%	0.00 pp	31 q
CSCOCisco Systems, Inc. (DE)	0.04%	71,918	$3M	trimmed−10%	−0.01 pp	4 q
EMKREmcore Corp	0.04%	692,171	$4M	trimmed−7%	0.00 pp	19 q
GSITGSI Technology	0.04%	452,720	$3M	added+13%	+0.01 pp	17 q
CPIXCumberland Pharmaceuticals Inc	0.03%	821,096	$2M	added+5%	−0.01 pp	31 q
ACWXiShares MSCI ACWI ex US ETF	0.03%	58,401	$3M	added×10.1	+0.03 pp	19 q
LAKELakeland Industries Inc	0.03%	93,208	$3M	trimmed−44%	−0.02 pp	11 q
MOVMovado Group, Inc.	0.03%	167,531	$3M	added+41%	+0.01 pp	20 q
unresolvedSafeguard Scientifics Inc.	0.03%	359,626	$2M	added+7%	0.00 pp	16 q
ALCOAlico Inc	0.02%	60,932	$2M	new	+0.02 pp	new
CRAICRA International, Inc.	0.02%	43,391	$2M	added+62%	+0.01 pp	2 q
CSWCCapital Southwest Corp	0.02%	96,598	$2M	trimmed−38%	−0.01 pp	29 q
ENZBEnzo Biochem Inc	0.02%	871,112	$2M	added+5%	−0.01 pp	7 q
NVSNovartis AG	0.02%	20,427	$2M	added0%	−0.01 pp	21 q
PSTHPershing Square Tontine Holdings, Ltd.	0.02%	58,919	$2M	trimmed−32%	−0.01 pp	2 q
SYNCSynacor Inc	0.02%	1,190,207	$2M	trimmed−1%	−0.01 pp	15 q
ACTGAcacia Research Corporation	0.01%	122,189	$481,000	trimmed−92%	−0.07 pp	31 q
AZNNAstrazeneca Plc-spons ADR	0.01%	26,405	$1M	new	+0.01 pp	new
GRBKGreen Brick Partners, Inc	0.01%	34,155	$784,000	trimmed−43%	0.00 pp	18 q
OESXOrion Energy Systems, Inc.	0.01%	125,849	$1M	trimmed−55%	−0.02 pp	31 q
RBCNRubicon Tech Inc	0.01%	57,886	$524,000	added+1%	0.00 pp	15 q
ZAGGZAGG Inc (Delaware)	0.01%	249,443	$1M	trimmed−69%	−0.02 pp	5 q
CRWSCrown Crafts Inc	0.00%	44,048	$317,000	added+17%	0.00 pp	11 q
GLAEGlassbridge Enterprises Inc	0.00%	2,204	$110,000	new	0.00 pp	new
GIFIGulf Island Fabrication Inc	0.00%	132,838	$406,000	held	—	31 q
IWSiShares Russell Mid-Cap Value ETF	0.00%	2,381	$231,000	new	0.00 pp	new
NVONovo-Nordisk A/S	0.00%	4,552	$318,000	held	—	3 q
OSSOne Stop Systems, Inc.	0.00%	88,012	$352,000	added+24%	0.00 pp	2 q
PEWPctel Inc	0.00%	58,275	$383,000	held	—	31 q
PICOPICO Holdings, Inc. (DE)	0.00%	32,431	$303,000	added+24%	0.00 pp	3 q
RFILRF Industries Ltd	0.00%	51,274	$252,000	added+89%	0.00 pp	3 q
STRTStrattec Security Corp	0.00%	8,500	$420,000	trimmed−94%	−0.04 pp	20 q
GNRCGenerac Holdings Inc	—	−232,082	—	exited	−0.65 pp	—
CHLChina Mobile Limited	—	−532,320	—	exited	−0.25 pp	—
CCLCarnival Corporation Ltd.	—	−537,970	—	exited	−0.12 pp	—
IDCCInterDigital, Inc.	—	−29,883	—	exited	−0.02 pp	—
PRCPPerceptron Inc	—	−151,142	—	exited	−0.01 pp	—
AXTIAXT Inc	—	−31,398	—	exited	0.00 pp	—