Ariel Investments

Q1 2023 13F · by John Rogers, CIO

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $10.4B · prev $9.8B
Positions: 114 · prev 116
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%

Moves112 since the prior filing

+2.2 pp in · −2.2 pp out

New 1 +0.04 pp
Added 56 +2.19 pp
Trimmed 52 −2.17 pp
Exited 3 −0.05 pp

The book

Diversified · behaves like 56 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

BIDU Baidu, Inc. trimmed+0.80 pp trimmed+0.804.1%
SPHR Sphere Entertainment Co. trimmed+0.72 pp trimmed+0.723.8%
MAT Mattel, Inc. added0.00 pp added0.002.9%
PM Philip Morris International Inc. trimmed−0.92 pp trimmed−0.922.7%
KMT Kennametal Inc. trimmed+0.17 pp trimmed+0.172.7%

Positions114 in this filing · 3 exited


BIDUBaidu, Inc.	4.11%	2,834,783	$428M	trimmed−1%	+0.80 pp	40 q
SPHRSphere Entertainment Co.	3.78%	6,660,144	$393M	trimmed−0%	+0.72 pp	12 q
MATMattel, Inc.	2.88%	16,278,857	$300M	added+2%	0.00 pp	32 q
PMPhilip Morris International Inc.	2.74%	2,928,756	$285M	trimmed−18%	−0.92 pp	39 q
KMTKennametal Inc.	2.70%	10,187,839	$281M	trimmed−2%	+0.17 pp	36 q
REZIResideo Technologies, Inc.	2.48%	14,092,681	$258M	added+5%	+0.25 pp	7 q
MSFTMicrosoft Corp	2.42%	873,473	$252M	trimmed−13%	−0.01 pp	40 q
GNTXGentex Corp	2.41%	8,931,690	$250M	added+1%	−0.04 pp	7 q
LAZLazard, Inc.	2.35%	7,378,747	$244M	trimmed−4%	−0.36 pp	40 q
FAFFirst American Financial Corporation	2.14%	3,995,930	$222M	trimmed−1%	0.00 pp	40 q
BYDBoyd Gaming Corporation	2.13%	3,455,120	$222M	trimmed−0%	+0.22 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	2.10%	5,858,029	$218M	trimmed−28%	−0.67 pp	40 q
BOKFBOK Financial Corp	2.08%	2,566,711	$217M	trimmed−3%	−0.71 pp	28 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.03%	5,169,070	$211M	added+2%	+0.31 pp	13 q
JLLJones Lang LaSalle, Inc.	2.02%	1,448,075	$211M	added+11%	−0.08 pp	40 q
NTRSNorthern Trust Corp	2.01%	2,373,935	$209M	added+6%	−0.01 pp	40 q
CLBCore Laboratories Inc.	2.01%	9,509,228	$210M	trimmed−2%	+0.01 pp	12 q
MSGSMadison Square Garden Sports Corp.	1.97%	1,053,167	$205M	trimmed−2%	−0.02 pp	30 q
MHKMohawk Industries, Inc.	1.90%	1,968,868	$197M	added0%	−0.14 pp	40 q
AXTAAxalta Coating Systems Ltd.	1.87%	6,434,450	$195M	trimmed−9%	+0.03 pp	9 q
BAPCredicorp LTD	1.85%	1,457,090	$193M	added+38%	+0.40 pp	12 q
SRCLStericycle Inc	1.76%	4,196,524	$183M	trimmed−1%	−0.38 pp	21 q
GNRCGenerac Holdings Inc	1.73%	1,662,783	$180M	added+27%	+0.39 pp	4 q
RCLRoyal Caribbean Group	1.73%	2,756,278	$180M	trimmed−1%	+0.33 pp	40 q
OSWOneSpaWorld Holdings Limited	1.59%	13,780,105	$165M	trimmed−14%	+0.07 pp	13 q
99803EURLaboratory Crp Of Amer Hldgs	1.56%	707,654	$162M	added+1%	−0.11 pp	37 q
PARAParamount Global-class B	1.52%	7,086,973	$158M	trimmed−16%	+0.08 pp	14 q
AMGAffiliated Managers Group	1.49%	1,092,160	$156M	trimmed−3%	−0.32 pp	19 q
MANUManchester United PLC	1.48%	6,937,209	$154M	trimmed−18%	−0.52 pp	7 q
ZBRAZebra Technologies Corporation	1.46%	476,385	$151M	trimmed−4%	+0.17 pp	38 q
