John Rogers

Last Update: 2014-09-10

Number of Stocks: 188
Number of New Stocks: 13

Total Value: $8,179 Mil
Q/Q Turnover: 5%

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 (%)
201344.6831.5513.1
201220.3215.44.9
2011-11.342.08-13.4
3-Year Cumulative54.3 (15.6%/year)55 (15.7%/year)-0.7 (-0.1%/year)
201025.9715.0610.9
200963.4226.4637.0
5-Year Cumulative217.7 (26%/year)125.5 (17.7%/year)92.2 (8.3%/year)
2008-48.25-37-11.2
2007-1.75.61-7.3
200610.3515.79-5.4
20050.924.91-4.0
200421.971210.0
10-Year Cumulative119.5 (8.2%/year)104.1 (7.4%/year)15.4 (0.8%/year)
200328.0428.7-0.7
2002-5.18-22.116.9
200114.21-11.926.1
200028.77-9.137.9
1999-5.7621-26.8
15-Year Cumulative269.4 (9.1%/year)98.3 (4.7%/year)171.1 (4.4%/year)
19989.8928.6-18.7
199736.4433.43.0
199623.51230.5
199518.5237.6-19.1
1994-4.221.3-5.5
20-Year Cumulative676.6 (10.8%/year)483.2 (9.2%/year)193.4 (1.6%/year)
19938.7310.1-1.4
199211.737.64.1
199132.7230.52.2
1990-16.08-3.1-13.0
198925.1131.7-6.6
25-Year Cumulative1214.6 (10.9%/year)1050.7 (10.3%/year)163.9 (0.6%/year)
198839.9216.623.3
198711.45.16.3

Top Ranked Articles

Notes from the Cincinnati CFA Value Investing Panel (DELL, AAPL, CX, YMC, LAZ, BX, KKR)
On Tuesday, October 11th, I attended a Value Investing Panel sponsored by the CFA Society of Cincinnati. The event, moderated by Chris Meyer of the Fund Evaluation Group, featured renowned small cap investor John Rogers of Ariel Investments and James Thompson, senior analyst at Southeastern Asset Management. While less known than Rogers, Thompson has spent 12 years under the tutelage of the legendary Mason Hawkins at Southeastern. The session covered everything from investment philosophy to choosing portfolio managers to finding value in today’s market. My notes are below, broken down by category. I used quotation marks for any direct quotes. Any errors in the notes are mine. Read more...
John Rogers' October Monthly Market Commentary
This past month the 25-year anniversary of a very important market incident occurred—“Black Monday,” which was the largest single-day drop in the history of the American stock market. That day, October 19, 1987, holds special meaning for Ariel Investments for two related reasons. First, it was the first huge shock to the stock market system after our firm’s launch in 1983. Second, the crash served as an intellectual kiln; hardening and making permanent the ideas on which we founded Ariel. While many might think a one-day market event 25 years ago is no longer relevant, to our ears its lessons continue to echo. Read more...
Ariel Funds Top Buys: "We think like Halvorsen: CRL is a buy"
John Rogers founded Ariel Capital Management LLC in 1983. As of 2008, the firm had over $15.5 billion in assets under management. Read more...
Why John Rogers of Ariel Capital Managemnent own 13% of Gannett
John Rogers owns 29 million shares of GCI or roughly 13% of the company. Why would an investor want to own a newspaper company? Everyone will tell you that newspapers are a dying industry. My two sons, both in college, will insist that they will never read newspapers, but instead will continue get all of their information free from various free on-line sites. So what's to like here? Lets go over a few valuation metrics. GCI closed at $11.16 yesterday, down from a recent high of $14 and change, and an all-time high of $89 in 2003. Read more...
Aflac Announces Increased Share Repurchases and Boosts Dividends
Aflac (AFL), one of the largest insurers and most familiar brands in American insurance, enhanced its financial reputation this week by increasing its dividend and announcing that it would be spending more on stock repurchases in the near future. Read more...
» More John Rogers Articles

Commentaries and Stories

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Ariel Funds' John Rogers August Commentary
We have noted before that standardized return periods, especially shorter-term ones, can unfortunately drive investors to make poor decisions. To illustrate the point, below we discuss the trailing three-year returns of the equity markets. These three-year numbers have been rising for several months, and we think they are likely to rise next month—fairly substantially, in fact. This observation is not in any way a prediction; it is based on the known past rather than on the unknowable future. More...

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Many Hedge Fund Managers Invest in Bed Bath John Rogers,Ray Dalio,Jim Simons,Richard Snow,Jere - Many Hedge Fund Managers Invest In Bed Bath
In this article, let's take a look at Bed Bath & Beyond Inc. (BBBY), a $13.10 billion market cap company, which isone of the best retailer of the industry. More...

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Accenture: What Amazing ROE During Ten Years
In this article, let´s see one of the most important financial ratios applying to stockholders, the best measure of performance for a firm's management: the Return on Equity (ROE), and we are going to analyze it in the case of Accenture PLC (ACN). More...

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The Top Five Guru-Held Mid-Cap Stocks of Q2 John Rogers,Richard Pzena - The Top Five Guru-Held Mid-Cap Stocks Of Q2
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see mid-cap companies which are held by the most gurus. The following five mid-capped companies are held by the largest number of gurus during the past quarter. More...

