Ariel Investments

Q4 2023 13F · by John Rogers, CIO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $10.0B · prev $9.4B
Positions: 114 · prev 115
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%

Moves118 since the prior filing

+7.9 pp in · −7.9 pp out

New 8 +2.40 pp
Added 48 +5.47 pp
Trimmed 53 −7.02 pp
Exited 9 −0.88 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions114 in this filing · 9 exited


JLLJones Lang LaSalle, Inc.	2.96%	1,575,958	$298M	added0%	+0.61 pp	43 q
MATMattel, Inc.	2.91%	15,470,507	$292M	trimmed−1%	−0.74 pp	35 q
GNRCGenerac Holdings Inc	2.78%	2,162,961	$280M	added+8%	+0.46 pp	7 q
CGThe Carlyle Group Inc.	2.59%	6,387,318	$260M	added0%	+0.56 pp	5 q
CRLCharles River Laboratories International, Inc.	2.47%	1,050,698	$248M	trimmed−1%	+0.26 pp	43 q
KMTKennametal Inc.	2.42%	9,413,890	$243M	trimmed−3%	−0.14 pp	39 q
REZIResideo Technologies, Inc.	2.37%	12,672,096	$238M	trimmed−8%	+0.07 pp	10 q
FAFFirst American Financial Corporation	2.35%	3,656,484	$236M	added0%	+0.17 pp	43 q
LAZLazard, Inc.	2.35%	6,771,311	$236M	trimmed−6%	0.00 pp	43 q
MSGEMadison Square Garden Entertainment Corp.	2.28%	7,211,459	$229M	added0%	−0.23 pp	3 q
CHKPCheck Point Software Technologies Ltd	2.28%	1,500,122	$229M	added+38%	+0.75 pp	16 q
NTRSNorthern Trust Corp	2.23%	2,655,090	$224M	added+3%	+0.34 pp	43 q
MHKMohawk Industries, Inc.	2.21%	2,148,476	$222M	added+4%	+0.34 pp	43 q
SRCLStericycle Inc	2.17%	4,392,583	$218M	added+1%	+0.12 pp	24 q
GNTXGentex Corp	2.13%	6,555,072	$214M	trimmed−5%	−0.25 pp	10 q
unresolvedLeslies Inc	2.01%	29,231,420	$202M	added+17%	+0.51 pp	5 q
BYDBoyd Gaming Corporation	1.92%	3,072,165	$192M	added+1%	−0.04 pp	10 q
BOKFBOK Financial Corp	1.91%	2,236,025	$192M	trimmed−2%	−0.01 pp	31 q
OSWOneSpaWorld Holdings Limited	1.88%	13,409,080	$189M	trimmed−3%	+0.24 pp	16 q
AMGAffiliated Managers Group	1.87%	1,242,696	$188M	added+5%	+0.23 pp	22 q
BIDUBaidu, Inc.	1.81%	1,527,971	$182M	trimmed−29%	−1.24 pp	43 q
RCLRoyal Caribbean Group	1.77%	1,369,396	$177M	trimmed−14%	+0.22 pp	43 q
IPGThe Interpublic Group of Companies, Inc.	1.74%	5,362,195	$175M	added+4%	+0.18 pp	43 q
MSGSMadison Square Garden Sports Corp.	1.71%	946,982	$172M	added0%	−0.06 pp	33 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.70%	7,096,942	$171M	added+33%	+0.13 pp	16 q
SPHRSphere Entertainment Co.	1.69%	4,982,899	$169M	added+8%	−0.12 pp	15 q
BCOThe Brink's Company	1.65%	1,884,461	$166M	trimmed−1%	+0.18 pp	43 q
CVSACovista Inc.	1.63%	2,772,618	$163M	trimmed−14%	+0.18 pp	27 q
PARAParamount Global-class B	1.62%	11,021,375	$163M	trimmed−3%	+0.07 pp	17 q
AXTAAxalta Coating Systems Ltd.	1.62%	4,779,430	$162M	trimmed−7%	+0.16 pp	12 q
CLBCore Laboratories Inc.	1.58%	8,988,399	$159M	trimmed−1%	−0.72 pp	15 q
PBHPrestige Consumer Healthcare Inc.	1.56%	2,555,777	$156M	added+1%	+0.03 pp	7 q
ADTADT Inc.	1.52%	22,447,847	$153M	added0%	+0.10 pp	11 q
MSFTMicrosoft Corp	1.38%	367,682	$138M	trimmed−36%	−0.55 pp	43 q
