
	John Rogers 13F
	Ariel Investment, LLC

	Last update 2024-02-16	114 Stocks (8 new)
	Value $10.04 Bil	Turnover 5 %
	Countries: Top Holdings: JLL(2.96%)MAT(2.91%)GNRC(2.78%)CG(2.59%)CRL(2.47%) Portfolio Report

John Rogers Profile

John Rogers founded Ariel Investment, LLC in 1983. Rogers 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."

John Rogers 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 characteristics 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).

John Rogers Portfolio and Latest Trades

Ticker
Ticker
PM
BIDU
EQC
JNJ
MSFT
DVA
BAP
INTC
CHKP
ITUB
VZ
NVST
TFC
LESL
LH
SNA
CNHI
RCL
ATGE
GNRC
REZI
TSM
BMY
MAS
NVT
KB
GILD
LAZ
SPHR
GNTX
KKR
VIV
VT
AXTA
DOX
MHK
NOK
AMG
KMT
KEYS
KN
KMX
DNB
IPG
NTRS
GS
ACWX
SJM
BSAC
AFL
JHG
OSW
TIMB
BWA
MAT
NCLH
PARA
SSD
IQ
BOKF
CRL
CVX
GSK
IWN
NTAP
NOV
SWK
SRCL
WBA
CME
ABEV
TPR
BCO
SCHW
CLB
LIND
TAP
BAC
BYD
CG
HCKT
IWS
KFY
MIDD
PBH
ZIMV
VXUS
KVUE
ADT
BIO
BRC
CBRE
EVR
FICO
FAF
FI
FTRE
GCMG
HMN
JLL

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
PM	Philip Morris International Inc	2023-12-31	Reduce	-1.14%	● 87.47 ($92.13) 95.27	$88.60	-3.83%	Reduce -47.36%	1,294,542	-1,164,768
BIDU	Baidu Inc	2023-12-31	Reduce	-0.88%	● 104.97 ($115.54) 134.76	$96.20	-16.74%	Reduce -28.81%	1,527,971	-618,355
EQC	Equity Commonwealth	2023-12-31	Reduce	-0.84%	● 18.19 ($18.9) 19.62	$18.61	-1.53%	Reduce -78.33%	1,191,361	-4,305,166
JNJ	Johnson & Johnson	2023-12-31	Reduce	-0.73%	● 145.6 ($153.34) 158.88	$147.59	-3.75%	Reduce -94.8%	24,259	-442,584
MSFT	Microsoft Corp	2023-12-31	Reduce	-0.70%	● 313.39 ($355.93) 382.7	$413.64	16.21%	Reduce -36.43%	367,682	-210,715
DVA	DaVita Inc	2023-12-31	New Buy	+0.69%	● 73.2 ($92.39) 108.8	$129.96	40.66%	New holding	658,818	658,818
BAP	Credicorp Ltd	2023-12-31	Reduce	-0.66%	● 116.42 ($129.75) 153.97	$160.33	23.57%	Reduce -45.05%	597,310	-489,643
INTC	Intel Corp	2023-12-31	New Buy	+0.66%	● 32.52 ($40.62) 50.76	$36.31	-10.61%	New holding	1,324,437	1,324,437
CHKP	Check Point Software Technologies Ltd	2023-12-31	Add	+0.63%	● 129.45 ($141.27) 153.64	$157.62	11.57%	Add 38.47%	1,500,122	416,758
ITUB	Itau Unibanco Holding SA	2023-12-31	Sold Out	-0.58%	● 5.14 ($6.01) 7.04	$6.14	2.16%	Sold Out	0	-10,161,278
VZ	Verizon Communications Inc	2023-12-31	Reduce	-0.44%	● 30.67 ($35.38) 38.65	$40.11	13.37%	Reduce -37.97%	2,112,712	-1,293,153
NVST	Envista Holdings Corp	2023-12-31	Add	+0.42%	● 21.06 ($23.9) 27.57	$19.14	-19.92%	Add 33.01%	7,096,942	1,761,364