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Weekly 3-Year Low Highlights: GES, QLGC, NPK, PHMD, FHCO
According to GuruFocus list of 3-year lows, Guess? Inc, QLogic Corp, National Presto Industries, PhotoMedex Inc, and Female Health Co have all reached their 3-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS


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Weekly 3-Year Low Highlights: CHL, TM, STO, NTT
According to GuruFocus list of 3-year lows; China Mobile Ltd, Toyota Motor Corp, Statoil ASA, and Nippon Telegraph & Telephone Corp, have all reached their 3-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS


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Guru Stocks at 52-Week Lows: CHL, TM, SNY, NVO, TSM
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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5-year lows: Aeropostale Inc, Multi-Fineline Electronix Inc, Layne Christensen Co, and Forest Oil Corp.
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Aeropostale Inc, Multi-Fineline Electronix Inc, Layne Christensen Co, and Forest Oil Corp. More...

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John Rogers' Ariel Fund July Commentary
Our May commentary addressed U.S. stock market performance from January to May. As you may recall, returns had been up and down, large and mid caps had trounced small caps, and value had beaten growth. While the returns of Ariel Fund and Ariel Appreciation Fund were quite similar, the disparity between benchmarks made Ariel Fund look solid and Ariel Appreciation Fund appear lethargic. This commentary will focus more attention on assessing performance generally and on the Russell Midcap Value Index in particular. More...

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Widely Held Guru Stocks Near Historical Low P/B Ratios David Rolfe,John Rogers - Widely Held Guru Stocks Near Historical Low P/B Ratios
Buying stocks at historically low price-to-book (P/B) ratios has been an effective strategy. The model portfolio, “Top 25 Historical Low P/B Ratio Companies”, has outperformed the S&P 500 by 29.51 percent since its inception in 2010. The following stocks are widely held by the investing gurus we follow and are trading near their historical low P/B ratios: More...

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Goldman Sachs: A Strongest Investment Bank
In this article, let's take a look at The Goldman Sachs Group, Inc. (GS), a $77.3 billion market cap company, which is one of the world's leading investment banking and securities companies. More...

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This Tobacco Stock Looks Attractive Enough
In this article let's take a look at an option for investing in the tobacco sector with British American Tobacco plc (BTI), which sells tobacco products in 180 countries. The company holds leadership positions in around 50 of them. Brands like Dunhill, Kent, Pall Mall, and Lucky Strike account for one third of group sales because they are well known and have been gaining share over the past several years. More...

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John Rogers' Ariel Fund Q2 2014 Shareholder Letter
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 portfolio invests may never be recognized by the broader market. Investing in equity stocks is risky and subject to the volatility of the markets. 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. More...

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Guru Held Stocks Near Historical Low P/B James Barrow,John Rogers - Guru Held Stocks Near Historical Low P/B
Buying stocks at historically low price-to-book (P/B) ratios has been an effective strategy. The model portfolio, “Top 25 Historical Low P/B Ratio Companies”, has outperformed the S&P 500 by 25.44 percent since its inception in 2010. The following stocks are the most widely held stocks by the investing gurus we follow that are trading near their historical low P/B ratios: More...

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John Rogers Comments on Contango Oil & Gas Co
Also, natural resources explorer Contango Oil & Gas Co. (MCF) slipped –11.37% after an earnings report that disappointed the Street. Specifically, the company’s first-quarter loss of $10 million was driven by $42 million in dry-hole (a well that produces no commercially viable oil and gas) costs from a Gulf of Mexico well. Investors focused heavily on that unfortunate news—which we see as an unlucky part of the business— rather than on the company’s otherwise solid numbers. We were quite encouraged that the company plans to shift its capital expenditures entirely onshore where dry-hole risks are much lower. More...

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John Rogers Comments on Charles River Laboratories Intl Inc
Preclinical testing firm Charles River Laboratories Intl, Inc. (CRL) dropped –11.30% as mergers and acquisitions ramped up in the health-care sector. Health-care consolidations have been rising, the most prominent being a proposed $100 billion acquisition of Astra-Zeneca by Pfizer Inc. (PFE), and with mergers come the rationalization of research capabilities. The market tends to react swiftly and sharply to such events. We think such reactions are generally overblown, as the effects tend to be more short-term than long-term; as such we think Charles River has become a better bargain lately. More...

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John Rogers Comments on CBRE Group Inc
In addition, global real estate company CBRE Group, Inc. (CBG) jumped +16.81% after a very strong quarterly earnings report. Its adjusted earnings per share were $0.25, $0.08 higher than expectations, on the basis of strong revenue overall and nearly across its units. The market seemed especially pleased that management saw more upside than downside for the rest of 2014. More...

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John Rogers Comments on US Silica Holdings Inc
Industrial sand producer U.S. Silica Holdings, Inc. (SLCA) piled up a +45.60% return after a great earnings report. Recent results were solid, but the key takeaway from management’s comments was the comparison of the current environment to that of 2011 and 2012, when business boomed based on heavy demand. All along, we have viewed Silica as a cyclical business, so we expected it to improve along the way; by the same token, we do not think a great environment will persist forever. More...

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John Rogers' Ariel Fund Second Quarter 2014 Commentary
Quarter Ended June 30, 2014 More...

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