Ariel Investments

Q3 2025 13F · by John Rogers, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $9.4B · prev $8.8B
Positions: 107 · prev 104
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%

Moves108 since the prior filing

+3.8 pp in · −3.8 pp out

New 8 +1.32 pp
Added 29 +2.52 pp
Trimmed 66 −1.50 pp
Exited 5 −2.34 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions17% of US stock

SPHR Sphere Entertainment Co. trimmed+0.62 pp trimmed+0.624.0%
MSGE Madison Square Garden Entertainment Corp. trimmed+0.16 pp trimmed+0.163.7%
AMG Affiliated Managers Group trimmed+0.20 pp trimmed+0.203.2%
NCLH Norwegian Cruise Line Holdings Ltd. trimmed+0.34 pp trimmed+0.343.2%
REZI Resideo Technologies, Inc. trimmed+0.85 pp trimmed+0.853.1%

Positions107 in this filing · 5 exited


SPHRSphere Entertainment Co.	3.98%	5,994,239	$372M	trimmed−16%	+0.62 pp	22 q
MSGEMadison Square Garden Entertainment Corp.	3.74%	7,737,570	$350M	trimmed−2%	+0.16 pp	10 q
AMGAffiliated Managers Group	3.22%	1,263,824	$301M	trimmed−7%	+0.20 pp	29 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.18%	12,084,292	$298M	trimmed−2%	+0.34 pp	23 q
REZIResideo Technologies, Inc.	3.09%	6,697,864	$289M	trimmed−25%	+0.85 pp	17 q
JLLJones Lang LaSalle, Inc.	3.03%	950,845	$284M	trimmed−5%	+0.12 pp	50 q
OSWOneSpaWorld Holdings Limited	2.98%	13,189,600	$279M	trimmed−0%	−0.07 pp	23 q
LAZLazard, Inc.	2.96%	5,245,889	$277M	trimmed−9%	−0.17 pp	50 q
CGThe Carlyle Group Inc.	2.84%	4,233,386	$265M	trimmed−10%	+0.10 pp	12 q
GNRCGenerac Holdings Inc	2.63%	1,467,231	$246M	trimmed−19%	−0.30 pp	14 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.62%	12,004,205	$245M	trimmed−3%	−0.12 pp	23 q
FAFFirst American Financial Corporation	2.56%	3,725,184	$239M	added+6%	+0.12 pp	50 q
CRLCharles River Laboratories International, Inc.	2.49%	1,490,098	$233M	added+5%	+0.06 pp	50 q
MATMattel, Inc.	2.48%	13,760,470	$232M	trimmed−3%	−0.70 pp	42 q
BIOBio-Rad Laboratories, Inc.Class A	2.43%	809,480	$227M	trimmed−1%	+0.19 pp	50 q
BYDBoyd Gaming Corporation	2.41%	2,602,460	$225M	trimmed−8%	−0.10 pp	17 q
PBHPrestige Consumer Healthcare Inc.	2.40%	3,594,959	$224M	added+63%	+0.41 pp	14 q
MHKMohawk Industries, Inc.	2.34%	1,697,103	$219M	trimmed−1%	+0.30 pp	50 q
GNTXGentex Corp	2.18%	7,218,080	$204M	trimmed−2%	+0.35 pp	17 q
CVSACovista Inc.	2.14%	1,294,876	$200M	trimmed−6%	+0.16 pp	34 q
ADTADT Inc.	2.06%	22,068,942	$192M	trimmed−5%	−0.17 pp	18 q
BOKFBOK Financial Corp	2.05%	1,719,460	$192M	trimmed−4%	+0.07 pp	38 q
NTRSNorthern Trust Corp	1.85%	1,284,587	$173M	trimmed−7%	−0.13 pp	50 q
CLBCore Laboratories Inc.	1.82%	13,773,568	$170M	added+6%	+0.13 pp	22 q
MIDDMiddleby Corp	1.81%	1,273,118	$169M	added+36%	+0.28 pp	23 q
SJMThe J.M. Smucker Company	1.79%	1,543,523	$168M	added+1%	+0.09 pp	50 q
MSGSMadison Square Garden Sports Corp.	1.77%	727,035	$165M	trimmed−4%	−0.02 pp	40 q
