John Rogers

Last Update: 08-15-2016

Number of Stocks: 192
Number of New Stocks: 6

Total Value: $7,965 Mil
Q/Q Turnover: 5%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

John Rogers Watch

  • 10 Fund Managers Are Totally Wrong on GlaxoSmithKline

    There are four big positions by guru investors in GlaxoSmithKline (GSK)  starting with Ken Fisher (Trades, Portfolio) who owns 11.5 million shares, John Rogers (Trades, Portfolio) taking 1.4 million shares, Charles Brandes (Trades, Portfolio) with 4.6 million shares and ending with HOTCHKIS & WILEY at 12.4 million shares.


      


  • The Latest Chuck Royce Investment You’ve Never Heard Of

    When I saw the Real-Time Pick from Chuck Royce (Trades, Portfolio), as tracked by GuruFocus, in Perceptron (NASDAQ:PRCP), I was sceptical. Come on, a company called Perceptron? That sounds too much like the Transformers. I never forgot Peter Lynch's advice to always go for the companies with boring names. Don’t go for the -trons, but the Pep Boys & Mannies (PBY) of the world. Even so, I dutifully decided to check it out, and what I found was remarkably interesting.


    Royce Investments is a small cap specialist boutique targeting mainly companies with market caps of up to $5 billion. They are very much a value-oriented fund, so this pick is a little bit surprising.

      


  • John Rogers Comments on China Mobile Ltd.

    Chinese telecommunications giant China Mobile Ltd. (NYSE:CHL) slipped -4.91%1 amidst broad weakness in Chinese equites and due to concerns over its own slowing customer growth. We think the company’s fundamentals remain solid, so we have been adding to our position.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Global Fund Commentary.  


  • John Rogers Comments on Acacia Research Corp

    Other holdings fell amidst the volatility the past three months. Intellectual property and patent expert Acacia Research Corp. (NASDAQ:ACTG) stock fell -52.14% when it lost a lawsuit that many had expected it to win. In our view, Acacia lost the first trial because the jury lacked intellectual patent knowledge. We believe a favorable verdict is merely delayed and not permanently lost; the lawsuit will be refiled in Germany, where it will be decided by a panel of judges who have technical expertise. We have added to the shares because we remain confident in the original thesis.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Global Fund Commentary.  


  • John Rogers Comments on Microsoft Corp

    Computing giant Microsoft Corp. (NASDAQ:MSFT) gained +25.95% after reporting continued growth and operating momentum in cloud-based businesses such as Azure cloud and Office 365. The company also benefitted as it guided to lower-than-expected expenses for the full year. We continue to hold the shares.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Global Fund Commentary.  


  • John Rogers Comments on Baidu Inc.

    Some of our holdings posted solid gains for the quarter. Internet search provider Baidu, Inc. (NASDAQ:BIDU) outperformed after reporting better-than-expected quarterly earnings and announcing a $2 billion share buyback, rising +37.57% for the quarter. We continue to admire Baidu’s business strategy shift toward mobile and locally-focused services such as movie tickets, home delivery and car services. As such, we have been adding to our position.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Global Fund Commentary.  


  • John Rogers Comments on Zebra Technologies Corp

    We also purchased shares of Zebra Technologies Corp. (NASDAQ:ZBRA), the leading global supplier of thermal printing solutions. A current holding in our small cap separate account portfolio (and also an Ariel Fund holding more than a decade ago), we added this bar-code maker to the Fund because we view Zebra as an industry leader with a strong management team, positioned to benefit from global demand for asset tracking solutions.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • John Rogers Comments on Madison Square Garden Co

    In the last quarter of the year, we acquired two new securities in Ariel Fund. We gained a new position in integrated sports, entertainment and media business company The Madison Square Garden Co (NYSE:MSG) as it completed its spin-off from MSG Networks Inc (MSGN), the company that was formerly known as Madison Square Garden Co. We already held shares of the former Madison Square Garden, whose main business focuses on media as a regional sports network. Thenew Madison Square Garden’s business focuses on sports and entertainment with various sports teams and theaters as some of the brands under its belt.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • John Rogers Comments on Sotheby’s

    Auctioneer Sotheby’s (NYSE:BID) sold off -19.17% as it became clearer the art cycle is late in its growth phase. Management is acknowledging that buyers’ discernment on quality is increasing: good lots that once sold at high prices have not reached estimated prices recently. Unfortunately, the market also viewed the company’s auction of A. Alfred Taubman, the owner of Sotheby’s before it went public in 1988, unfavorably.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • John Rogers Comments on Kennametal Inc.

