
	John Rogers 13F
	Ariel Investment, LLC

	Last update 2023-02-14	116 Stocks (4 new)
	Value $9.85 Bil	Turnover 5 %
	Top Holdings: PM(3.66%) BIDU(3.31%) MSGE(3.06%) MAT(2.88%) BOKF(2.79%) 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
KKR
GILD
GNRC
CG
VZ
BAP
SNA
MANU
BOKF
BIDU
JNJ
EQC
KMX
LESL
MEI
CAH
PARA
ATGE
MSGE
SCHW
NVT
BIO
RCL
KN
SJM
CBRE
HCKT
WBA
OMC
SRCL
HLI
ADT
IPG
BRC
GNTX
OSW
NVST
GCMG
REZI
BCO
TAP
SWK
BYD
FAF
KMT
LAZ
VIV
BWA
GS
JLL
PGR
ZBRA
APA
BRK.B
ITUB
ZBH
AFL
CRL
EVR
LIND
LFUS
MAT
NTAP
AMG
AXTA
ACWX
KFY
LH
LMT
MSGS
MSFT
MOS
NTRS
NCLH
PBH
VEA
BAC
BK
GOLD
BMY
CHKP
CLB
GSK
HMN
IWN
IWS
MIDD
ORCL
PM
SSD
MTN
VOD
WU
DOX
AZN
BSAC
DNB
FICO
FISV
JHG

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
KKR	KKR & Co Inc	2022-12-31	Reduce	-1.15%	● 43.97 ($48.74) 57.08	$50.05	2.69%	Reduce -71.24%	981,829	-2,431,601
GILD	Gilead Sciences Inc	2022-12-31	Reduce	-1.01%	● 62.32 ($79.19) 89.47	$80.00	1.02%	Reduce -55.92%	1,178,750	-1,495,360
GNRC	Generac Holdings Inc	2022-12-31	Add	+0.96%	● 89.79 ($113.16) 185.31	$111.22	-1.71%	Add 248.16%	1,311,879	935,076
CG	The Carlyle Group Inc	2022-12-31	New Buy	+0.89%	● 25.43 ($28.54) 31.76	$30.42	6.59%	New holding	2,926,392	2,926,392
VZ	Verizon Communications Inc	2022-12-31	Add	+0.58%	● 35.35 ($37.68) 39.81	$37.66	-0.05%	Add 75.33%	3,383,676	1,453,786
BAP	Credicorp Ltd	2022-12-31	Reduce	-0.55%	● 126.4 ($141.72) 157	$124.28	-12.31%	Reduce -28.08%	1,052,582	-410,911
SNA	Snap-on Inc	2022-12-31	Reduce	-0.46%	● 203.14 ($226.03) 244.96	$234.39	3.70%	Reduce -28.88%	517,378	-210,108
MANU	Manchester United PLC	2022-12-31	Reduce	-0.43%	● 12.35 ($16.73) 23.33	$23.92	42.98%	Reduce -26%	8,454,466	-2,970,473
BOKF	BOK Financial Corp	2022-12-31	Reduce	-0.38%	● 90.95 ($101.39) 110.19	$84.71	-16.45%	Reduce -12.8%	2,646,949	-388,693
BIDU	Baidu Inc	2022-12-31	Add	+0.29%	● 76.57 ($102.04) 123.3	$156.27	53.15%	Add 9.67%	2,852,898	251,451
JNJ	Johnson & Johnson	2022-12-31	Reduce	-0.29%	● 160.2 ($172.66) 179.76	$152.65	-11.59%	Reduce -21.03%	599,323	-159,643
EQC	Equity Commonwealth	2022-12-31	Add	+0.23%	● 23.95 ($25.56) 27.09	$20.16	-21.13%	Add 17.65%	6,029,652	904,535
KMX	CarMax Inc	2022-12-31	Add	+0.22%	● 55.69 ($64.2) 74.58	$57.78	-10.00%	Add 75.29%	847,509	364,008
LESL	Leslies Inc	2022-12-31	New Buy	+0.22%	● 12 ($13.89) 16.45	$10.51	-24.33%	New holding	1,803,809	1,803,809
MEI	Methode Electronics Inc	2022-12-31	Reduce	-0.22%	● 35.78 ($42.7) 50.23	$41.40	-3.04%	Reduce -61.76%	324,291	-523,728
