Ariel Investments

Q3 2024 13F · by John Rogers, CIO

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $9.8B · prev $9.2B
Positions: 110 · 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%

Moves117 since the prior filing

+5.5 pp in · −5.6 pp out

New 4 +1.01 pp
Added 25 +4.50 pp
Trimmed 79 −3.53 pp
Exited 9 −2.04 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions15% of US stock

JLL Jones Lang LaSalle, Inc. trimmed+0.27 pp trimmed+0.273.2%
LAZ Lazard, Inc. added+0.66 pp added+0.663.2%
GNRC Generac Holdings Inc trimmed+0.17 pp trimmed+0.172.9%
MSGE Madison Square Garden Entertainment Corp. added+0.45 pp added+0.452.9%
MAT Mattel, Inc. trimmed+0.27 pp trimmed+0.272.9%

Positions110 in this filing · 9 exited


JLLJones Lang LaSalle, Inc.	3.22%	1,168,681	$315M	trimmed−12%	+0.27 pp	46 q
LAZLazard, Inc.	3.16%	6,150,868	$310M	added+2%	+0.66 pp	46 q
GNRCGenerac Holdings Inc	2.93%	1,804,549	$287M	trimmed−6%	+0.17 pp	10 q
MSGEMadison Square Garden Entertainment Corp.	2.88%	6,639,886	$282M	added+1%	+0.45 pp	6 q
MATMattel, Inc.	2.88%	14,808,162	$282M	trimmed−0%	+0.27 pp	38 q
MHKMohawk Industries, Inc.	2.80%	1,704,501	$274M	trimmed−6%	+0.57 pp	46 q
AMGAffiliated Managers Group	2.64%	1,452,161	$258M	added+1%	+0.20 pp	25 q
FAFFirst American Financial Corporation	2.45%	3,633,378	$240M	added+1%	+0.34 pp	46 q
SPHRSphere Entertainment Co.	2.41%	5,350,142	$236M	trimmed−3%	+0.31 pp	18 q
CHKPCheck Point Software Technologies Ltd	2.36%	1,199,701	$231M	trimmed−10%	−0.03 pp	19 q
NTRSNorthern Trust Corp	2.32%	2,527,467	$228M	trimmed−4%	−0.08 pp	46 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.29%	11,359,999	$224M	added+15%	+0.51 pp	19 q
CGThe Carlyle Group Inc.	2.24%	5,088,397	$219M	added+3%	+0.09 pp	8 q
KMTKennametal Inc.	2.20%	8,313,682	$216M	trimmed−4%	−0.01 pp	42 q
ADTADT Inc.	2.15%	29,116,248	$211M	trimmed−4%	−0.35 pp	14 q
BYDBoyd Gaming Corporation	2.10%	3,185,137	$206M	added+5%	+0.29 pp	13 q
PBHPrestige Consumer Healthcare Inc.	2.05%	2,782,840	$201M	trimmed−2%	−0.06 pp	10 q
SJMThe J.M. Smucker Company	2.02%	1,631,285	$198M	added+20%	+0.42 pp	46 q
BOKFBOK Financial Corp	1.99%	1,859,790	$195M	trimmed−3%	+0.09 pp	34 q
GNTXGentex Corp	1.95%	6,422,736	$191M	added+5%	−0.28 pp	13 q
MSGSMadison Square Garden Sports Corp.	1.95%	918,054	$191M	trimmed−5%	−0.03 pp	36 q
REZIResideo Technologies, Inc.	1.92%	9,341,132	$188M	trimmed−3%	−0.11 pp	13 q
CLBCore Laboratories Inc.	1.90%	10,045,256	$186M	trimmed−2%	−0.36 pp	18 q
RCLRoyal Caribbean Group	1.89%	1,041,839	$185M	trimmed−12%	−0.15 pp	46 q
IPGThe Interpublic Group of Companies, Inc.	1.84%	5,704,553	$180M	trimmed−0%	+0.04 pp	46 q
CRLCharles River Laboratories International, Inc.	1.81%	897,687	$177M	trimmed−1%	−0.22 pp	46 q
CVSACovista Inc.	1.74%	2,252,359	$170M	trimmed−23%	−0.43 pp	30 q
MIDDMiddleby Corp	1.60%	1,126,148	$157M	added×2.2	+0.92 pp	19 q
AXTAAxalta Coating Systems Ltd.	1.60%	4,334,088	$157M	trimmed−2%	−0.03 pp	15 q
OSWOneSpaWorld Holdings Limited	1.60%	9,466,369	$156M	trimmed−4%	−0.03 pp	19 q
