Ariel Investments

Q4 2025 13F · by John Rogers, CIO

As of: Dec 31, 2025
Filed: Feb 13, 2026
US stock: $9.3B · prev $9.4B
Positions: 108 · prev 107
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%

Moves114 since the prior filing

+5.6 pp in · −5.6 pp out

New 10 +3.74 pp
Added 25 +1.88 pp
Trimmed 70 −2.34 pp
Exited 9 −3.29 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

MSGE Madison Square Garden Entertainment Corp. trimmed+0.27 pp trimmed+0.274.0%
AMG Affiliated Managers Group trimmed+0.46 pp trimmed+0.463.7%
NCLH Norwegian Cruise Line Holdings Ltd. added+0.28 pp added+0.283.5%
JLL Jones Lang LaSalle, Inc. trimmed+0.22 pp trimmed+0.223.3%
SPHR Sphere Entertainment Co. trimmed−0.73 pp trimmed−0.733.3%

Positions108 in this filing · 9 exited


MSGEMadison Square Garden Entertainment Corp.	4.01%	6,881,315	$371M	trimmed−11%	+0.27 pp	11 q
AMGAffiliated Managers Group	3.68%	1,182,223	$341M	trimmed−6%	+0.46 pp	30 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.46%	14,351,367	$320M	added+19%	+0.28 pp	24 q
JLLJones Lang LaSalle, Inc.	3.25%	893,230	$301M	trimmed−6%	+0.22 pp	51 q
SPHRSphere Entertainment Co.	3.25%	3,168,534	$301M	trimmed−47%	−0.73 pp	23 q
OSWOneSpaWorld Holdings Limited	3.14%	14,011,310	$291M	added+6%	+0.16 pp	24 q
CRLCharles River Laboratories International, Inc.	3.08%	1,427,771	$285M	trimmed−4%	+0.59 pp	51 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.81%	11,970,544	$260M	trimmed−0%	+0.19 pp	24 q
LAZLazard, Inc.	2.78%	5,296,822	$257M	added+1%	−0.18 pp	51 q
PBHPrestige Consumer Healthcare Inc.	2.73%	4,102,497	$253M	added+14%	+0.33 pp	15 q
MATMattel, Inc.	2.69%	12,532,133	$249M	trimmed−9%	+0.21 pp	43 q
FAFFirst American Financial Corporation	2.60%	3,917,150	$241M	added+5%	+0.04 pp	51 q
CGThe Carlyle Group Inc.	2.52%	3,950,333	$234M	trimmed−7%	−0.32 pp	13 q
BIOBio-Rad Laboratories, Inc.Class A	2.50%	764,672	$232M	trimmed−6%	+0.07 pp	51 q
MIDDMiddleby Corp	2.50%	1,558,645	$232M	added+22%	+0.69 pp	24 q
CLBCore Laboratories Inc.	2.37%	13,661,000	$219M	trimmed−1%	+0.55 pp	23 q
REZIResideo Technologies, Inc.	2.32%	6,121,216	$215M	trimmed−9%	−0.77 pp	18 q
BOKFBOK Financial Corp	2.16%	1,689,307	$200M	trimmed−2%	+0.11 pp	39 q
BYDBoyd Gaming Corporation	2.15%	2,340,172	$199M	trimmed−10%	−0.26 pp	18 q
CVSACovista Inc.	2.12%	1,897,628	$196M	added+47%	−0.02 pp	35 q
GNRCGenerac Holdings Inc	2.10%	1,423,948	$194M	trimmed−3%	−0.53 pp	15 q
MHKMohawk Industries, Inc.	2.03%	1,716,027	$188M	added+1%	−0.31 pp	51 q
MSGSMadison Square Garden Sports Corp.	2.02%	722,495	$187M	trimmed−1%	+0.25 pp	41 q
GNTXGentex Corp	1.98%	7,889,928	$184M	added+9%	−0.20 pp	18 q
ADTADT Inc.	1.88%	21,558,300	$174M	trimmed−2%	−0.18 pp	19 q
NTRSNorthern Trust Corp	1.84%	1,248,921	$171M	trimmed−3%	−0.01 pp	51 q
SJMThe J.M. Smucker Company	1.70%	1,608,943	$157M	added+4%	−0.09 pp	51 q
AXTAAxalta Coating Systems Ltd.	1.70%	4,864,546	$157M	added+16%	+0.42 pp	20 q
MANUManchester United PLC	1.54%	8,982,161	$143M	added+1%	+0.09 pp	18 q
