Ariel Investments

Q3 2023 13F · by John Rogers, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $9.4B · prev $10.6B
Positions: 115 · 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%

Moves116 since the prior filing

+3.9 pp in · −3.9 pp out

New 5 +0.09 pp
Added 44 +3.81 pp
Trimmed 61 −3.69 pp
Exited 6 −0.22 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions115 in this filing · 6 exited


MATMattel, Inc.	3.65%	15,655,195	$345M	trimmed−5%	+0.60 pp	34 q
BIDUBaidu, Inc.	3.05%	2,146,326	$288M	trimmed−22%	−0.52 pp	42 q
KMTKennametal Inc.	2.56%	9,736,953	$242M	trimmed−1%	−0.09 pp	38 q
MSGEMadison Square Garden Entertainment Corp.	2.51%	7,196,734	$237M	added+3%	+0.28 pp	2 q
PMPhilip Morris International Inc.	2.41%	2,459,310	$228M	trimmed−17%	−0.34 pp	41 q
GNTXGentex Corp	2.38%	6,914,552	$225M	trimmed−18%	+0.04 pp	9 q
JLLJones Lang LaSalle, Inc.	2.35%	1,574,292	$222M	added+4%	+0.11 pp	42 q
LAZLazard, Inc.	2.35%	7,168,099	$222M	trimmed−1%	+0.15 pp	42 q
GNRCGenerac Holdings Inc	2.32%	2,010,344	$219M	added+15%	−0.15 pp	6 q
CLBCore Laboratories Inc.	2.30%	9,063,718	$218M	trimmed−6%	+0.18 pp	14 q
REZIResideo Technologies, Inc.	2.30%	13,760,106	$217M	trimmed−1%	−0.03 pp	9 q
CRLCharles River Laboratories International, Inc.	2.21%	1,066,600	$209M	added+2%	+0.12 pp	42 q
FAFFirst American Financial Corporation	2.18%	3,650,706	$206M	trimmed−5%	+0.11 pp	42 q
SRCLStericycle Inc	2.05%	4,328,036	$194M	added+6%	+0.25 pp	23 q
CGThe Carlyle Group Inc.	2.03%	6,364,528	$192M	added+17%	+0.38 pp	4 q
BYDBoyd Gaming Corporation	1.96%	3,049,949	$186M	trimmed−2%	−0.08 pp	9 q
MSFTMicrosoft Corp	1.93%	578,397	$183M	trimmed−19%	−0.38 pp	42 q
BOKFBOK Financial Corp	1.92%	2,272,419	$182M	trimmed−4%	+0.11 pp	30 q
NTRSNorthern Trust Corp	1.89%	2,574,494	$179M	added+3%	+0.13 pp	42 q
MHKMohawk Industries, Inc.	1.87%	2,059,100	$177M	added+4%	−0.06 pp	42 q
SPHRSphere Entertainment Co.	1.81%	4,606,727	$171M	trimmed−14%	+0.41 pp	14 q
MSGSMadison Square Garden Sports Corp.	1.77%	946,891	$167M	trimmed−1%	+0.07 pp	32 q
AMGAffiliated Managers Group	1.64%	1,188,146	$155M	added+11%	+0.13 pp	21 q
OSWOneSpaWorld Holdings Limited	1.64%	13,799,474	$155M	added+1%	+0.07 pp	15 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.57%	5,335,578	$149M	added+4%	−0.07 pp	15 q
IPGThe Interpublic Group of Companies, Inc.	1.56%	5,138,540	$147M	trimmed−0%	−0.32 pp	42 q
PARAParamount Global-class B	1.55%	11,330,850	$146M	added+18%	+0.10 pp	16 q
RCLRoyal Caribbean Group	1.55%	1,587,931	$146M	trimmed−22%	−0.44 pp	42 q
PBHPrestige Consumer Healthcare Inc.	1.53%	2,534,786	$145M	added×2.7	+1.01 pp	6 q
CHKPCheck Point Software Technologies Ltd	1.53%	1,083,364	$144M	added×2.2	+0.95 pp	15 q
unresolvedLeslies Inc	1.50%	24,987,417	$141M	added+51%	+0.03 pp	4 q
BCOThe Brink's Company	1.47%	1,909,223	$139M	added+1%	+0.25 pp	42 q
BAPCredicorp LTD	1.47%	1,086,953	$139M	trimmed−24%	−0.52 pp	14 q
AXTAAxalta Coating Systems Ltd.	1.46%	5,142,681	$138M	trimmed−9%	−0.29 pp	11 q
