Ariel Investments

Q4 2024 13F · by John Rogers, CIO

As of: Dec 31, 2024
Filed: Feb 13, 2025
US stock: $9.4B · prev $9.8B
Positions: 110 · prev 110
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%

Moves112 since the prior filing

+4.0 pp in · −4.0 pp out

New 6 +1.49 pp
Added 31 +2.53 pp
Trimmed 69 −2.69 pp
Exited 6 −1.26 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions14% of US stock

LAZ Lazard, Inc. trimmed−0.08 pp trimmed−0.083.1%
MSGE Madison Square Garden Entertainment Corp. added+0.01 pp added+0.012.9%
JLL Jones Lang LaSalle, Inc. trimmed−0.36 pp trimmed−0.362.9%
AMG Affiliated Managers Group trimmed+0.17 pp trimmed+0.172.8%
MAT Mattel, Inc. added−0.08 pp added−0.082.8%

Positions110 in this filing · 6 exited


LAZLazard, Inc.	3.08%	5,598,215	$288M	trimmed−9%	−0.08 pp	47 q
MSGEMadison Square Garden Entertainment Corp.	2.89%	7,604,543	$271M	added+15%	+0.01 pp	7 q
JLLJones Lang LaSalle, Inc.	2.86%	1,059,948	$268M	trimmed−9%	−0.36 pp	47 q
AMGAffiliated Managers Group	2.81%	1,423,927	$263M	trimmed−2%	+0.17 pp	26 q
MATMattel, Inc.	2.80%	14,820,745	$263M	added0%	−0.08 pp	39 q
FAFFirst American Financial Corporation	2.66%	3,993,155	$249M	added+10%	+0.21 pp	47 q
CGThe Carlyle Group Inc.	2.65%	4,910,736	$248M	trimmed−3%	+0.41 pp	9 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.48%	12,059,624	$233M	added+6%	+0.19 pp	20 q
BYDBoyd Gaming Corporation	2.47%	3,186,400	$231M	added0%	+0.37 pp	14 q
SPHRSphere Entertainment Co.	2.47%	5,744,192	$232M	added+7%	+0.06 pp	19 q
NTRSNorthern Trust Corp	2.44%	2,228,815	$228M	trimmed−12%	+0.12 pp	47 q
GNRCGenerac Holdings Inc	2.43%	1,467,327	$228M	trimmed−19%	−0.50 pp	11 q
PBHPrestige Consumer Healthcare Inc.	2.30%	2,762,023	$216M	trimmed−1%	+0.25 pp	11 q
REZIResideo Technologies, Inc.	2.26%	9,199,100	$212M	trimmed−2%	+0.34 pp	14 q
CHKPCheck Point Software Technologies Ltd	2.26%	1,136,341	$212M	trimmed−5%	−0.10 pp	20 q
MSGSMadison Square Garden Sports Corp.	2.15%	891,629	$201M	trimmed−3%	+0.20 pp	37 q
SJMThe J.M. Smucker Company	2.15%	1,832,861	$202M	added+12%	+0.13 pp	47 q
MHKMohawk Industries, Inc.	2.14%	1,686,183	$201M	trimmed−1%	−0.66 pp	47 q
ADTADT Inc.	2.11%	28,580,136	$197M	trimmed−2%	−0.04 pp	15 q
CRLCharles River Laboratories International, Inc.	2.10%	1,067,327	$197M	added+19%	+0.29 pp	47 q
BOKFBOK Financial Corp	2.05%	1,802,681	$192M	trimmed−3%	+0.06 pp	35 q
CVSACovista Inc.	2.03%	2,093,204	$190M	trimmed−7%	+0.29 pp	31 q
KMTKennametal Inc.	1.98%	7,740,557	$186M	trimmed−7%	−0.22 pp	43 q
BIOBio-Rad Laboratories, Inc.Class A	1.96%	560,524	$184M	added+48%	+0.67 pp	47 q
GNTXGentex Corp	1.96%	6,394,726	$184M	trimmed−0%	+0.01 pp	14 q
CLBCore Laboratories Inc.	1.78%	9,632,570	$167M	trimmed−4%	−0.12 pp	19 q
MIDDMiddleby Corp	1.73%	1,198,179	$162M	added+6%	+0.13 pp	20 q
OSWOneSpaWorld Holdings Limited	1.65%	7,781,021	$155M	trimmed−18%	+0.05 pp	20 q
PARAParamount Global-class B	1.64%	14,663,907	$153M	added+3%	+0.10 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.58%	5,268,781	$148M	trimmed−8%	−0.26 pp	47 q
