John Rogers

Last Update: 08-14-2015

Number of Stocks: 187
Number of New Stocks: 6

Total Value: $8,879 Mil
Q/Q Turnover: 8%

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 (%)
201344.6832.3912.3
201220.32164.3
2011-11.342.11-13.5
3-Year Cumulative54.3 (15.6%/year)56.8 (16.2%/year)-2.5 (-0.6%/year)
201025.9715.0610.9
200963.4226.4637.0
5-Year Cumulative217.7 (26%/year)128.2 (17.9%/year)89.5 (8.1%/year)
2008-48.25-37-11.2
2007-1.75.49-7.2
200610.3515.79-5.4
20050.924.91-4.0
200421.9710.8811.1
10-Year Cumulative119.5 (8.2%/year)104.2 (7.4%/year)15.3 (0.8%/year)
200328.0428.68-0.6
2002-5.18-22.116.9
200114.21-11.8926.1
200028.77-9.137.9
1999-5.7621.04-26.8
15-Year Cumulative269.4 (9.1%/year)98.5 (4.7%/year)170.9 (4.4%/year)
19989.8928.58-18.7
199736.4433.363.1
199623.5122.960.6
199518.5237.58-19.1
1994-4.221.32-5.5
20-Year Cumulative676.6 (10.8%/year)483.4 (9.2%/year)193.2 (1.6%/year)
19938.7310.08-1.4
199211.737.624.1
199132.7230.472.3
1990-16.08-3.1-13.0
198925.1131.69-6.6
25-Year Cumulative1214.6 (10.9%/year)1050.6 (10.3%/year)164 (0.6%/year)
198839.9216.6123.3
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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John Rogers Increases His Stake in Contango Oil & Gas Company
John Rogers (Trades, Portfolio) of Ariel Investment LLC has increased his portfolio stake in Contango Oil & Gas Company (MCF). Rogers is the founder of Ariel Investment LLC which manages approximately $8.9 billion in equity assets. On July 31 he added 467,473 shares of Contango to his portfolio, increasing his allocation in the oil and gas sector to 4.96% and his portfolio position in Contango to 0.50%. After the share increase on July 31, Ariel Investment LLC holds 25% of the outstanding equity shares of Contango. More...

OIL AND GAS


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John Rogers' July Commentary From Ariel Investments
Recently, we were pleased to read a Morningstar FundInvestor article entitled, “Risk Off,” written by Director of Fund Research and Editor Russel Kinnel. The piece discusses funds with betas and standard deviations that have fallen the last few years. Kinnel dedicates a paragraph each to six mutual funds with volatility that improved dramatically over the past three years, including our flagship Ariel Fund. He describes Ariel Fund as long having “the profile of being a bit to the cautious side, with fairly stable but low P/E stocks,” and we agree. He then notes that volatility spiked in the Great Recession of 2008-2009 and summarizes the aftermath in positive terms: More...

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Ariel Capital Advisors Cuts Stake in Coca-Cola and 3M John Rogers - Ariel Capital Advisors Cuts Stake In Coca-Cola And 3M
At the end of the second quarter of 2015, the hedge fund Ariel Capital Advisors reported a total value of its portfolio of $174,199,000 with an increase of 3.44% over the previous quarter. More...

John Rogers, Ariel Investments, Coca Cola, 3M


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John Rogers' Ariel Fund Second Quarter 2015 Commentary
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. More...

John Rogers, Ariel Investments


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A Gas Company Expanding its Portfolio
In a previous article, we determined that Praxair Inc. (NYSE:PX)´s intrinsic value was above the trading price by 11%, so according to our model and assumptions, the stock seems to be undervalued and subject to a potential “buy” recommendation. More...

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The Market for Tobacco Alternatives Continues to Evolve
In this article let's take a look at Philip Morris International Inc. (NYSE:PM), the global tobacco giant that sells cigarettes in over 200 countries, which manufactures and markets the number one cigarette brand: Marlboro. More...

