Ariel Investments

Q3 2022 13F · by John Rogers, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $9.1B · prev $10.0B
Positions: 114 · prev 112
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%

Moves114 since the prior filing

+2.8 pp in · −2.7 pp out

New 4 +0.32 pp
Added 43 +2.45 pp
Trimmed 65 −2.59 pp
Exited 2 −0.15 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions114 in this filing · 2 exited


BIDUBaidu, Inc.	3.36%	2,601,447	$306M	trimmed−1%	−0.56 pp	38 q
MATMattel, Inc.	3.28%	15,762,283	$299M	trimmed−1%	−0.29 pp	30 q
PMPhilip Morris International Inc.	3.26%	3,579,556	$297M	trimmed−2%	−0.33 pp	37 q
SPHRSphere Entertainment Co.	3.04%	6,273,867	$277M	added+1%	−0.22 pp	10 q
BOKFBOK Financial Corp	2.96%	3,035,642	$270M	trimmed−8%	+0.47 pp	26 q
LAZLazard, Inc.	2.76%	7,888,454	$251M	trimmed−10%	−0.06 pp	38 q
REZIResideo Technologies, Inc.	2.69%	12,859,162	$245M	added+1%	+0.22 pp	5 q
MSFTMicrosoft Corp	2.58%	1,009,074	$235M	trimmed−2%	−0.06 pp	38 q
GNTXGentex Corp	2.41%	9,226,776	$220M	added0%	−0.15 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	2.41%	8,565,669	$219M	added+5%	+0.17 pp	38 q
KMTKennametal Inc.	2.40%	10,621,785	$219M	added0%	−0.06 pp	34 q
JLLJones Lang LaSalle, Inc.	2.20%	1,328,876	$201M	added+9%	+0.06 pp	38 q
NTRSNorthern Trust Corp	2.13%	2,266,260	$194M	added+2%	−0.02 pp	38 q
FAFFirst American Financial Corporation	2.09%	4,131,920	$190M	trimmed−2%	−0.14 pp	38 q
SRCLStericycle Inc	2.07%	4,483,909	$189M	added0%	+0.12 pp	19 q
BAPCredicorp LTD	1.97%	1,463,493	$180M	trimmed−3%	+0.16 pp	10 q
MHKMohawk Industries, Inc.	1.96%	1,959,598	$179M	added+7%	−0.30 pp	38 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.91%	5,299,570	$174M	trimmed−3%	−0.19 pp	11 q
BYDBoyd Gaming Corporation	1.86%	3,563,366	$170M	added+6%	+0.19 pp	5 q
GILDGilead Sciences Inc	1.81%	2,674,110	$165M	trimmed−2%	+0.13 pp	38 q
CVSACovista Inc.	1.71%	4,285,951	$156M	trimmed−14%	−0.08 pp	22 q
AXTAAxalta Coating Systems Ltd.	1.66%	7,194,786	$152M	trimmed−1%	+0.06 pp	7 q
MANUManchester United PLC	1.66%	11,424,939	$152M	trimmed−2%	+0.37 pp	5 q
KKRKKR & Co. Inc.	1.61%	3,413,430	$147M	added+2%	+0.07 pp	17 q
SNASnap-on Incorporated	1.61%	727,486	$146M	trimmed−29%	−0.39 pp	38 q
99803EURLaboratory Crp Of Amer Hldgs	1.60%	710,023	$145M	trimmed−6%	−0.17 pp	35 q
MSGSMadison Square Garden Sports Corp.	1.59%	1,062,268	$145M	added0%	−0.01 pp	28 q
OSWOneSpaWorld Holdings Limited	1.57%	17,036,969	$143M	added+1%	+0.36 pp	11 q
ADTADT Inc.	1.50%	18,190,118	$136M	trimmed−5%	+0.33 pp	6 q
PARAParamount Global-class B	1.49%	7,149,210	$136M	added+17%	−0.02 pp	12 q
CLBCore Laboratories Inc.	1.45%	9,765,315	$132M	added+6%	−0.37 pp	10 q
NVTnVent Electric plc	1.44%	4,160,590	$132M	trimmed−1%	+0.12 pp	7 q
AMGAffiliated Managers Group	1.41%	1,145,254	$128M	added+3%	+0.12 pp	17 q
