Ariel Investments

Q1 2024 13F · by John Rogers, CIO

As of: Mar 31, 2024
Filed: May 14, 2024
US stock: $10.2B · prev $10.0B
Positions: 115 · 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%

Moves111 since the prior filing

+5.0 pp in · −5.0 pp out

New 6 +2.24 pp
Added 31 +2.81 pp
Trimmed 69 −4.40 pp
Exited 5 −0.65 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

Positions115 in this filing · 5 exited


MATMattel, Inc.	3.04%	15,583,293	$309M	added+1%	+0.13 pp	36 q
JLLJones Lang LaSalle, Inc.	2.76%	1,436,655	$280M	trimmed−9%	−0.20 pp	44 q
MSGEMadison Square Garden Entertainment Corp.	2.70%	6,990,944	$274M	trimmed−3%	+0.42 pp	4 q
GNRCGenerac Holdings Inc	2.66%	2,142,852	$270M	trimmed−1%	−0.12 pp	8 q
REZIResideo Technologies, Inc.	2.65%	12,026,500	$270M	trimmed−5%	+0.28 pp	11 q
LAZLazard, Inc.	2.60%	6,318,658	$265M	trimmed−7%	+0.25 pp	44 q
CRLCharles River Laboratories International, Inc.	2.49%	932,807	$253M	trimmed−11%	+0.02 pp	44 q
SPHRSphere Entertainment Co.	2.47%	5,118,540	$251M	added+3%	+0.78 pp	16 q
MHKMohawk Industries, Inc.	2.41%	1,870,760	$245M	trimmed−13%	+0.20 pp	44 q
GNTXGentex Corp	2.28%	6,406,359	$231M	trimmed−2%	+0.15 pp	11 q
KMTKennametal Inc.	2.26%	9,196,442	$229M	trimmed−2%	−0.16 pp	40 q
CGThe Carlyle Group Inc.	2.25%	4,882,920	$229M	trimmed−24%	−0.34 pp	6 q
NTRSNorthern Trust Corp	2.23%	2,552,389	$227M	trimmed−4%	0.00 pp	44 q
CHKPCheck Point Software Technologies Ltd	2.23%	1,382,533	$227M	trimmed−8%	−0.05 pp	17 q
SRCLStericycle Inc	2.20%	4,233,220	$223M	trimmed−4%	+0.03 pp	25 q
AMGAffiliated Managers Group	2.19%	1,327,009	$222M	added+7%	+0.32 pp	23 q
FAFFirst American Financial Corporation	2.11%	3,512,539	$214M	trimmed−4%	−0.24 pp	44 q
ADTADT Inc.	1.96%	29,579,797	$199M	added+32%	+0.44 pp	12 q
BOKFBOK Financial Corp	1.95%	2,154,389	$198M	trimmed−4%	+0.04 pp	32 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	1.87%	8,892,200	$190M	added+25%	+0.17 pp	17 q
PBHPrestige Consumer Healthcare Inc.	1.83%	2,560,991	$186M	added0%	+0.27 pp	8 q
CLBCore Laboratories Inc.	1.82%	10,825,657	$185M	added+20%	+0.24 pp	16 q
BYDBoyd Gaming Corporation	1.79%	2,695,707	$181M	trimmed−12%	−0.13 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	1.77%	5,516,550	$180M	added+3%	+0.03 pp	44 q
MSGSMadison Square Garden Sports Corp.	1.70%	937,125	$173M	trimmed−1%	−0.01 pp	34 q
RCLRoyal Caribbean Group	1.68%	1,232,213	$171M	trimmed−10%	−0.09 pp	44 q
unresolvedLeslies Inc	1.60%	24,982,878	$162M	trimmed−15%	−0.41 pp	6 q
OSWOneSpaWorld Holdings Limited	1.57%	12,091,111	$160M	trimmed−10%	−0.31 pp	17 q
CVSACovista Inc.	1.56%	3,079,317	$158M	added+11%	−0.07 pp	28 q
BCOThe Brink's Company	1.56%	1,712,701	$158M	trimmed−9%	−0.09 pp	44 q
MSFTMicrosoft Corp	1.51%	365,791	$154M	trimmed−1%	+0.13 pp	44 q
AXTAAxalta Coating Systems Ltd.	1.51%	4,475,887	$154M	trimmed−6%	−0.11 pp	13 q
PARAParamount Global-class B	1.40%	12,049,689	$142M	added+9%	−0.22 pp	18 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.20%	5,850,417	$122M	trimmed−7%	−0.05 pp	17 q