BCOThe Brink's Company	1.30%	1,027,444	$120M	trimmed−16%	−0.23 pp	51 q
ZBRAZebra Technologies Corporation	1.25%	475,731	$116M	added+86%	+0.44 pp	49 q
AQNAlgonquin Power & Utilities Corp	1.06%	15,920,654	$98M	trimmed−3%	+0.12 pp	4 q
LHLabcorp Holdings Inc.	0.98%	360,087	$90M	trimmed−1%	−0.13 pp	7 q
OMCOmnicom Group Inc.	0.95%	1,088,333	$88M	new	+0.95 pp	new
KNKnowles Corporation	0.93%	3,998,641	$86M	trimmed−3%	−0.09 pp	29 q
CHKPCheck Point Software Technologies Ltd	0.93%	464,185	$86M	trimmed−5%	−0.15 pp	24 q
MSFTMicrosoft Corp	0.90%	172,455	$83M	trimmed−11%	−0.18 pp	51 q
LINDLindblad Expeditions Holdings Inc.	0.80%	5,118,819	$74M	trimmed−7%	+0.04 pp	17 q
KMTKennametal Inc.	0.73%	2,377,626	$68M	trimmed−37%	−0.12 pp	47 q
CVSCvs Health Corporation	0.71%	825,092	$65M	trimmed−17%	−0.09 pp	8 q
FSLRFirst Solar, Inc.	0.71%	251,565	$66M	trimmed−23%	−0.06 pp	3 q
DISThe Walt Disney Company	0.69%	557,647	$63M	added+12%	+0.08 pp	3 q
NVTnVent Electric plc	0.68%	613,021	$63M	trimmed−29%	−0.23 pp	20 q
XRAYDENTSPLY SIRONA Inc.	0.65%	5,274,740	$60M	new	+0.65 pp	new
INTCIntel Corp	0.61%	1,524,112	$56M	added+58%	+0.26 pp	9 q
LFUSLittelfuse Inc	0.61%	221,498	$56M	trimmed−2%	−0.01 pp	51 q
JHGJanus Henderson Group PLC	0.60%	1,169,327	$56M	trimmed−43%	−0.37 pp	35 q
KEYSKeysight Technologies, Inc.	0.57%	258,309	$52M	trimmed−2%	+0.08 pp	37 q
GCMGGCM Grosvenor Inc. Class A	0.55%	4,508,199	$51M	added+1%	−0.03 pp	14 q
WEXWEX Inc.	0.54%	336,797	$50M	trimmed−1%	−0.03 pp	6 q
SLBSLB Limited	0.53%	1,285,090	$49M	trimmed−1%	+0.05 pp	5 q
BMYBristol-Myers Squibb Co.	0.43%	732,677	$40M	new	+0.43 pp	new
COFCapital One Financial	0.42%	162,230	$39M	trimmed−21%	−0.05 pp	8 q
CNPCenterPoint Energy, Inc.	0.41%	996,778	$38M	trimmed−3%	−0.02 pp	5 q
FDSFactset Research Systems	0.39%	125,439	$36M	new	+0.39 pp	new
MTBM&T Bank Corp.	0.39%	180,402	$36M	trimmed−6%	−0.01 pp	17 q
WEDWebster Financial Corp	0.39%	578,996	$36M	new	+0.39 pp	new
CBRECbre Group, Inc.	0.37%	211,081	$34M	trimmed−8%	−0.02 pp	51 q
NTAPNetApp, Inc	0.37%	322,860	$35M	trimmed−6%	−0.07 pp	23 q
SKYDSkydance Corporation	0.37%	2,587,190	$35M	trimmed−14%	−0.24 pp	2 q
SCHWThe Charles Schwab Corporation	0.37%	342,275	$34M	trimmed−1%	+0.02 pp	24 q
KKRKKR & Co. Inc.	0.36%	264,916	$34M	added+4%	0.00 pp	30 q
HPEHewlett Packard Enterprise Company	0.34%	1,321,535	$32M	new	+0.34 pp	new
SWKStanley Black & Decker, Inc.	0.34%	421,387	$31M	trimmed−1%	0.00 pp	51 q
KFYKorn Ferry	0.33%	466,090	$31M	trimmed−2%	−0.03 pp	28 q
TAT&T Inc.	0.32%	1,202,446	$30M	new	+0.32 pp	new
BACBank of America Corporation	0.31%	517,442	$28M	trimmed−4%	+0.01 pp	14 q
MASMasco Corporation	0.28%	405,488	$26M	added+2%	−0.02 pp	29 q
GILDGilead Sciences Inc	0.27%	205,052	$25M	trimmed−6%	+0.01 pp	51 q
TAPMolson Coors Beverage Company Class B	0.26%	515,945	$24M	added+13%	+0.04 pp	29 q
RLIRLI Corp.	0.26%	373,173	$24M	new	+0.26 pp	new
AFLAflac Inc.	0.25%	212,072	$23M	trimmed−2%	−0.01 pp	51 q