CAH	Cardinal Health Inc	2022-12-31	Reduce	-0.21%	● 67.86 ($75.98) 80.98	$70.37	-7.38%	Reduce -44.85%	352,539	-286,691
PARA	Paramount Global	2022-12-31	Add	+0.21%	● 15.53 ($18.4) 20.38	$20.23	9.95%	Add 17.5%	8,400,479	1,251,269
ATGE	Adtalem Global Education Inc	2022-12-31	Reduce	-0.19%	● 35.5 ($39.04) 44.12	$36.56	-6.35%	Reduce -11.11%	3,809,879	-476,072
MSGE	Madison Square Garden Entertainment Corp	2022-12-31	Add	+0.19%	● 40.31 ($45.3) 50.2	$53.92	19.03%	Add 6.67%	6,692,520	418,653
SCHW	Charles Schwab Corp	2022-12-31	Reduce	-0.18%	● 67.43 ($77.61) 83.26	$53.26	-31.37%	Reduce -20.39%	884,406	-226,576
NVT	nVent Electric PLC	2022-12-31	Reduce	-0.18%	● 31.78 ($36.94) 40.21	$40.92	10.77%	Reduce -12.37%	3,645,999	-514,591
BIO	Bio-Rad Laboratories Inc	2022-12-31	Reduce	-0.16%	● 351.71 ($403.63) 456.01	$460.78	14.16%	Reduce -52.15%	31,896	-34,769
RCL	Royal Caribbean Group	2022-12-31	Reduce	-0.16%	● 37.59 ($52.42) 60.91	$60.85	16.08%	Reduce -12.13%	2,782,081	-384,173
KN	Knowles Corp	2022-12-31	Add	+0.15%	● 11.9 ($14.52) 16.71	$16.31	12.33%	Add 21.65%	5,193,594	924,211
SJM	JM Smucker Co	2022-12-31	Reduce	-0.14%	● 137.59 ($148.97) 159.88	$154.69	3.84%	Reduce -12.51%	644,853	-92,177
CBRE	CBRE Group Inc	2022-12-31	Reduce	-0.13%	● 67.54 ($73.85) 79.86	$68.86	-6.76%	Reduce -12.21%	1,301,336	-181,044
HCKT	The Hackett Group Inc	2022-12-31	Add	+0.13%	● 18.33 ($21.13) 23.27	$17.48	-17.27%	Add 9997.71%	644,840	638,454
WBA	Walgreens Boots Alliance Inc	2022-12-31	Reduce	-0.13%	● 30.52 ($37.6) 41.79	$32.70	-13.03%	Reduce -29.73%	878,213	-371,579
OMC	Omnicom Group Inc	2022-12-31	Sold Out	-0.13%	● 63.57 ($74.24) 81.59	$87.63	18.04%	Sold Out	0	-192,428
SRCL	Stericycle Inc	2022-12-31	Reduce	-0.12%	● 40.74 ($47.58) 53.82	$41.03	-13.77%	Reduce -5.81%	4,223,508	-260,401
HLI	Houlihan Lokey Inc	2022-12-31	Sold Out	-0.12%	● 76.69 ($89.89) 101.58	$89.78	-0.12%	Sold Out	0	-144,158
ADT	ADT Inc	2022-12-31	Reduce	-0.11%	● 7.78 ($8.89) 9.86	$7.11	-20.02%	Reduce -7.5%	16,824,950	-1,365,168
IPG	The Interpublic Group of Companies Inc	2022-12-31	Reduce	-0.11%	● 26.1 ($31.02) 34.5	$35.04	12.96%	Reduce -4.52%	8,178,383	-387,286
BRC	Brady Corp	2022-12-31	Reduce	-0.10%	● 41.96 ($45.83) 48.69	$52.25	14.01%	Reduce -43.7%	280,395	-217,642
GNTX	Gentex Corp	2022-12-31	Reduce	-0.10%	● 23.8 ($26.68) 29.28	$26.78	0.37%	Reduce -4.06%	8,851,996	-374,780
OSW	OneSpaWorld Holdings Ltd	2022-12-31	Reduce	-0.10%	● 8.05 ($9.46) 10.46	$11.47	21.25%	Reduce -6.07%	16,002,826	-1,034,143
