John Rogers

Last Update: 11-14-2016

Number of Stocks: 185
Number of New Stocks: 8

Total Value: $8,267 Mil
Q/Q Turnover: 4%

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

John Rogers' s Profile & Performance

Profile

John Rogers is the Founder of Ariel Investment, LLC, which he started in 1983. As of 2008, the firm had over $15.5 billion in assets under management. John manages Ariel's small and mid-cap institutional portfolios as well as the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). He is also a long-term Forbes columnist writing a column called "Patient Investor."

Web Page:http://www.arielmutualfunds.com/

Investing Philosophy

Rogers has concentrated his investment selection on small and medium-sized companies whose share prices are undervalued. He believes that patience, independent thinking, and a long-term outlook are essential to achieving good returns. 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. Rogers purchases companies when they are trading at a low valuation relative to potential earnings (p/e less than 13x forward cash earnings) and/or a low valuation relative to intrinsic worth (40% discount to private market value - PMV).

Total Holding History

Performance of Ariel Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-4.11.19-5.3
201410.9513.69-2.7
201344.6832.3912.3
3-Year Cumulative53.9 (15.5%/year)52.3 (15.1%/year)1.6 (0.4%/year)
201220.32164.3
2011-11.342.11-13.5
5-Year Cumulative64.2 (10.4%/year)80.4 (12.5%/year)-16.2 (-2.1%/year)
201025.9715.0610.9
200963.4226.4637.0
2008-48.25-37-11.2
2007-1.75.49-7.2
200610.3515.79-5.4
10-Year Cumulative89.8 (6.6%/year)102 (7.3%/year)-12.2 (-0.7%/year)
20050.924.91-4.0
200421.9710.8811.1
200328.0428.68-0.6
2002-5.18-22.116.9
200114.21-11.8926.1
15-Year Cumulative223.9 (8.2%/year)107.5 (5%/year)116.4 (3.2%/year)
200028.77-9.137.9
1999-5.7621.04-26.8
19989.8928.58-18.7
199736.4433.363.1
199623.5122.960.6
20-Year Cumulative627.9 (10.4%/year)381.4 (8.2%/year)246.5 (2.2%/year)
199518.5237.58-19.1
1994-4.221.32-5.5
19938.7310.08-1.4
199211.737.624.1
199132.7230.472.3
25-Year Cumulative1232.2 (10.9%/year)937.3 (9.8%/year)294.9 (1.1%/year)
1990-16.08-3.1-13.0
198925.1131.69-6.6
198839.9216.6123.3
198711.45.16.3

Top Ranked Articles

Ariel Investments' Monthly Commentary While showing that growth has outperformed value, company reaffirms commitment to value philosophy
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. Read more...
John Rogers Comments on Bristow Group Inc. Guru stock highlight
Also, helicopter operator Bristow Group Inc. (NYSE:BRS) fell -26.60% on two pieces of news: a helicopter crash and a dividend cut. Helicopter crashes are quite rare and very unfortunate, but they do occur. Turning to the dividend cut, some saw it as cause for worry, but we thought it represented prudent balance sheet management. Wall Street fears that oil companies will not only cut exploration but also production—which would hurt Bristow. While exploration cuts are realistic possibilities; we think production cuts are quite unlikely. The stock’s volatility has created buying opportunities. Read more...
John Rogers Comments on Real Industry Inc. Guru stock highlight
Real Industry Inc. (NASDAQ:RELY) is a holding company based in Southern California backed by notable investors, including Sam Zell. With over $800 million in federal net operating losses (NOLs), management plans to acquire cash generating, stand-alone businesses that can utilize the NOL asset. Its first major purchase was Real Alloy, an aluminum recycling company. We believe the value of Real Alloy alone is more than the current market capitalization of Real Industry. Read more...
John Rogers Comments on Mattel Guru stock highlight
Toy-maker Mattel, Inc. (NASDAQ:MAT) returned +31.09% after naysayers started turning positive. For some time this company and the whole industry have been in the doghouse. But consultants and analysts have become more positive on the toy business and, at Mattel, on key brands Barbie and Fisher Price. As often happens with broad predictions of immense change, we think the notion that children will suddenly stop playing with Barbie dolls and switch wholesale to digital entertainment goes way too far. Read more...
John Rogers Comments on Interpublic Group of Cos. Guru stock highlight
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. Read more...
» More John Rogers Articles

Commentaries and Stories

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Snap-on: Ratcheting Up Margins and Other Vital Metrics Despite recent gains, this year’s pullback provides a good excuse to take a good look at Snap-on, the venerable tool company Columbia Wanger,John Rogers - Snap-on: Ratcheting Up Margins And Other Vital Metrics
Shares of Snap-on Inc. (NYSE:SNA) have jumped 13% since third-quarter earnings were announced a month ago. More...

