Ariel Investments

Q2 2021 13F · by John Rogers, CIO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $10.6B · prev $10.2B
Positions: 110 · prev 136
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%

Moves135 since the prior filing

+5.1 pp in · −5.1 pp out

New 3 +1.81 pp
Added 50 +3.26 pp
Trimmed 53 −4.08 pp
Exited 29 −1.05 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions110 in this filing · 29 exited


BIDUBaidu, Inc.	4.44%	2,315,729	$472M	trimmed−5%	−0.80 pp	33 q
PMPhilip Morris International Inc.	3.73%	3,998,382	$396M	trimmed−6%	+0.01 pp	32 q
LAZLazard, Inc.	3.26%	7,657,001	$346M	added+10%	+0.28 pp	33 q
FAFFirst American Financial Corporation	3.17%	5,410,464	$337M	added+1%	+0.17 pp	33 q
MSFTMicrosoft Corp	3.04%	1,194,040	$323M	trimmed−12%	−0.10 pp	33 q
IPGThe Interpublic Group of Companies, Inc.	2.98%	9,768,806	$317M	trimmed−2%	+0.12 pp	33 q
MATMattel, Inc.	2.95%	15,620,180	$314M	added+2%	−0.05 pp	25 q
NLSNNielsen Holdings PLC	2.81%	12,122,282	$299M	added+8%	+0.03 pp	18 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.60%	6,399,263	$277M	trimmed−5%	−0.10 pp	6 q
KMTKennametal Inc.	2.58%	7,626,549	$274M	added+8%	−0.20 pp	29 q
SRCLStericycle Inc	2.55%	3,783,869	$271M	added+3%	+0.10 pp	14 q
BOKFBOK Financial Corp	2.54%	3,115,772	$270M	added+4%	−0.09 pp	21 q
SPHRSphere Entertainment Co.	2.53%	3,204,928	$269M	added+24%	+0.45 pp	5 q
MHKMohawk Industries, Inc.	2.27%	1,257,568	$242M	added0%	−0.11 pp	33 q
SNASnap-on Incorporated	2.11%	1,004,498	$224M	trimmed−3%	−0.24 pp	33 q
NTRSNorthern Trust Corp	2.02%	1,858,769	$215M	added+5%	+0.19 pp	33 q
KKRKKR & Co. Inc.	1.95%	3,494,828	$207M	added0%	+0.27 pp	12 q
JLLJones Lang LaSalle, Inc.	1.94%	1,055,237	$206M	added+2%	+0.11 pp	33 q
99803EURLaboratory Crp Of Amer Hldgs	1.79%	689,859	$190M	trimmed−2%	+0.01 pp	30 q
SJMThe J.M. Smucker Company	1.64%	1,350,089	$175M	added+2%	−0.02 pp	33 q
GILDGilead Sciences Inc	1.62%	2,499,799	$172M	trimmed−12%	−0.18 pp	33 q
AXTAAxalta Coating Systems Ltd.	1.60%	5,579,702	$170M	added+16%	+0.20 pp	2 q
ADTADT Inc.	1.55%	15,313,819	$165M	new	+1.55 pp	new
MSGNMSG Networks Inc.	1.46%	10,616,004	$155M	added+24%	+0.19 pp	23 q
TGNATEGNA Inc.	1.42%	8,026,865	$151M	added+2%	−0.05 pp	25 q
JHGJanus Henderson Group PLC	1.39%	3,811,044	$148M	added+3%	+0.26 pp	17 q
CBRECbre Group, Inc.	1.32%	1,634,136	$140M	added+1%	+0.06 pp	33 q
CLBCore Laboratories Inc.	1.31%	3,580,792	$139M	trimmed−5%	+0.24 pp	5 q