NVST	Envista Holdings Corp	2022-12-31	Reduce	-0.09%	● 32.41 ($34.2) 37.99	$38.24	11.81%	Reduce -4.81%	5,044,455	-255,115
GCMG	GCM Grosvenor Inc	2022-12-31	Add	+0.09%	● 7.12 ($8.17) 8.87	$7.54	-7.71%	Add 41.79%	3,903,899	1,150,695
REZI	Resideo Technologies Inc	2022-12-31	Add	+0.08%	● 15.45 ($18.13) 23.78	$17.14	-5.46%	Add 3.89%	13,359,523	500,361
BCO	The Brink's Co	2022-12-31	Reduce	-0.07%	● 51.05 ($57.91) 62.74	$64.16	10.79%	Reduce -6.13%	2,017,582	-131,767
TAP	Molson Coors Beverage Co	2022-12-31	Add	+0.07%	● 47.02 ($51.31) 55.58	$50.70	-1.19%	Add 40.46%	464,379	133,774
SWK	Stanley Black & Decker Inc	2022-12-31	Add	+0.07%	● 71.66 ($78.04) 85.34	$74.25	-4.86%	Add 16.32%	633,366	88,866
BYD	Boyd Gaming Corp	2022-12-31	Reduce	-0.06%	● 48.75 ($56.31) 61.33	$60.42	7.30%	Reduce -2.99%	3,456,919	-106,447
FAF	First American Financial Corp	2022-12-31	Reduce	-0.06%	● 44.26 ($50.67) 55.2	$53.71	6.00%	Reduce -2.76%	4,017,718	-114,202
KMT	Kennametal Inc	2022-12-31	Reduce	-0.06%	● 21.8 ($24.77) 27.22	$25.76	4.00%	Reduce -2.44%	10,362,253	-259,532
LAZ	Lazard Ltd	2022-12-31	Reduce	-0.06%	● 31.28 ($35.56) 38.84	$32.73	-7.96%	Reduce -2.31%	7,706,182	-182,272
VIV	Telefonica Brasil SA	2022-12-31	Add	+0.06%	● 6.92 ($7.47) 8.21	$7.38	-1.20%	Add 32.42%	3,632,025	889,221
BWA	BorgWarner Inc	2022-12-31	Reduce	-0.05%	● 32.62 ($38.64) 42.79	$47.38	22.62%	Reduce -7.92%	1,684,105	-144,943
GS	The Goldman Sachs Group Inc	2022-12-31	Reduce	-0.05%	● 294.21 ($348.16) 388.86	$312.57	-10.22%	Reduce -5.21%	271,237	-14,902
JLL	Jones Lang LaSalle Inc	2022-12-31	Reduce	-0.05%	● 138.33 ($159.44) 170.57	$137.45	-13.79%	Reduce -2.19%	1,299,795	-29,081
PGR	Progressive Corp	2022-12-31	Reduce	-0.05%	● 115.89 ($126.72) 132.51	$140.43	10.82%	Reduce -35.89%	70,885	-39,682
ZBRA	Zebra Technologies Corp	2022-12-31	Add	+0.05%	● 226.88 ($258.51) 288	$288.73	11.69%	Add 3.88%	495,626	18,508
APA	APA Corp	2022-12-31	Reduce	-0.04%	● 37.3 ($44.75) 49.5	$34.51	-22.88%	Reduce -34.09%	185,862	-96,124
BRK.B	Berkshire Hathaway Inc	2022-12-31	Reduce	-0.04%	● 264 ($296.98) 318.6	$298.92	0.65%	Reduce -51.11%	12,999	-13,589
ITUB	Itau Unibanco Holding SA	2022-12-31	New Buy	+0.04%	● 4.33 ($5.15) 5.99	$4.37	-15.15%	New holding	789,469	789,469
ZBH	Zimmer Biomet Holdings Inc	2022-12-31	Reduce	-0.04%	● 104.85 ($116.05) 128.43	$126.04	8.61%	Reduce -9.09%	358,506	-35,846
AFL	Aflac Inc	2022-12-31	Reduce	-0.03%	● 57.41 ($66.95) 72.5	$62.88	-6.08%	Reduce -5.28%	888,053	-49,492
