Ariel Investments

Q1 2026 13F · by John Rogers, CIO

As of: Mar 31, 2026
Filed: May 14, 2026
US stock: $8.9B · prev $9.3B
Positions: 106 · prev 108
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

+3.5 pp in · −3.6 pp out

New 8 +1.00 pp
Added 45 +2.54 pp
Trimmed 51 −0.58 pp
Exited 10 −3.00 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions18% of US stock

Positions106 in this filing · 10 exited


MSGEMadison Square Garden Entertainment Corp.	4.03%	6,105,583	$360M	trimmed−11%	+0.02 pp	12 q
OSWOneSpaWorld Holdings Limited	3.96%	15,432,414	$354M	added+10%	+0.82 pp	25 q
JLLJones Lang LaSalle, Inc.	3.49%	1,024,277	$312M	added+15%	+0.24 pp	52 q
AMGAffiliated Managers Group	3.30%	1,064,030	$294M	trimmed−10%	−0.38 pp	31 q
SPHRSphere Entertainment Co.	3.24%	2,462,309	$289M	trimmed−22%	−0.01 pp	24 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	3.08%	10,863,592	$276M	trimmed−9%	+0.27 pp	25 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.07%	14,661,579	$274M	added+2%	−0.39 pp	25 q
PBHPrestige Consumer Healthcare Inc.	2.84%	4,274,326	$253M	added+4%	+0.11 pp	16 q
GNRCGenerac Holdings Inc	2.83%	1,294,787	$253M	trimmed−9%	+0.73 pp	16 q
CRLCharles River Laboratories International, Inc.	2.79%	1,444,183	$249M	added+1%	−0.29 pp	52 q
LAZLazard, Inc.	2.77%	5,826,289	$248M	added+10%	−0.01 pp	52 q
FAFFirst American Financial Corporation	2.59%	3,839,002	$231M	trimmed−2%	−0.01 pp	52 q
MSGSMadison Square Garden Sports Corp.	2.58%	717,341	$231M	trimmed−1%	+0.56 pp	42 q
CVSACovista Inc.	2.49%	1,931,284	$223M	added+2%	+0.37 pp	36 q
CLBCore Laboratories Inc.	2.48%	13,170,388	$221M	trimmed−4%	+0.11 pp	24 q
BIOBio-Rad Laboratories, Inc.Class A	2.45%	785,961	$219M	added+3%	−0.05 pp	52 q
BOKFBOK Financial Corp	2.36%	1,649,883	$211M	trimmed−2%	+0.20 pp	40 q
MIDDMiddleby Corp	2.34%	1,574,530	$209M	added+1%	−0.16 pp	25 q
REZIResideo Technologies, Inc.	2.29%	6,078,851	$205M	trimmed−1%	−0.03 pp	19 q
MATMattel, Inc.	2.21%	13,567,083	$197M	added+8%	−0.48 pp	44 q
CGThe Carlyle Group Inc.	2.16%	3,981,757	$193M	added+1%	−0.36 pp	14 q
BYDBoyd Gaming Corporation	2.09%	2,274,418	$187M	trimmed−3%	−0.06 pp	19 q
GNTXGentex Corp	2.04%	8,342,402	$182M	added+6%	+0.06 pp	19 q
SJMThe J.M. Smucker Company	2.01%	1,860,459	$179M	added+16%	+0.31 pp	52 q
MHKMohawk Industries, Inc.	1.92%	1,744,678	$172M	added+2%	−0.11 pp	52 q
ZBRAZebra Technologies Corporation	1.82%	777,363	$163M	added+63%	+0.57 pp	50 q
NTRSNorthern Trust Corp	1.78%	1,141,118	$159M	trimmed−9%	−0.06 pp	52 q
MANUManchester United PLC	1.70%	9,050,387	$152M	added+1%	+0.16 pp	19 q
ADTADT Inc.	1.43%	19,475,052	$128M	trimmed−10%	−0.45 pp	20 q
AQNAlgonquin Power & Utilities Corp	1.35%	19,641,661	$121M	added+23%	+0.29 pp	5 q
KNKnowles Corporation	1.10%	3,818,862	$98M	trimmed−5%	+0.17 pp	30 q
BCOThe Brink's Company	1.07%	922,958	$96M	trimmed−10%	−0.23 pp	52 q
