Ariel Investments

Q2 2025 13F · by John Rogers, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $8.8B · prev $8.5B
Positions: 104 · prev 106
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%

Moves105 since the prior filing

+9.2 pp in · −9.2 pp out

New 2 +0.82 pp
Added 38 +8.41 pp
Trimmed 61 −8.47 pp
Exited 4 −0.78 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MSGE Madison Square Garden Entertainment Corp. added+0.59 pp added+0.593.6%
SPHR Sphere Entertainment Co. added+0.94 pp added+0.943.4%
MAT Mattel, Inc. added+0.02 pp added+0.023.2%
LAZ Lazard, Inc. added+0.27 pp added+0.273.1%
OSW OneSpaWorld Holdings Limited added+0.94 pp added+0.943.0%

Positions104 in this filing · 4 exited


MSGEMadison Square Garden Entertainment Corp.	3.58%	7,896,008	$316M	added+2%	+0.59 pp	9 q
SPHRSphere Entertainment Co.	3.36%	7,100,237	$297M	added+13%	+0.94 pp	21 q
MATMattel, Inc.	3.18%	14,220,786	$280M	added+3%	+0.02 pp	41 q
LAZLazard, Inc.	3.13%	5,753,997	$276M	added+2%	+0.27 pp	49 q
OSWOneSpaWorld Holdings Limited	3.05%	13,213,156	$269M	added+23%	+0.94 pp	22 q
AMGAffiliated Managers Group	3.02%	1,355,075	$267M	trimmed−4%	+0.24 pp	28 q
GNRCGenerac Holdings Inc	2.93%	1,804,595	$258M	added+12%	+0.53 pp	13 q
JLLJones Lang LaSalle, Inc.	2.91%	1,004,090	$257M	trimmed−3%	−0.11 pp	49 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.84%	12,369,377	$251M	added+36%	+0.82 pp	22 q
CGThe Carlyle Group Inc.	2.74%	4,705,544	$242M	trimmed−3%	+0.26 pp	11 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.74%	12,355,666	$241M	added+2%	+0.28 pp	22 q
BYDBoyd Gaming Corporation	2.51%	2,834,739	$222M	trimmed−8%	+0.11 pp	16 q
FAFFirst American Financial Corporation	2.44%	3,504,069	$215M	trimmed−5%	−0.41 pp	49 q
CRLCharles River Laboratories International, Inc.	2.43%	1,415,348	$215M	added+29%	+0.48 pp	49 q
BIOBio-Rad Laboratories, Inc.Class A	2.24%	818,624	$198M	added+13%	+0.17 pp	49 q
REZIResideo Technologies, Inc.	2.24%	8,956,209	$198M	trimmed−7%	+0.23 pp	16 q
ADTADT Inc.	2.23%	23,244,598	$197M	trimmed−14%	−0.36 pp	17 q
MHKMohawk Industries, Inc.	2.04%	1,716,569	$180M	trimmed−2%	−0.30 pp	49 q
PBHPrestige Consumer Healthcare Inc.	1.99%	2,202,327	$176M	trimmed−13%	−0.55 pp	13 q
CVSACovista Inc.	1.98%	1,375,687	$175M	trimmed−26%	−0.22 pp	33 q
BOKFBOK Financial Corp	1.98%	1,789,772	$175M	trimmed−1%	−0.23 pp	37 q
NTRSNorthern Trust Corp	1.98%	1,376,364	$175M	trimmed−30%	−0.29 pp	49 q
GNTXGentex Corp	1.83%	7,359,272	$162M	added+4%	−0.11 pp	16 q
MANUManchester United PLC	1.82%	9,024,434	$161M	added+5%	+0.50 pp	16 q
PARAParamount Global-class B	1.81%	12,363,100	$159M	trimmed−13%	−0.19 pp	23 q
MSGSMadison Square Garden Sports Corp.	1.79%	757,837	$158M	trimmed−10%	−0.13 pp	39 q
SJMThe J.M. Smucker Company	1.70%	1,528,938	$150M	trimmed−19%	−0.92 pp	49 q