    Other holdings fell amidst the volatility the past three months. Cutting tool and tooling systems maker Kennametal Inc. (NYSE:KMT) returned -22.33% as end demand has been weaker than previously expected. That cyclical issue has crimped cash flows, making it rather challenging for new CEO Don Nolan to fully execute his plan to improve efficiency via modernization.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • John Rogers Comments on Interpublic Group of Cos.

    Advertising concern Interpublic Group of Cos., Inc. (NYSE:IPG) advanced +22.32% after a strong quarterly earnings report. Based on revenues and margin that were better than the prior year, the company earned $0.27 per share—ahead of the $0.25 per share expectation. We still think advertising is expanding in ways that drive Interpublic Group’s success, while the crowed is pessimistic about ads in general and established advertising firms in specific.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • John Rogers Comments on Blount Intl Inc.

    Some of our holdings posted solid gains for the quarter. Chainsaw chain-maker Blount Intl, Inc. (NYSE:BLT) leapt +76.12% on news of its upcoming acquisition. On December 10th it entered a definitive agreement to be acquired by American Securities LLC and P2 Capital Partners, LLC for $ 10 cash per share—an 86% premium to its closing price the day before. While we think the company may be worth even more than its sale price, we view the buyout as a very efficient way to quickly capture much of its value. In fact, we wrote extensively about this stock in our third quarter letter as one of the most undervalued industrial stocks in the portfolio.

    From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.  


  • Ariel Global Fund 4th Quarter Commentary From John Rogers

    Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, and foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses, and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

      


  • Ariel Fund Quarterly Commentary From John Rogers

    Investing in small- and mid-cap stocks is riskier and more volatile than investing in large-cap stocks. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. Ariel Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors, and its performance may suffer if these sectors underperform the overall stock market.


    Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Investor Class shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the period ended December 31, 2015, the average annual total returns of Ariel Fund (Investor Class) for the 1-, 5- and 10-year periods were -4.10%, +10.43% and +6.62%, respectively. The Fund’s Investor Class shares had an annual expense ratio of 1.03% for the year ended September 30, 2014 and an annual expense ratio of 1.02% for the year ended September 30, 2015. Performance data current to the most recent month-end for Ariel Fund may be obtained by visiting our website, arielinvestments.com.

      


  • Ariel Investments Monthly Commentary for December

    For equity markets, this was the worst December since 2007. International benchmarks as well as domestic large-cap and small-cap indexes all posted losses. We have not seen such widespread December losses in seven years. Yet somehow, with the holiday fanfare and the endless political news, stock market returns did not garner big headlines.

      


  • John Rogers Increases Stake in Toy-Maker Mattel

    John Rogers (Trades, Portfolio) founded Ariel Investment LLC in 1983. He has concentrated his investment selection on small and medium-sized companies whose share prices are undervalued. During the third quarter, Rogers increased many stakes in his portfolio, and the following were some of the largest trades.


    Mattel Inc. (NASDAQ:MAT)

      


  • A John Rogers Holding That Could Take Flight in 2016

    Guru John Rogers (Trades, Portfolio) is the founder of Ariel Investment LLC. His specialty is in undervalued small and medium-sized companies. Rogers favors companies that are statistically cheap when comparing the price of their stock to potential earnings or when comparing the price of the stocks to the intrinsic values of the stocks. His portfolio is monitored on GuruFocus and I want to highlight one specific company he holds, an $800 million market cap called Bristow Group (NYSE:BRS).


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  • John Rogers Identifies the Best Value Stocks for 2016

    Is John Rogers (Trades, Portfolio) concerned about the Fed raising interest rates?


    Not at all. Rogers says that if the Fed were to raise rates four or five times consecutively, then there may be issues. But as of now, it is a not a problem.