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John Rogers' Undervalued Stocks Trading With Low P/E Ratio
John Rogers (Trades, Portfolio) is the founder of Ariel Investment, LLC, which he started in 1983. He began as a small and mid-cap value manager, and evolved strategically to offer three approaches - all of which seek out attractive intrinsic value through relatively concentrated portfolios. The firm uses the market's short-term focus to uncover mispriced companies whose true value will be realized over time. More...

John Rogers, Undervalued


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John Rogers Increases Holding in Tech Company Qumu
John Rogers (Trades, Portfolio) of Ariel Investments upped his stake in Qumu Corp (NASDAQ:QUMU) by 56% on June 30, adding 630,204 shares at a price of $8.24 per share. His total holding in the company now amounts to 1,749,277 shares. More...

JOHN ROGERS, ARIEL INVESTMENTS, TECHNOLOGY, QUMU


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John Rogers' Ariel Funds June Commentary Warren Buffett,John Rogers - John Rogers' Ariel Funds June Commentary
Last month, we studied year-to-date returns, and this month, we will comment on year-to-date flows. We see returns and flows as two different tools for measuring investment sentiment and think using them in combination is superior to depending solely on one. Recall that in examining U.S. stock returns last month, we noted returns were positive across the board, with growth outperforming value. To us that suggests optimism and an embracing of risk for U.S. equity investors. More...

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John Rogers' Investment in Anixter International Inc
Anixter International Inc. (NYSE:AXE) is a distributor of enterprise cabling and security solutions, electrical and electronic wire and cable products, and OEM supplies. The company is chaired by Sam Zell, the billionaire best known for his real estate business Equity Residential. More...

JOHN ROGERS, TELECOM PLAY, SAM ZELL, Anixter International


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John Rogers' Ariel Funds Monthly Commentary - May 2015
Month Ended May 31, 2015 With the year nearly half over, we think it is a good time to look at market leadership in the United States. Last year at this point, the story was all about large versus small, with large caps turning in much better performance. This year, the big disparity is between growth and value, with the tilt strongly toward growth stocks. Here are the 12 Russell indexes we use as signposts: All 12 indexes have gains for the year, with the top four being growth benchmarks. The four lowest returns come from value indexes, with the core benchmarks falling in between. This clear preference for growth fare suggests investors are optimistic and risk-embracing, as opposed to risk-averse. Less obvious in the above chart is something we find intriguing. That is, the return gap between growth returns and value gets larger as one goes down the ladder from large caps to small caps (with mid-caps being an exception, as tends to happen). That is, in large caps, the disparity between value and growth returns was nearly 450 basis points; in small/mid-caps, it was more than 550 basis points; and in small caps, it was more than 650 basis points. Market commentators often tend to suggest there are preferences for large over small or vice versa, glossing over the reality that preferences within market cap ranges can be bigger than those between them. To suggest that investors really love small caps this year would be misleading; they seem quite fond of small growth but not small value. An interesting takeaway from this performance data is how the American investor’s mindset has shifted in a year. Last year we noted the generally positive returns, highlighted by the biggest gains in mid- and large value and losses in small growth, suggested cautious optimism. The current picture more strongly suggests significant optimism, with gains across the board and especially in the more economically sensitive growth and small-cap areas. We are skeptical about that stance for two reasons. First, as you have no doubt seen, economic growth in the first few months of the year was softer than expected. While that is certainly not cause for alarm, a rising taste for growth when it appears to be slowing can be a recipe for losses. Second, and more importantly, as we have said before, the stock market is not especially cheap. Paying up for growth fare in a relatively pricey market is a dangerous game plan in our view. The data also provide a helpful way to put our own portfolios’ returns in perspective. In our traditional value strategy, we seek companies that trade at a significant discount to intrinsic value and also have good earnings growth prospects. That tends to put our portfolios on the line between value and core, so it is unsurprising that Ariel Fund and Ariel Appreciation Fund have outperformed their value benchmarks this year. Ariel Focus Fund employs a similar strategy, although portfolio manager Charlie Bobrinskoy often has a greater taste for very cheap stocks—now and often putting it more in the center of the value box. So it is also not surprising that it has underperformed this year to date. Finally, Ariel Discovery Fund, a niche product investing in deep value stocks toward the bottom of the small-cap universe, has underperformed, which is not surprising, given it operates in the most unloved of the unloved areas. The opinions expressed are current as of the date of this commentary but are subject to change. The details offered in this commentary do not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. Past performance is no guarantee of future results. Performance data current to the most recent month-end for Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, and Ariel Discovery Fund may be obtained by visiting our web site, arielinvestments.com. Indexes are unmanaged. Investors cannot invest directly in an index. The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to- book ratios and lower forecasted growth values. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to -value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to -book ratios and higher forecasted growth values. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price -to-book ratios and lower expected growth values. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current prospectus or summary prospectus which contains this and other information about the funds offered by Ariel Investment Trust, call us at 800 -292-7435 or visit our website, arielinvestments.com. Please read the prospectus or summary prospectus carefully before investing. Distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. More...