CLBCore Laboratories Inc.	1.69%	12,976,463	$149M	added+25%	−0.13 pp	21 q
MIDDMiddleby Corp	1.53%	934,607	$135M	trimmed−6%	−0.24 pp	22 q
BCOThe Brink's Company	1.40%	1,383,454	$124M	trimmed−1%	−0.01 pp	49 q
AXTAAxalta Coating Systems Ltd.	1.34%	3,981,974	$118M	trimmed−3%	−0.27 pp	18 q
KMTKennametal Inc.	1.29%	4,971,198	$114M	trimmed−36%	−0.65 pp	45 q
CHKPCheck Point Software Technologies Ltd	1.24%	493,547	$109M	trimmed−27%	−0.57 pp	22 q
MSFTMicrosoft Corp	1.20%	213,138	$106M	added+72%	+0.65 pp	49 q
ZBRAZebra Technologies Corporation	1.19%	339,069	$105M	added+50%	+0.44 pp	47 q
LHLabcorp Holdings Inc.	1.09%	365,398	$96M	trimmed−1%	+0.08 pp	5 q
APTVAptiv PLC	1.07%	1,386,513	$95M	added+80%	+0.53 pp	3 q
KNKnowles Corporation	0.93%	4,643,564	$82M	trimmed−0%	+0.10 pp	27 q
CVSCvs Health Corporation	0.91%	1,164,574	$80M	added+14%	+0.10 pp	6 q
LINDLindblad Expeditions Holdings Inc.	0.91%	6,892,053	$80M	trimmed−11%	+0.06 pp	15 q
JHGJanus Henderson Group PLC	0.90%	2,036,989	$79M	trimmed−5%	−0.01 pp	33 q
IPGThe Interpublic Group of Companies, Inc.	0.88%	3,180,658	$78M	trimmed−40%	−0.80 pp	49 q
AQNAlgonquin Power & Utilities Corp	0.85%	13,112,831	$75M	added+89%	+0.43 pp	2 q
NVTnVent Electric plc	0.78%	934,041	$68M	added+17%	+0.29 pp	18 q
LFUSLittelfuse Inc	0.76%	294,001	$67M	trimmed−4%	+0.05 pp	49 q
WEXWEX Inc.	0.67%	401,086	$59M	trimmed−3%	−0.09 pp	4 q
FSLRFirst Solar, Inc.	0.58%	307,292	$51M	new	+0.58 pp	new
GCMGGCM Grosvenor Inc. Class A	0.58%	4,452,562	$51M	added+1%	−0.11 pp	12 q
VZVerizon Communications	0.57%	1,171,161	$51M	trimmed−18%	−0.19 pp	43 q
KEYSKeysight Technologies, Inc.	0.49%	262,761	$43M	trimmed−7%	−0.01 pp	35 q
KFYKorn Ferry	0.48%	571,576	$42M	trimmed−3%	+0.01 pp	26 q
GILDGilead Sciences Inc	0.46%	368,861	$41M	trimmed−14%	−0.11 pp	49 q
KKRKKR & Co. Inc.	0.46%	302,109	$40M	added+10%	+0.09 pp	28 q
COFCapital One Financial	0.45%	188,311	$40M	trimmed−35%	−0.16 pp	6 q
KMXCarMax Inc.	0.42%	552,977	$37M	trimmed−1%	−0.09 pp	26 q
NTAPNetApp, Inc	0.42%	344,734	$37M	added+21%	+0.13 pp	21 q
SCHWThe Charles Schwab Corporation	0.42%	406,048	$37M	trimmed−27%	−0.09 pp	22 q
SLBSLB Limited	0.41%	1,059,263	$36M	added+7%	−0.08 pp	3 q
CBRECbre Group, Inc.	0.37%	233,336	$33M	trimmed−19%	−0.07 pp	49 q
CNPCenterPoint Energy, Inc.	0.37%	884,095	$32M	trimmed−47%	−0.33 pp	3 q
BAPCredicorp LTD	0.37%	147,208	$33M	trimmed−18%	−0.03 pp	21 q
FISVFiserv, Inc.	0.36%	182,786	$32M	added×38.8	+0.35 pp	14 q
INTCIntel Corp	0.36%	1,410,999	$32M	added+47%	+0.10 pp	7 q
SWKStanley Black & Decker, Inc.	0.33%	424,573	$29M	trimmed−1%	−0.06 pp	49 q
GSGoldman Sachs Group Inc.	0.29%	36,538	$26M	added×4.1	+0.23 pp	49 q
unresolvedLeslies Inc	0.29%	60,903,406	$26M	added+5%	−0.21 pp	11 q
MASMasco Corporation	0.29%	401,924	$26M	trimmed−57%	−0.48 pp	27 q