      


  • Guru John Rogers Raises Stake in Helping Animals

    Guru John Rogers (Trades, Portfolio) is the founder of Ariel Investments, which is located in Chicago. It specializes in small and mid-cap stocks based in the U.S.


    Rogers has added 801,010 shares of Kindred Biosciences Inc. (NASDAQ:KIN) in the third quarter of 2015, a 45% increase in his holding. He now owns a total of 2,551,234 shares in the stock.

      


  • John Rogers' Holdings Trading Below Peter Lynch Earnings Line

    John Rogers (Trades, Portfolio) is the founder of Ariel Investment LLC, the investment firm he started in 1983. The portfolio is composed of 189 stocks, and the following are a few of his holdings that are trading with a very wide margin of safety, according to the Peter Lynch earnings line.


    Gilead Sciences Inc. (GILD) is trading at about $100 per share, while the Peter Lynch earnings line gives the stock a fair price of $153, giving it a margin of safety of 34%.

      


  • John Rogers Sells Position in CVS

    John Rogers (Trades, Portfolio) founded Ariel Investment LLC in 1983. His fund seeks to purchase companies whose prospects include high barriers to entry, sustainable competitive advantages, and predictable fundamentals that allow for double-digit cash earnings growth. During the third quarter, he sold eight stocks and all of them brought him a gain. The maximum gain he got was from CVS Health Corp. (NYSE:CVS) at 63%.


    Rogers has exited his position in Bob Evans Farms Inc. (BOBE). The firm held 205,686 shares. The stock has had a long-term position in the portfolio since 2010. Over the last two quarters, the investor had been reducing his stake by 0.70% and 1.58%. This quarter the he sold out his stake and gained 31%. The deal had an impact of -0.12% on the portfolio.

      


  • Ariel Investments' Monthly Commentary

    Ariel Investments, founded by guru John Rogers (Trades, Portfolio), just published its monthly commentary, and it continues where it left off other months  reiterating value is out of fashion. However it brings out the data to back this up and shows that, over the trailing one-year, three-year, five-year and 10-year periods, growth has outperformed value.


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  • John Rogers Comments on Gilead Sciences Inc.

    Biotechnology leader Gilead Sciences, Inc. (NASDAQ:GILD) dropped -15.90% on recent concerns over drug pricing. Gilead actually reported quarterly earnings that were better than expected. We continue to hold the shares, based on our belief that the market is overly focused on pricing and underestimating future sales that we think are likely to grow.

      


  • John Rogers Comments on Ruckus Wireless Inc.

    Wireless infrastructure expert Ruckus Wireless, Inc. (NYSE:RKUS) gained +14.89% after reporting better-than-expected second quarter earnings. Sales and margins beat expectations, and management guided third quarter sales above analysts’ estimates. The company saw strength across many of its business segments and a rebound in its education vertical driven by higher spending. We continue to hold the shares.

      


  • John Rogers Comments on Southern Co

    Utilities firm Southern Co. (NYSE:SO) jumped +7.56% after reporting quarterly earnings that beat expectations and management’s previous guidance. Southern also raised guidance for the third quarter aboveconsensus expectations. The company’s results were primarily driven by growth in customer load (which measures demand in the utilities field) as well as rate increases. We think the company’s fundamental improvement is likely to continue.

      


  • John Rogers' 3rd Quarter Commentary for Ariel Global Fund

    Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, and foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses, and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

      


  • John Rogers Comments on Dialog Semiconductor Plc

    Other holdings underperformed in the falling market. Semiconductor maker Dialog Semiconductor plc (XTER:DLG) slid -26.10% after announcing it will buy Atmel Corp. (NASDAQ:ATML) for roughly $4.6 billion in stock and cash. The market disliked the deal, which it considered to be too large. We disagree: the logic makes sense to us, because it would diversify Dialog’s reliance on the mobile phone industry. We continue to hold the shares.

      


  • John Rogers Adds to Stakes in Mattel, Bristow, Baidu in 3rd Quarter

    One of John Rogers (Trades, Portfolio)’ responsibilities at Ariel Investment, which he founded in 1983, is the management of Ariel Fund, and he has been successful at it. In the difficult investing environment of 2014, Ariel Fund enjoyed returns of almost 11%. The Fund’s returns were even better in 2013 (nearly 45%) and 2012 (exceeding 20%).