ZBRAZebra Technologies Corporation	1.28%	470,461	$129M	trimmed−0%	+0.10 pp	41 q
99803EURLaboratory Crp Of Amer Hldgs	1.25%	550,789	$125M	trimmed−19%	−0.20 pp	40 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.25%	6,271,115	$126M	added+4%	+0.19 pp	16 q
PMPhilip Morris International Inc.	1.21%	1,294,542	$122M	trimmed−47%	−1.20 pp	42 q
MANUManchester United PLC	1.14%	5,629,579	$115M	added0%	−0.04 pp	10 q
NVTnVent Electric plc	1.08%	1,834,628	$108M	trimmed−14%	−0.12 pp	12 q
LINDLindblad Expeditions Holdings Inc.	0.97%	8,608,216	$97M	added+2%	+0.32 pp	9 q
LFUSLittelfuse Inc	0.91%	341,193	$91M	added0%	+0.02 pp	43 q
KNKnowles Corporation	0.89%	5,003,153	$90M	added+10%	+0.18 pp	21 q
BAPCredicorp LTD	0.89%	597,310	$90M	trimmed−45%	−0.58 pp	15 q
MASMasco Corporation	0.88%	1,313,816	$88M	trimmed−19%	−0.03 pp	21 q
JHGJanus Henderson Group PLC	0.85%	2,845,855	$86M	trimmed−6%	+0.03 pp	27 q
NTAPNetApp, Inc	0.82%	929,672	$82M	added+3%	+0.10 pp	15 q
GSGoldman Sachs Group Inc.	0.81%	210,779	$81M	trimmed−8%	+0.03 pp	43 q
VZVerizon Communications	0.79%	2,112,712	$80M	trimmed−38%	−0.38 pp	37 q
SSDSimpson Manufacturing Co., Inc.	0.78%	397,310	$79M	trimmed−6%	+0.11 pp	43 q
CBRECbre Group, Inc.	0.74%	795,965	$74M	trimmed−0%	+0.12 pp	43 q
DVADaVita Inc.	0.69%	658,818	$69M	new	+0.69 pp	new
SJMThe J.M. Smucker Company	0.69%	547,326	$69M	trimmed−7%	−0.08 pp	43 q
INTCIntel Corp	0.66%	1,324,437	$67M	new	+0.66 pp	new
SCHWThe Charles Schwab Corporation	0.66%	962,296	$66M	trimmed−3%	+0.08 pp	16 q
GILDGilead Sciences Inc	0.60%	749,740	$61M	trimmed−19%	−0.13 pp	43 q
SNASnap-on Incorporated	0.60%	209,322	$60M	trimmed−32%	−0.24 pp	43 q
SWKStanley Black & Decker, Inc.	0.56%	573,487	$56M	trimmed−5%	+0.03 pp	43 q
KMXCarMax Inc.	0.52%	681,768	$52M	trimmed−11%	−0.06 pp	20 q
KKRKKR & Co. Inc.	0.52%	625,486	$52M	trimmed−23%	−0.01 pp	22 q
BMYBristol-Myers Squibb Co.	0.50%	979,748	$50M	added+50%	+0.10 pp	16 q
DNBDun & Bradstreet Holdings, Inc.	0.49%	4,184,455	$49M	added+18%	+0.11 pp	7 q
KFYKorn Ferry	0.49%	825,510	$49M	added+2%	+0.08 pp	20 q
MTNVail Resorts, Inc.	0.46%	216,094	$46M	trimmed−0%	−0.05 pp	16 q
AFLAflac Inc.	0.44%	539,397	$45M	trimmed−11%	−0.05 pp	43 q
MIDDMiddleby Corp	0.44%	297,464	$44M	added+1%	+0.04 pp	16 q
BWABorgWarner Inc.	0.42%	1,179,001	$42M	trimmed−7%	−0.12 pp	32 q
KEYSKeysight Technologies, Inc.	0.42%	267,457	$43M	added+25%	+0.12 pp	29 q
GCMGGCM Grosvenor Inc. Class A	0.40%	4,442,113	$40M	added0%	+0.04 pp	6 q
TFCTruist Financial Corporation	0.39%	1,067,702	$39M	new	+0.39 pp	new
WBAWalgreens Boots Alliance, Inc	0.38%	1,468,601	$38M	added+9%	+0.06 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	0.38%	313,348	$38M	trimmed−1%	0.00 pp	43 q
DOXAmdocs Limited	0.36%	410,733	$36M	trimmed−21%	−0.10 pp	24 q
NOVNOV Inc.	0.32%	1,589,766	$32M	trimmed−7%	−0.06 pp	43 q
EVREvercore Inc.	0.28%	162,750	$28M	trimmed−1%	+0.04 pp	17 q
HP5AEquity Commonwealth	0.23%	1,191,361	$23M	trimmed−78%	−0.84 pp	19 q
TAPMolson Coors Beverage Company Class B	0.23%	384,562	$24M	trimmed−9%	−0.05 pp	21 q