PARAParamount Global-class B	1.54%	14,203,368	$151M	added+1%	−0.04 pp	20 q
unresolvedLeslies Inc	1.50%	46,552,521	$147M	added+27%	−0.16 pp	8 q
MANUManchester United PLC	1.37%	8,304,525	$134M	added+4%	−0.03 pp	13 q
BCOThe Brink's Company	1.35%	1,141,209	$132M	trimmed−10%	−0.06 pp	46 q
BIOBio-Rad Laboratories, Inc.Class A	1.29%	378,695	$127M	added×3.6	+0.98 pp	46 q
ZBRAZebra Technologies Corporation	1.12%	295,961	$110M	trimmed−10%	+0.02 pp	44 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.11%	5,319,408	$109M	trimmed−6%	−0.05 pp	19 q
MSFTMicrosoft Corp	0.96%	217,988	$94M	trimmed−18%	−0.32 pp	46 q
LHLabcorp Holdings Inc.	0.94%	410,720	$92M	trimmed−8%	−0.04 pp	2 q
MASMasco Corporation	0.88%	1,031,723	$87M	trimmed−6%	+0.09 pp	24 q
LFUSLittelfuse Inc	0.86%	317,271	$84M	trimmed−4%	−0.05 pp	46 q
KNKnowles Corporation	0.85%	4,633,707	$84M	trimmed−9%	−0.10 pp	24 q
JHGJanus Henderson Group PLC	0.85%	2,183,054	$83M	trimmed−3%	+0.03 pp	30 q
GSGoldman Sachs Group Inc.	0.77%	152,491	$75M	trimmed−16%	−0.12 pp	46 q
LINDLindblad Expeditions Holdings Inc.	0.76%	8,053,790	$74M	trimmed−6%	−0.13 pp	12 q
9991429DAptiv Irish Holdings Ltd	0.71%	959,944	$69M	trimmed−9%	−0.09 pp	3 q
NVTnVent Electric plc	0.67%	938,936	$66M	trimmed−5%	−0.15 pp	15 q
VZVerizon Communications	0.65%	1,408,480	$63M	trimmed−18%	−0.12 pp	40 q
SWKStanley Black & Decker, Inc.	0.59%	527,143	$58M	trimmed−4%	+0.12 pp	46 q
KMXCarMax Inc.	0.56%	709,722	$55M	trimmed−0%	0.00 pp	23 q
BAPCredicorp LTD	0.56%	305,124	$55M	trimmed−26%	−0.16 pp	18 q
CBRECbre Group, Inc.	0.53%	415,508	$52M	trimmed−14%	+0.06 pp	46 q
GCMGGCM Grosvenor Inc. Class A	0.52%	4,540,686	$51M	trimmed−0%	+0.04 pp	9 q
NTAPNetApp, Inc	0.51%	407,907	$50M	trimmed−15%	−0.16 pp	18 q
ALLThe Allstate Corporation	0.50%	260,665	$49M	added+9%	+0.09 pp	2 q
COFCapital One Financial	0.48%	313,102	$47M	trimmed−28%	−0.17 pp	3 q
KEYSKeysight Technologies, Inc.	0.48%	297,922	$47M	trimmed−0%	+0.04 pp	32 q
KFYKorn Ferry	0.47%	617,727	$46M	trimmed−17%	−0.07 pp	23 q
DNBDun & Bradstreet Holdings, Inc.	0.46%	3,946,422	$45M	trimmed−6%	+0.04 pp	10 q
SCHWThe Charles Schwab Corporation	0.44%	669,991	$43M	added+15%	−0.03 pp	19 q
MGPIMGP Ingredients Inc	0.43%	509,442	$42M	trimmed−1%	+0.01 pp	3 q
MTNVail Resorts, Inc.	0.43%	244,318	$43M	trimmed−1%	−0.05 pp	19 q
AFLAflac Inc.	0.41%	361,402	$40M	trimmed−30%	−0.09 pp	46 q
DVADaVita Inc.	0.41%	244,828	$40M	trimmed−32%	−0.13 pp	4 q
BIDUBaidu, Inc.	0.40%	375,111	$39M	trimmed−66%	−0.62 pp	46 q
CVSCvs Health Corporation	0.40%	616,807	$39M	trimmed−8%	−0.03 pp	3 q
NOVNOV Inc.	0.40%	2,454,416	$39M	added+16%	−0.04 pp	46 q
BWABorgWarner Inc.	0.39%	1,064,195	$39M	added+15%	+0.07 pp	35 q
KKRKKR & Co. Inc.	0.37%	277,788	$36M	trimmed−14%	0.00 pp	25 q
ZBHZimmer Biomet Holdings, Inc.	0.33%	297,254	$32M	trimmed−0%	−0.02 pp	46 q
WALWestern Alliance Bancorporation	0.32%	363,305	$31M	new	+0.32 pp	new
WEXWEX Inc.	0.32%	149,440	$31M	new	+0.32 pp	new
TAPMolson Coors Beverage Company Class B	0.31%	526,727	$30M	added+14%	+0.05 pp	24 q
DHID.R. Horton Inc.	0.27%	140,628	$27M	trimmed−15%	+0.02 pp	2 q