    Consequently, his personal trading activity is worth a long look, and Rogers’ new purchases and additions to existing stakes in the third quarter deserve attention.

      


  • John Rogers Comments on Gaiam Inc.

    Lifestyle and media company Gaiam, Inc. (NASDAQ:GAIA), which we owned previously in our micro-cap strategy, recent sold off enough to make it, in our eyes, a bargain. Gaiam’s strong brand in yoga and fitness, its media library of more than 6,000 exclusive titles, and its distribution network of more than 38,000 retail locations are all valuable assets. Strong and incentivized leadership plus an attractive valuation were additional key factors in our purchase.

      


  • John Rogers Comments on Electro Scientific Industries Inc.

    Electro Scientific Industries, Inc. (NASDAQ:ESIO) is an innovator in laser-based manufacturing tools for the microtechnology industry. We established a small position after: the stock sold off to a price below tangible asset value; management improved its market strategy; and there were significant positive changes in corporate governance.

      


  • John Rogers Comments on Broadwind Energy Inc.

    Wind energy expert Broadwind Energy, Inc. (NASDAQ:BWEN) makes wind towers, performs maintenance and repair on wind turbines, and builds and remanufactures precision gears and gearing systems for the oil and gas, wind, mining, and steel industries. Recent manufacturing issues, which we believe are short -term in nature, have caused the stock to trade at roughly half of tangible asset value. With an improving balance sheet that will be in a net cash position by year-end, we initiated a small position in the company.

      


  • John Rogers Comments on Bristow Group Inc.

    Helicopter services specialist Bristow Group Inc. (NYSE:BRS), a holding in other Ariel portfolios, recently made a major push into the search and rescue (SAR) field with a multi-year United Kingdom contract. Depressed conditions in the energy sector have caused the stock to trade well below the value of its helicopter fleet, providing what we believe is an attractive entry point.

      


  • John Rogers Comments on Rentech Inc.

    Clean energy solutions firm Rentech, Inc. (NASDAQ:RTK) dropped -47.66% despite multiple pieces of good news. The company’s earnings for the quarter were solid, it is paying down its debt as expected, and most importantly Rentech Nitrogen Partners LP (NYSE:RNF) is being purchased by another company. While Rentech Nitrogen Partners is a separate entity, Rentech, Inc. owns 60% of it, and the cash purchase comes at a good price. We think the sell-off came largely because the company is being incorrectly caught up in the commodities and natural resources rout. In our view it now stands as one of the better bargains in the portfolio.

      


  • John Rogers Comments on Pendrell Corp

    Other holdings underperformed in the falling market. Intellectual property company Pendrell Corp. (NASDAQ:PCO) fell -47.45% as it lost a high-profile court case. Specifically, a federal jury ruled Google, Inc. (NASDAQ:GOOG) and Samsung Electronics Co., Ltd. had not infringed upon the firm’s intellectual property. The company has a similar but larger case pending against Apple Inc. (NASDAQ:AAPL), and investors are now pessimistic about that outcome. The company holds the rights to many intellectual properties, so we are not concerned about just one case.

      


  • John Rogers Comments on First American Financial Corp.

    Mortgage insurer First American Financial Corp. (NYSE:FAF) gained +5.68% due to a strong earnings report. Wall Street anticipated solid revenue growth but once again underappreciated the company’s powerful operating leverage. As a result, the company’s $0.83 per share in operating earnings smashed the $0.67 consensus estimate. We continue to think the company is in very good shape in a soft but improving housing market and can do even better if housing fully recovers.

      


  • John Rogers Comments on Brooks Automation Inc.

    Automation specialist Brooks Automation, Inc. (NASDAQ:BRKS) rose +3.27% in the falling market due to a strong earnings report. The company’s better-than-expected quarter came from sequential improvements in sales growth, cost management and product mix. The company continues to be debt-free and holds roughly 30% of its market capitalization in cash. The company is a straightforward example of the type of company we seek in our deep value strategy: no debt, high cash, profitable, and cheap on an asset basis.