TFC	Truist Financial Corp	2023-12-31	New Buy	+0.39%	● 27.03 ($31.4) 37.64	$36.70	16.88%	New holding	1,067,702	1,067,702
LESL	Leslies Inc	2023-12-31	Add	+0.29%	● 4.44 ($5.5) 7.11	$4.37	-20.55%	Add 16.98%	29,231,420	4,244,003
LH	Laboratory Corp of America Holdings	2023-12-31	Reduce	-0.28%	● 197.69 ($210.07) 227.29	$203.32	-3.21%	Reduce -19.46%	550,789	-133,044
SNA	Snap-on Inc	2023-12-31	Reduce	-0.27%	● 250.2 ($269.85) 290.19	$285.83	5.92%	Reduce -32.37%	209,322	-100,170
CNHI	CNH Industrial NV	2023-12-31	New Buy	+0.21%	● 9.8 ($11.16) 12.18	$12.70	13.80%	New holding	1,720,320	1,720,320
RCL	Royal Caribbean Group	2023-12-31	Reduce	-0.21%	● 80.04 ($101.93) 129.97	$127.17	24.76%	Reduce -13.76%	1,369,396	-218,535
ATGE	Adtalem Global Education Inc	2023-12-31	Reduce	-0.20%	● 42.29 ($53.35) 61.51	$45.59	-14.55%	Reduce -13.51%	2,772,618	-433,170
GNRC	Generac Holdings Inc	2023-12-31	Add	+0.20%	● 82.2 ($109.71) 132.04	$128.51	17.14%	Add 7.59%	2,162,961	152,617
REZI	Resideo Technologies Inc	2023-12-31	Reduce	-0.18%	● 14.31 ($16.37) 19.02	$20.34	24.25%	Reduce -7.91%	12,672,096	-1,088,010
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2023-12-31	New Buy	+0.18%	● 85.41 ($95.37) 104.7	$140.14	46.94%	New holding	178,310	178,310
BMY	Bristol-Myers Squibb Co	2023-12-31	Add	+0.17%	● 48.48 ($52.49) 57.85	$48.51	-7.58%	Add 50.05%	979,748	326,789
MAS	Masco Corp	2023-12-31	Reduce	-0.17%	● 48.33 ($58.08) 69.32	$73.06	25.79%	Reduce -18.5%	1,313,816	-298,258
NVT	nVent Electric PLC	2023-12-31	Reduce	-0.17%	● 45.88 ($53.02) 59.29	$74.23	40.00%	Reduce -13.98%	1,834,628	-298,124
KB	KB Financial Group Inc	2023-12-31	New Buy	+0.15%	● 38.15 ($40.48) 42.64	$47.13	16.43%	New holding	357,569	357,569
GILD	Gilead Sciences Inc	2023-12-31	Reduce	-0.14%	● 73.27 ($77.82) 83.09	$67.75	-12.94%	Reduce -18.86%	749,740	-174,247
LAZ	Lazard Inc	2023-12-31	Reduce	-0.13%	● 26.4 ($30.12) 35.21	$37.58	24.77%	Reduce -5.54%	6,771,311	-396,788
SPHR	Sphere Entertainment Co	2023-12-31	Add	+0.13%	● 28.41 ($34.79) 41.29	$40.20	15.55%	Add 8.17%	4,982,899	376,172
GNTX	Gentex Corp	2023-12-31	Reduce	-0.12%	● 28.13 ($30.89) 32.94	$33.92	9.81%	Reduce -5.2%	6,555,072	-359,480
KKR	KKR & Co Inc	2023-12-31	Reduce	-0.12%	● 54.1 ($67.71) 84.69	$95.84	41.54%	Reduce -22.87%	625,486	-185,500
VIV	Telefonica Brasil SA	2023-12-31	Reduce	-0.11%	● 8.53 ($9.97) 11.08	$9.41	-5.62%	Reduce -49.69%	1,281,097	-1,265,492
VT	Vanguard Total World Stock ETF	2023-12-31	New Buy	+0.11%	● 88.97 ($96.23) 103.1	$106.60	10.78%	New holding	105,918	105,918
