Ariel Investments

Q2 2023 13F · by John Rogers, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $10.6B · prev $10.4B
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%

Moves113 since the prior filing

+5.8 pp in · −5.8 pp out

New 5 +2.39 pp
Added 33 +3.39 pp
Trimmed 72 −5.51 pp
Exited 3 −0.24 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions14% of US stock

BIDU Baidu, Inc. trimmed−0.54 pp trimmed−0.543.6%
MAT Mattel, Inc. added+0.17 pp added+0.173.0%
PM Philip Morris International Inc. added+0.01 pp added+0.012.8%
KMT Kennametal Inc. trimmed−0.05 pp trimmed−0.052.6%
GNRC Generac Holdings Inc added+0.74 pp added+0.742.5%

Positions116 in this filing · 3 exited


BIDUBaidu, Inc.	3.57%	2,756,228	$377M	trimmed−3%	−0.54 pp	41 q
MATMattel, Inc.	3.05%	16,466,014	$322M	added+1%	+0.17 pp	33 q
PMPhilip Morris International Inc.	2.75%	2,979,537	$291M	added+2%	+0.01 pp	40 q
KMTKennametal Inc.	2.65%	9,877,760	$280M	trimmed−3%	−0.05 pp	37 q
GNRCGenerac Holdings Inc	2.47%	1,749,294	$261M	added+5%	+0.74 pp	5 q
GNTXGentex Corp	2.34%	8,450,923	$247M	trimmed−5%	−0.07 pp	8 q
REZIResideo Technologies, Inc.	2.33%	13,958,059	$246M	trimmed−1%	−0.15 pp	8 q
MSFTMicrosoft Corp	2.31%	716,331	$244M	trimmed−18%	−0.11 pp	41 q
JLLJones Lang LaSalle, Inc.	2.24%	1,520,409	$237M	added+5%	+0.22 pp	41 q
MSGEMadison Square Garden Entertainment Corp.	2.23%	6,997,080	$235M	new	+2.23 pp	new
LAZLazard, Inc.	2.20%	7,260,662	$232M	trimmed−2%	−0.15 pp	41 q
CLBCore Laboratories Inc.	2.12%	9,631,723	$224M	added+1%	+0.11 pp	13 q
CRLCharles River Laboratories International, Inc.	2.09%	1,047,840	$220M	added+53%	+0.77 pp	41 q
FAFFirst American Financial Corporation	2.07%	3,838,309	$219M	trimmed−4%	−0.07 pp	41 q
BYDBoyd Gaming Corporation	2.04%	3,112,821	$216M	trimmed−10%	−0.09 pp	8 q
BAPCredicorp LTD	1.99%	1,426,147	$211M	trimmed−2%	+0.14 pp	13 q
RCLRoyal Caribbean Group	1.99%	2,028,952	$210M	trimmed−26%	+0.26 pp	41 q
MHKMohawk Industries, Inc.	1.93%	1,981,126	$204M	added+1%	+0.03 pp	41 q
IPGThe Interpublic Group of Companies, Inc.	1.88%	5,141,660	$198M	trimmed−12%	−0.22 pp	41 q
BOKFBOK Financial Corp	1.81%	2,366,764	$191M	trimmed−8%	−0.27 pp	29 q
SRCLStericycle Inc	1.80%	4,094,424	$190M	trimmed−2%	+0.04 pp	22 q
NTRSNorthern Trust Corp	1.76%	2,506,051	$186M	added+6%	−0.25 pp	41 q
AXTAAxalta Coating Systems Ltd.	1.75%	5,626,019	$185M	trimmed−13%	−0.12 pp	10 q
MSGSMadison Square Garden Sports Corp.	1.70%	952,096	$179M	trimmed−10%	−0.27 pp	31 q
CGThe Carlyle Group Inc.	1.65%	5,446,414	$174M	added+80%	+0.74 pp	3 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.64%	5,117,117	$173M	trimmed−1%	−0.39 pp	14 q
99803EURLaboratory Crp Of Amer Hldgs	1.57%	685,878	$166M	trimmed−3%	+0.01 pp	38 q
OSWOneSpaWorld Holdings Limited	1.57%	13,708,404	$166M	trimmed−1%	−0.02 pp	14 q
AMGAffiliated Managers Group	1.51%	1,067,169	$160M	trimmed−2%	+0.02 pp	20 q
MANUManchester United PLC	1.50%	6,497,307	$158M	trimmed−6%	+0.02 pp	8 q
VZVerizon Communications	1.49%	4,243,684	$158M	added+18%	+0.14 pp	35 q