CNHCnh Industrial N.v.	0.27%	2,350,751	$26M	trimmed−20%	−0.05 pp	4 q
INTCIntel Corp	0.25%	1,028,810	$24M	trimmed−16%	−0.16 pp	4 q
LENLennar Corporation Class A	0.25%	129,056	$24M	trimmed−18%	0.00 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.25%	141,832	$25M	trimmed−6%	−0.03 pp	4 q
PMPhilip Morris International Inc.	0.22%	179,593	$22M	trimmed−44%	−0.13 pp	45 q
SSDSimpson Manufacturing Co., Inc.	0.22%	110,291	$21M	trimmed−30%	−0.07 pp	46 q
GILDGilead Sciences Inc	0.20%	237,048	$20M	trimmed−36%	−0.07 pp	46 q
TDCTeradata Corporation	0.20%	661,535	$20M	trimmed−18%	−0.10 pp	3 q
CMAComerica Incorporated	0.19%	304,481	$18M	new	+0.19 pp	new
KBKB Financial Group Inc	0.19%	300,466	$19M	trimmed−1%	0.00 pp	4 q
BMYBristol-Myers Squibb Co.	0.18%	342,514	$18M	trimmed−45%	−0.10 pp	19 q
JDJD.com, Inc.	0.18%	441,693	$18M	new	+0.18 pp	new
HCKTHackett Group Inc (The).	0.17%	620,088	$16M	trimmed−6%	+0.01 pp	10 q
SNASnap-on Incorporated	0.12%	41,393	$12M	added+1%	0.00 pp	46 q
ORCLOracle Corp	0.10%	55,244	$9M	trimmed−9%	+0.01 pp	44 q
LMTLockheed Martin Corp.	0.08%	12,941	$8M	trimmed−2%	+0.01 pp	46 q
WBAWalgreens Boots Alliance, Inc	0.08%	882,701	$8M	trimmed−57%	−0.19 pp	18 q
BACBank of America Corporation	0.07%	169,359	$7M	trimmed−1%	0.00 pp	9 q
PHINPHINIA Inc.	0.07%	142,897	$7M	trimmed−1%	+0.01 pp	5 q
APAAPA Corporation	0.06%	240,632	$6M	added+15%	−0.01 pp	15 q
CVXChevron Corporation	0.06%	38,827	$6M	added+19%	0.00 pp	5 q
ABXBarrick Mining Corporation	0.05%	252,257	$5M	held	—	14 q
JNJJohnson & Johnson	0.04%	25,070	$4M	added+6%	0.00 pp	46 q
MOSThe Mosaic Company	0.04%	141,040	$4M	added+6%	0.00 pp	45 q
IWNiShares Russell 2000 Value ETF	0.03%	15,273	$3M	added×2.4	+0.02 pp	22 q
FICOFair Isaac Corporation	0.01%	257	$499,485	trimmed−24%	0.00 pp	11 q
FISVFiserv, Inc.	0.01%	4,541	$815,791	trimmed−2%	0.00 pp	11 q
ZIMVZimVie Inc.	0.01%	61,127	$970,085	trimmed−24%	−0.01 pp	11 q
BRCBrady Corporation	0.00%	3,620	$277,401	trimmed−99%	−0.20 pp	46 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	2,210	$234,238	held	—	2 q
MTBM&T Bank Corp.	0.00%	2,068	$368,352	trimmed−22%	0.00 pp	12 q
MSIMotorola Solutions, Inc. New	0.00%	753	$338,571	trimmed−19%	0.00 pp	10 q
PGRProgressive Corporation	0.00%	869	$220,517	trimmed−17%	0.00 pp	37 q
REYNReynolds Consumer Products Inc.	0.00%	7,020	$218,322	trimmed−2%	0.00 pp	10 q
VIVTelefonica Brasil, S.A.	0.00%	46,515	$477,709	trimmed−85%	−0.03 pp	15 q
STSensata Technologies Holding plc	0.00%	8,133	$291,649	trimmed−2%	0.00 pp	10 q
SRCLStericycle Inc	—	−1,526,043	—	exited	−0.96 pp	—
TFCTruist Financial Corporation	—	−995,605	—	exited	−0.42 pp	—
EVREvercore Inc.	—	−121,221	—	exited	−0.27 pp	—
VTVanguard Total World Stock ETF	—	−106,282	—	exited	−0.13 pp	—
VEAVanguard FTSE Developed Markets ETF	—	−182,114	—	exited	−0.10 pp	—
USBU.S. Bancorp	—	−156,220	—	exited	−0.07 pp	—
VXUSVanguard Total International Stock ETF	—	−79,637	—	exited	−0.05 pp	—
WUThe Western Union Company	—	−340,128	—	exited	−0.04 pp	—
PDCOPatterson Companies, Inc.	—	−9,025	—	exited	0.00 pp	—