AXTA	Axalta Coating Systems Ltd	2023-12-31	Reduce	-0.10%	● 25.42 ($29.95) 34.25	$31.70	5.84%	Reduce -7.06%	4,779,430	-363,251
DOX	Amdocs Ltd	2023-12-31	Reduce	-0.09%	● 78.69 ($83.32) 88.56	$85.05	2.08%	Reduce -20.63%	410,733	-106,745
MHK	Mohawk Industries Inc	2023-12-31	Add	+0.09%	● 76.56 ($87.55) 105.75	$111.72	27.61%	Add 4.34%	2,148,476	89,376
NOK	Nokia Oyj	2023-12-31	Sold Out	-0.09%	● 3 ($3.4) 3.72	$3.30	-2.94%	Sold Out	0	-2,290,872
AMG	Affiliated Managers Group Inc	2023-12-31	Add	+0.08%	● 121.54 ($134.36) 153.44	$161.08	19.89%	Add 4.59%	1,242,696	54,550
KMT	Kennametal Inc	2023-12-31	Reduce	-0.08%	● 22.42 ($24.1) 26.87	$23.87	-0.95%	Reduce -3.32%	9,413,890	-323,063
KEYS	Keysight Technologies Inc	2023-12-31	Add	+0.08%	● 119.31 ($135.82) 160.34	$153.32	12.88%	Add 24.81%	267,457	53,173
KN	Knowles Corp	2023-12-31	Add	+0.08%	● 12.98 ($15.54) 18.33	$15.57	0.19%	Add 10.08%	5,003,153	458,293
KMX	CarMax Inc	2023-12-31	Reduce	-0.07%	● 60.39 ($67.22) 78.55	$69.46	3.33%	Reduce -11.45%	681,768	-88,127
DNB	Dun & Bradstreet Holdings Inc	2023-12-31	Add	+0.07%	● 8.76 ($10.19) 11.85	$9.39	-7.85%	Add 17.61%	4,184,455	626,583
IPG	The Interpublic Group of Companies Inc	2023-12-31	Add	+0.07%	● 27.56 ($30.11) 33.11	$30.42	1.03%	Add 4.35%	5,362,195	223,655
NTRS	Northern Trust Corp	2023-12-31	Add	+0.07%	● 63.06 ($73.95) 85.93	$83.71	13.20%	Add 3.13%	2,655,090	80,596
GS	The Goldman Sachs Group Inc	2023-12-31	Reduce	-0.06%	● 289.91 ($333.76) 386.41	$400.88	20.11%	Reduce -8%	210,779	-18,318
ACWX	iShares MSCI ACWI Ex US Index Fund	2023-12-31	Reduce	-0.06%	● 44.98 ($48.13) 51.04	$51.72	7.46%	Reduce -62.13%	65,769	-107,904
SJM	JM Smucker Co	2023-12-31	Reduce	-0.06%	● 108.2 ($115.87) 126.74	$110.20	-4.89%	Reduce -7.39%	547,326	-43,671
BSAC	Banco Santander Chile	2023-12-31	Sold Out	-0.06%	● 17.12 ($18.53) 20.3	$18.80	1.46%	Sold Out	0	-287,523
AFL	Aflac Inc	2023-12-31	Reduce	-0.05%	● 75.43 ($80.58) 84.35	$80.27	-0.38%	Reduce -10.81%	539,397	-65,399
JHG	Janus Henderson Group PLC	2023-12-31	Reduce	-0.05%	● 22.27 ($25.83) 30.46	$31.20	20.79%	Reduce -5.7%	2,845,855	-172,077
OSW	OneSpaWorld Holdings Ltd	2023-12-31	Reduce	-0.05%	● 10.06 ($11.63) 14.47	$12.42	6.79%	Reduce -2.83%	13,409,080	-390,394
TIMB	TIM SA	2023-12-31	Reduce	-0.05%	● 14.42 ($16.78) 18.82	$16.68	-0.60%	Reduce -79.72%	78,754	-309,484
BWA	BorgWarner Inc	2023-12-31	Reduce	-0.04%	● 32.02 ($35.69) 39.97	$33.13	-7.17%	Reduce -7.49%	1,179,001	-95,442
MAT	Mattel Inc	2023-12-31	Reduce	-0.04%	● 18.19 ($19.45) 21.78	$18.09	-6.99%	Reduce -1.18%	15,470,507	-184,688