unresolvedLeslies Inc	1.47%	16,588,929	$156M	added+40%	+0.22 pp	3 q
PARAParamount Global-class B	1.45%	9,599,136	$153M	added+35%	−0.07 pp	15 q
SPHRSphere Entertainment Co.	1.40%	5,386,690	$148M	trimmed−19%	−2.38 pp	13 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.36%	6,622,682	$144M	trimmed−3%	+0.48 pp	14 q
HP5AEquity Commonwealth	1.34%	6,965,293	$141M	added+4%	+0.01 pp	17 q
ZBRAZebra Technologies Corporation	1.32%	469,920	$139M	trimmed−1%	−0.14 pp	39 q
NVTnVent Electric plc	1.29%	2,640,087	$136M	trimmed−21%	−0.09 pp	10 q
ADTADT Inc.	1.22%	21,302,098	$128M	added+14%	−0.08 pp	9 q
BCOThe Brink's Company	1.22%	1,893,912	$128M	trimmed−4%	−0.05 pp	41 q
CVSACovista Inc.	1.18%	3,623,194	$124M	trimmed−5%	−0.23 pp	25 q
SNASnap-on Incorporated	0.98%	359,503	$104M	trimmed−8%	+0.05 pp	41 q
MASMasco Corporation	0.95%	1,741,931	$100M	trimmed−2%	+0.10 pp	19 q
LFUSLittelfuse Inc	0.93%	338,759	$99M	trimmed−8%	−0.02 pp	41 q
JHGJanus Henderson Group PLC	0.92%	3,554,718	$97M	trimmed−2%	−0.01 pp	25 q
JNJJohnson & Johnson	0.91%	582,748	$96M	trimmed−3%	+0.02 pp	41 q
GILDGilead Sciences Inc	0.83%	1,139,331	$88M	trimmed−3%	−0.11 pp	41 q
SJMThe J.M. Smucker Company	0.83%	590,413	$87M	trimmed−7%	−0.13 pp	41 q
KNKnowles Corporation	0.78%	4,537,318	$82M	trimmed−6%	−0.01 pp	19 q
LINDLindblad Expeditions Holdings Inc.	0.77%	7,476,765	$81M	added+1%	+0.09 pp	7 q
ITUBItau Unibanco Holding S.A.	0.74%	13,159,982	$78M	added+29%	+0.26 pp	3 q
GSGoldman Sachs Group Inc.	0.71%	231,127	$75M	trimmed−13%	−0.12 pp	41 q
SSDSimpson Manufacturing Co., Inc.	0.64%	487,072	$67M	trimmed−23%	−0.02 pp	41 q
CBRECbre Group, Inc.	0.63%	827,963	$67M	trimmed−36%	−0.28 pp	41 q
KMXCarMax Inc.	0.63%	799,569	$67M	trimmed−11%	+0.08 pp	18 q
BWABorgWarner Inc.	0.62%	1,335,619	$65M	trimmed−17%	−0.14 pp	30 q
DOXAmdocs Limited	0.58%	621,910	$61M	trimmed−3%	−0.01 pp	22 q
CHKPCheck Point Software Technologies Ltd	0.58%	489,741	$62M	trimmed−3%	−0.05 pp	14 q
SCHWThe Charles Schwab Corporation	0.56%	1,049,524	$59M	added+4%	+0.05 pp	14 q
SWKStanley Black & Decker, Inc.	0.54%	609,016	$57M	trimmed−5%	+0.04 pp	41 q
NTAPNetApp, Inc	0.52%	719,471	$55M	trimmed−3%	+0.07 pp	13 q
PBHPrestige Consumer Healthcare Inc.	0.52%	925,742	$55M	added+8%	0.00 pp	5 q
MTNVail Resorts, Inc.	0.49%	204,828	$52M	trimmed−6%	0.00 pp	14 q
KKRKKR & Co. Inc.	0.47%	886,231	$50M	trimmed−9%	−0.02 pp	20 q
BMYBristol-Myers Squibb Co.	0.46%	761,208	$49M	trimmed−3%	−0.06 pp	14 q
MIDDMiddleby Corp	0.41%	290,418	$43M	trimmed−0%	0.00 pp	14 q
ZBHZimmer Biomet Holdings, Inc.	0.41%	294,735	$43M	trimmed−18%	−0.03 pp	41 q
AFLAflac Inc.	0.40%	611,020	$43M	trimmed−31%	−0.15 pp	41 q
KFYKorn Ferry	0.38%	803,000	$40M	trimmed−0%	−0.02 pp	18 q
KEYSKeysight Technologies, Inc.	0.34%	215,877	$36M	trimmed−6%	−0.02 pp	27 q
WBAWalgreens Boots Alliance, Inc	0.34%	1,258,782	$36M	added+9%	−0.04 pp	13 q
GCMGGCM Grosvenor Inc. Class A	0.31%	4,399,632	$33M	added+12%	+0.02 pp	4 q
TAPMolson Coors Beverage Company Class B	0.30%	477,967	$31M	trimmed−13%	+0.03 pp	19 q