      


  • John Rogers' Monthly Commentary on the Ariel Fund for October

    What a difference a month makes! As you know, investors and the financial press were worried by the end of September given widespread losses during the third quarter. As we noted in our quarterly commentaries: “Equities had a difficult quarter across regions, market cap ranges and styles. The U.S. large-cap S&P 500 Index fell -6.44%, the U.S. small-cap Russell 2000 Index dropped -11.92%, while the international, developed large-cap MSCI EAFE Index slid -10.23%.” Then, in what must have come as a big surprise to the hand-wringers, October happened. For the single month, the returns of the indexes cited above were: S&P 500 up +8.44%; Russell 2000 up +5.63%; MSCI EAFE up +7.82%. October’s gains do not change the tough returns from January through September, but we think you will agree the 2015 markets look quite different just one month later. Before October, the three broad indexes we watch closely were down significantly in 2015, while the twelve-month numbers were uninspiring. There is a different picture today, as you can see below:


    At this point in the year, the large-caps at home and abroad both have modest gains, and U.S. small-caps are off a minor amount. Over the last twelve months, the international and U.S. small-cap returns appear flat to us, with U.S. large-caps up a meaningful amount. That is a much more positive description than anyone could muster just one month ago.

      


  • John Rogers Comments on Baidu Inc.

    Internet search firm Baidu, Inc. (NASDAQ:BIDU) fell -30.98% after reporting weaker-than-expected second quarter earnings and guiding third quarter sales below analysts’ consensus. Baidu is improving its search engine capabilities by investing in mobile and more locally-focused services such as movie tickets, home delivery and car services. We have been adding to our position.

    From John Rogers (Trades, Portfolio)' Ariel International Fund third quarter 2015 shareholder letter.  


  • John Rogers Comments on Dialog Semiconductor plc

    Other holdings underperformed in the falling market. Semiconductor maker Dialog Semiconductor plc (XTER:DLG) slid -26.10% after announcing it will buy Atmel Corp. for roughly $4.6 billion in stock and cash. The market disliked the deal, which it considered to be too large. We disagree: the logic makes sense to us, because it would diversify Dialog’s reliance on the mobile phone industry. We continue to hold the shares.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund third quarter 2015 shareholder letter.  


  • John Rogers Comments on Ryanair Holdings plc

    Discount airline Ryanair Holdings plc (NASDAQ:RYAAY) jumped +9.74% after the company raised its profit guidance by 25% for the year, well ahead of prior guidance and analysts’ estimates. The company cited strong summer traffic and fare pricing as driving improved fundamentals. We have been paring back our position on strength.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund third quarter 2015 shareholder letter.  


  • John Rogers Comments on Progressive Corp

    During the quarter, we purchased Progressive Corp. (NYSE:PGR) in Ariel Appreciation Fund. Progressive is the fourth-largest auto insurer by market share in the U.S. Investors are skeptical of the company’s growth potential and margin sustainability (given intense competition, a recent move into homeowners and rising frequency losses). We, however, see this as an opportunity for long-term investors to own a rare example of a differentiated insurer, well-positioned to benefit from continued share gains, direct channel efficiencies and eventually, rising interest rates. We did not exit any positions during the quarter.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund third quarter 2015 shareholder letter.  


  • John Rogers Comments on Kennametal Inc.

    Specialty cutting tool maker Kennametal Inc. (NYSE:KMT) returned -26.58% despite a reasonable earnings report. The company’s adjusted earnings were $ 0.46 per share, and unadjusted earnings were $0.26 per share; the expectation had been $0.24. The market focused on the bottom line, which was down nearly -42% from the year before. End-market demand is temporarily weak, and energy-related customers—which are a small part of the overall base—have shown especially low demand. Short-term we think the company will work its way through the challenges, and long-term we think the market is overlooking the company’s strong positioning in an important niche.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on Bristow Group Inc.

