Ariel Investments

Q4 2021 13F · by John Rogers, CIO

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $11.9B · prev $10.9B
Positions: 104 · prev 109
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%

Moves110 since the prior filing

+4.4 pp in · −4.4 pp out

New 2 +0.15 pp
Added 53 +4.25 pp
Trimmed 48 −3.32 pp
Exited 7 −1.06 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions16% of US stock

SPHR Sphere Entertainment Co. added−0.09 pp added−0.093.7%
MAT Mattel, Inc. added+0.50 pp added+0.503.3%
FAF First American Financial Corporation trimmed−0.02 pp trimmed−0.023.2%
PM Philip Morris International Inc. trimmed−0.48 pp trimmed−0.483.0%
BIDU Baidu, Inc. trimmed−0.63 pp trimmed−0.633.0%

Positions104 in this filing · 7 exited


SPHRSphere Entertainment Co.	3.66%	6,173,301	$434M	added+9%	−0.09 pp	7 q
MATMattel, Inc.	3.32%	18,276,684	$394M	added+10%	+0.50 pp	27 q
FAFFirst American Financial Corporation	3.21%	4,862,370	$380M	trimmed−8%	−0.02 pp	35 q
PMPhilip Morris International Inc.	3.05%	3,808,962	$362M	trimmed−7%	−0.48 pp	34 q
BIDUBaidu, Inc.	3.03%	2,418,101	$360M	trimmed−7%	−0.63 pp	35 q
LAZLazard, Inc.	2.99%	8,120,571	$354M	added+1%	−0.36 pp	35 q
BOKFBOK Financial Corp	2.94%	3,306,709	$349M	added+1%	+0.25 pp	23 q
MSFTMicrosoft Corp	2.84%	1,000,576	$337M	trimmed−8%	+0.04 pp	35 q
NLSNNielsen Holdings PLC	2.84%	16,431,587	$337M	added+17%	+0.38 pp	20 q
KMTKennametal Inc.	2.70%	8,917,279	$320M	added+2%	−0.04 pp	31 q
IPGThe Interpublic Group of Companies, Inc.	2.65%	8,382,360	$314M	trimmed−3%	−0.24 pp	35 q
JLLJones Lang LaSalle, Inc.	2.55%	1,122,957	$302M	trimmed−0%	−0.01 pp	35 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.38%	6,253,403	$282M	added+3%	+0.05 pp	8 q
SRCLStericycle Inc	2.13%	4,244,508	$253M	added+6%	−0.36 pp	16 q
MHKMohawk Industries, Inc.	2.09%	1,359,258	$248M	added+3%	−0.05 pp	35 q
SNASnap-on Incorporated	2.01%	1,108,765	$239M	added+5%	−0.01 pp	35 q
NTRSNorthern Trust Corp	1.93%	1,917,698	$229M	added0%	+0.04 pp	35 q
KKRKKR & Co. Inc.	1.83%	2,914,295	$217M	trimmed−16%	−0.10 pp	14 q
99803EURLaboratory Crp Of Amer Hldgs	1.82%	687,912	$216M	added+8%	+0.19 pp	32 q
ADTADT Inc.	1.74%	24,512,631	$206M	added+1%	−0.06 pp	3 q
SJMThe J.M. Smucker Company	1.71%	1,490,218	$202M	added+8%	+0.19 pp	35 q
AXTAAxalta Coating Systems Ltd.	1.67%	5,978,086	$198M	added+4%	+0.13 pp	4 q
BAPCredicorp LTD	1.58%	1,532,363	$187M	added+22%	+0.30 pp	7 q
MSGSMadison Square Garden Sports Corp.	1.56%	1,068,012	$186M	added+30%	+0.16 pp	25 q
CBRECbre Group, Inc.	1.49%	1,631,494	$177M	trimmed−1%	+0.02 pp	35 q
GILDGilead Sciences Inc	1.48%	2,413,576	$175M	trimmed−8%	−0.19 pp	35 q
CLBCore Laboratories Inc.	1.47%	7,804,307	$174M	added+83%	+0.39 pp	7 q
TGNATEGNA Inc.	1.46%	9,302,022	$173M	added+12%	−0.03 pp	27 q
REZIResideo Technologies, Inc.	1.31%	5,971,538	$155M	added×2.9	+0.85 pp	2 q