CVSACovista Inc.	1.41%	3,811,096	$147M	added0%	+0.04 pp	24 q
NVTnVent Electric plc	1.38%	3,335,672	$143M	trimmed−9%	−0.04 pp	9 q
VZVerizon Communications	1.35%	3,610,631	$140M	added+7%	0.00 pp	34 q
HP5AEquity Commonwealth	1.33%	6,705,738	$139M	added+11%	−0.20 pp	16 q
CRLCharles River Laboratories International, Inc.	1.32%	683,054	$138M	added+7%	−0.09 pp	40 q
ADTADT Inc.	1.30%	18,758,109	$136M	added+11%	−0.25 pp	8 q
BCOThe Brink's Company	1.27%	1,981,267	$132M	trimmed−2%	+0.17 pp	40 q
unresolvedLeslies Inc	1.25%	11,846,768	$130M	added×6.6	+1.03 pp	2 q
SJMThe J.M. Smucker Company	0.96%	637,398	$100M	trimmed−1%	−0.08 pp	40 q
LFUSLittelfuse Inc	0.95%	368,625	$99M	trimmed−1%	+0.12 pp	40 q
GILDGilead Sciences Inc	0.94%	1,175,228	$98M	trimmed−0%	−0.09 pp	40 q
SNASnap-on Incorporated	0.93%	391,254	$97M	trimmed−24%	−0.27 pp	40 q
JHGJanus Henderson Group PLC	0.93%	3,619,098	$96M	added0%	+0.07 pp	24 q
CBRECbre Group, Inc.	0.91%	1,296,578	$94M	trimmed−0%	−0.11 pp	40 q
CGThe Carlyle Group Inc.	0.91%	3,032,620	$94M	added+4%	+0.02 pp	2 q
JNJJohnson & Johnson	0.89%	599,868	$93M	added0%	−0.18 pp	40 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.88%	6,804,115	$92M	trimmed−2%	+0.01 pp	13 q
MASMasco Corporation	0.85%	1,781,266	$89M	trimmed−0%	+0.01 pp	18 q
GSGoldman Sachs Group Inc.	0.83%	264,437	$86M	trimmed−3%	−0.12 pp	40 q
KNKnowles Corporation	0.79%	4,808,201	$82M	trimmed−7%	−0.08 pp	18 q
BWABorgWarner Inc.	0.76%	1,614,207	$79M	trimmed−4%	+0.07 pp	29 q
LINDLindblad Expeditions Holdings Inc.	0.68%	7,430,753	$71M	added+16%	+0.18 pp	6 q
SSDSimpson Manufacturing Co., Inc.	0.66%	629,419	$69M	added+1%	+0.10 pp	40 q
CHKPCheck Point Software Technologies Ltd	0.63%	502,985	$65M	trimmed−8%	−0.07 pp	13 q
DOXAmdocs Limited	0.59%	642,154	$62M	trimmed−0%	−0.01 pp	21 q
AFLAflac Inc.	0.55%	890,836	$57M	added0%	−0.10 pp	40 q
KMXCarMax Inc.	0.55%	897,339	$58M	added+6%	+0.03 pp	17 q
BMYBristol-Myers Squibb Co.	0.52%	786,463	$55M	trimmed−0%	−0.06 pp	13 q
PBHPrestige Consumer Healthcare Inc.	0.52%	859,087	$54M	added+3%	−0.01 pp	4 q
SCHWThe Charles Schwab Corporation	0.51%	1,013,765	$53M	added+15%	−0.24 pp	13 q
SWKStanley Black & Decker, Inc.	0.50%	639,961	$52M	added+1%	+0.02 pp	40 q
KKRKKR & Co. Inc.	0.49%	979,033	$51M	trimmed−0%	+0.03 pp	19 q
MTNVail Resorts, Inc.	0.49%	217,977	$51M	added+9%	+0.01 pp	13 q
ITUBItau Unibanco Holding S.A.	0.48%	10,205,810	$50M	added×12.9	+0.44 pp	2 q
NTAPNetApp, Inc	0.45%	740,366	$47M	trimmed−0%	0.00 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	0.44%	357,581	$46M	trimmed−0%	−0.02 pp	40 q
MIDDMiddleby Corp	0.41%	291,111	$43M	added+2%	+0.02 pp	13 q
KFYKorn Ferry	0.40%	805,422	$42M	added+1%	−0.01 pp	17 q
WBAWalgreens Boots Alliance, Inc	0.38%	1,151,176	$40M	added+31%	+0.05 pp	12 q
KEYSKeysight Technologies, Inc.	0.36%	229,948	$37M	added0%	−0.04 pp	26 q
GCMGGCM Grosvenor Inc. Class A	0.29%	3,921,930	$31M	added0%	−0.01 pp	3 q
TAPMolson Coors Beverage Company Class B	0.27%	549,193	$28M	added+18%	+0.03 pp	18 q