    Other holdings underperformed in the falling market. Helicopter services specialist Bristow Group Inc. (NYSE:BRS) descended -50.45% amid a turbulent environment. As you know, oil prices have plummeted, causing Bristow’s customers to swiftly downshift—especially in the North Sea. Earnings were therefore only $0.56 per share, well below the $0.91 estimate; management also lowered guidance for the year. While these are not long-term issues in our view, the stock is likely to be volatile over the short term. We continue to believe in the company’s business model, management team and long-term position.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on First American Financial Corp

    Some of our holdings held up relatively well in the very difficult quarter. Mortgage insurer First American Financial Corp. (NYSE:FAF) gained +5.68% due to a strong earnings report. Wall Street anticipated solid revenue growth but once again underappreciated the company’s powerful operating leverage. As a result, the company’s $0.83 per share in operating earnings smashed the $0.67 consensus estimate. We continue to think the company is in very good shape in a soft but improving housing market and can do even better if housing fully recovers.

    From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on U.S. Silica Holdings Inc.

    Industrial sand specialist U.S. Silica Holdings, Inc. (NYSE:SLCA) fell -51.67% in sympathy with a beleaguered competitor. Specifically, Emerge Energy Services LP (NYSE:EMES), which operates within a constrictive MLP structure (where it must distribute most of its profits), has sharply slashed its distribution guidance this year. The market simplistically applied Emerge’s woes to U.S. Silica, whose standard equity structure gives it far greater maneuverability. At the current price, Silica trades at a deep discount to our estimate of its intrinsic value.

    From John Rogers (Trades, Portfolio)' Ariel Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on Bristow Group Inc.

    Other holdings underperformed in the falling market. Helicopter services specialist Bristow Group Inc. (NYSE:BRS) descended -50.45% amid a turbulent environment. As you know, oil prices have plummeted, causing Bristow’s customers to swiftly downshift—especially in the North Sea. Earnings were therefore only $0.56 per share, well below the $0.91 estimate; management also lowered guidance for the year. While these are not long-term issues in our view, the stock is likely to be volatile over the short term. We continue to believe in the company’s business model, management team and long-term position.

    From John Rogers (Trades, Portfolio)' Ariel Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on J.M. Smucker Co.

    Jam, peanut butter and coffee king J.M. Smucker Co. (NYSE:SJM) rose +5.88% after topping quarterly expectations. Its adjusted EPS of $1.32 was significantly better than analysts’ comparable $1.23 estimate. The coffee segment grew nicely due to the introduction of Dunkin’ Donuts K-Cups. Additionally, Smucker’s acquisition of Big Heart Pet Brands is already going well. The gradual transformation of the business over the past few years has been impressive, and we expect more fundamental improvement.

    From John Rogers (Trades, Portfolio)' Ariel Fund Third Quarter 2015 shareholder letter.  


  • John Rogers Comments on Royal Caribbean Cruises Ltd.

    Some of our holdings held up relatively well in the very difficult quarter. Cruise line Royal Caribbean Cruises Ltd. (NYSE:RCL) returned +13.66% after topping earnings estimates. Analysts had expected the company to earn $0.73 per share, but it actually earned $0.84. Counterintuitively, falling oil prices did not propel the beat; instead, bookings in the Caribbean and China were stronger than expected. Moreover, the company lifted its guidance for the full year. We think most investors have been too pessimistic regarding Royal’s prospects and remain so.

    From John Rogers (Trades, Portfolio)' Ariel Fund Third Quarter 2015 shareholder letter.  


  • John Rogers' Ariel International Fund Third Quarter Comemntary

    Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, and foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses, and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

      


  • John Rogers' Ariel Appreciation Fund Third Quarter Commentary

    Investing in mid-cap stocks is riskier and more volatile than investing in large-cap stocks. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. Ariel Appreciation Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors and its performance may suffer if these sectors underperform the overall stock market.


    Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Investor Class shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the period ended September 30, 2015, the average annual total returns of Ariel Appreciation Fund (Investor Class) for the 1-, 5- and 10-year periods were - 3.89%, +11.92% and +7.22%, respectively. The Fund’s Investor Class shares had an annual expense ratio of 1.12% for the year ended September 30, 2014. Performance data current to the most recent month-end for Ariel Appreciation Fund may be obtained by visiting our website, arielinvestments.com.

      


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