MANUManchester United PLC	1.31%	10,934,059	$156M	added+66%	+0.14 pp	2 q
PARAParamount Global-class B	1.29%	5,087,789	$154M	added+76%	+0.24 pp	9 q
CVSACovista Inc.	1.25%	5,029,760	$149M	added+35%	−0.03 pp	19 q
GNTXGentex Corp	1.25%	4,248,656	$148M	added+30%	+0.27 pp	2 q
NVTnVent Electric plc	1.25%	3,915,437	$149M	trimmed−5%	+0.03 pp	4 q
AMGAffiliated Managers Group	1.24%	897,648	$148M	added+7%	+0.08 pp	14 q
OSWOneSpaWorld Holdings Limited	1.24%	14,718,904	$147M	added+5%	−0.04 pp	8 q
JHGJanus Henderson Group PLC	1.19%	3,357,323	$141M	added+4%	−0.03 pp	19 q
BCOThe Brink's Company	1.13%	2,051,905	$135M	added+4%	−0.01 pp	35 q
JNJJohnson & Johnson	1.11%	766,613	$131M	trimmed−7%	−0.10 pp	35 q
MASMasco Corporation	1.09%	1,837,573	$129M	added+5%	+0.20 pp	13 q
BYDBoyd Gaming Corporation	0.89%	1,608,923	$105M	added×11.6	+0.81 pp	2 q
LFUSLittelfuse Inc	0.79%	297,456	$94M	trimmed−14%	−0.08 pp	35 q
SSDSimpson Manufacturing Co., Inc.	0.79%	677,240	$94M	trimmed−5%	+0.09 pp	35 q
GSGoldman Sachs Group Inc.	0.77%	239,295	$92M	trimmed−3%	−0.09 pp	35 q
AFLAflac Inc.	0.76%	1,538,886	$90M	added0%	+0.03 pp	35 q
KEYSKeysight Technologies, Inc.	0.73%	416,547	$86M	trimmed−21%	−0.06 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	0.71%	280,464	$84M	trimmed−8%	−0.05 pp	34 q
PGRProgressive Corporation	0.71%	816,970	$84M	trimmed−7%	−0.01 pp	26 q
WBAWalgreens Boots Alliance, Inc	0.70%	1,589,423	$83M	trimmed−11%	−0.06 pp	7 q
BWABorgWarner Inc.	0.66%	1,731,851	$78M	added0%	−0.02 pp	24 q
TCOMTrip.com Group Limited	0.65%	3,127,727	$77M	added+52%	+0.07 pp	3 q
CRLCharles River Laboratories International, Inc.	0.57%	179,647	$68M	trimmed−2%	−0.12 pp	35 q
SCHWThe Charles Schwab Corporation	0.57%	802,416	$67M	trimmed−12%	−0.04 pp	8 q
KNKnowles Corporation	0.56%	2,826,377	$66M	trimmed−19%	−0.04 pp	13 q
SWKStanley Black & Decker, Inc.	0.56%	354,815	$67M	added+19%	+0.08 pp	35 q
DOXAmdocs Limited	0.53%	847,902	$63M	trimmed−7%	−0.10 pp	16 q
KFYKorn Ferry	0.49%	763,725	$58M	trimmed−4%	−0.04 pp	12 q
CHKPCheck Point Software Technologies Ltd	0.48%	487,105	$57M	added+3%	−0.01 pp	8 q
CAHCardinal Health, Inc.	0.47%	1,074,915	$55M	trimmed−0%	−0.02 pp	21 q
MEIMethode Electronics	0.45%	1,080,834	$53M	added+2%	+0.04 pp	17 q
HP5AEquity Commonwealth	0.44%	2,023,638	$52M	added+35%	+0.08 pp	11 q
BMYBristol-Myers Squibb Co.	0.42%	790,705	$49M	trimmed−7%	−0.04 pp	8 q
MTNVail Resorts, Inc.	0.42%	150,387	$49M	trimmed−43%	−0.38 pp	8 q
ZBRAZebra Technologies Corporation	0.42%	84,055	$50M	trimmed−2%	+0.02 pp	33 q
ZBHZimmer Biomet Holdings, Inc.	0.42%	391,838	$50M	added+8%	−0.06 pp	35 q
RCLRoyal Caribbean Group	0.42%	655,257	$50M	added+28%	0.00 pp	35 q
OMCOmnicom Group Inc.	0.38%	619,294	$45M	trimmed−1%	−0.03 pp	35 q
BIOBio-Rad Laboratories, Inc.Class A	0.36%	55,750	$42M	added+7%	+0.01 pp	35 q