MANUManchester United PLC	1.55%	8,369,522	$145M	added+1%	+0.18 pp	14 q
AXTAAxalta Coating Systems Ltd.	1.54%	4,213,212	$144M	trimmed−3%	−0.06 pp	16 q
BCOThe Brink's Company	1.27%	1,282,104	$119M	added+12%	−0.08 pp	47 q
unresolvedLeslies Inc	1.20%	50,527,789	$113M	added+9%	−0.30 pp	9 q
RCLRoyal Caribbean Group	1.13%	457,908	$106M	trimmed−56%	−0.76 pp	47 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.10%	4,003,639	$103M	trimmed−25%	−0.01 pp	20 q
JHGJanus Henderson Group PLC	0.99%	2,175,620	$93M	trimmed−0%	+0.14 pp	31 q
ZBRAZebra Technologies Corporation	0.97%	234,318	$90M	trimmed−21%	−0.15 pp	45 q
KNKnowles Corporation	0.95%	4,483,198	$89M	trimmed−3%	+0.10 pp	25 q
LHLabcorp Holdings Inc.	0.95%	389,139	$89M	trimmed−5%	+0.01 pp	3 q
LINDLindblad Expeditions Holdings Inc.	0.93%	7,336,722	$87M	trimmed−9%	+0.17 pp	13 q
MASMasco Corporation	0.80%	1,027,939	$75M	trimmed−0%	−0.08 pp	25 q
LFUSLittelfuse Inc	0.75%	298,065	$70M	trimmed−6%	−0.11 pp	47 q
GSGoldman Sachs Group Inc.	0.72%	117,477	$67M	trimmed−23%	−0.05 pp	47 q
WEXWEX Inc.	0.60%	318,272	$56M	added×2.1	+0.28 pp	2 q
GCMGGCM Grosvenor Inc. Class A	0.59%	4,492,872	$55M	trimmed−1%	+0.07 pp	10 q
MSFTMicrosoft Corp	0.58%	127,903	$54M	trimmed−41%	−0.38 pp	47 q
VZVerizon Communications	0.58%	1,352,692	$54M	trimmed−4%	−0.07 pp	41 q
APTVAptiv PLC	0.57%	879,186	$53M	new	+0.57 pp	new
NVTnVent Electric plc	0.57%	783,145	$53M	trimmed−17%	−0.10 pp	16 q
KMXCarMax Inc.	0.54%	620,743	$51M	trimmed−13%	−0.02 pp	24 q
MTNVail Resorts, Inc.	0.53%	265,338	$50M	added+9%	+0.10 pp	20 q
COFCapital One Financial	0.52%	275,884	$49M	trimmed−12%	+0.04 pp	4 q
CBRECbre Group, Inc.	0.51%	360,823	$47M	trimmed−13%	−0.02 pp	47 q
DNBDun & Bradstreet Holdings, Inc.	0.51%	3,843,220	$48M	trimmed−3%	+0.05 pp	11 q
CNPCenterPoint Energy, Inc.	0.49%	1,458,603	$46M	new	+0.49 pp	new
KEYSKeysight Technologies, Inc.	0.49%	287,236	$46M	trimmed−4%	+0.01 pp	33 q
NTAPNetApp, Inc	0.49%	391,603	$45M	trimmed−4%	−0.02 pp	19 q
BAPCredicorp LTD	0.48%	244,135	$45M	trimmed−20%	−0.08 pp	19 q
SCHWThe Charles Schwab Corporation	0.46%	580,800	$43M	trimmed−13%	+0.02 pp	20 q
WALWestern Alliance Bancorporation	0.46%	520,020	$43M	added+43%	+0.14 pp	2 q
CVSCvs Health Corporation	0.44%	928,626	$42M	added+51%	+0.04 pp	4 q
KFYKorn Ferry	0.41%	566,567	$38M	trimmed−8%	−0.06 pp	24 q
GILDGilead Sciences Inc	0.39%	399,794	$37M	added+69%	+0.19 pp	47 q
ALLThe Allstate Corporation	0.38%	183,116	$35M	trimmed−30%	−0.12 pp	3 q
DVADaVita Inc.	0.38%	235,058	$35M	trimmed−4%	−0.03 pp	5 q
SWKStanley Black & Decker, Inc.	0.38%	439,219	$35M	trimmed−17%	−0.21 pp	47 q
KKRKKR & Co. Inc.	0.37%	235,092	$35M	trimmed−15%	0.00 pp	26 q
NOVNOV Inc.	0.36%	2,294,639	$34M	trimmed−7%	−0.04 pp	47 q
AFLAflac Inc.	0.34%	304,585	$32M	trimmed−16%	−0.07 pp	47 q
BWABorgWarner Inc.	0.34%	1,001,643	$32M	trimmed−6%	−0.05 pp	36 q