BUFFETT-MUNGER, VALUE STOCKS, PULLBACK, EARNINGS, AUTOMOTIVE, INDUSTRIAL PRODUCTS, TOOLS & ACCESSORIES, LONG


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John Rogers' Commentary for Month of October A look at long-term returns John Rogers - John Rogers' Commentary For Month Of October
Month Ended October 31, 2016 More...

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Robert Olstein Continues to Buy eBay, Walt Disney Stocks the investor bought for the past 2 quarters Robert Olstein,John Rogers,PRIMECAP Management,Jim - Robert Olstein Continues To Buy EBay, Walt Disney
Robert Olstein (Trades, Portfolio) is the chairman and chief investment officer of the Olstein Financial Alert Fund. In both the second and third quarters the guru bought shares in the following stocks: More...

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Ariel Manager Discusses Best and Worst Places to Have Money Right Now Manager at John Rogers' fund looks at markets John Rogers - Ariel Manager Discusses Best And Worst Places To Have Money Right Now
Charles Bobrinksoy of Ariel Investments discussed how utilities and consumer staples stocks have gone up to dangerous levels and said people should be avoiding them Thursday on CNBC. He said instead they should look at industrials and financial services. He recommends car part maker Borg Warner (NYSE:BWA) and private equity manager KKR & Co. (NYSE:KKR). gcolor="#131313"> More...

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John Rogers Comments on Contango Oil & Gas Co. Guru stock highlight
In addition, natural resources firm Contango Oil & Gas Co. (MCF) dropped -16.50% due to a significant earnings miss. Analysts were expecting the company to lose $0.33 per share, but Contango lost $0.67. Revenues were down significantly versus the previous year, largely due to the slide in the price of oil. Despite the miss, the company has managed to reduce its debt balance to $111 million—a 4% decrease—this year. We think the company is better positioned than most of its peers, and as such believe the stock is positioned to outperform going forward. More...

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John Rogers Comments on J.M. Smucker Co. Guru stock highlight
Other holdings fell back a bit. Jam, peanut butter and coffee company J.M. Smucker Co. (NYSE:SJM) retreated -10.64% due to a recent acquisition that has not met expectations. In 2015, the company moved into pet food as a part of its “center of the store” strategy with the purchase of Big Heart Pet Brands. That unit did not deliver the revenues or profits analysts expected. We believe the shortfall is mainly due to pet food cost deflation and a price war from its chief competitors. We think the management team will get things moving in the right direction and are content to own the stock at a cheaper multiple in the meantime. More...

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John Rogers Comments on Zebra Technologies Corp Guru stock highlight
Also, thermal printer maker Zebra Technologies Corp. (NASDAQ:ZBRA) rose +38.94% due to a strong quarter. After adjusting for a tax benefit, its earnings per share were $1.34, crushing the $1.05 expectation. The company held its flat full year guidance. Wall Street had not previously believed in the company’s turnaround, but is clearly waking up. We think these numbers are just the beginning of the company’s good news. More...

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John Rogers Comments on Kennametal Inc. Guru stock highlight
Some of our holdings rose nicely during the quarter. Cutting tools maker Kennametal Inc. (NYSE:KMT) jumped +32.19% as its modernization efforts started to gain traction. To a large extent this means more automation, which increases efficiency and slashes costs. The company is also focusing on its more profitable, large customers and shedding smaller ones. We see these moves as an essential part of making its moat wider and better; we think the financial benefits will be significant and long lasting. More...

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John Rogers Comments on BOK Financial Corp. Guru stock highlight
In the third quarter, we added new firm-wide holding BOK Financial Corp. (NASDAQ:BOKF) to Ariel Appreciation Fund. BOK Financial is a leading bank holding company that provides services to businesses and individuals located in the middle-south. Skilled underwriting capabilities and an experienced management differentiate BOK Financial from its competitors. Recent macroeconomic headwinds in the energy industry caused by depressed oil and natural gas prices have created significant pressure on the stock price. As a result, we see this as an opportunity to own a conservatively managed bank with a geographic niche. More...

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John Rogers Comments on Viacom Inc. Guru stock highlight
In addition, media firm Viacom, Inc. (NASDAQ:VIAB) declined -7.61% amidst its management shuffle. As you may know, the company ousted CEO Philippe Dauman in August and temporarily replaced him with Chief Operations Officer Tom Dooley. In late September, Dooley announced he was resigning, effective mid-November. Amidst the turbulence, the company declared a 50% cut in its quarterly dividend—a move we felt was prudent. Clearly in the short term the news from Viacom is unsettling, but we continue to believe in the company’s assets and competitive positioning long term. More...

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John Rogers Comments on J.M. Smucker Co. Guru stock highlight
Other holdings fell back a bit. Jam, peanut butter and coffee company J.M. Smucker Co. (NYSE:SJM) retreated -10.64% due to a recent acquisition that has not met expectations. In 2015, the company moved into pet food as a part of its “center of the store” strategy with the purchase of Big Heart Pet Brands. That unit did not deliver the revenues or profits analysts expected. We believe the shortfall is mainly due to pet food cost deflation and a price war from its chief competitors. We think the management team will get things moving in the right direction and are content to own the stock at a cheaper multiple in the meantime. From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund third-quarter 2016 commentary. More...