CRL	Charles River Laboratories International Inc	2022-12-31	Reduce	-0.03%	● 197.11 ($218.37) 250.07	$193.79	-11.26%	Reduce -1.96%	637,762	-12,736
EVR	Evercore Inc	2022-12-31	Reduce	-0.03%	● 84.72 ($104.38) 116.35	$110.54	5.90%	Reduce -16.27%	154,111	-29,955
LIND	Lindblad Expeditions Holdings Inc	2022-12-31	Add	+0.03%	● 6.12 ($8.44) 10.88	$8.61	2.01%	Add 7.06%	6,393,261	421,609
LFUS	Littelfuse Inc	2022-12-31	Reduce	-0.03%	● 197.52 ($223.14) 249.6	$262.76	17.76%	Reduce -3.21%	372,091	-12,346
MAT	Mattel Inc	2022-12-31	Add	+0.03%	● 16.24 ($18.13) 20.11	$16.28	-10.20%	Add 0.9%	15,903,612	141,329
NTAP	NetApp Inc	2022-12-31	Add	+0.03%	● 58.18 ($66.29) 74.66	$61.06	-7.89%	Add 6.09%	742,622	42,658
AMG	Affiliated Managers Group Inc	2022-12-31	Reduce	-0.02%	● 112.88 ($141.47) 162.6	$136.69	-3.38%	Reduce -1.48%	1,128,307	-16,947
AXTA	Axalta Coating Systems Ltd	2022-12-31	Reduce	-0.02%	● 21.27 ($24.71) 26.99	$28.10	13.72%	Reduce -1.33%	7,098,942	-95,844
ACWX	iShares MSCI ACWI Ex US Index Fund	2022-12-31	Add	+0.02%	● 39.37 ($43.58) 46.84	$47.15	8.19%	Add 34.15%	131,423	33,458
KFY	Korn Ferry	2022-12-31	Reduce	-0.02%	● 48.84 ($53.15) 57.03	$50.21	-5.53%	Reduce -5.11%	793,579	-42,718
LH	Laboratory Corp of America Holdings	2022-12-31	Reduce	-0.02%	● 204.3 ($227.5) 248.97	$218.41	-4.00%	Reduce -1.48%	699,513	-10,510
LMT	Lockheed Martin Corp	2022-12-31	Reduce	-0.02%	● 389.41 ($464.67) 496.23	$474.54	2.12%	Reduce -23.58%	13,585	-4,191
MSGS	Madison Square Garden Sports Corp	2022-12-31	Add	+0.02%	● 140.36 ($156.87) 183.33	$188.36	20.07%	Add 0.89%	1,071,674	9,406
MSFT	Microsoft Corp	2022-12-31	Reduce	-0.02%	● 214.25 ($239.99) 257.22	$280.57	16.91%	Reduce -0.92%	999,813	-9,261
MOS	The Mosaic Co	2022-12-31	Reduce	-0.02%	● 43.41 ($49.51) 54.45	$42.39	-14.38%	Reduce -23.51%	133,182	-40,945
NTRS	Northern Trust Corp	2022-12-31	Reduce	-0.02%	● 77.21 ($87.59) 94.36	$83.43	-4.75%	Reduce -0.73%	2,249,683	-16,577
NCLH	Norwegian Cruise Line Holdings Ltd	2022-12-31	Reduce	-0.02%	● 11.4 ($15.06) 18.3	$12.52	-16.87%	Reduce -2.34%	6,969,777	-166,703
PBH	Prestige Consumer Healthcare Inc	2022-12-31	Reduce	-0.02%	● 49.75 ($57.34) 63.89	$62.28	8.62%	Reduce -4.93%	833,443	-43,230
VEA	Vanguard FTSE Developed Markets ETF	2022-12-31	Add	+0.02%	● 35.77 ($40.11) 43.27	$43.47	8.38%	Add 7.75%	513,478	36,918
BAC	Bank of America Corp	2022-12-31	Add	+0.01%	● 29.77 ($34.44) 38.41	$27.14	-21.20%	Add 61.02%	96,039	36,395
BK	Bank of New York Mellon Corp	2022-12-31	Reduce	-0.01%	● 37.29 ($42.89) 45.9	$42.75	-0.33%	Reduce -23.58%	78,663	-24,268