BCOThe Brink's Company	1.26%	1,737,719	$134M	added+2%	−0.07 pp	33 q
PARAParamount Global-class B	1.26%	2,967,040	$134M	added×4.0	+0.93 pp	7 q
JNJJohnson & Johnson	1.21%	782,309	$129M	trimmed−11%	−0.21 pp	33 q
AMGAffiliated Managers Group	1.20%	827,479	$128M	added0%	−0.01 pp	12 q
CVSACovista Inc.	1.13%	3,362,334	$120M	added+9%	−0.08 pp	17 q
MDPMeredith Corporation	1.12%	2,750,283	$119M	trimmed−33%	−0.09 pp	33 q
NVTnVent Electric plc	1.12%	3,796,767	$119M	added+26%	+0.29 pp	2 q
MTNVail Resorts, Inc.	1.05%	353,576	$112M	trimmed−1%	+0.02 pp	6 q
OSWOneSpaWorld Holdings Limited	1.05%	11,557,921	$112M	added+20%	+0.04 pp	6 q
KEYSKeysight Technologies, Inc.	1.01%	698,110	$108M	added+1%	+0.03 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	0.99%	377,593	$105M	trimmed−20%	−0.20 pp	32 q
MASMasco Corporation	0.95%	1,718,086	$101M	added+1%	−0.06 pp	11 q
GSGoldman Sachs Group Inc.	0.91%	256,250	$97M	trimmed−8%	+0.01 pp	33 q
KNKnowles Corporation	0.89%	4,813,764	$95M	added+1%	−0.09 pp	11 q
LFUSLittelfuse Inc	0.88%	365,727	$93M	added+2%	−0.05 pp	33 q
BAPCredicorp LTD	0.87%	763,121	$92M	added×2.0	+0.36 pp	5 q
WBAWalgreens Boots Alliance, Inc	0.81%	1,640,700	$86M	added+5%	−0.03 pp	5 q
PGRProgressive Corporation	0.78%	840,201	$83M	added+5%	+0.03 pp	24 q
CRLCharles River Laboratories International, Inc.	0.77%	221,099	$82M	trimmed−46%	−0.40 pp	33 q
AFLAflac Inc.	0.74%	1,475,686	$79M	trimmed−4%	−0.04 pp	33 q
BWABorgWarner Inc.	0.72%	1,568,761	$76M	trimmed−1%	−0.01 pp	22 q
SSDSimpson Manufacturing Co., Inc.	0.72%	696,242	$77M	added+2%	+0.02 pp	33 q
SCHWThe Charles Schwab Corporation	0.66%	967,989	$70M	trimmed−17%	−0.09 pp	6 q
DOXAmdocs Limited	0.63%	871,024	$67M	trimmed−17%	−0.09 pp	14 q
KFYKorn Ferry	0.57%	838,756	$61M	added0%	+0.06 pp	10 q
ZBRAZebra Technologies Corporation	0.57%	114,324	$61M	trimmed−15%	−0.07 pp	31 q
CAHCardinal Health, Inc.	0.56%	1,035,033	$59M	added+2%	−0.05 pp	19 q
SWKStanley Black & Decker, Inc.	0.55%	286,168	$59M	trimmed−9%	−0.07 pp	33 q
ZBHZimmer Biomet Holdings, Inc.	0.53%	350,122	$56M	trimmed−16%	−0.13 pp	33 q
CHKPCheck Point Software Technologies Ltd	0.51%	470,889	$55M	trimmed−4%	−0.03 pp	6 q
MEIMethode Electronics	0.48%	1,037,010	$51M	added+1%	+0.05 pp	15 q
OMCOmnicom Group Inc.	0.45%	598,271	$48M	trimmed−0%	+0.01 pp	33 q
VZVerizon Communications	0.45%	855,842	$48M	trimmed−24%	−0.20 pp	27 q
KMXCarMax Inc.	0.42%	348,077	$45M	trimmed−0%	−0.04 pp	10 q
RCLRoyal Caribbean Group	0.40%	501,853	$43M	added+1%	−0.02 pp	33 q