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Baron Funds Comments on Rollins Inc. Guru stock highlight
Rollins, Inc. (NYSE:ROL) is a leading provider of pest and termite control services for more than two million residential and commercial customers, primarily located in North America. We believe that Rollins operates in an industry with high barriers to entry and a fragmented competitive landscape, and we believe Rollins should be able to consistently increase its market share over time. In North America, Rollins is the number one player in commercial and residential pest control and wildlife control, and the number two player in termite control. Developing a well-regarded national brand requires meaningful investment in sales, marketing, employee training and technology, which smaller players simply cannot afford. More...

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Baron Funds Comments on Inovalon Holdings Inc. Guru stock highlight
Shares of health care data and analytics vendor, Inovalon Holdings, Inc. (NASDAQ:INOV), detracted from performance, as its financial results fell short of investor expectations and the company reduced its guidance for the remainder of 2016. Management attributed the shortfall to two issues: price reductions in its retrospective risk adjustment unit, and a margin shortfall stemming from investments designed to drive long-term growth. We are hopeful that the company’s latent earnings power will soon become apparent. More...

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Ariel Fund 3rd Quarter Commentary John Rogers' review of third quarter and holdings John Rogers - Ariel Fund 3rd Quarter Commentary
Quarter Ended September 30, 2016 More...

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Ariel Appreciation Fund 3rd Quarter Commentary John Rogers' review of quarter and holdings John Rogers - Ariel Appreciation Fund 3rd Quarter Commentary
Equity markets shook off the malaise that took hold at the end of the second quarter—remember Brexit?—to post a strong quarter all around. Returns were especially good in domestic small caps and international stocks. While the S&P 500 Index advanced +3.85%; the Russell 2000 Index jumped +9.05%; and the MSCI EAFE Index rose +6.43%. The third quarter was the best period for the MSCI EAFE Index in nearly three years, and the best for the Russell 2000 Index in almost two years. We do not believe much changed to drive this result: we simply think people recognized the economy is sound and interest rates remain low—a good environment for equities. This quarter, Ariel Appreciation Fund rose +7.00%, outperforming the Russell Midcap Value Index’s +4.45% rise, as well as the +4.52% return of the Russell Midcap Index. More...

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John Rogers' Ariel Funds Commentary for Month of September A long-term outlook John Rogers - John Rogers' Ariel Funds Commentary For Month Of September
Equities had strong returns in the third quarter of 2016, and predictably the urge to sell U.S. stocks is rising. One group advances the “take some chips off the table” strategy. After small caps of the Russell 2000 Index leapt +9.05% and the S&P 500 Index’s large caps advanced +3.85% this quarter, they wish to capture gains by going to cash. Others make a valuation argument: the S&P 500 Index has a price/earnings (P/E) ratio approaching 25x, above the long-term average of 16x. From this perspective, equities are expensive and are likely to revert toward the mean. These views are common: more than half of professional investors expect either a bear market or a correction. More...

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John Rogers Trims Spartan Motors, Gaia Most recent trades by the guru John Rogers - John Rogers Trims Spartan Motors, Gaia
John Rogers (Trades, Portfolio) is the Founder of Ariel Investment LLC. He manages a portfolio composed of 192 stocks with a total value of $7,965 million. According to GuruFocus Real-Time picks, the most recent trades, done during the third quarter, are the following. More...

Q32016, RECENT TRADES,


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Ariel Funds Comments on Harman Intl Industries Inc. Guru stock highlight
Also, Harman Intl Industries, Inc. (NYSE:HAR) fell -19.07% in the second quarter, after a disappointing earnings report. The company missed estimates and also lowered its full-year guidance. Results in its professional unit were considerably weaker, down more than 5% from a year earlier. We continue to think the shift toward “infotainment” will turn the brand around. More...

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Ariel Funds Comments on Baidu Inc. Guru stock highlight
Other holdings experienced a short-term struggle. Baidu, Inc. (NASDAQ:BIDU) shares fell -13.48% in the second quarter. Chinese regulators opened an investigation on news that a university student died after using the site to find alternative treatments for cancer. Baidu implemented changes, such as capping the number of ads per page to 30% and establishing a 1 billion yuan fund to fight fraud. More...

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Ariel Funds Comments on GlaxoSmithKline plc Guru stock highlight
In addition, GlaxoSmithKline plc (NYSE:GSK) rallied +7.74%1 in the second quarter, after reporting profit growth for the first time since 2013. Glaxo is seeing benefits from its purchase of Novartis’ vaccines unit. Demand for vaccines and new drugs helped offset declines in the sales of blockbuster asthma medication Advair. More...

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