Ariel Investments

Q1 2025 13F · by John Rogers, CIO

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $8.5B · prev $9.4B
Positions: 106 · 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%

Moves111 since the prior filing

+3.5 pp in · −3.6 pp out

New 5 +0.76 pp
Added 48 +2.79 pp
Trimmed 49 −0.91 pp
Exited 9 −2.67 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions15% of US stock

Positions106 in this filing · 9 exited


MATMattel, Inc.	3.16%	13,858,115	$269M	trimmed−7%	+0.36 pp	40 q
JLLJones Lang LaSalle, Inc.	3.02%	1,036,380	$257M	trimmed−2%	+0.16 pp	48 q
MSGEMadison Square Garden Entertainment Corp.	2.99%	7,775,373	$255M	added+2%	+0.10 pp	8 q
LAZLazard, Inc.	2.86%	5,619,280	$243M	added0%	−0.22 pp	48 q
FAFFirst American Financial Corporation	2.85%	3,690,878	$242M	trimmed−8%	+0.19 pp	48 q
AMGAffiliated Managers Group	2.78%	1,407,151	$236M	trimmed−1%	−0.03 pp	27 q
SJMThe J.M. Smucker Company	2.62%	1,881,584	$223M	added+3%	+0.47 pp	48 q
ADTADT Inc.	2.59%	27,057,295	$220M	trimmed−5%	+0.48 pp	16 q
PBHPrestige Consumer Healthcare Inc.	2.54%	2,518,941	$217M	trimmed−9%	+0.24 pp	12 q
CGThe Carlyle Group Inc.	2.48%	4,839,213	$211M	trimmed−1%	−0.17 pp	10 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.46%	12,144,745	$210M	added+1%	−0.02 pp	21 q
SPHRSphere Entertainment Co.	2.42%	6,298,139	$206M	added+10%	−0.05 pp	20 q
BYDBoyd Gaming Corporation	2.40%	3,097,811	$204M	trimmed−3%	−0.07 pp	15 q
GNRCGenerac Holdings Inc	2.40%	1,615,878	$205M	added+10%	−0.03 pp	12 q
MHKMohawk Industries, Inc.	2.34%	1,743,574	$199M	added+3%	+0.20 pp	48 q
NTRSNorthern Trust Corp	2.27%	1,957,259	$193M	trimmed−12%	−0.17 pp	48 q
BOKFBOK Financial Corp	2.21%	1,808,295	$188M	added0%	+0.16 pp	36 q
CVSACovista Inc.	2.20%	1,856,878	$187M	trimmed−11%	+0.17 pp	32 q
OSWOneSpaWorld Holdings Limited	2.11%	10,713,305	$180M	added+38%	+0.46 pp	21 q
BIOBio-Rad Laboratories, Inc.Class A	2.07%	724,660	$176M	added+29%	+0.11 pp	48 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.02%	9,081,170	$172M	added×2.3	+0.92 pp	21 q
REZIResideo Technologies, Inc.	2.01%	9,664,671	$171M	added+5%	−0.25 pp	15 q
PARAParamount Global-class B	2.00%	14,215,254	$170M	trimmed−3%	+0.36 pp	22 q
CRLCharles River Laboratories International, Inc.	1.95%	1,100,776	$166M	added+3%	−0.15 pp	48 q
GNTXGentex Corp	1.94%	7,082,055	$165M	added+11%	−0.02 pp	15 q
KMTKennametal Inc.	1.94%	7,735,244	$165M	trimmed−0%	−0.04 pp	44 q
MSGSMadison Square Garden Sports Corp.	1.92%	838,943	$163M	trimmed−6%	−0.23 pp	38 q
CLBCore Laboratories Inc.	1.82%	10,342,025	$155M	added+7%	+0.04 pp	20 q
CHKPCheck Point Software Technologies Ltd	1.81%	677,221	$154M	trimmed−40%	−0.45 pp	21 q
MIDDMiddleby Corp	1.77%	990,523	$151M	trimmed−17%	+0.04 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.68%	5,277,157	$143M	added0%	+0.10 pp	48 q