TAPMolson Coors Beverage Company Class B	0.37%	736,480	$40M	added+19%	+0.06 pp	11 q
NTAPNetApp, Inc	0.37%	478,781	$39M	trimmed−36%	−0.16 pp	5 q
BMYBristol-Myers Squibb Co.	0.36%	573,979	$38M	trimmed−18%	−0.08 pp	6 q
HP5AEquity Commonwealth	0.34%	1,377,497	$36M	trimmed−10%	−0.08 pp	9 q
EVREvercore Inc.	0.34%	258,246	$36M	trimmed−1%	0.00 pp	7 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.34%	1,231,838	$36M	added+3%	+0.02 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	0.32%	52,134	$34M	added+2%	+0.03 pp	33 q
MSGSMadison Square Garden Sports Corp.	0.32%	194,371	$34M	added+4%	−0.01 pp	23 q
NOVNOV Inc.	0.32%	2,238,973	$34M	added+2%	+0.02 pp	33 q
HLIHoulihan Lokey, Inc.	0.31%	405,703	$33M	added+2%	+0.05 pp	22 q
BRCBrady Corporation	0.30%	572,532	$32M	trimmed−0%	0.00 pp	33 q
MIDDMiddleby Corp	0.29%	176,783	$31M	added+3%	+0.01 pp	6 q
VEAVanguard FTSE Developed Markets ETF	0.28%	570,747	$29M	added+31%	+0.07 pp	33 q
VIVTelefonica Brasil, S.A.	0.24%	2,946,893	$25M	added0%	+0.01 pp	2 q
BSACBanco Santander-Chile	0.23%	1,242,008	$25M	trimmed−4%	−0.09 pp	30 q
NOKNokia Corporation	0.22%	4,449,489	$24M	trimmed−45%	−0.09 pp	33 q
TCOMTrip.com Group Limited	0.20%	589,656	$21M	new	+0.20 pp	new
SLCAU.s. Silica Holdings, Inc.	0.20%	1,812,971	$21M	trimmed−66%	−0.44 pp	32 q
IWNiShares Russell 2000 Value ETF	0.19%	119,566	$20M	trimmed−28%	−0.07 pp	9 q
TPRTapestry, Inc.	0.16%	383,425	$17M	trimmed−51%	−0.16 pp	15 q
TISITeam, Inc.	0.14%	2,293,187	$15M	added+1%	−0.12 pp	33 q
VODVodafone Group PLC	0.13%	814,816	$14M	trimmed−5%	−0.03 pp	5 q
HMNHorace Mann Educators Corporation	0.11%	325,491	$12M	added+3%	−0.02 pp	33 q
MATWMatthews International Corp	0.11%	318,973	$11M	added+3%	−0.01 pp	33 q
MOSThe Mosaic Company	0.11%	364,693	$12M	trimmed−9%	−0.01 pp	32 q
ORCLOracle Corp	0.11%	152,056	$12M	trimmed−8%	0.00 pp	31 q
USBU.S. Bancorp	0.11%	201,725	$11M	trimmed−18%	−0.02 pp	32 q
unresolvedGlaxosmithkline PLC	0.10%	260,941	$10M	trimmed−39%	−0.05 pp	33 q
APAAPA Corporation	0.09%	442,684	$10M	added+3%	+0.01 pp	2 q
LMTLockheed Martin Corp.	0.08%	22,697	$9M	trimmed−8%	−0.01 pp	33 q
WUThe Western Union Company	0.08%	378,372	$9M	trimmed−7%	−0.02 pp	33 q
BNYBank of New York Mellon Corporation	0.06%	131,728	$7M	trimmed−8%	−0.01 pp	33 q
ABXBarrick Mining Corporation	0.06%	302,495	$6M	new	+0.06 pp	new
HNGRHanger Inc.	0.06%	271,514	$7M	trimmed−9%	−0.01 pp	28 q