BIDUBaidu, Inc.	1.18%	1,139,721	$120M	trimmed−25%	−0.63 pp	44 q
99803EURLaboratory Crp Of Amer Hldgs	1.17%	544,574	$119M	trimmed−1%	−0.08 pp	41 q
ZBRAZebra Technologies Corporation	1.13%	380,212	$115M	trimmed−19%	−0.15 pp	42 q
SJMThe J.M. Smucker Company	1.08%	868,375	$109M	added+59%	+0.39 pp	44 q
NVTnVent Electric plc	1.04%	1,400,841	$106M	trimmed−24%	−0.04 pp	13 q
BAPCredicorp LTD	0.92%	551,341	$93M	trimmed−8%	+0.03 pp	16 q
DVADaVita Inc.	0.84%	616,270	$85M	trimmed−6%	+0.15 pp	2 q
9991429DAptiv Irish Holdings Ltd	0.84%	1,078,219	$86M	new	+0.84 pp	new
GSGoldman Sachs Group Inc.	0.83%	201,995	$84M	trimmed−4%	+0.02 pp	44 q
LFUSLittelfuse Inc	0.83%	347,223	$84M	added+2%	−0.08 pp	44 q
KNKnowles Corporation	0.82%	5,187,144	$84M	added+4%	−0.07 pp	22 q
LINDLindblad Expeditions Holdings Inc.	0.81%	8,877,212	$83M	added+3%	−0.16 pp	10 q
MASMasco Corporation	0.81%	1,046,558	$83M	trimmed−20%	−0.07 pp	22 q
VZVerizon Communications	0.73%	1,764,848	$74M	trimmed−16%	−0.06 pp	38 q
MANUManchester United PLC	0.73%	5,306,733	$74M	trimmed−6%	−0.41 pp	11 q
JHGJanus Henderson Group PLC	0.72%	2,239,781	$74M	trimmed−21%	−0.13 pp	28 q
NTAPNetApp, Inc	0.68%	662,670	$70M	trimmed−29%	−0.14 pp	16 q
SSDSimpson Manufacturing Co., Inc.	0.68%	339,283	$70M	trimmed−15%	−0.10 pp	44 q
CBRECbre Group, Inc.	0.67%	705,449	$69M	trimmed−11%	−0.07 pp	44 q
SCHWThe Charles Schwab Corporation	0.59%	831,990	$60M	trimmed−14%	−0.07 pp	17 q
INTCIntel Corp	0.57%	1,309,523	$58M	trimmed−1%	−0.09 pp	2 q
KMXCarMax Inc.	0.56%	653,147	$57M	trimmed−4%	+0.04 pp	21 q
SWKStanley Black & Decker, Inc.	0.55%	573,008	$56M	trimmed−0%	−0.01 pp	44 q
GILDGilead Sciences Inc	0.54%	742,900	$54M	trimmed−1%	−0.06 pp	44 q
KFYKorn Ferry	0.53%	816,690	$54M	trimmed−1%	+0.04 pp	21 q
MIDDMiddleby Corp	0.51%	322,823	$52M	added+9%	+0.07 pp	17 q
MTNVail Resorts, Inc.	0.49%	223,421	$50M	added+3%	+0.03 pp	17 q
CVSCvs Health Corporation	0.48%	606,609	$48M	new	+0.48 pp	new
KKRKKR & Co. Inc.	0.47%	474,246	$48M	trimmed−24%	−0.05 pp	23 q
AFLAflac Inc.	0.45%	538,133	$46M	trimmed−0%	+0.01 pp	44 q
DNBDun & Bradstreet Holdings, Inc.	0.43%	4,346,134	$44M	added+4%	−0.06 pp	8 q
GCMGGCM Grosvenor Inc. Class A	0.43%	4,480,080	$43M	added+1%	+0.03 pp	7 q
KEYSKeysight Technologies, Inc.	0.41%	265,351	$41M	trimmed−1%	−0.01 pp	30 q
NOVNOV Inc.	0.41%	2,122,818	$41M	added+34%	+0.09 pp	44 q
COFCapital One Financial	0.39%	263,724	$39M	new	+0.39 pp	new
TFCTruist Financial Corporation	0.39%	1,025,069	$40M	trimmed−4%	0.00 pp	2 q
WBAWalgreens Boots Alliance, Inc	0.39%	1,839,987	$40M	added+25%	+0.01 pp	16 q
PMPhilip Morris International Inc.	0.38%	422,888	$39M	trimmed−67%	−0.83 pp	43 q
ZBHZimmer Biomet Holdings, Inc.	0.37%	288,809	$38M	trimmed−8%	−0.01 pp	44 q
BWABorgWarner Inc.	0.34%	1,002,790	$35M	trimmed−15%	−0.08 pp	33 q
BMYBristol-Myers Squibb Co.	0.34%	634,113	$34M	trimmed−35%	−0.16 pp	17 q