AXTAAxalta Coating Systems Ltd.	1.61%	4,125,561	$137M	trimmed−2%	+0.07 pp	17 q
BCOThe Brink's Company	1.41%	1,394,284	$120M	added+9%	+0.14 pp	48 q
MANUManchester United PLC	1.32%	8,575,329	$112M	added+2%	−0.23 pp	15 q
LHLabcorp Holdings Inc.	1.01%	368,263	$86M	trimmed−5%	+0.06 pp	4 q
JHGJanus Henderson Group PLC	0.91%	2,148,665	$78M	trimmed−1%	−0.08 pp	32 q
LINDLindblad Expeditions Holdings Inc.	0.85%	7,777,768	$72M	added+6%	−0.08 pp	14 q
KNKnowles Corporation	0.83%	4,657,747	$71M	added+4%	−0.12 pp	26 q
CVSCvs Health Corporation	0.81%	1,020,033	$69M	added+10%	+0.37 pp	5 q
MASMasco Corporation	0.77%	941,986	$66M	trimmed−8%	−0.03 pp	26 q
VZVerizon Communications	0.76%	1,425,207	$65M	added+5%	+0.18 pp	42 q
WEXWEX Inc.	0.76%	412,247	$65M	added+30%	+0.16 pp	3 q
ZBRAZebra Technologies Corporation	0.75%	226,052	$64M	trimmed−4%	−0.22 pp	46 q
LFUSLittelfuse Inc	0.71%	305,392	$60M	added+2%	−0.04 pp	48 q
CNPCenterPoint Energy, Inc.	0.70%	1,654,590	$60M	added+13%	+0.21 pp	2 q
GCMGGCM Grosvenor Inc. Class A	0.69%	4,429,255	$59M	trimmed−1%	+0.10 pp	11 q
COFCapital One Financial	0.61%	291,117	$52M	added+6%	+0.09 pp	5 q
GILDGilead Sciences Inc	0.57%	430,424	$48M	added+8%	+0.18 pp	48 q
MSFTMicrosoft Corp	0.55%	123,894	$47M	trimmed−3%	−0.03 pp	48 q
APTVAptiv PLC	0.54%	769,398	$46M	trimmed−12%	−0.03 pp	2 q
KMXCarMax Inc.	0.51%	559,149	$44M	trimmed−10%	−0.03 pp	25 q
SCHWThe Charles Schwab Corporation	0.51%	558,167	$44M	trimmed−4%	+0.05 pp	21 q
KEYSKeysight Technologies, Inc.	0.50%	281,354	$42M	trimmed−2%	+0.01 pp	34 q
unresolvedLeslies Inc	0.50%	58,177,415	$43M	added+15%	−0.70 pp	10 q
SLBSLB Limited	0.49%	994,358	$42M	added×52.0	+0.48 pp	2 q
NVTnVent Electric plc	0.49%	796,665	$42M	added+2%	−0.08 pp	17 q
KFYKorn Ferry	0.47%	589,145	$40M	added+4%	+0.06 pp	25 q
WALWestern Alliance Bancorporation	0.45%	503,607	$39M	trimmed−3%	−0.01 pp	3 q
CBRECbre Group, Inc.	0.44%	288,349	$38M	trimmed−20%	−0.07 pp	48 q
ALLThe Allstate Corporation	0.43%	177,344	$37M	trimmed−3%	+0.05 pp	4 q
AQNAlgonquin Power & Utilities Corp	0.42%	6,952,341	$36M	new	+0.42 pp	new
DNBDun & Bradstreet Holdings, Inc.	0.42%	3,996,918	$36M	added+4%	−0.09 pp	12 q
BACBank of America Corporation	0.41%	839,929	$35M	added×5.1	+0.33 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	0.40%	299,923	$34M	added+1%	+0.06 pp	48 q
BAPCredicorp LTD	0.40%	180,611	$34M	trimmed−26%	−0.08 pp	20 q
SWKStanley Black & Decker, Inc.	0.39%	428,624	$33M	trimmed−2%	+0.01 pp	48 q
KKRKKR & Co. Inc.	0.37%	275,025	$32M	added+17%	0.00 pp	27 q
TAPMolson Coors Beverage Company Class B	0.36%	497,724	$30M	trimmed−0%	+0.06 pp	26 q
CNHCnh Industrial N.v.	0.32%	2,187,205	$27M	trimmed−3%	+0.05 pp	6 q
AFLAflac Inc.	0.29%	219,423	$24M	trimmed−28%	−0.05 pp	48 q
NTAPNetApp, Inc	0.29%	284,408	$25M	trimmed−27%	−0.20 pp	20 q