WBWeibo Corporation	0.06%	115,502	$6M	trimmed−2%	0.00 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.02%	45,502	$3M	held	—	21 q
MINDMIND Technology, Inc. (DE)	0.02%	1,285,657	$2M	trimmed−20%	−0.02 pp	4 q
NVSNovartis AG	0.02%	20,582	$2M	held	—	23 q
AZNNAstrazeneca Plc-spons ADR	0.01%	26,422	$2M	trimmed−1%	0.00 pp	3 q
TIMBTim S.a.	0.01%	61,833	$712,000	added0%	0.00 pp	2 q
unresolvedBallantyne Strong, Inc.	0.00%	55,378	$265,000	trimmed−88%	−0.01 pp	33 q
CPIXCumberland Pharmaceuticals Inc	0.00%	12,033	$34,000	trimmed−94%	−0.01 pp	33 q
GSITGSI Technology	0.00%	15,803	$89,000	trimmed−94%	−0.02 pp	19 q
NVONovo-Nordisk A/S	0.00%	4,119	$345,000	held	—	5 q
TURN180 Degree Capital Corp.	0.00%	15,783	$127,000	trimmed−91%	−0.01 pp	18 q
RBCNRubicon Tech Inc	0.00%	21,551	$205,000	trimmed−60%	−0.01 pp	17 q
SNYSanofi	0.00%	5,435	$286,000	held	—	2 q
FLIRFLIR Systems, Inc. (DE)	—	−950,133	—	exited	−0.53 pp	—
WTWWillis Towers Watson Public Limited Company	—	−75,624	—	exited	−0.17 pp	—
KINKindred Biosciences, Inc.	—	−1,159,169	—	exited	−0.06 pp	—
CSCOCisco Systems, Inc. (DE)	—	−70,108	—	exited	−0.04 pp	—
COWNCowen Inc. Class A	—	−82,973	—	exited	−0.03 pp	—
ORBCORBCOMM, Inc.	—	−417,287	—	exited	−0.03 pp	—
GAIAGaia, Inc. Class A	—	−140,893	—	exited	−0.02 pp	—
PCYOPure Cycle Corporation	—	−175,680	—	exited	−0.02 pp	—
ALCOAlico Inc	—	−30,568	—	exited	−0.01 pp	—
ALOTAstroNova, Inc.	—	−79,320	—	exited	−0.01 pp	—
CRAICRA International, Inc.	—	−11,050	—	exited	−0.01 pp	—
CSWCCapital Southwest Corp	—	−30,928	—	exited	−0.01 pp	—
CNTYCentury Casinos Inc	—	−143,403	—	exited	−0.01 pp	—
EMKREmcore Corp	—	−183,284	—	exited	−0.01 pp	—
ENZBEnzo Biochem Inc	—	−237,992	—	exited	−0.01 pp	—
GRBKGreen Brick Partners, Inc	—	−24,182	—	exited	−0.01 pp	—
LAKELakeland Industries Inc	—	−21,331	—	exited	−0.01 pp	—
MOVMovado Group, Inc.	—	−32,250	—	exited	−0.01 pp	—
OESXOrion Energy Systems, Inc.	—	−103,967	—	exited	−0.01 pp	—
RNWARealnetworks Inc	—	−289,776	—	exited	−0.01 pp	—
unresolvedSafeguard Scientifics Inc.	—	−198,920	—	exited	−0.01 pp	—
TRCTejon Ranch Co.	—	−62,425	—	exited	−0.01 pp	—
unresolvedVidler Water Resouces Inc	—	−68,779	—	exited	−0.01 pp	—
CRWSCrown Crafts Inc	—	−43,048	—	exited	0.00 pp	—
GLAEGlassbridge Enterprises Inc	—	−1,769	—	exited	0.00 pp	—
GIFIGulf Island Fabrication Inc	—	−30,900	—	exited	0.00 pp	—
OSSOne Stop Systems, Inc.	—	−23,745	—	exited	0.00 pp	—
RFILRF Industries Ltd	—	−50,110	—	exited	0.00 pp	—
NSLRNeostellar Capital Corp.	—	−33,433	—	exited	0.00 pp	—