BCOThe Brink's Company	1.53%	1,225,787	$143M	trimmed−11%	+0.13 pp	50 q
MANUManchester United PLC	1.45%	8,929,082	$135M	trimmed−1%	−0.37 pp	17 q
AXTAAxalta Coating Systems Ltd.	1.28%	4,188,961	$120M	added+5%	−0.06 pp	19 q
LHLabcorp Holdings Inc.	1.11%	362,869	$104M	trimmed−1%	+0.02 pp	6 q
MSFTMicrosoft Corp	1.08%	194,134	$101M	trimmed−9%	−0.12 pp	50 q
CHKPCheck Point Software Technologies Ltd	1.08%	486,268	$101M	trimmed−1%	−0.16 pp	23 q
APTVAptiv PLC	1.06%	1,150,265	$99M	trimmed−17%	−0.01 pp	4 q
KNKnowles Corporation	1.02%	4,108,160	$96M	trimmed−12%	+0.09 pp	28 q
JHGJanus Henderson Group PLC	0.97%	2,044,802	$91M	added0%	+0.07 pp	34 q
IPGThe Interpublic Group of Companies, Inc.	0.95%	3,190,462	$89M	added0%	+0.07 pp	50 q
AQNAlgonquin Power & Utilities Corp	0.94%	16,345,606	$88M	added+25%	+0.09 pp	3 q
NVTnVent Electric plc	0.91%	860,078	$85M	trimmed−8%	+0.13 pp	19 q
KMTKennametal Inc.	0.85%	3,777,813	$79M	trimmed−24%	−0.44 pp	46 q
ZBRAZebra Technologies Corporation	0.81%	255,619	$76M	trimmed−25%	−0.38 pp	48 q
CVSCvs Health Corporation	0.80%	989,646	$75M	trimmed−15%	−0.11 pp	7 q
FSLRFirst Solar, Inc.	0.77%	325,516	$72M	added+6%	+0.19 pp	2 q
LINDLindblad Expeditions Holdings Inc.	0.76%	5,524,660	$71M	trimmed−20%	−0.15 pp	16 q
LFUSLittelfuse Inc	0.62%	225,373	$58M	trimmed−23%	−0.14 pp	50 q
DISThe Walt Disney Company	0.61%	499,969	$57M	added×2.9	+0.37 pp	2 q
SKYDSkydance Corporation	0.61%	3,000,464	$57M	new	+0.61 pp	new
GCMGGCM Grosvenor Inc. Class A	0.58%	4,484,588	$54M	added+1%	0.00 pp	13 q
WEXWEX Inc.	0.57%	340,936	$54M	trimmed−15%	−0.10 pp	5 q
VZVerizon Communications	0.55%	1,166,712	$51M	trimmed−0%	−0.02 pp	44 q
KEYSKeysight Technologies, Inc.	0.49%	262,266	$46M	trimmed−0%	0.00 pp	36 q
SLBSLB Limited	0.48%	1,300,587	$45M	added+23%	+0.07 pp	4 q
COFCapital One Financial	0.47%	205,962	$44M	added+9%	+0.02 pp	7 q
NTAPNetApp, Inc	0.44%	343,425	$41M	trimmed−0%	+0.02 pp	22 q
CNPCenterPoint Energy, Inc.	0.43%	1,027,312	$40M	added+16%	+0.06 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.42%	394,715	$39M	added+56%	+0.16 pp	50 q
MTBM&T Bank Corp.	0.40%	191,434	$38M	added×44.6	+0.39 pp	16 q
CBRECbre Group, Inc.	0.39%	228,906	$36M	trimmed−2%	+0.02 pp	50 q
KKRKKR & Co. Inc.	0.36%	255,469	$33M	trimmed−15%	−0.10 pp	29 q
KFYKorn Ferry	0.36%	475,253	$33M	trimmed−17%	−0.12 pp	27 q
FISVFiserv, Inc.	0.35%	252,925	$33M	added+38%	−0.01 pp	15 q
INTCIntel Corp	0.35%	965,745	$32M	trimmed−32%	−0.01 pp	8 q
SCHWThe Charles Schwab Corporation	0.35%	347,408	$33M	trimmed−14%	−0.07 pp	23 q
SWKStanley Black & Decker, Inc.	0.34%	427,416	$32M	added+1%	+0.01 pp	50 q
BACBank of America Corporation	0.30%	539,659	$28M	added+13%	+0.04 pp	13 q
MASMasco Corporation	0.30%	398,712	$28M	trimmed−1%	+0.01 pp	28 q
KMXCarMax Inc.	0.27%	571,605	$26M	added+3%	−0.15 pp	27 q
AFLAflac Inc.	0.26%	215,348	$24M	trimmed−1%	0.00 pp	50 q