AXTAAxalta Coating Systems Ltd.	1.07%	3,466,960	$96M	trimmed−29%	−0.63 pp	21 q
LHLabcorp Holdings Inc.	1.06%	354,019	$94M	trimmed−2%	+0.08 pp	8 q
OMCOmnicom Group Inc.	0.93%	1,104,945	$83M	added+2%	−0.02 pp	2 q
XRAYDENTSPLY SIRONA Inc.	0.83%	6,386,815	$74M	added+21%	+0.18 pp	2 q
LFUSLittelfuse Inc	0.82%	215,427	$73M	trimmed−3%	+0.21 pp	52 q
NVTnVent Electric plc	0.79%	596,399	$71M	trimmed−3%	+0.11 pp	21 q
INTCIntel Corp	0.72%	1,455,291	$64M	trimmed−5%	+0.11 pp	10 q
DISThe Walt Disney Company	0.71%	654,369	$63M	added+17%	+0.02 pp	4 q
SLBSLB Limited	0.71%	1,237,399	$64M	trimmed−4%	+0.18 pp	6 q
LINDLindblad Expeditions Holdings Inc.	0.67%	3,439,063	$59M	trimmed−33%	−0.13 pp	18 q
SMGThe Scotts Miracle-Gro Company	0.66%	962,642	$59M	new	+0.66 pp	new
KEYSKeysight Technologies, Inc.	0.65%	204,324	$58M	trimmed−21%	+0.08 pp	38 q
FSLRFirst Solar, Inc.	0.60%	271,480	$54M	added+8%	−0.11 pp	4 q
WEXWEX Inc.	0.58%	337,724	$52M	added0%	+0.04 pp	7 q
CVSCvs Health Corporation	0.56%	702,151	$50M	trimmed−15%	−0.15 pp	9 q
RLIRLI Corp.	0.56%	872,033	$50M	added×2.3	+0.30 pp	2 q
FDSFactset Research Systems	0.55%	225,047	$49M	added+79%	+0.16 pp	2 q
BMYBristol-Myers Squibb Co.	0.49%	721,731	$44M	trimmed−1%	+0.06 pp	2 q
TAT&T Inc.	0.48%	1,489,147	$43M	added+24%	+0.16 pp	2 q
GCMGGCM Grosvenor Inc. Class A	0.48%	4,396,403	$43M	trimmed−2%	−0.07 pp	15 q
KKRKKR & Co. Inc.	0.45%	439,405	$41M	added+66%	+0.09 pp	31 q
HPEHewlett Packard Enterprise Company	0.44%	1,659,398	$40M	added+26%	+0.10 pp	2 q
SCHWThe Charles Schwab Corporation	0.42%	402,927	$38M	added+18%	+0.05 pp	25 q
MTBM&T Bank Corp.	0.41%	177,635	$37M	trimmed−2%	+0.02 pp	18 q
CBRECbre Group, Inc.	0.40%	263,149	$36M	added+25%	+0.03 pp	52 q
FDXFedEx Corporation	0.39%	98,918	$35M	added+39%	+0.17 pp	3 q
KMTKennametal Inc.	0.35%	869,000	$31M	trimmed−63%	−0.38 pp	48 q
MASMasco Corporation	0.35%	523,429	$32M	added+29%	+0.07 pp	30 q
KFYKorn Ferry	0.33%	463,417	$29M	trimmed−1%	0.00 pp	29 q
GILDGilead Sciences Inc	0.32%	202,271	$28M	trimmed−1%	+0.05 pp	52 q
SWKStanley Black & Decker, Inc.	0.32%	396,952	$28M	trimmed−6%	−0.02 pp	52 q
FITBFifth Third Bancorp	0.30%	567,418	$26M	new	+0.30 pp	new
AFLAflac Inc.	0.29%	239,266	$26M	added+13%	+0.04 pp	52 q
BACBank of America Corporation	0.28%	512,111	$25M	trimmed−1%	−0.03 pp	15 q
FISVFiserv, Inc.	0.27%	432,559	$24M	added+35%	+0.04 pp	17 q
KMXCarMax Inc.	0.26%	561,947	$23M	trimmed−0%	+0.02 pp	29 q
MSFTMicrosoft Corp	0.26%	62,192	$23M	trimmed−64%	−0.64 pp	52 q
TAPMolson Coors Beverage Company Class B	0.26%	548,715	$24M	added+6%	0.00 pp	30 q
SKYDSkydance Corporation	0.26%	2,546,320	$23M	trimmed−2%	−0.11 pp	3 q
CNPCenterPoint Energy, Inc.	0.23%	476,867	$21M	trimmed−52%	−0.18 pp	6 q
SSDSimpson Manufacturing Co., Inc.	0.18%	91,750	$16M	added0%	+0.02 pp	52 q
