Ariel Investments

Q4 2022 13F · by John Rogers, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $9.8B · prev $9.1B
Positions: 116 · prev 114
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 · −2.8 pp out

New 4 +1.16 pp
Added 35 +1.67 pp
Trimmed 73 −2.60 pp
Exited 2 −0.25 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

Positions116 in this filing · 2 exited


PMPhilip Morris International Inc.	3.66%	3,565,404	$361M	trimmed−0%	+0.40 pp	38 q
BIDUBaidu, Inc.	3.31%	2,852,898	$326M	added+10%	−0.05 pp	39 q
SPHRSphere Entertainment Co.	3.06%	6,692,520	$301M	added+7%	+0.02 pp	11 q
MATMattel, Inc.	2.88%	15,903,612	$284M	added+1%	−0.40 pp	31 q
BOKFBOK Financial Corp	2.79%	2,646,949	$275M	trimmed−13%	−0.17 pp	27 q
IPGThe Interpublic Group of Companies, Inc.	2.77%	8,178,383	$272M	trimmed−5%	+0.36 pp	39 q
LAZLazard, Inc.	2.71%	7,706,182	$267M	trimmed−2%	−0.05 pp	39 q
KMTKennametal Inc.	2.53%	10,362,253	$249M	trimmed−2%	+0.13 pp	35 q
GNTXGentex Corp	2.45%	8,851,996	$241M	trimmed−4%	+0.04 pp	6 q
MSFTMicrosoft Corp	2.43%	999,813	$240M	trimmed−1%	−0.15 pp	39 q
REZIResideo Technologies, Inc.	2.23%	13,359,523	$220M	added+4%	−0.46 pp	6 q
FAFFirst American Financial Corporation	2.14%	4,017,718	$210M	trimmed−3%	+0.05 pp	39 q
SRCLStericycle Inc	2.14%	4,223,508	$211M	trimmed−6%	+0.07 pp	20 q
JLLJones Lang LaSalle, Inc.	2.10%	1,299,795	$207M	trimmed−2%	−0.10 pp	39 q
MHKMohawk Industries, Inc.	2.04%	1,962,904	$201M	added0%	+0.08 pp	39 q
NTRSNorthern Trust Corp	2.02%	2,249,683	$199M	trimmed−1%	−0.11 pp	39 q
MANUManchester United PLC	2.00%	8,454,466	$197M	trimmed−26%	+0.34 pp	6 q
CLBCore Laboratories Inc.	2.00%	9,703,122	$197M	trimmed−1%	+0.55 pp	11 q
MSGSMadison Square Garden Sports Corp.	1.99%	1,071,674	$196M	added+1%	+0.40 pp	29 q
BYDBoyd Gaming Corporation	1.91%	3,456,919	$189M	trimmed−3%	+0.05 pp	6 q
AXTAAxalta Coating Systems Ltd.	1.84%	7,098,942	$181M	trimmed−1%	+0.18 pp	8 q
AMGAffiliated Managers Group	1.81%	1,128,307	$179M	trimmed−1%	+0.40 pp	18 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.72%	5,044,455	$170M	trimmed−5%	−0.19 pp	12 q
99803EURLaboratory Crp Of Amer Hldgs	1.67%	699,513	$165M	trimmed−1%	+0.07 pp	36 q
ADTADT Inc.	1.55%	16,824,950	$153M	trimmed−8%	+0.05 pp	7 q
HP5AEquity Commonwealth	1.53%	6,029,652	$151M	added+18%	+0.16 pp	15 q
OSWOneSpaWorld Holdings Limited	1.52%	16,002,826	$149M	trimmed−6%	−0.05 pp	12 q
BAPCredicorp LTD	1.45%	1,052,582	$143M	trimmed−28%	−0.52 pp	11 q
PARAParamount Global-class B	1.44%	8,400,479	$142M	added+18%	−0.05 pp	13 q
NVTnVent Electric plc	1.42%	3,645,999	$140M	trimmed−12%	−0.02 pp	8 q
CRLCharles River Laboratories International, Inc.	1.41%	637,762	$139M	trimmed−2%	0.00 pp	39 q
RCLRoyal Caribbean Group	1.40%	2,782,081	$138M	trimmed−12%	+0.08 pp	39 q
CVSACovista Inc.	1.37%	3,809,879	$135M	trimmed−11%	−0.34 pp	23 q
VZVerizon Communications	1.35%	3,383,676	$133M	added+75%	+0.55 pp	33 q