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Five-year lows: Acacia Research Corporation, Park Electrochemical Corp, Bill Barrett Corporation, Black Box Corp
According to GuruFocus list of five-year lows, these Guru stocks have reached their five-year lows: Acacia Research Corporation, Park Electrochemical Corp, Bill Barrett Corporation, Black Box Corp More...

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Ariel Investments' Top Undervalued Stocks John Rogers - Ariel Investments' Top Undervalued Stocks
Ariel Investment, founded by John Rogers (Trades, Portfolio) in 1983, is a firm that looks closely at a company's intrinsic value and its margin of safety (of at least 40%). The prices are given ample time to reflet intrinsic vlaue. More...

John Rogers, Ariel Investments


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John Rogers' Recent Buy: Versar Inc
John Rogers (Trades, Portfolio) is the Founder of Ariel Investment, LLC, which he started in 1983. As of Q1 2015 the portfolio has a value of $8,922 million and is composed of 187 stocks. More...

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John Rogers' Investment Propels Two Stakes into His Personal Top 10
John Rogers (Trades, Portfolio), founder of Ariel Investment, LLC, is known to like to invest in small and medium-sized companies whose share prices are undervalued, believing that patience, independent thinking and a long-term outlook are critical to achieving good returns. Ariel had a 44.68% return in 2013 and a 20.32% return in 2012. More...

STOCKS, LONG


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Risk & Reward with Gilead Sciences Inc. (GILD)
I realize that biotech stocks are not really value investments, per se. They constantly need R&D to keep up with competitors and the competitive advantages from drug patents have a limited, albeit long, time frame. However, with Gilead (NASDAQ:GILD) there could be some reward owning at this level. More...

BIOTECH, HEALTHCARE, LONG


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John Rogers' Ariel Fund Monthly Commentary for April
In the March monthly commentary, we discussed how our investment activity drove Ariel Fund’s strong bull market performance, examining focus, concentration and the trading of portfolio holdings. In our traditional value quarterly letter from the same period, we examined K. J. Martijn Cremers’s Patient Capital Outperformance: The Investment Skill of High Active Share Managers Who Trade Infrequently, to explore the benefits of being highly active managers with long holding periods. This month, we will bring the two topics together and dive deeper to study portfolio turnover. More...

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5-year lows: Bridgepoint Education, Pendrell Corp, Gulf Island Fabrication, and Commercial Vehicle Group Inc.
According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Bridgepoint Education Inc, Pendrell Corp, Gulf Island Fabrication Inc, and Commercial Vehicle Group Inc. More...

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Guru Investors Are Piling Into National Oilwell Varco John Rogers, Joel Greenblatt, David Dreman - Guru Investors Are Piling Into National Oilwell Varco
Plenty of top name super investors continue to buy into this stock, and rightfully so. More...

ENERGY, OIL, BUFFETT, GREENBLATT, ROGERS, National Oilwell Varco


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John Rogers' Ariel Fund Q1 2015 Commentary
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. More...

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