CRLCharles River Laboratories International, Inc.	1.41%	650,498	$128M	added+10%	+0.15 pp	38 q
HP5AEquity Commonwealth	1.37%	5,125,117	$125M	added+50%	+0.43 pp	14 q
ZBRAZebra Technologies Corporation	1.37%	477,118	$125M	added+33%	+0.32 pp	36 q
JNJJohnson & Johnson	1.36%	758,966	$124M	trimmed−3%	−0.02 pp	38 q
RCLRoyal Caribbean Group	1.32%	3,166,254	$120M	added+30%	+0.47 pp	38 q
BCOThe Brink's Company	1.14%	2,149,349	$104M	trimmed−2%	−0.19 pp	38 q
SJMThe J.M. Smucker Company	1.11%	737,030	$101M	trimmed−27%	−0.18 pp	38 q
CBRECbre Group, Inc.	1.10%	1,482,380	$100M	trimmed−9%	−0.09 pp	38 q
GSGoldman Sachs Group Inc.	0.92%	286,139	$84M	trimmed−3%	+0.05 pp	38 q
MASMasco Corporation	0.91%	1,782,557	$83M	trimmed−10%	−0.09 pp	16 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.89%	7,136,480	$81M	added+11%	+0.18 pp	11 q
SCHWThe Charles Schwab Corporation	0.88%	1,110,982	$80M	trimmed−7%	+0.13 pp	11 q
LFUSLittelfuse Inc	0.84%	384,437	$76M	trimmed−2%	−0.16 pp	38 q
VZVerizon Communications	0.80%	1,929,890	$73M	added+17%	−0.04 pp	32 q
JHGJanus Henderson Group PLC	0.80%	3,592,991	$73M	added+2%	−0.03 pp	22 q
GNRCGenerac Holdings Inc	0.74%	376,803	$67M	added×420.5	+0.74 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.68%	552,677	$62M	trimmed−1%	0.00 pp	11 q
BWABorgWarner Inc.	0.63%	1,829,048	$57M	trimmed−3%	0.00 pp	27 q
BMYBristol-Myers Squibb Co.	0.62%	799,534	$57M	trimmed−2%	−0.01 pp	11 q
AFLAflac Inc.	0.58%	937,545	$53M	trimmed−0%	+0.06 pp	38 q
KNKnowles Corporation	0.57%	4,269,383	$52M	added+22%	−0.03 pp	16 q
DOXAmdocs Limited	0.57%	650,272	$52M	trimmed−25%	−0.16 pp	19 q
SSDSimpson Manufacturing Co., Inc.	0.55%	641,208	$50M	added0%	−0.09 pp	38 q
MTNVail Resorts, Inc.	0.49%	205,399	$44M	trimmed−2%	+0.03 pp	11 q
NTAPNetApp, Inc	0.48%	699,964	$43M	added+13%	+0.08 pp	10 q
PBHPrestige Consumer Healthcare Inc.	0.48%	876,673	$44M	added+15%	+0.03 pp	2 q
CAHCardinal Health, Inc.	0.47%	639,230	$43M	trimmed−28%	+0.01 pp	24 q
SWKStanley Black & Decker, Inc.	0.45%	544,500	$41M	added+3%	−0.10 pp	38 q
ZBHZimmer Biomet Holdings, Inc.	0.45%	394,352	$41M	trimmed−4%	+0.02 pp	38 q
LINDLindblad Expeditions Holdings Inc.	0.44%	5,971,652	$40M	added+32%	+0.07 pp	4 q
KFYKorn Ferry	0.43%	836,297	$39M	trimmed−3%	−0.07 pp	15 q
WBAWalgreens Boots Alliance, Inc	0.43%	1,249,792	$39M	trimmed−7%	−0.08 pp	10 q
KEYSKeysight Technologies, Inc.	0.40%	230,035	$36M	trimmed−52%	−0.26 pp	24 q
MIDDMiddleby Corp	0.40%	280,753	$36M	added+14%	+0.09 pp	11 q
KMXCarMax Inc.	0.35%	483,501	$32M	trimmed−0%	−0.09 pp	15 q
MEIMethode Electronics	0.35%	848,019	$32M	trimmed−20%	−0.04 pp	20 q
BIOBio-Rad Laboratories, Inc.Class A	0.31%	66,665	$28M	added+4%	−0.01 pp	38 q
GCMGGCM Grosvenor Inc. Class A	0.24%	2,753,204	$22M	new	+0.24 pp	new
BRCBrady Corporation	0.23%	498,037	$21M	trimmed−22%	−0.07 pp	38 q
VIVTelefonica Brasil, S.A.	0.23%	2,742,804	$21M	trimmed−1%	−0.02 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.19%	476,560	$17M	trimmed−16%	−0.04 pp	38 q