GNRCGenerac Holdings Inc	1.34%	1,311,879	$132M	added×3.5	+0.60 pp	3 q
ZBRAZebra Technologies Corporation	1.29%	495,626	$127M	added+4%	−0.08 pp	37 q
SNASnap-on Incorporated	1.20%	517,378	$118M	trimmed−29%	−0.41 pp	39 q
BCOThe Brink's Company	1.10%	2,017,582	$108M	trimmed−6%	−0.04 pp	39 q
JNJJohnson & Johnson	1.07%	599,323	$106M	trimmed−21%	−0.29 pp	39 q
SJMThe J.M. Smucker Company	1.04%	644,853	$102M	trimmed−13%	−0.07 pp	39 q
GILDGilead Sciences Inc	1.03%	1,178,750	$101M	trimmed−56%	−0.78 pp	39 q
CBRECbre Group, Inc.	1.02%	1,301,336	$100M	trimmed−12%	−0.08 pp	39 q
GSGoldman Sachs Group Inc.	0.95%	271,237	$93M	trimmed−5%	+0.03 pp	39 q
CGThe Carlyle Group Inc.	0.89%	2,926,392	$87M	new	+0.89 pp	new
KNKnowles Corporation	0.87%	5,193,594	$85M	added+22%	+0.30 pp	17 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.87%	6,969,777	$85M	trimmed−2%	−0.02 pp	12 q
JHGJanus Henderson Group PLC	0.86%	3,611,582	$85M	added+1%	+0.06 pp	23 q
MASMasco Corporation	0.84%	1,782,617	$83M	added0%	−0.07 pp	17 q
LFUSLittelfuse Inc	0.83%	372,091	$82M	trimmed−3%	−0.01 pp	39 q
SCHWThe Charles Schwab Corporation	0.75%	884,406	$74M	trimmed−20%	−0.13 pp	12 q
CHKPCheck Point Software Technologies Ltd	0.70%	544,070	$69M	trimmed−2%	+0.02 pp	12 q
BWABorgWarner Inc.	0.69%	1,684,105	$68M	trimmed−8%	+0.06 pp	28 q
AFLAflac Inc.	0.65%	888,053	$64M	trimmed−5%	+0.07 pp	39 q
DOXAmdocs Limited	0.60%	644,701	$59M	trimmed−1%	+0.03 pp	20 q
BMYBristol-Myers Squibb Co.	0.58%	789,666	$57M	trimmed−1%	−0.04 pp	12 q
SSDSimpson Manufacturing Co., Inc.	0.56%	625,824	$55M	trimmed−2%	+0.01 pp	39 q
PBHPrestige Consumer Healthcare Inc.	0.53%	833,443	$52M	trimmed−5%	+0.05 pp	3 q
KMXCarMax Inc.	0.52%	847,509	$52M	added+75%	+0.17 pp	16 q
LINDLindblad Expeditions Holdings Inc.	0.50%	6,393,261	$49M	added+7%	+0.06 pp	5 q
SWKStanley Black & Decker, Inc.	0.48%	633,366	$48M	added+16%	+0.03 pp	39 q
MTNVail Resorts, Inc.	0.48%	199,676	$48M	trimmed−3%	−0.01 pp	12 q
KKRKKR & Co. Inc.	0.46%	981,829	$46M	trimmed−71%	−1.15 pp	18 q
ZBHZimmer Biomet Holdings, Inc.	0.46%	358,506	$46M	trimmed−9%	+0.01 pp	39 q
NTAPNetApp, Inc	0.45%	742,622	$45M	added+6%	−0.03 pp	11 q
KFYKorn Ferry	0.41%	793,579	$40M	trimmed−5%	−0.02 pp	16 q
KEYSKeysight Technologies, Inc.	0.40%	229,448	$39M	trimmed−0%	0.00 pp	25 q
MIDDMiddleby Corp	0.39%	286,789	$38M	added+2%	−0.01 pp	12 q
WBAWalgreens Boots Alliance, Inc	0.33%	878,213	$33M	trimmed−30%	−0.10 pp	11 q
GCMGGCM Grosvenor Inc. Class A	0.30%	3,903,899	$30M	added+42%	+0.06 pp	2 q
CAHCardinal Health, Inc.	0.28%	352,539	$27M	trimmed−45%	−0.19 pp	25 q
VIVTelefonica Brasil, S.A.	0.26%	3,632,025	$26M	added+32%	+0.03 pp	8 q
TAPMolson Coors Beverage Company Class B	0.24%	464,379	$24M	added+40%	+0.07 pp	17 q
unresolvedLeslies Inc	0.22%	1,803,809	$22M	new	+0.22 pp	new
NOVNOV Inc.	0.22%	1,014,769	$21M	trimmed−0%	+0.04 pp	39 q
VEAVanguard FTSE Developed Markets ETF	0.22%	513,478	$22M	added+8%	+0.03 pp	39 q