ALLThe Allstate Corporation	0.27%	118,737	$24M	trimmed−33%	−0.16 pp	5 q
AFLAflac Inc.	0.26%	216,615	$23M	trimmed−1%	−0.03 pp	49 q
BACBank of America Corporation	0.26%	477,903	$23M	trimmed−43%	−0.15 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	0.26%	253,190	$23M	trimmed−16%	−0.14 pp	49 q
TAPMolson Coors Beverage Company Class B	0.25%	467,331	$22M	trimmed−6%	−0.11 pp	27 q
DISThe Walt Disney Company	0.24%	172,170	$21M	new	+0.24 pp	new
MGPIMGP Ingredients Inc	0.24%	719,144	$22M	added+15%	+0.02 pp	6 q
WALWestern Alliance Bancorporation	0.23%	259,369	$20M	trimmed−49%	−0.22 pp	4 q
OCOwens Corning	0.22%	140,449	$19M	added+25%	+0.03 pp	2 q
DHID.R. Horton Inc.	0.21%	144,643	$19M	added+5%	0.00 pp	5 q
MTNVail Resorts, Inc.	0.21%	119,332	$19M	trimmed−4%	−0.02 pp	22 q
SSDSimpson Manufacturing Co., Inc.	0.19%	108,613	$17M	trimmed−3%	−0.02 pp	49 q
VEAVanguard FTSE Developed Markets ETF	0.16%	245,539	$14M	added+85%	+0.08 pp	3 q
HCKTHackett Group Inc (The).	0.15%	523,231	$13M	trimmed−17%	−0.07 pp	13 q
SNASnap-on Incorporated	0.12%	33,005	$10M	trimmed−6%	−0.02 pp	49 q
ORCLOracle Corp	0.08%	31,885	$7M	trimmed−16%	+0.02 pp	47 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	30,031	$7M	trimmed−0%	+0.02 pp	7 q
LMTLockheed Martin Corp.	0.07%	12,710	$6M	held	—	49 q
PHINPHINIA Inc.	0.07%	140,160	$6M	trimmed−0%	0.00 pp	8 q
APAAPA Corporation	0.06%	299,492	$5M	added+22%	0.00 pp	18 q
BBarrick Mining Corporation	0.06%	244,597	$5M	added+13%	+0.01 pp	17 q
CVXChevron Corporation	0.06%	37,763	$5M	held	—	8 q
MOSThe Mosaic Company	0.06%	148,340	$5M	added+5%	+0.02 pp	48 q
JNJJohnson & Johnson	0.05%	31,163	$5M	held	—	49 q
KBKB Financial Group Inc	0.05%	52,122	$4M	trimmed−50%	−0.02 pp	7 q
VTVanguard Total World Stock ETF	0.05%	33,476	$4M	trimmed−55%	−0.05 pp	2 q
IWNiShares Russell 2000 Value ETF	0.04%	21,467	$3M	trimmed−47%	−0.03 pp	25 q
BWABorgWarner Inc.	0.02%	64,987	$2M	trimmed−91%	−0.21 pp	38 q
ZIMVZimVie Inc.	0.02%	206,401	$2M	added+23%	0.00 pp	14 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	11,009	$934,554	added+54%	0.00 pp	5 q
MTBM&T Bank Corp.	0.01%	4,294	$832,993	added+95%	+0.01 pp	15 q
IFSIntercorp Financial Services Inc.	0.01%	28,734	$1M	added+55%	0.00 pp	3 q
BRCBrady Corporation	0.00%	3,660	$248,770	trimmed−5%	0.00 pp	49 q
DNBDun & Bradstreet Holdings, Inc.	0.00%	19,393	$176,282	trimmed−100%	−0.42 pp	13 q
FICOFair Isaac Corporation	0.00%	224	$409,463	trimmed−5%	−0.01 pp	14 q
MSIMotorola Solutions, Inc. New	0.00%	764	$321,231	trimmed−5%	0.00 pp	13 q
PGRProgressive Corporation	0.00%	785	$209,485	trimmed−5%	0.00 pp	2 q
CNHCnh Industrial N.v.	—	−2,187,205	—	exited	−0.32 pp	—
ABBVAbbvie Inc.	—	−84,394	—	exited	−0.21 pp	—
PMPhilip Morris International Inc.	—	−108,328	—	exited	−0.20 pp	—
VXUSVanguard Total International Stock ETF	—	−63,386	—	exited	−0.05 pp	—