NTAPNetApp, Inc	0.36%	463,378	$43M	trimmed−8%	−0.05 pp	7 q
VZVerizon Communications	0.36%	830,572	$43M	trimmed−8%	−0.08 pp	29 q
KMXCarMax Inc.	0.32%	288,366	$38M	trimmed−9%	−0.05 pp	12 q
TAPMolson Coors Beverage Company Class B	0.30%	775,547	$36M	added+1%	−0.03 pp	13 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.29%	1,652,483	$34M	added+31%	−0.02 pp	8 q
MIDDMiddleby Corp	0.28%	166,303	$33M	added+2%	+0.03 pp	8 q
BRCBrady Corporation	0.27%	601,800	$32M	added+2%	0.00 pp	35 q
NOVNOV Inc.	0.27%	2,330,216	$32M	trimmed−2%	−0.01 pp	35 q
EVREvercore Inc.	0.25%	217,052	$29M	trimmed−9%	−0.04 pp	9 q
VEAVanguard FTSE Developed Markets ETF	0.22%	518,295	$26M	trimmed−4%	−0.03 pp	35 q
VIVTelefonica Brasil, S.A.	0.21%	2,858,875	$25M	trimmed−7%	−0.01 pp	4 q
NOKNokia Corporation	0.17%	3,168,348	$20M	trimmed−27%	−0.05 pp	35 q
BSACBanco Santander-Chile	0.15%	1,061,642	$17M	trimmed−1%	−0.04 pp	32 q
LINDLindblad Expeditions Holdings Inc.	0.15%	1,114,416	$17M	new	+0.15 pp	new
SLCAU.s. Silica Holdings, Inc.	0.15%	1,905,214	$18M	added+2%	+0.01 pp	34 q
TPRTapestry, Inc.	0.13%	374,547	$15M	trimmed−8%	−0.01 pp	17 q
APAAPA Corporation	0.11%	505,738	$14M	trimmed−6%	0.00 pp	4 q
HMNHorace Mann Educators Corporation	0.11%	342,079	$13M	added+3%	−0.01 pp	35 q
HLIHoulihan Lokey, Inc.	0.11%	125,341	$13M	trimmed−60%	−0.15 pp	24 q
MOSThe Mosaic Company	0.11%	344,211	$14M	trimmed−5%	−0.01 pp	34 q
unresolvedGlaxosmithkline PLC	0.09%	252,849	$11M	trimmed−3%	0.00 pp	35 q
USBU.S. Bancorp	0.09%	196,625	$11M	trimmed−8%	−0.03 pp	34 q
VODVodafone Group PLC	0.09%	693,284	$10M	trimmed−15%	−0.02 pp	7 q
LMTLockheed Martin Corp.	0.07%	22,861	$8M	added+1%	0.00 pp	35 q
ORCLOracle Corp	0.07%	101,680	$9M	added+3%	−0.01 pp	33 q
BNYBank of New York Mellon Corporation	0.06%	132,376	$8M	added+1%	0.00 pp	35 q
ABXBarrick Mining Corporation	0.06%	390,394	$7M	added+30%	+0.01 pp	3 q
WUThe Western Union Company	0.06%	429,212	$8M	added+20%	−0.01 pp	35 q
HNGRHanger Inc.	0.05%	315,765	$6M	added+16%	0.00 pp	30 q
IWNiShares Russell 2000 Value ETF	0.05%	39,149	$7M	trimmed−5%	−0.01 pp	11 q
TIMBTim S.a.	0.04%	378,234	$4M	added+3%	0.00 pp	4 q
ACWXiShares MSCI ACWI ex US ETF	0.02%	45,502	$3M	held	—	23 q
AZNNAstrazeneca Plc-spons ADR	0.01%	24,739	$1M	trimmed−6%	0.00 pp	5 q
NVSNovartis AG	0.01%	10,631	$930,000	trimmed−43%	0.00 pp	25 q
MTBM&T Bank Corp.	0.00%	1,519	$233,000	new	0.00 pp	new
SNYSanofi	0.00%	5,385	$270,000	trimmed−1%	0.00 pp	4 q
MDPMeredith Corporation	—	−1,870,531	—	exited	−0.95 pp	—
WBWeibo Corporation	—	−118,792	—	exited	−0.05 pp	—
VTVanguard Total World Stock ETF	—	−19,064	—	exited	−0.02 pp	—
VEUVanguard FTSE All-World Ex-US ETF	—	−39,240	—	exited	−0.02 pp	—
MINDMIND Technology, Inc. (DE)	—	−827,858	—	exited	−0.01 pp	—
TISITeam, Inc.	—	−326,264	—	exited	−0.01 pp	—
NVONovo-Nordisk A/S	—	−4,119	—	exited	0.00 pp	—