INTCIntel Corp	0.26%	957,678	$22M	trimmed−3%	+0.05 pp	6 q
BWABorgWarner Inc.	0.23%	686,002	$20M	trimmed−32%	−0.11 pp	37 q
MTNVail Resorts, Inc.	0.23%	124,049	$20M	trimmed−53%	−0.30 pp	21 q
HCKTHackett Group Inc (The).	0.22%	628,672	$18M	added+4%	+0.02 pp	12 q
MGPIMGP Ingredients Inc	0.22%	626,058	$18M	added+5%	−0.03 pp	5 q
ABBVAbbvie Inc.	0.21%	84,394	$18M	trimmed−44%	−0.08 pp	2 q
DHID.R. Horton Inc.	0.21%	137,621	$17M	added+2%	+0.01 pp	4 q
SSDSimpson Manufacturing Co., Inc.	0.21%	111,496	$18M	added+3%	+0.02 pp	48 q
PMPhilip Morris International Inc.	0.20%	108,328	$17M	trimmed−37%	−0.02 pp	47 q
OCOwens Corning	0.19%	112,578	$16M	new	+0.19 pp	new
SNASnap-on Incorporated	0.14%	34,986	$12M	trimmed−13%	−0.01 pp	48 q
VTVanguard Total World Stock ETF	0.10%	74,824	$9M	new	+0.10 pp	new
VEAVanguard FTSE Developed Markets ETF	0.08%	132,913	$7M	trimmed−47%	−0.05 pp	2 q
CVXChevron Corporation	0.07%	37,763	$6M	trimmed−3%	+0.01 pp	7 q
IWNiShares Russell 2000 Value ETF	0.07%	40,617	$6M	trimmed−12%	−0.01 pp	24 q
KBKB Financial Group Inc	0.07%	104,374	$6M	trimmed−60%	−0.09 pp	6 q
LMTLockheed Martin Corp.	0.07%	12,710	$6M	held	—	48 q
PHINPHINIA Inc.	0.07%	140,240	$6M	added0%	0.00 pp	7 q
APAAPA Corporation	0.06%	246,222	$5M	held	—	17 q
GSGoldman Sachs Group Inc.	0.06%	9,005	$5M	trimmed−92%	−0.66 pp	48 q
JNJJohnson & Johnson	0.06%	31,163	$5M	held	—	48 q
ORCLOracle Corp	0.06%	38,008	$5M	trimmed−9%	−0.01 pp	46 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	30,108	$5M	trimmed−62%	−0.11 pp	6 q
ABXBarrick Mining Corporation	0.05%	217,272	$4M	trimmed−14%	+0.01 pp	16 q
VXUSVanguard Total International Stock ETF	0.05%	63,386	$4M	new	+0.05 pp	new
MOSThe Mosaic Company	0.04%	141,040	$4M	held	—	47 q
ZIMVZimVie Inc.	0.02%	167,716	$2M	added×2.7	+0.01 pp	13 q
FICOFair Isaac Corporation	0.01%	237	$437,066	added0%	0.00 pp	13 q
FISVFiserv, Inc.	0.01%	4,706	$1M	added+1%	0.00 pp	13 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	7,130	$662,021	added×2.1	+0.01 pp	4 q
IFSIntercorp Financial Services Inc.	0.01%	18,521	$613,601	added×2.0	+0.01 pp	2 q
BRCBrady Corporation	0.00%	3,860	$272,670	added+1%	0.00 pp	48 q
MTBM&T Bank Corp.	0.00%	2,206	$394,323	added+1%	0.00 pp	14 q
MSIMotorola Solutions, Inc. New	0.00%	805	$352,437	added+1%	0.00 pp	12 q
PGRProgressive Corporation	0.00%	828	$234,332	new	0.00 pp	new
RCLRoyal Caribbean Group	—	−457,908	—	exited	−1.13 pp	—
DVADaVita Inc.	—	−235,058	—	exited	−0.38 pp	—
NOVNOV Inc.	—	−2,294,639	—	exited	−0.36 pp	—
BIDUBaidu, Inc.	—	−355,193	—	exited	−0.32 pp	—
TDCTeradata Corporation	—	−635,363	—	exited	−0.21 pp	—
LENLennar Corporation Class A	—	−123,938	—	exited	−0.18 pp	—
WBAWalgreens Boots Alliance, Inc	—	−907,748	—	exited	−0.09 pp	—
REYNReynolds Consumer Products Inc.	—	−7,446	—	exited	0.00 pp	—
STSensata Technologies Holding plc	—	−7,890	—	exited	0.00 pp	—