VIVTelefonica Brasil, S.A.	0.30%	3,420,423	$31M	trimmed−4%	+0.04 pp	10 q
DNBDun & Bradstreet Holdings, Inc.	0.29%	2,649,391	$31M	added+29%	+0.06 pp	5 q
NOVNOV Inc.	0.26%	1,726,683	$28M	added+70%	+0.08 pp	41 q
VEAVanguard FTSE Developed Markets ETF	0.26%	586,477	$27M	added+30%	+0.06 pp	41 q
BSACBanco Santander-Chile	0.24%	1,357,101	$26M	trimmed−2%	0.00 pp	38 q
HCKTHackett Group Inc (The).	0.21%	976,626	$22M	trimmed−0%	+0.04 pp	5 q
EVREvercore Inc.	0.19%	161,356	$20M	added+3%	+0.02 pp	15 q
BRCBrady Corporation	0.13%	283,920	$14M	trimmed−0%	−0.02 pp	41 q
NOKNokia Corporation	0.13%	3,175,387	$13M	trimmed−4%	−0.03 pp	41 q
TIMBTim S.a.	0.12%	835,225	$13M	trimmed−4%	+0.02 pp	10 q
HMNHorace Mann Educators Corporation	0.09%	336,940	$10M	trimmed−0%	−0.02 pp	41 q
EDUNew Oriental Education and Technology Group, Inc.	0.08%	216,727	$9M	new	+0.08 pp	new
ORCLOracle Corp	0.07%	61,507	$7M	trimmed−12%	+0.01 pp	39 q
APAAPA Corporation	0.06%	191,442	$7M	held	—	10 q
GSKGSK plc	0.06%	171,677	$6M	trimmed−7%	0.00 pp	4 q
ACWXiShares MSCI ACWI ex US ETF	0.06%	134,395	$7M	added+20%	+0.01 pp	29 q
LMTLockheed Martin Corp.	0.06%	13,585	$6M	held	—	41 q
MEIMethode Electronics	0.06%	202,087	$7M	trimmed−39%	−0.08 pp	23 q
USBU.S. Bancorp	0.06%	189,073	$6M	trimmed−3%	−0.01 pp	40 q
IQiQIYI, Inc.	0.05%	913,751	$5M	new	+0.05 pp	new
MOSThe Mosaic Company	0.05%	136,582	$5M	held	—	40 q
TCOMTrip.com Group Limited	0.05%	144,458	$5M	trimmed−39%	−0.04 pp	9 q
ABEVAmbev S.a.	0.04%	1,370,556	$4M	trimmed−4%	0.00 pp	2 q
BACBank of America Corporation	0.04%	145,371	$4M	added+20%	+0.01 pp	4 q
ABXBarrick Mining Corporation	0.04%	252,188	$4M	held	—	9 q
TPRTapestry, Inc.	0.04%	97,207	$4M	trimmed−39%	−0.03 pp	23 q
VODVodafone Group PLC	0.04%	426,689	$4M	trimmed−4%	−0.01 pp	13 q
BNYBank of New York Mellon Corporation	0.03%	78,663	$4M	held	—	41 q
CMECME Group Inc.	0.03%	15,518	$3M	new	+0.03 pp	new
IWNiShares Russell 2000 Value ETF	0.03%	21,959	$3M	trimmed−20%	−0.01 pp	17 q
WUThe Western Union Company	0.03%	311,434	$4M	added+42%	+0.01 pp	41 q
ZIMVZimVie Inc.	0.03%	310,014	$3M	trimmed−1%	+0.01 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	0.02%	4,393	$2M	trimmed−86%	−0.13 pp	41 q
MTBM&T Bank Corp.	0.01%	11,007	$1M	added+3%	0.00 pp	7 q
FICOFair Isaac Corporation	0.00%	332	$268,658	trimmed−21%	0.00 pp	6 q
FISVFiserv, Inc.	0.00%	3,616	$456,158	added+13%	0.00 pp	6 q
IWSiShares Russell Mid-Cap Value ETF	0.00%	1,880	$206,499	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	796	$233,451	added+8%	0.00 pp	5 q
PDCOPatterson Companies, Inc.	0.00%	7,024	$233,618	added+8%	0.00 pp	5 q
PGRProgressive Corporation	0.00%	1,267	$167,713	trimmed−8%	0.00 pp	32 q
REYNReynolds Consumer Products Inc.	0.00%	5,584	$157,748	added+8%	0.00 pp	5 q
SNYSanofi	0.00%	5,926	$319,411	held	—	10 q
STSensata Technologies Holding plc	0.00%	6,469	$291,040	added+22%	0.00 pp	5 q
CAHCardinal Health, Inc.	—	−258,578	—	exited	−0.19 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−12,950	—	exited	−0.04 pp	—
NVSNovartis AG	—	−8,750	—	exited	−0.01 pp	—