MTNVail Resorts, Inc.	0.16%	112,309	$14M	added0%	0.00 pp	25 q
IWNiShares Russell 2000 Value ETF	0.14%	65,455	$12M	added+96%	+0.07 pp	28 q
MGPIMGP Ingredients Inc	0.13%	628,860	$12M	trimmed−0%	−0.04 pp	9 q
SNASnap-on Incorporated	0.13%	32,608	$12M	trimmed−0%	+0.01 pp	52 q
APAAPA Corporation	0.11%	222,147	$9M	trimmed−25%	+0.03 pp	21 q
JNJJohnson & Johnson	0.11%	40,553	$10M	trimmed−6%	+0.01 pp	52 q
CVXChevron Corporation	0.10%	41,499	$9M	held	—	11 q
PHINPHINIA Inc.	0.10%	132,555	$9M	trimmed−5%	+0.01 pp	11 q
BBarrick Mining Corporation	0.09%	207,277	$8M	trimmed−4%	−0.01 pp	20 q
LMTLockheed Martin Corp.	0.09%	13,114	$8M	trimmed−2%	+0.02 pp	52 q
HCKTHackett Group Inc (The).	0.06%	425,568	$6M	trimmed−1%	−0.03 pp	16 q
KBKB Financial Group Inc	0.06%	49,961	$5M	trimmed−3%	+0.01 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	16,092	$5M	added+58%	+0.03 pp	10 q
AJGArthur J. Gallagher & Co.	0.05%	19,764	$4M	added+29%	+0.01 pp	3 q
BWABorgWarner Inc.	0.04%	64,987	$4M	held	—	41 q
LESLQLeslie's Inc	0.04%	2,882,994	$3M	added+2%	−0.01 pp	3 q
MOSThe Mosaic Company	0.04%	148,341	$4M	added+1%	0.00 pp	51 q
ORCLOracle Corp	0.03%	16,367	$2M	trimmed−0%	0.00 pp	50 q
BAPCredicorp LTD	0.03%	7,585	$3M	added+32%	+0.01 pp	24 q
IFSIntercorp Financial Services Inc.	0.03%	46,465	$2M	added+34%	+0.01 pp	6 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.02%	22,724	$2M	added+73%	+0.01 pp	8 q
VTVanguard Total World Stock ETF	0.02%	9,964	$1M	new	+0.02 pp	new
VWOVanguard FTSE Emerging Markets ETF	0.01%	20,245	$1M	new	+0.01 pp	new
RCLRoyal Caribbean Group	0.01%	1,740	$478,813	new	+0.01 pp	new
BRCBrady Corporation	0.00%	2,764	$224,547	trimmed−8%	0.00 pp	52 q
XCEMColumbia EM Core ex-China ETF	0.00%	8,466	$345,497	new	0.00 pp	new
FICOFair Isaac Corporation	0.00%	204	$217,778	trimmed−8%	0.00 pp	17 q
HDBHDFC Bank Limited	0.00%	14,072	$350,111	added+7%	−0.01 pp	3 q
IWSiShares Russell Mid-Cap Value ETF	0.00%	1,145	$166,872	new	0.00 pp	new
MSIMotorola Solutions, Inc. New	0.00%	696	$302,043	trimmed−8%	0.00 pp	16 q
PGRProgressive Corporation	0.00%	1,010	$200,222	trimmed−8%	0.00 pp	5 q
VXUSVanguard Total International Stock ETF	0.00%	4,685	$361,260	new	0.00 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.00%	3,014	$272,526	trimmed−7%	0.00 pp	52 q
CHKPCheck Point Software Technologies Ltd	—	−464,185	—	exited	−0.93 pp	—
JHGJanus Henderson Group PLC	—	−1,169,327	—	exited	−0.60 pp	—
COFCapital One Financial	—	−162,230	—	exited	−0.42 pp	—
WEDWebster Financial Corp	—	−578,996	—	exited	−0.39 pp	—
NTAPNetApp, Inc	—	−322,860	—	exited	−0.37 pp	—
HUMHumana Inc.	—	−82,807	—	exited	−0.23 pp	—
GSGoldman Sachs Group Inc.	—	−3,158	—	exited	−0.03 pp	—
VEAVanguard FTSE Developed Markets ETF	—	−24,473	—	exited	−0.02 pp	—
CPACopa Holdings, S.A.	—	−8,752	—	exited	−0.01 pp	—
IWDiShares Russell 1000 Value ETF	—	−668	—	exited	0.00 pp	—