Ariel Investments

Q3 2021 13F · by John Rogers, CIO

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $10.9B · prev $10.6B
Positions: 109 · prev 110
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%

Moves111 since the prior filing

+4.8 pp in · −4.8 pp out

New 6 +2.73 pp
Added 59 +2.10 pp
Trimmed 39 −3.24 pp
Exited 7 −1.57 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

SPHR Sphere Entertainment Co. added+1.22 pp added+1.223.8%
BIDU Baidu, Inc. added−0.78 pp added−0.783.7%
PM Philip Morris International Inc. added−0.20 pp added−0.203.5%
LAZ Lazard, Inc. added+0.09 pp added+0.093.4%
FAF First American Financial Corporation trimmed+0.06 pp trimmed+0.063.2%

Positions109 in this filing · 7 exited


SPHRSphere Entertainment Co.	3.75%	5,640,442	$410M	added+76%	+1.22 pp	6 q
BIDUBaidu, Inc.	3.66%	2,600,474	$400M	added+12%	−0.78 pp	34 q
PMPhilip Morris International Inc.	3.53%	4,074,547	$386M	added+2%	−0.20 pp	33 q
LAZLazard, Inc.	3.35%	8,002,993	$367M	added+5%	+0.09 pp	34 q
FAFFirst American Financial Corporation	3.23%	5,266,471	$353M	trimmed−3%	+0.06 pp	34 q
IPGThe Interpublic Group of Companies, Inc.	2.89%	8,621,883	$316M	trimmed−12%	−0.09 pp	34 q
MATMattel, Inc.	2.82%	16,633,601	$309M	added+6%	−0.13 pp	26 q
MSFTMicrosoft Corp	2.80%	1,085,921	$306M	trimmed−9%	−0.24 pp	34 q
KMTKennametal Inc.	2.74%	8,742,683	$299M	added+15%	+0.16 pp	30 q
BOKFBOK Financial Corp	2.69%	3,288,569	$294M	added+6%	+0.15 pp	22 q
JLLJones Lang LaSalle, Inc.	2.56%	1,126,517	$279M	added+7%	+0.62 pp	34 q
SRCLStericycle Inc	2.49%	4,003,740	$272M	added+6%	−0.06 pp	15 q
NLSNNielsen Holdings PLC	2.46%	14,037,700	$269M	added+16%	−0.35 pp	19 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.33%	6,084,684	$254M	trimmed−5%	−0.27 pp	7 q
MHKMohawk Industries, Inc.	2.14%	1,316,698	$234M	added+5%	−0.13 pp	34 q
SNASnap-on Incorporated	2.02%	1,059,336	$221M	added+5%	−0.09 pp	34 q
KKRKKR & Co. Inc.	1.93%	3,474,325	$212M	trimmed−1%	−0.02 pp	13 q
NTRSNorthern Trust Corp	1.89%	1,915,994	$207M	added+3%	−0.13 pp	34 q
ADTADT Inc.	1.80%	24,287,261	$196M	added+59%	+0.25 pp	2 q
GILDGilead Sciences Inc	1.67%	2,619,896	$183M	added+5%	+0.05 pp	34 q
99803EURLaboratory Crp Of Amer Hldgs	1.63%	634,194	$178M	trimmed−8%	−0.16 pp	31 q
AXTAAxalta Coating Systems Ltd.	1.54%	5,752,561	$168M	added+3%	−0.06 pp	3 q
SJMThe J.M. Smucker Company	1.52%	1,380,495	$166M	added+2%	−0.12 pp	34 q
TGNATEGNA Inc.	1.49%	8,280,170	$163M	added+3%	+0.07 pp	26 q
CBRECbre Group, Inc.	1.47%	1,647,142	$160M	added+1%	+0.15 pp	34 q
MSGSMadison Square Garden Sports Corp.	1.40%	822,549	$153M	added×4.2	+1.08 pp	24 q
CVSACovista Inc.	1.28%	3,714,781	$140M	added+10%	+0.15 pp	18 q
BAPCredicorp LTD	1.28%	1,260,629	$140M	added+65%	+0.41 pp	6 q
OSWOneSpaWorld Holdings Limited	1.28%	14,007,288	$140M	added+21%	+0.23 pp	7 q
JHGJanus Henderson Group PLC	1.22%	3,217,362	$133M	trimmed−16%	−0.17 pp	18 q