ZBHZimmer Biomet Holdings, Inc.	0.34%	298,101	$31M	added0%	+0.01 pp	47 q
BIDUBaidu, Inc.	0.32%	355,193	$30M	trimmed−5%	−0.08 pp	47 q
TAPMolson Coors Beverage Company Class B	0.30%	497,984	$29M	trimmed−5%	−0.01 pp	25 q
ABBVAbbvie Inc.	0.29%	151,752	$27M	new	+0.29 pp	new
CNHCnh Industrial N.v.	0.27%	2,257,609	$26M	trimmed−4%	0.00 pp	5 q
MGPIMGP Ingredients Inc	0.25%	598,903	$24M	added+18%	−0.18 pp	4 q
PMPhilip Morris International Inc.	0.22%	173,034	$21M	trimmed−4%	0.00 pp	46 q
INTCIntel Corp	0.21%	987,776	$20M	trimmed−4%	−0.04 pp	5 q
TDCTeradata Corporation	0.21%	635,363	$20M	trimmed−4%	+0.01 pp	4 q
DHID.R. Horton Inc.	0.20%	135,049	$19M	trimmed−4%	−0.07 pp	3 q
HCKTHackett Group Inc (The).	0.20%	604,064	$19M	trimmed−3%	+0.03 pp	11 q
SSDSimpson Manufacturing Co., Inc.	0.19%	107,828	$18M	trimmed−2%	−0.03 pp	47 q
LENLennar Corporation Class A	0.18%	123,938	$17M	trimmed−4%	−0.07 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.17%	79,638	$16M	trimmed−44%	−0.08 pp	5 q
KBKB Financial Group Inc	0.16%	261,616	$15M	trimmed−13%	−0.03 pp	5 q
SNASnap-on Incorporated	0.15%	40,292	$14M	trimmed−3%	+0.03 pp	47 q
VEAVanguard FTSE Developed Markets ETF	0.13%	249,089	$12M	new	+0.13 pp	new
WBAWalgreens Boots Alliance, Inc	0.09%	907,748	$8M	added+3%	+0.01 pp	19 q
BACBank of America Corporation	0.08%	164,820	$7M	trimmed−3%	+0.01 pp	10 q
IWNiShares Russell 2000 Value ETF	0.08%	46,404	$8M	added×3.0	+0.05 pp	23 q
LMTLockheed Martin Corp.	0.07%	12,710	$6M	trimmed−2%	−0.01 pp	47 q
ORCLOracle Corp	0.07%	41,763	$7M	trimmed−24%	−0.03 pp	45 q
PHINPHINIA Inc.	0.07%	140,232	$7M	trimmed−2%	0.00 pp	6 q
APAAPA Corporation	0.06%	246,222	$6M	added+2%	0.00 pp	16 q
CVXChevron Corporation	0.06%	38,827	$6M	held	—	6 q
JNJJohnson & Johnson	0.05%	31,163	$5M	added+24%	+0.01 pp	47 q
ABXBarrick Mining Corporation	0.04%	252,257	$4M	held	—	15 q
MOSThe Mosaic Company	0.04%	141,040	$3M	held	—	46 q
FICOFair Isaac Corporation	0.01%	236	$469,859	trimmed−8%	0.00 pp	12 q
FISVFiserv, Inc.	0.01%	4,681	$961,571	added+3%	0.00 pp	12 q
SLBSLB Limited	0.01%	19,135	$733,636	new	+0.01 pp	new
ZIMVZimVie Inc.	0.01%	61,127	$852,722	held	—	12 q
BRCBrady Corporation	0.00%	3,840	$283,584	added+6%	0.00 pp	47 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	3,473	$328,928	added+57%	0.00 pp	3 q
MTBM&T Bank Corp.	0.00%	2,194	$412,494	added+6%	0.00 pp	13 q
MSIMotorola Solutions, Inc. New	0.00%	800	$369,784	added+6%	0.00 pp	11 q
REYNReynolds Consumer Products Inc.	0.00%	7,446	$200,968	added+6%	0.00 pp	11 q
STSensata Technologies Holding plc	0.00%	7,890	$216,186	trimmed−3%	0.00 pp	11 q
IFSIntercorp Financial Services Inc.	0.00%	9,095	$266,847	new	0.00 pp	new
9991429DAptiv Irish Holdings Ltd	—	−959,944	—	exited	−0.71 pp	—
CMAComerica Incorporated	—	−304,481	—	exited	−0.19 pp	—
BMYBristol-Myers Squibb Co.	—	−342,514	—	exited	−0.18 pp	—
JDJD.com, Inc.	—	−441,693	—	exited	−0.18 pp	—
PGRProgressive Corporation	—	−869	—	exited	0.00 pp	—
VIVTelefonica Brasil, S.A.	—	−46,515	—	exited	0.00 pp	—