GILDGilead Sciences Inc	0.26%	218,778	$24M	trimmed−41%	−0.20 pp	50 q
HUMHumana Inc.	0.24%	87,989	$23M	new	+0.24 pp	new
WALWestern Alliance Bancorporation	0.24%	258,384	$22M	trimmed−0%	+0.01 pp	5 q
DHID.R. Horton Inc.	0.23%	128,669	$22M	trimmed−11%	+0.02 pp	6 q
TAPMolson Coors Beverage Company Class B	0.22%	458,247	$21M	trimmed−2%	−0.03 pp	28 q
FDXFedEx Corporation	0.19%	75,869	$18M	new	+0.19 pp	new
MTNVail Resorts, Inc.	0.18%	115,166	$17M	trimmed−3%	−0.03 pp	23 q
LESLQLeslie's Inc	0.17%	2,943,963	$16M	new	+0.17 pp	new
MGPIMGP Ingredients Inc	0.17%	646,380	$16M	trimmed−10%	−0.07 pp	7 q
SSDSimpson Manufacturing Co., Inc.	0.17%	92,850	$16M	trimmed−15%	−0.02 pp	50 q
ALLThe Allstate Corporation	0.16%	69,734	$15M	trimmed−41%	−0.11 pp	6 q
SNASnap-on Incorporated	0.12%	32,843	$11M	trimmed−0%	0.00 pp	50 q
JNJJohnson & Johnson	0.10%	51,854	$10M	added+66%	+0.05 pp	50 q
BBarrick Mining Corporation	0.09%	244,597	$8M	held	—	18 q
HCKTHackett Group Inc (The).	0.09%	435,698	$8M	trimmed−17%	−0.06 pp	14 q
IWNiShares Russell 2000 Value ETF	0.09%	44,965	$8M	added×2.1	+0.05 pp	26 q
PHINPHINIA Inc.	0.09%	140,152	$8M	trimmed−0%	+0.02 pp	9 q
APAAPA Corporation	0.08%	299,492	$7M	held	—	19 q
CVXChevron Corporation	0.07%	41,499	$6M	added+10%	+0.01 pp	9 q
LMTLockheed Martin Corp.	0.07%	13,597	$7M	added+7%	0.00 pp	50 q
MOSThe Mosaic Company	0.06%	148,340	$5M	held	—	49 q
VXUSVanguard Total International Stock ETF	0.06%	70,469	$5M	new	+0.06 pp	new
AJGArthur J. Gallagher & Co.	0.05%	13,645	$4M	new	+0.05 pp	new
KBKB Financial Group Inc	0.05%	51,315	$4M	trimmed−2%	0.00 pp	8 q
ORCLOracle Corp	0.05%	16,402	$5M	trimmed−49%	−0.03 pp	48 q
VEAVanguard FTSE Developed Markets ETF	0.04%	57,510	$3M	trimmed−77%	−0.12 pp	4 q
VTVanguard Total World Stock ETF	0.04%	27,685	$4M	trimmed−17%	−0.01 pp	3 q
BWABorgWarner Inc.	0.03%	64,987	$3M	held	—	39 q
GSGoldman Sachs Group Inc.	0.03%	3,163	$3M	trimmed−91%	−0.26 pp	50 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	11,256	$3M	trimmed−63%	−0.05 pp	8 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	12,263	$1M	added+11%	0.00 pp	6 q
BAPCredicorp LTD	0.01%	5,242	$1M	trimmed−96%	−0.36 pp	22 q
IFSIntercorp Financial Services Inc.	0.01%	32,178	$1M	added+12%	0.00 pp	4 q
BRCBrady Corporation	0.00%	3,640	$284,029	trimmed−1%	0.00 pp	50 q
FICOFair Isaac Corporation	0.00%	223	$333,726	trimmed−0%	0.00 pp	15 q
HDBHDFC Bank Limited	0.00%	9,240	$315,638	new	0.00 pp	new
INFYInfosys Limited	0.00%	11,637	$189,334	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	760	$347,540	trimmed−1%	0.00 pp	14 q
PGRProgressive Corporation	0.00%	1,100	$271,645	added+40%	0.00 pp	3 q
PARAParamount Global-class B	—	−12,363,100	—	exited	−1.81 pp	—
unresolvedLeslies Inc	—	−60,903,406	—	exited	−0.29 pp	—
OCOwens Corning	—	−140,449	—	exited	−0.22 pp	—
ZIMVZimVie Inc.	—	−206,401	—	exited	−0.02 pp	—
DNBDun & Bradstreet Holdings, Inc.	—	−19,393	—	exited	0.00 pp	—