NVTnVent Electric plc	1.22%	4,116,023	$133M	added+8%	+0.10 pp	3 q
JNJJohnson & Johnson	1.21%	820,852	$133M	added+5%	0.00 pp	34 q
MANUManchester United PLC	1.17%	6,580,474	$127M	new	+1.17 pp	new
AMGAffiliated Managers Group	1.16%	842,809	$127M	added+2%	−0.04 pp	13 q
BCOThe Brink's Company	1.14%	1,967,891	$125M	added+13%	−0.12 pp	34 q
CLBCore Laboratories Inc.	1.08%	4,259,648	$118M	added+19%	−0.23 pp	6 q
PARAParamount Global-class B	1.05%	2,898,850	$115M	trimmed−2%	−0.21 pp	8 q
GNTXGentex Corp	0.98%	3,256,045	$107M	new	+0.98 pp	new
MDPMeredith Corporation	0.95%	1,870,531	$104M	trimmed−32%	−0.17 pp	34 q
MASMasco Corporation	0.89%	1,753,629	$97M	added+2%	−0.06 pp	12 q
LFUSLittelfuse Inc	0.87%	347,308	$95M	trimmed−5%	−0.01 pp	34 q
GSGoldman Sachs Group Inc.	0.86%	247,707	$94M	trimmed−3%	−0.05 pp	34 q
MTNVail Resorts, Inc.	0.80%	261,862	$87M	trimmed−26%	−0.25 pp	7 q
KEYSKeysight Technologies, Inc.	0.79%	524,053	$86M	trimmed−25%	−0.22 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	0.76%	303,759	$83M	trimmed−20%	−0.23 pp	33 q
WBAWalgreens Boots Alliance, Inc	0.76%	1,777,582	$84M	added+8%	−0.05 pp	6 q
AFLAflac Inc.	0.73%	1,537,344	$80M	added+4%	−0.01 pp	34 q
PGRProgressive Corporation	0.72%	875,420	$79M	added+4%	−0.06 pp	25 q
SSDSimpson Manufacturing Co., Inc.	0.70%	712,944	$76M	added+2%	−0.02 pp	34 q
CRLCharles River Laboratories International, Inc.	0.69%	183,205	$76M	trimmed−17%	−0.08 pp	34 q
BWABorgWarner Inc.	0.68%	1,726,354	$75M	added+10%	−0.04 pp	23 q
DOXAmdocs Limited	0.63%	916,135	$69M	added+5%	0.00 pp	15 q
SCHWThe Charles Schwab Corporation	0.61%	913,525	$67M	trimmed−6%	−0.05 pp	7 q
KNKnowles Corporation	0.60%	3,475,160	$65M	trimmed−28%	−0.29 pp	12 q
TCOMTrip.com Group Limited	0.58%	2,062,620	$63M	added×3.5	+0.38 pp	2 q
KFYKorn Ferry	0.53%	799,077	$58M	trimmed−5%	−0.04 pp	11 q
CAHCardinal Health, Inc.	0.49%	1,078,191	$53M	added+4%	−0.07 pp	20 q
CHKPCheck Point Software Technologies Ltd	0.49%	473,462	$54M	added+1%	−0.02 pp	7 q
SWKStanley Black & Decker, Inc.	0.48%	297,081	$52M	added+4%	−0.07 pp	34 q
ZBHZimmer Biomet Holdings, Inc.	0.48%	362,354	$53M	added+3%	−0.05 pp	34 q
BMYBristol-Myers Squibb Co.	0.46%	853,389	$50M	added+49%	+0.10 pp	7 q
REZIResideo Technologies, Inc.	0.46%	2,025,784	$50M	new	+0.46 pp	new
VZVerizon Communications	0.44%	900,146	$49M	added+5%	−0.01 pp	28 q
RCLRoyal Caribbean Group	0.42%	511,661	$46M	added+2%	+0.02 pp	34 q
MEIMethode Electronics	0.41%	1,063,848	$45M	added+3%	−0.07 pp	16 q
NTAPNetApp, Inc	0.41%	502,622	$45M	added+5%	+0.04 pp	6 q
OMCOmnicom Group Inc.	0.41%	623,604	$45M	added+4%	−0.04 pp	34 q
ZBRAZebra Technologies Corporation	0.40%	85,868	$44M	trimmed−25%	−0.17 pp	32 q
KMXCarMax Inc.	0.37%	318,189	$41M	trimmed−9%	−0.05 pp	11 q
HP5AEquity Commonwealth	0.36%	1,500,061	$39M	added+9%	+0.02 pp	10 q
BIOBio-Rad Laboratories, Inc.Class A	0.35%	51,940	$39M	trimmed−0%	+0.03 pp	34 q