CNHCnh Industrial N.v.	0.32%	2,516,318	$33M	added+46%	+0.11 pp	2 q
TDCTeradata Corporation	0.30%	801,592	$31M	new	+0.30 pp	new
TAPMolson Coors Beverage Company Class B	0.27%	411,573	$28M	added+7%	+0.04 pp	22 q
EVREvercore Inc.	0.24%	126,243	$24M	trimmed−22%	−0.04 pp	18 q
MGPIMGP Ingredients Inc	0.23%	267,720	$23M	new	+0.23 pp	new
BIOBio-Rad Laboratories, Inc.Class A	0.22%	65,092	$23M	added×14.5	+0.21 pp	44 q
SNASnap-on Incorporated	0.21%	72,843	$22M	trimmed−65%	−0.39 pp	44 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.21%	160,054	$22M	trimmed−10%	+0.03 pp	2 q
VTVanguard Total World Stock ETF	0.20%	185,476	$20M	added+75%	+0.09 pp	2 q
BRCBrady Corporation	0.17%	289,233	$17M	trimmed−1%	0.00 pp	44 q
HCKTHackett Group Inc (The).	0.16%	684,509	$17M	trimmed−2%	0.00 pp	8 q
KBKB Financial Group Inc	0.16%	318,915	$17M	trimmed−11%	+0.01 pp	2 q
HMNHorace Mann Educators Corporation	0.09%	251,127	$9M	trimmed−27%	−0.02 pp	44 q
ORCLOracle Corp	0.08%	61,510	$8M	held	—	42 q
VEAVanguard FTSE Developed Markets ETF	0.08%	155,739	$8M	trimmed−53%	−0.08 pp	44 q
BACBank of America Corporation	0.07%	176,881	$7M	held	—	7 q
USBU.S. Bancorp	0.07%	160,295	$7M	trimmed−0%	0.00 pp	43 q
APAAPA Corporation	0.06%	191,442	$7M	held	—	13 q
IWNiShares Russell 2000 Value ETF	0.06%	41,040	$7M	trimmed−10%	−0.01 pp	20 q
LMTLockheed Martin Corp.	0.06%	13,585	$6M	held	—	44 q
PHINPHINIA Inc.	0.06%	148,531	$6M	added0%	+0.02 pp	3 q
CVXChevron Corporation	0.05%	32,663	$5M	held	—	3 q
WUThe Western Union Company	0.05%	369,882	$5M	held	—	44 q
ABXBarrick Mining Corporation	0.04%	252,188	$4M	held	—	12 q
JNJJohnson & Johnson	0.04%	24,259	$4M	held	—	44 q
MOSThe Mosaic Company	0.04%	136,582	$4M	held	—	43 q
VIVTelefonica Brasil, S.A.	0.03%	321,737	$3M	trimmed−75%	−0.11 pp	13 q
VODVodafone Group PLC	0.03%	376,475	$3M	trimmed−1%	0.00 pp	16 q
ZIMVZimVie Inc.	0.02%	106,604	$2M	trimmed−43%	−0.01 pp	9 q
FISVFiserv, Inc.	0.01%	4,617	$737,889	added+7%	0.00 pp	9 q
FICOFair Isaac Corporation	0.00%	376	$469,853	added+7%	0.00 pp	9 q
IWSiShares Russell Mid-Cap Value ETF	0.00%	1,880	$235,620	trimmed−70%	−0.01 pp	2 q
MTBM&T Bank Corp.	0.00%	2,639	$383,816	trimmed−72%	−0.01 pp	10 q
MSIMotorola Solutions, Inc. New	0.00%	928	$329,421	added+7%	0.00 pp	8 q
PDCOPatterson Companies, Inc.	0.00%	8,976	$248,186	added+7%	0.00 pp	8 q
PGRProgressive Corporation	0.00%	1,393	$288,100	trimmed−8%	0.00 pp	35 q
REYNReynolds Consumer Products Inc.	0.00%	7,136	$203,804	added+7%	0.00 pp	8 q
TIMBTim S.a.	0.00%	23,336	$414,214	trimmed−70%	−0.01 pp	13 q
VWOVanguard FTSE Emerging Markets ETF	0.00%	8,193	$342,222	new	0.00 pp	new
STSensata Technologies Holding plc	0.00%	8,268	$303,766	added+7%	0.00 pp	8 q
DOXAmdocs Limited	—	−410,733	—	exited	−0.36 pp	—
HP5AEquity Commonwealth	—	−1,191,361	—	exited	−0.23 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−65,769	—	exited	−0.03 pp	—
GSKGSK plc	—	−55,392	—	exited	−0.02 pp	—
FTREFortrea Holdings Inc.	—	−18,759	—	exited	−0.01 pp	—