VIVTelefonica Brasil, S.A.	0.26%	3,547,146	$27M	trimmed−2%	0.00 pp	9 q
BSACBanco Santander-Chile	0.24%	1,388,986	$25M	added+36%	+0.08 pp	37 q
DNBDun & Bradstreet Holdings, Inc.	0.23%	2,048,413	$24M	added×165.4	+0.23 pp	4 q
VEAVanguard FTSE Developed Markets ETF	0.20%	450,249	$20M	trimmed−12%	−0.02 pp	40 q
CAHCardinal Health, Inc.	0.19%	258,578	$20M	trimmed−27%	−0.09 pp	26 q
NOVNOV Inc.	0.18%	1,017,602	$19M	added0%	−0.04 pp	40 q
EVREvercore Inc.	0.17%	156,422	$18M	added+2%	0.00 pp	14 q
HCKTHackett Group Inc (The).	0.17%	979,037	$18M	added+52%	+0.04 pp	4 q
NOKNokia Corporation	0.16%	3,292,824	$16M	trimmed−2%	0.00 pp	40 q
BIOBio-Rad Laboratories, Inc.Class A	0.15%	31,797	$15M	trimmed−0%	+0.01 pp	40 q
BRCBrady Corporation	0.15%	284,609	$15M	added+2%	+0.02 pp	40 q
MEIMethode Electronics	0.14%	329,167	$14M	added+2%	−0.01 pp	22 q
HMNHorace Mann Educators Corporation	0.11%	338,307	$11M	added+1%	−0.02 pp	40 q
TIMBTim S.a.	0.10%	869,669	$11M	added×2.2	+0.05 pp	9 q
TCOMTrip.com Group Limited	0.09%	238,174	$9M	trimmed−16%	−0.01 pp	8 q
APAAPA Corporation	0.07%	191,442	$7M	added+3%	−0.02 pp	9 q
TPRTapestry, Inc.	0.07%	159,818	$7M	trimmed−57%	−0.07 pp	22 q
USBU.S. Bancorp	0.07%	195,456	$7M	trimmed−0%	−0.02 pp	39 q
GSKGSK plc	0.06%	185,368	$7M	added0%	−0.01 pp	3 q
LMTLockheed Martin Corp.	0.06%	13,585	$6M	held	—	40 q
MOSThe Mosaic Company	0.06%	136,582	$6M	added+3%	0.00 pp	39 q
ORCLOracle Corp	0.06%	69,850	$6M	held	—	38 q
ACWXiShares MSCI ACWI ex US ETF	0.05%	112,163	$5M	trimmed−15%	−0.01 pp	28 q
VODVodafone Group PLC	0.05%	443,958	$5M	trimmed−1%	0.00 pp	12 q
ABEVAmbev S.a.	0.04%	1,431,326	$4M	new	+0.04 pp	new
ABXBarrick Mining Corporation	0.04%	252,188	$5M	held	—	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	12,950	$4M	trimmed−0%	0.00 pp	39 q
IWNiShares Russell 2000 Value ETF	0.04%	27,437	$4M	added+2%	0.00 pp	16 q
BACBank of America Corporation	0.03%	121,454	$3M	added+26%	0.00 pp	3 q
BNYBank of New York Mellon Corporation	0.03%	78,663	$4M	held	—	40 q
WUThe Western Union Company	0.02%	219,666	$2M	trimmed−19%	−0.02 pp	40 q
ZIMVZimVie Inc.	0.02%	311,683	$2M	added+21%	0.00 pp	5 q
MTBM&T Bank Corp.	0.01%	10,713	$1M	added+1%	−0.01 pp	6 q
NVSNovartis AG	0.01%	8,750	$805,000	held	—	30 q
FICOFair Isaac Corporation	0.00%	421	$295,832	trimmed−6%	0.00 pp	5 q
FISVFiserv, Inc.	0.00%	3,192	$360,792	added+3%	0.00 pp	5 q
MSIMotorola Solutions, Inc. New	0.00%	736	$210,592	added+3%	0.00 pp	4 q
PDCOPatterson Companies, Inc.	0.00%	6,487	$173,657	added+3%	0.00 pp	4 q
PGRProgressive Corporation	0.00%	1,378	$197,137	trimmed−98%	−0.09 pp	31 q
REYNReynolds Consumer Products Inc.	0.00%	5,157	$141,818	added+3%	0.00 pp	4 q
SNYSanofi	0.00%	5,926	$322,493	added+1%	0.00 pp	9 q
STSensata Technologies Holding plc	0.00%	5,315	$265,856	added+3%	0.00 pp	4 q
AZNNAstrazeneca Plc-spons ADR	—	−22,396	—	exited	−0.02 pp	—
HLNHaleon plc	—	−211,285	—	exited	−0.02 pp	—
IWSiShares Russell Mid-Cap Value ETF	—	−8,451	—	exited	−0.01 pp	—