NOVNOV Inc.	0.18%	1,018,276	$16M	trimmed−0%	+0.01 pp	38 q
EVREvercore Inc.	0.17%	184,066	$15M	trimmed−3%	−0.01 pp	12 q
TAPMolson Coors Beverage Company Class B	0.17%	330,605	$16M	trimmed−41%	−0.13 pp	16 q
BSACBanco Santander-Chile	0.16%	1,027,700	$14M	trimmed−1%	−0.01 pp	35 q
NOKNokia Corporation	0.16%	3,344,832	$14M	trimmed−13%	−0.02 pp	38 q
HMNHorace Mann Educators Corporation	0.14%	351,321	$12M	trimmed−3%	0.00 pp	38 q
PGRProgressive Corporation	0.14%	110,567	$13M	trimmed−33%	−0.05 pp	29 q
OMCOmnicom Group Inc.	0.13%	192,428	$12M	trimmed−33%	−0.05 pp	38 q
HLIHoulihan Lokey, Inc.	0.12%	144,158	$11M	added+1%	+0.01 pp	27 q
TPRTapestry, Inc.	0.12%	378,366	$11M	trimmed−2%	0.00 pp	20 q
APAAPA Corporation	0.11%	281,986	$10M	trimmed−20%	−0.01 pp	7 q
MOSThe Mosaic Company	0.09%	174,127	$8M	trimmed−23%	−0.02 pp	37 q
TCOMTrip.com Group Limited	0.09%	284,785	$8M	trimmed−80%	−0.29 pp	6 q
USBU.S. Bancorp	0.09%	198,260	$8M	trimmed−2%	0.00 pp	37 q
BRK.BBERKSHIRE HATHAWAY Class B	0.08%	26,588	$7M	trimmed−2%	+0.01 pp	37 q
LMTLockheed Martin Corp.	0.08%	17,776	$7M	trimmed−19%	−0.01 pp	38 q
ABXBarrick Mining Corporation	0.06%	330,064	$5M	trimmed−12%	−0.01 pp	6 q
ORCLOracle Corp	0.06%	89,777	$5M	trimmed−9%	−0.01 pp	36 q
VODVodafone Group PLC	0.06%	505,792	$6M	trimmed−24%	−0.04 pp	10 q
GSKGSK plc	0.05%	169,561	$5M	new	+0.05 pp	new
TIMBTim S.a.	0.05%	396,301	$4M	held	—	7 q
WUThe Western Union Company	0.05%	355,586	$5M	trimmed−19%	−0.02 pp	38 q
BNYBank of New York Mellon Corporation	0.04%	102,931	$4M	trimmed−19%	−0.01 pp	38 q
ACWXiShares MSCI ACWI ex US ETF	0.04%	97,965	$4M	held	—	26 q
IWNiShares Russell 2000 Value ETF	0.03%	18,377	$2M	added+79%	+0.02 pp	14 q
ZIMVZimVie Inc.	0.03%	285,938	$3M	trimmed−13%	−0.02 pp	3 q
BACBank of America Corporation	0.02%	59,644	$2M	new	+0.02 pp	new
MTBM&T Bank Corp.	0.02%	11,102	$2M	added+1%	0.00 pp	4 q
AZNNAstrazeneca Plc-spons ADR	0.01%	22,048	$1M	trimmed−3%	0.00 pp	8 q
HLNHaleon plc	0.01%	211,285	$1M	new	+0.01 pp	new
NVSNovartis AG	0.01%	8,750	$665,000	trimmed−12%	0.00 pp	28 q
DNBDun & Bradstreet Holdings, Inc.	0.00%	11,424	$142,000	added+14%	0.00 pp	2 q
FICOFair Isaac Corporation	0.00%	503	$207,000	added+4%	0.00 pp	3 q
FISVFiserv, Inc.	0.00%	2,856	$267,000	added+14%	0.00 pp	3 q
HCKTHackett Group Inc (The).	0.00%	6,386	$113,000	added+14%	0.00 pp	2 q
MSIMotorola Solutions, Inc. New	0.00%	727	$163,000	trimmed−12%	0.00 pp	2 q
PDCOPatterson Companies, Inc.	0.00%	5,804	$139,000	added+14%	0.00 pp	2 q
REYNReynolds Consumer Products Inc.	0.00%	4,614	$120,000	added+14%	0.00 pp	2 q
SNYSanofi	0.00%	5,838	$222,000	added+8%	0.00 pp	7 q
STSensata Technologies Holding plc	0.00%	4,755	$177,000	added+14%	0.00 pp	2 q
unresolvedGlaxosmithkline PLC	—	−263,090	—	exited	−0.11 pp	—
HNGRHanger Inc.	—	−304,847	—	exited	−0.04 pp	—