KMXCarMax Inc.	0.24%	563,483	$22M	trimmed−1%	−0.03 pp	28 q
FISVFiserv, Inc.	0.23%	321,025	$22M	added+27%	−0.12 pp	16 q
HUMHumana Inc.	0.23%	82,807	$21M	trimmed−6%	−0.01 pp	2 q
FDXFedEx Corporation	0.22%	71,405	$21M	trimmed−6%	+0.03 pp	2 q
MGPIMGP Ingredients Inc	0.17%	629,467	$15M	trimmed−3%	0.00 pp	8 q
SSDSimpson Manufacturing Co., Inc.	0.16%	91,389	$15M	trimmed−2%	−0.01 pp	51 q
MTNVail Resorts, Inc.	0.16%	112,211	$15M	trimmed−3%	−0.02 pp	24 q
SNASnap-on Incorporated	0.12%	32,694	$11M	trimmed−0%	0.00 pp	51 q
BBarrick Mining Corporation	0.10%	216,126	$9M	trimmed−12%	+0.01 pp	19 q
JNJJohnson & Johnson	0.10%	43,260	$9M	trimmed−17%	0.00 pp	51 q
HCKTHackett Group Inc (The).	0.09%	428,199	$8M	trimmed−2%	0.00 pp	15 q
PHINPHINIA Inc.	0.09%	140,144	$9M	trimmed−0%	0.00 pp	10 q
APAAPA Corporation	0.08%	297,339	$7M	trimmed−1%	0.00 pp	20 q
CVXChevron Corporation	0.07%	41,499	$6M	held	—	10 q
IWNiShares Russell 2000 Value ETF	0.07%	33,319	$6M	trimmed−26%	−0.02 pp	27 q
LMTLockheed Martin Corp.	0.07%	13,446	$7M	trimmed−1%	0.00 pp	51 q
KBKB Financial Group Inc	0.05%	51,315	$4M	held	—	9 q
LESLQLeslie's Inc	0.05%	2,836,373	$5M	trimmed−4%	−0.12 pp	2 q
AJGArthur J. Gallagher & Co.	0.04%	15,357	$4M	added+13%	−0.01 pp	2 q
MOSThe Mosaic Company	0.04%	147,037	$4M	trimmed−1%	−0.02 pp	50 q
BWABorgWarner Inc.	0.03%	64,987	$3M	held	—	40 q
GSGoldman Sachs Group Inc.	0.03%	3,158	$3M	trimmed−0%	0.00 pp	51 q
ORCLOracle Corp	0.03%	16,384	$3M	trimmed−0%	−0.02 pp	49 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	10,162	$3M	trimmed−10%	0.00 pp	9 q
VEAVanguard FTSE Developed Markets ETF	0.02%	24,473	$2M	trimmed−57%	−0.02 pp	5 q
BAPCredicorp LTD	0.02%	5,737	$2M	added+9%	+0.01 pp	23 q
IFSIntercorp Financial Services Inc.	0.02%	34,668	$1M	added+8%	+0.01 pp	5 q
HDBHDFC Bank Limited	0.01%	13,151	$480,538	added+42%	+0.01 pp	2 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	13,172	$1M	added+7%	0.00 pp	7 q
CPACopa Holdings, S.A.	0.01%	8,752	$1M	new	+0.01 pp	new
BRCBrady Corporation	0.00%	2,996	$234,797	trimmed−18%	0.00 pp	51 q
FICOFair Isaac Corporation	0.00%	221	$373,627	trimmed−1%	0.00 pp	16 q
IWDiShares Russell 1000 Value ETF	0.00%	668	$140,507	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	755	$289,407	trimmed−1%	0.00 pp	15 q
PGRProgressive Corporation	0.00%	1,094	$249,126	trimmed−1%	0.00 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	3,229	$290,352	trimmed−99%	−0.42 pp	51 q
APTVAptiv PLC	—	−1,150,265	—	exited	−1.06 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−3,190,462	—	exited	−0.95 pp	—
VZVerizon Communications	—	−1,166,712	—	exited	−0.55 pp	—
WALWestern Alliance Bancorporation	—	−258,384	—	exited	−0.24 pp	—
DHID.R. Horton Inc.	—	−128,669	—	exited	−0.23 pp	—
ALLThe Allstate Corporation	—	−69,734	—	exited	−0.16 pp	—
VXUSVanguard Total International Stock ETF	—	−70,469	—	exited	−0.06 pp	—
VTVanguard Total World Stock ETF	—	−27,685	—	exited	−0.04 pp	—
INFYInfosys Limited	—	−11,637	—	exited	0.00 pp	—