NCLH	Norwegian Cruise Line Holdings Ltd	2023-12-31	Add	+0.04%	● 12.76 ($16.04) 20.95	$17.34	8.10%	Add 3.5%	6,271,115	212,011
PARA	Paramount Global	2023-12-31	Reduce	-0.04%	● 10.7 ($13.39) 16.85	$10.90	-18.60%	Reduce -2.73%	11,021,375	-309,475
SSD	Simpson Manufacturing Co Inc	2023-12-31	Reduce	-0.04%	● 125.92 ($158.61) 200.91	$185.54	16.98%	Reduce -6.27%	397,310	-26,588
IQ	iQIYI Inc	2023-12-31	Sold Out	-0.04%	● 4.4 ($4.73) 5.25	$4.09	-13.53%	Sold Out	0	-704,589
BOKF	BOK Financial Corp	2023-12-31	Reduce	-0.03%	● 63.93 ($75.43) 86.35	$86.24	14.33%	Reduce -1.6%	2,236,025	-36,394
CRL	Charles River Laboratories International Inc	2023-12-31	Reduce	-0.03%	● 164.52 ($196.66) 238.84	$235.93	19.97%	Reduce -1.49%	1,050,698	-15,902
CVX	Chevron Corp	2023-12-31	Add	+0.03%	● 141.77 ($151.24) 169.1	$157.59	4.20%	Add 232.89%	32,663	22,851
GSK	GSK PLC	2023-12-31	Reduce	-0.03%	● 34.17 ($35.9) 37.56	$40.50	12.81%	Reduce -60.85%	55,392	-86,105
IWN	iShares Russell 2000 Value ETF	2023-12-31	Add	+0.03%	● 125.51 ($138.52) 158.2	$148.60	7.28%	Add 76.78%	45,347	19,696
NTAP	NetApp Inc	2023-12-31	Add	+0.03%	● 71.18 ($80.5) 91.39	$102.36	27.16%	Add 3.39%	929,672	30,517
NOV	NOV Inc	2023-12-31	Reduce	-0.03%	● 18.38 ($19.64) 21.06	$19.17	-2.39%	Reduce -7%	1,589,766	-119,743
SWK	Stanley Black & Decker Inc	2023-12-31	Reduce	-0.03%	● 77.23 ($88.04) 101.49	$90.83	3.17%	Reduce -4.78%	573,487	-28,763
SRCL	Stericycle Inc	2023-12-31	Add	+0.03%	● 39.18 ($44.86) 50.45	$49.30	9.90%	Add 1.49%	4,392,583	64,547
WBA	Walgreens Boots Alliance Inc	2023-12-31	Add	+0.03%	● 19.94 ($22.35) 26.64	$17.66	-20.98%	Add 9.29%	1,468,601	124,895
CME	CME Group Inc	2023-12-31	Sold Out	-0.03%	● 200.15 ($213.37) 220.06	$206.20	-3.36%	Sold Out	0	-13,271
ABEV	Ambev SA	2023-12-31	Sold Out	-0.03%	● 2.43 ($2.7) 2.98	$2.32	-14.07%	Sold Out	0	-1,091,998
TPR	Tapestry Inc	2023-12-31	Sold Out	-0.03%	● 26.59 ($30.79) 37.61	$40.83	32.61%	Sold Out	0	-83,146
BCO	The Brink's Co	2023-12-31	Reduce	-0.02%	● 65.71 ($76.81) 89.33	$86.49	12.60%	Reduce -1.3%	1,884,461	-24,762
SCHW	Charles Schwab Corp	2023-12-31	Reduce	-0.02%	● 49.33 ($57.75) 70.98	$71.23	23.34%	Reduce -3.17%	962,296	-31,453
CLB	Core Laboratories Inc	2023-12-31	Reduce	-0.02%	● 16.84 ($20.15) 24.56	$17.38	-13.75%	Reduce -0.83%	8,988,399	-75,319
LIND	Lindblad Expeditions Holdings Inc	2023-12-31	Add	+0.02%	● 5.8 ($7.75) 11.39	$7.47	-3.61%	Add 1.61%	8,608,216	136,158
TAP	Molson Coors Beverage Co	2023-12-31	Reduce	-0.02%	● 56.75 ($60.12) 64.24	$64.77	7.73%	Reduce -8.68%	384,562	-36,561