CVSACovista Inc.	1.45%	3,205,788	$137M	trimmed−12%	+0.27 pp	26 q
99803EURLaboratory Crp Of Amer Hldgs	1.45%	683,833	$137M	trimmed−0%	−0.12 pp	39 q
ADTADT Inc.	1.42%	22,429,407	$135M	added+5%	+0.20 pp	10 q
NVTnVent Electric plc	1.20%	2,132,752	$113M	trimmed−19%	−0.09 pp	11 q
ZBRAZebra Technologies Corporation	1.18%	470,679	$111M	added0%	−0.14 pp	40 q
MANUManchester United PLC	1.18%	5,615,496	$111M	trimmed−14%	−0.32 pp	9 q
VZVerizon Communications	1.17%	3,405,865	$110M	trimmed−20%	−0.32 pp	36 q
HP5AEquity Commonwealth	1.07%	5,496,527	$101M	trimmed−21%	−0.27 pp	18 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.06%	6,059,104	$100M	trimmed−9%	−0.30 pp	15 q
MASMasco Corporation	0.91%	1,612,074	$86M	trimmed−7%	−0.04 pp	20 q
LFUSLittelfuse Inc	0.89%	339,853	$84M	added0%	−0.04 pp	42 q
SNASnap-on Incorporated	0.84%	309,492	$79M	trimmed−14%	−0.14 pp	42 q
JHGJanus Henderson Group PLC	0.82%	3,017,932	$78M	trimmed−15%	−0.10 pp	26 q
GSGoldman Sachs Group Inc.	0.78%	229,097	$74M	trimmed−1%	+0.07 pp	42 q
JNJJohnson & Johnson	0.77%	466,843	$73M	trimmed−20%	−0.14 pp	42 q
SJMThe J.M. Smucker Company	0.77%	590,997	$73M	added0%	−0.06 pp	42 q
GILDGilead Sciences Inc	0.73%	923,987	$69M	trimmed−19%	−0.10 pp	42 q
NTAPNetApp, Inc	0.72%	899,155	$68M	added+25%	+0.20 pp	14 q
KNKnowles Corporation	0.71%	4,544,860	$67M	added0%	−0.07 pp	20 q
SSDSimpson Manufacturing Co., Inc.	0.67%	423,898	$64M	trimmed−13%	+0.03 pp	42 q
LINDLindblad Expeditions Holdings Inc.	0.65%	8,472,058	$61M	added+13%	−0.12 pp	8 q
CBRECbre Group, Inc.	0.62%	799,373	$59M	trimmed−3%	−0.01 pp	42 q
KMXCarMax Inc.	0.58%	769,895	$54M	trimmed−4%	−0.05 pp	19 q
ITUBItau Unibanco Holding S.A.	0.58%	10,161,278	$55M	trimmed−23%	−0.16 pp	4 q
SCHWThe Charles Schwab Corporation	0.58%	993,749	$55M	trimmed−5%	+0.02 pp	15 q
BWABorgWarner Inc.	0.54%	1,274,443	$51M	trimmed−5%	−0.08 pp	31 q
KKRKKR & Co. Inc.	0.53%	810,986	$50M	trimmed−8%	+0.06 pp	21 q
SWKStanley Black & Decker, Inc.	0.53%	602,250	$50M	trimmed−1%	−0.01 pp	42 q
MTNVail Resorts, Inc.	0.51%	216,369	$48M	added+6%	+0.02 pp	15 q
AFLAflac Inc.	0.49%	604,796	$46M	trimmed−1%	+0.09 pp	42 q
DOXAmdocs Limited	0.46%	517,478	$44M	trimmed−17%	−0.12 pp	23 q
KFYKorn Ferry	0.41%	812,776	$39M	added+1%	+0.03 pp	19 q
BMYBristol-Myers Squibb Co.	0.40%	652,959	$38M	trimmed−14%	−0.06 pp	15 q
MIDDMiddleby Corp	0.40%	294,043	$38M	added+1%	−0.01 pp	15 q
DNBDun & Bradstreet Holdings, Inc.	0.38%	3,557,872	$36M	added+34%	+0.09 pp	6 q
NOVNOV Inc.	0.38%	1,709,509	$36M	trimmed−1%	+0.12 pp	42 q
ZBHZimmer Biomet Holdings, Inc.	0.38%	316,706	$36M	added+7%	−0.03 pp	42 q
GCMGGCM Grosvenor Inc. Class A	0.36%	4,433,730	$34M	added+1%	+0.05 pp	5 q
WBAWalgreens Boots Alliance, Inc	0.32%	1,343,706	$30M	added+7%	−0.02 pp	14 q
KEYSKeysight Technologies, Inc.	0.30%	214,284	$28M	trimmed−1%	−0.04 pp	28 q
TAPMolson Coors Beverage Company Class B	0.28%	421,123	$27M	trimmed−12%	−0.02 pp	20 q