CNHCnh Industrial N.v.	0.21%	1,720,320	$21M	new	+0.21 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.18%	178,310	$19M	new	+0.18 pp	new
BRCBrady Corporation	0.17%	292,849	$17M	added+2%	0.00 pp	43 q
HCKTHackett Group Inc (The).	0.16%	695,175	$16M	trimmed−8%	−0.03 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.16%	328,283	$16M	added+2%	+0.01 pp	43 q
KBKB Financial Group Inc	0.15%	357,569	$15M	new	+0.15 pp	new
VIVTelefonica Brasil, S.A.	0.14%	1,281,097	$14M	trimmed−50%	−0.09 pp	12 q
HMNHorace Mann Educators Corporation	0.11%	345,816	$11M	added+1%	0.00 pp	43 q
VTVanguard Total World Stock ETF	0.11%	105,918	$11M	new	+0.11 pp	new
APAAPA Corporation	0.07%	191,442	$7M	held	—	12 q
IWNiShares Russell 2000 Value ETF	0.07%	45,347	$7M	added+77%	+0.03 pp	19 q
USBU.S. Bancorp	0.07%	160,839	$7M	trimmed−1%	+0.01 pp	42 q
BACBank of America Corporation	0.06%	176,881	$6M	added+13%	+0.01 pp	6 q
LMTLockheed Martin Corp.	0.06%	13,585	$6M	held	—	43 q
ORCLOracle Corp	0.06%	61,510	$6M	added+5%	−0.01 pp	41 q
ABXBarrick Mining Corporation	0.05%	252,188	$5M	held	—	11 q
CVXChevron Corporation	0.05%	32,663	$5M	added×3.3	+0.03 pp	2 q
MOSThe Mosaic Company	0.05%	136,582	$5M	held	—	42 q
JNJJohnson & Johnson	0.04%	24,259	$4M	trimmed−95%	−0.73 pp	43 q
PHINPHINIA Inc.	0.04%	148,435	$4M	added+8%	0.00 pp	2 q
WUThe Western Union Company	0.04%	369,882	$4M	held	—	43 q
ACWXiShares MSCI ACWI ex US ETF	0.03%	65,769	$3M	trimmed−62%	−0.06 pp	31 q
VODVodafone Group PLC	0.03%	378,396	$3M	added0%	−0.01 pp	15 q
ZIMVZimVie Inc.	0.03%	186,827	$3M	trimmed−40%	0.00 pp	8 q
GSKGSK plc	0.02%	55,392	$2M	trimmed−61%	−0.03 pp	6 q
BIOBio-Rad Laboratories, Inc.Class A	0.01%	4,477	$1M	trimmed−1%	−0.01 pp	43 q
FISVFiserv, Inc.	0.01%	4,316	$573,337	added+7%	+0.01 pp	8 q
FTREFortrea Holdings Inc.	0.01%	18,759	$654,689	trimmed−3%	0.00 pp	2 q
IWSiShares Russell Mid-Cap Value ETF	0.01%	6,352	$738,674	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	9,332	$1M	added+2%	0.00 pp	9 q
TIMBTim S.a.	0.01%	78,754	$1M	trimmed−80%	−0.05 pp	12 q
FICOFair Isaac Corporation	0.00%	352	$409,732	added+7%	0.00 pp	8 q
MSIMotorola Solutions, Inc. New	0.00%	868	$271,762	added+7%	0.00 pp	7 q
PDCOPatterson Companies, Inc.	0.00%	8,390	$238,696	added+7%	0.00 pp	7 q
PGRProgressive Corporation	0.00%	1,513	$240,991	added+7%	0.00 pp	34 q
REYNReynolds Consumer Products Inc.	0.00%	6,670	$179,023	added+7%	0.00 pp	7 q
STSensata Technologies Holding plc	0.00%	7,729	$290,379	added+7%	0.00 pp	7 q
ITUBItau Unibanco Holding S.A.	—	−10,161,278	—	exited	−0.58 pp	—
NOKNokia Corporation	—	−2,290,872	—	exited	−0.09 pp	—
BSACBanco Santander-Chile	—	−287,523	—	exited	−0.06 pp	—
IQiQIYI, Inc.	—	−704,589	—	exited	−0.04 pp	—
ABEVAmbev S.a.	—	−1,091,998	—	exited	−0.03 pp	—
CMECME Group Inc.	—	−13,271	—	exited	−0.03 pp	—
TPRTapestry, Inc.	—	−83,146	—	exited	−0.03 pp	—
KVUEKenvue Inc.	—	−54,688	—	exited	−0.01 pp	—
VXUSVanguard Total International Stock ETF	—	−19,705	—	exited	−0.01 pp	—