BAC	Bank of America Corp	2023-12-31	Add	+0.01%	● 25.17 ($29.12) 33.94	$35.95	23.45%	Add 12.95%	176,881	20,273
BYD	Boyd Gaming Corp	2023-12-31	Add	+0.01%	● 53.85 ($59.26) 63.06	$64.56	8.94%	Add 0.73%	3,072,165	22,216
CG	The Carlyle Group Inc	2023-12-31	Add	+0.01%	● 27.54 ($32.93) 41.99	$45.27	37.47%	Add 0.36%	6,387,318	22,790
HCKT	The Hackett Group Inc	2023-12-31	Reduce	-0.01%	● 21.22 ($22.66) 23.98	$22.41	-1.10%	Reduce -7.86%	695,175	-59,289
IWS	iShares Russell Mid-Cap Value ETF	2023-12-31	New Buy	+0.01%	● 97.63 ($106.54) 117.08	$118.57	11.29%	New holding	6,352	6,352
KFY	Korn Ferry	2023-12-31	Add	+0.01%	● 44.81 ($51.06) 59.46	$60.84	19.15%	Add 1.57%	825,510	12,734
MIDD	The Middleby Corp	2023-12-31	Add	+0.01%	● 111.05 ($127.03) 148.84	$143.36	12.86%	Add 1.16%	297,464	3,421
PBH	Prestige Consumer Healthcare Inc	2023-12-31	Add	+0.01%	● 57 ($59.38) 61.94	$68.14	14.75%	Add 0.83%	2,555,777	20,991
ZIMV	ZimVie Inc	2023-12-31	Reduce	-0.01%	● 6.73 ($10.07) 18.28	$15.74	56.31%	Reduce -39.74%	186,827	-123,187
VXUS	Vanguard Total International Stock	2023-12-31	Sold Out	-0.01%	● 51.06 ($54.6) 57.96	$58.52	7.18%	Sold Out	0	-19,705
KVUE	Kenvue Inc	2023-12-31	Sold Out	-0.01%	● 18.21 ($20.01) 21.55	$19.13	-4.40%	Sold Out	0	-54,688
ADT	ADT Inc	2023-12-31	Add	0%	● 5.58 ($6.23) 6.88	$6.23	0%	Add 0.08%	22,447,847	18,440
BIO	Bio-Rad Laboratories Inc	2023-12-31	Reduce	0%	● 269.37 ($313.43) 365.04	$300.41	-4.15%	Reduce -1.15%	4,477	-52
BRC	Brady Corp	2023-12-31	Add	0%	● 51.46 ($55.15) 59.52	$58.88	6.76%	Add 1.82%	292,849	5,244
CBRE	CBRE Group Inc	2023-12-31	Reduce	0%	● 65.76 ($77.74) 93.82	$86.99	11.90%	Reduce -0.43%	795,965	-3,408
EVR	Evercore Inc	2023-12-31	Reduce	0%	● 126.39 ($144.77) 173.41	$185.86	28.38%	Reduce -1.26%	162,750	-2,085
FICO	Fair Isaac Corp	2023-12-31	Add	0%	● 825.1 ($1006.47) 1170.61	$1,150.52	14.31%	Add 6.67%	352	22
FAF	First American Financial Corp	2023-12-31	Add	0%	● 50.06 ($57.03) 65.13	$56.10	-1.63%	Add 0.16%	3,656,484	5,778
FI	Fiserv Inc	2023-12-31	Add	0%	● 109.61 ($122.71) 135.22	$148.19	20.76%	Add 6.81%	4,316	275
FTRE	Fortrea Holdings Inc	2023-12-31	Reduce	0%	● 27.12 ($30.57) 35.25	$38.06	24.50%	Reduce -2.57%	18,759	-495
GCMG	GCM Grosvenor Inc	2023-12-31	Add	0%	● 7.55 ($8.33) 9.18	$9.29	11.52%	Add 0.19%	4,442,113	8,383
HMN	Horace Mann Educators Corp	2023-12-31	Add	0%	● 28.67 ($32.09) 33.78	$34.11	6.29%	Add 1.42%	345,816	4,835
JLL	Jones Lang LaSalle Inc	2023-12-31	Add	0%	● 121.97 ($151.29) 189.98	$176.26	16.50%	Add 0.11%	1,575,958	1,666

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