EVREvercore Inc.	0.24%	164,835	$23M	added+2%	+0.05 pp	16 q
VIVTelefonica Brasil, S.A.	0.23%	2,546,589	$22M	trimmed−26%	−0.07 pp	11 q
HCKTHackett Group Inc (The).	0.19%	754,464	$18M	trimmed−23%	−0.02 pp	6 q
BRCBrady Corporation	0.17%	287,605	$16M	added+1%	+0.04 pp	42 q
VEAVanguard FTSE Developed Markets ETF	0.15%	322,126	$14M	trimmed−45%	−0.11 pp	42 q
HMNHorace Mann Educators Corporation	0.11%	340,981	$10M	added+1%	+0.02 pp	42 q
ACWXiShares MSCI ACWI ex US ETF	0.09%	173,673	$8M	added+29%	+0.03 pp	30 q
NOKNokia Corporation	0.09%	2,290,872	$9M	trimmed−28%	−0.04 pp	42 q
APAAPA Corporation	0.08%	191,442	$8M	held	—	11 q
ORCLOracle Corp	0.07%	58,459	$6M	trimmed−5%	0.00 pp	40 q
BSACBanco Santander-Chile	0.06%	287,523	$5M	trimmed−79%	−0.18 pp	39 q
LMTLockheed Martin Corp.	0.06%	13,585	$6M	held	—	42 q
TIMBTim S.a.	0.06%	388,238	$6M	trimmed−54%	−0.06 pp	11 q
USBU.S. Bancorp	0.06%	161,929	$5M	trimmed−14%	0.00 pp	41 q
BACBank of America Corporation	0.05%	156,608	$4M	added+8%	+0.01 pp	5 q
GSKGSK plc	0.05%	141,497	$5M	trimmed−18%	−0.01 pp	5 q
MOSThe Mosaic Company	0.05%	136,582	$5M	held	—	41 q
WUThe Western Union Company	0.05%	369,882	$5M	added+19%	+0.02 pp	42 q
ABXBarrick Mining Corporation	0.04%	252,188	$4M	held	—	10 q
IQiQIYI, Inc.	0.04%	704,589	$3M	trimmed−23%	−0.01 pp	2 q
IWNiShares Russell 2000 Value ETF	0.04%	25,651	$3M	added+17%	+0.01 pp	18 q
PHINPHINIA Inc.	0.04%	137,955	$4M	new	+0.04 pp	new
VODVodafone Group PLC	0.04%	377,453	$4M	trimmed−12%	0.00 pp	14 q
ABEVAmbev S.a.	0.03%	1,091,998	$3M	trimmed−20%	−0.01 pp	3 q
CMECME Group Inc.	0.03%	13,271	$3M	trimmed−14%	0.00 pp	2 q
TPRTapestry, Inc.	0.03%	83,146	$2M	trimmed−14%	−0.01 pp	24 q
ZIMVZimVie Inc.	0.03%	310,014	$3M	held	—	7 q
BIOBio-Rad Laboratories, Inc.Class A	0.02%	4,529	$2M	added+3%	0.00 pp	42 q
CVXChevron Corporation	0.02%	9,812	$2M	new	+0.02 pp	new
FTREFortrea Holdings Inc.	0.01%	19,254	$550,472	new	+0.01 pp	new
KVUEKenvue Inc.	0.01%	54,688	$1M	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	9,174	$1M	trimmed−17%	0.00 pp	8 q
VXUSVanguard Total International Stock ETF	0.01%	19,705	$1M	new	+0.01 pp	new
FICOFair Isaac Corporation	0.00%	330	$286,615	trimmed−1%	0.00 pp	7 q
FISVFiserv, Inc.	0.00%	4,041	$456,471	added+12%	0.00 pp	7 q
MSIMotorola Solutions, Inc. New	0.00%	813	$221,331	added+2%	0.00 pp	6 q
PDCOPatterson Companies, Inc.	0.00%	7,853	$232,763	added+12%	0.00 pp	6 q
PGRProgressive Corporation	0.00%	1,416	$197,249	added+12%	0.00 pp	33 q
REYNReynolds Consumer Products Inc.	0.00%	6,243	$160,008	added+12%	0.00 pp	6 q
STSensata Technologies Holding plc	0.00%	7,234	$273,590	added+12%	0.00 pp	6 q
EDUNew Oriental Education and Technology Group, Inc.	—	−216,727	—	exited	−0.08 pp	—
MEIMethode Electronics	—	−202,087	—	exited	−0.06 pp	—
TCOMTrip.com Group Limited	—	−144,458	—	exited	−0.05 pp	—
BNYBank of New York Mellon Corporation	—	−78,663	—	exited	−0.03 pp	—
IWSiShares Russell Mid-Cap Value ETF	—	−1,880	—	exited	0.00 pp	—
SNYSanofi	—	−5,926	—	exited	0.00 pp	—