EVREvercore Inc.	0.17%	154,111	$17M	trimmed−16%	0.00 pp	13 q
BSACBanco Santander-Chile	0.16%	1,022,565	$16M	trimmed−1%	0.00 pp	36 q
NOKNokia Corporation	0.16%	3,344,832	$16M	held	—	39 q
MEIMethode Electronics	0.15%	324,291	$14M	trimmed−62%	−0.20 pp	21 q
BIOBio-Rad Laboratories, Inc.Class A	0.14%	31,896	$13M	trimmed−52%	−0.17 pp	39 q
TPRTapestry, Inc.	0.14%	374,521	$14M	trimmed−1%	+0.02 pp	21 q
BRCBrady Corporation	0.13%	280,395	$13M	trimmed−44%	−0.10 pp	39 q
HCKTHackett Group Inc (The).	0.13%	644,840	$13M	added×101.0	+0.13 pp	3 q
HMNHorace Mann Educators Corporation	0.13%	333,363	$12M	trimmed−5%	−0.01 pp	39 q
TCOMTrip.com Group Limited	0.10%	282,897	$10M	trimmed−1%	+0.01 pp	7 q
APAAPA Corporation	0.09%	185,862	$9M	trimmed−34%	−0.02 pp	8 q
PGRProgressive Corporation	0.09%	70,885	$9M	trimmed−36%	−0.05 pp	30 q
USBU.S. Bancorp	0.09%	196,261	$9M	trimmed−1%	0.00 pp	38 q
GSKGSK plc	0.07%	185,288	$7M	added+9%	+0.02 pp	2 q
LMTLockheed Martin Corp.	0.07%	13,585	$7M	trimmed−24%	−0.01 pp	39 q
ACWXiShares MSCI ACWI ex US ETF	0.06%	131,423	$6M	added+34%	+0.02 pp	27 q
MOSThe Mosaic Company	0.06%	133,182	$6M	trimmed−24%	−0.03 pp	38 q
ORCLOracle Corp	0.06%	69,850	$6M	trimmed−22%	0.00 pp	37 q
TIMBTim S.a.	0.05%	396,301	$5M	held	—	8 q
VODVodafone Group PLC	0.05%	449,564	$5M	trimmed−11%	−0.01 pp	11 q
BNYBank of New York Mellon Corporation	0.04%	78,663	$4M	trimmed−24%	0.00 pp	39 q
ABXBarrick Mining Corporation	0.04%	252,188	$4M	trimmed−24%	−0.02 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	12,999	$4M	trimmed−51%	−0.04 pp	38 q
IWNiShares Russell 2000 Value ETF	0.04%	26,965	$4M	added+47%	+0.01 pp	15 q
ITUBItau Unibanco Holding S.A.	0.04%	789,469	$4M	new	+0.04 pp	new
WUThe Western Union Company	0.04%	271,761	$4M	trimmed−24%	−0.01 pp	39 q
BACBank of America Corporation	0.03%	96,039	$3M	added+61%	+0.01 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.02%	22,396	$2M	added+2%	+0.01 pp	9 q
HLNHaleon plc	0.02%	211,285	$2M	held	—	2 q
MTBM&T Bank Corp.	0.02%	10,656	$2M	trimmed−4%	0.00 pp	5 q
ZIMVZimVie Inc.	0.02%	257,644	$2M	trimmed−10%	−0.01 pp	4 q
IWSiShares Russell Mid-Cap Value ETF	0.01%	8,451	$890,228	new	+0.01 pp	new
NVSNovartis AG	0.01%	8,750	$793,800	held	—	29 q
DNBDun & Bradstreet Holdings, Inc.	0.00%	12,384	$151,828	added+8%	0.00 pp	3 q
FICOFair Isaac Corporation	0.00%	446	$266,967	trimmed−11%	0.00 pp	4 q
FISVFiserv, Inc.	0.00%	3,096	$312,913	added+8%	0.00 pp	4 q
MSIMotorola Solutions, Inc. New	0.00%	714	$184,005	trimmed−2%	0.00 pp	3 q
PDCOPatterson Companies, Inc.	0.00%	6,292	$176,365	added+8%	0.00 pp	3 q
REYNReynolds Consumer Products Inc.	0.00%	5,002	$149,960	added+8%	0.00 pp	3 q
SNYSanofi	0.00%	5,844	$283,025	added0%	0.00 pp	8 q
STSensata Technologies Holding plc	0.00%	5,155	$208,159	added+8%	0.00 pp	3 q
OMCOmnicom Group Inc.	—	−192,428	—	exited	−0.13 pp	—
HLIHoulihan Lokey, Inc.	—	−144,158	—	exited	−0.12 pp	—