TAPMolson Coors Beverage Company Class B	0.33%	768,714	$36M	added+4%	−0.04 pp	12 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.31%	1,262,613	$34M	added+3%	−0.03 pp	7 q
EVREvercore Inc.	0.29%	239,398	$32M	trimmed−7%	−0.05 pp	8 q
NOVNOV Inc.	0.28%	2,369,062	$31M	added+6%	−0.04 pp	34 q
BRCBrady Corporation	0.27%	590,222	$30M	added+3%	−0.03 pp	34 q
HLIHoulihan Lokey, Inc.	0.26%	309,809	$29M	trimmed−24%	−0.05 pp	23 q
MIDDMiddleby Corp	0.25%	163,116	$28M	trimmed−8%	−0.04 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.25%	540,046	$27M	trimmed−5%	−0.03 pp	34 q
NOKNokia Corporation	0.22%	4,348,999	$24M	trimmed−2%	0.00 pp	34 q
VIVTelefonica Brasil, S.A.	0.22%	3,070,423	$24M	added+4%	−0.02 pp	3 q
BSACBanco Santander-Chile	0.19%	1,069,683	$21M	trimmed−14%	−0.04 pp	31 q
TPRTapestry, Inc.	0.14%	405,101	$15M	added+6%	−0.02 pp	16 q
SLCAU.s. Silica Holdings, Inc.	0.14%	1,871,814	$15M	added+3%	−0.06 pp	33 q
HMNHorace Mann Educators Corporation	0.12%	331,046	$13M	added+2%	+0.01 pp	34 q
MOSThe Mosaic Company	0.12%	362,625	$13M	trimmed−1%	+0.01 pp	33 q
USBU.S. Bancorp	0.12%	212,655	$13M	added+5%	+0.01 pp	33 q
APAAPA Corporation	0.11%	536,115	$11M	added+21%	+0.02 pp	3 q
VODVodafone Group PLC	0.11%	813,651	$13M	trimmed−0%	−0.02 pp	6 q
unresolvedGlaxosmithkline PLC	0.09%	260,941	$10M	held	—	34 q
BYDBoyd Gaming Corporation	0.08%	138,984	$9M	new	+0.08 pp	new
ORCLOracle Corp	0.08%	98,444	$9M	trimmed−35%	−0.03 pp	32 q
LMTLockheed Martin Corp.	0.07%	22,536	$8M	trimmed−1%	−0.01 pp	34 q
WUThe Western Union Company	0.07%	359,132	$7M	trimmed−5%	−0.01 pp	34 q
BNYBank of New York Mellon Corporation	0.06%	130,534	$7M	trimmed−1%	0.00 pp	34 q
IWNiShares Russell 2000 Value ETF	0.06%	41,055	$7M	trimmed−66%	−0.13 pp	10 q
ABXBarrick Mining Corporation	0.05%	299,495	$5M	trimmed−1%	−0.01 pp	2 q
HNGRHanger Inc.	0.05%	271,514	$6M	held	—	29 q
WBWeibo Corporation	0.05%	118,792	$6M	added+3%	−0.01 pp	3 q
TIMBTim S.a.	0.04%	368,589	$4M	added×6.0	+0.03 pp	3 q
ACWXiShares MSCI ACWI ex US ETF	0.02%	45,502	$3M	held	—	22 q
VTVanguard Total World Stock ETF	0.02%	19,064	$2M	new	+0.02 pp	new
VEUVanguard FTSE All-World Ex-US ETF	0.02%	39,240	$2M	new	+0.02 pp	new
AZNNAstrazeneca Plc-spons ADR	0.01%	26,347	$2M	trimmed−0%	0.00 pp	4 q
MINDMIND Technology, Inc. (DE)	0.01%	827,858	$2M	trimmed−36%	−0.01 pp	5 q
NVSNovartis AG	0.01%	18,536	$2M	trimmed−10%	−0.01 pp	24 q
TISITeam, Inc.	0.01%	326,264	$982,000	trimmed−86%	−0.13 pp	34 q
NVONovo-Nordisk A/S	0.00%	4,119	$395,000	held	—	6 q
SNYSanofi	0.00%	5,435	$262,000	held	—	3 q
MSGNMSG Networks Inc.	—	−10,616,004	—	exited	−1.46 pp	—
MATWMatthews International Corp	—	−318,973	—	exited	−0.11 pp	—
unresolvedBallantyne Strong, Inc.	—	−55,378	—	exited	0.00 pp	—
CPIXCumberland Pharmaceuticals Inc	—	−12,033	—	exited	0.00 pp	—
GSITGSI Technology	—	−15,803	—	exited	0.00 pp	—
TURN180 Degree Capital Corp.	—	−15,783	—	exited	0.00 pp	—
RBCNRubicon Tech Inc	—	−21,551	—	exited	0.00 pp	—