GOLD	Barrick Gold Corp	2022-12-31	Reduce	-0.01%	● 13.1 ($15.91) 17.77	$18.52	16.40%	Reduce -23.59%	252,188	-77,876
BMY	Bristol-Myers Squibb Co	2022-12-31	Reduce	-0.01%	● 68.48 ($75.4) 81.13	$67.68	-10.24%	Reduce -1.23%	789,666	-9,868
CHKP	Check Point Software Technologies Ltd	2022-12-31	Reduce	-0.01%	● 109.32 ($124.78) 134.5	$128.40	2.90%	Reduce -1.56%	544,070	-8,607
CLB	Core Laboratories NV	2022-12-31	Reduce	-0.01%	● 14.85 ($19.38) 23.02	$20.27	4.59%	Reduce -0.64%	9,703,122	-62,193
GSK	GSK PLC	2022-12-31	Add	+0.01%	● 30 ($33.31) 37.92	$34.38	3.21%	Add 9.28%	185,288	15,727
HMN	Horace Mann Educators Corp	2022-12-31	Reduce	-0.01%	● 35.74 ($37.69) 39.67	$32.85	-12.84%	Reduce -5.11%	333,363	-17,958
IWN	iShares Russell 2000 Value ETF	2022-12-31	Add	+0.01%	● 130.46 ($140.45) 148.66	$132.27	-5.82%	Add 46.73%	26,965	8,588
IWS	iShares Russell Mid-Cap Value ETF	2022-12-31	New Buy	+0.01%	● 96.05 ($104.44) 111.09	$101.21	-3.09%	New holding	8,451	8,451
MIDD	The Middleby Corp	2022-12-31	Add	+0.01%	● 124.11 ($136.11) 145.25	$136.22	0.08%	Add 2.15%	286,789	6,036
ORCL	Oracle Corp	2022-12-31	Reduce	-0.01%	● 62.41 ($76) 84.11	$88.01	15.80%	Reduce -22.2%	69,850	-19,927
PM	Philip Morris International Inc	2022-12-31	Reduce	-0.01%	● 84 ($94.37) 104.3	$90.75	-3.84%	Reduce -0.4%	3,565,404	-14,152
SSD	Simpson Manufacturing Co Inc	2022-12-31	Reduce	-0.01%	● 76.43 ($87.36) 95.75	$104.31	19.40%	Reduce -2.4%	625,824	-15,384
MTN	Vail Resorts Inc	2022-12-31	Reduce	-0.01%	● 207.67 ($234.64) 266.94	$219.49	-6.46%	Reduce -2.79%	199,676	-5,723
VOD	Vodafone Group PLC	2022-12-31	Reduce	-0.01%	● 10.06 ($11.23) 12.47	$10.85	-3.38%	Reduce -11.12%	449,564	-56,228
WU	The Western Union Co	2022-12-31	Reduce	-0.01%	● 12.43 ($13.81) 14.66	$10.86	-21.36%	Reduce -23.57%	271,761	-83,825
DOX	Amdocs Ltd	2022-12-31	Reduce	0%	● 79.01 ($85.06) 90.95	$94.00	10.51%	Reduce -0.86%	644,701	-5,571
AZN	AstraZeneca PLC	2022-12-31	Add	0%	● 54.21 ($62.7) 70.44	$67.91	8.31%	Add 1.58%	22,396	348
BSAC	Banco Santander Chile	2022-12-31	Reduce	0%	● 13.66 ($14.9) 15.91	$16.77	12.55%	Reduce -0.5%	1,022,565	-5,135
DNB	Dun & Bradstreet Holdings Inc	2022-12-31	Add	0%	● 11.44 ($12.83) 14.6	$11.40	-11.15%	Add 8.4%	12,384	960
FICO	Fair Isaac Corp	2022-12-31	Reduce	0%	● 396.31 ($526.19) 624.99	$690.94	31.31%	Reduce -11.33%	446	-57
FISV	Fiserv Inc	2022-12-31	Add	0%	● 93.7 ($99.59) 105.46	$112.52	12.98%	Add 8.4%	3,096	240
JHG	Janus Henderson Group PLC	2022-12-31	Add	0%	● 19.81 ($23.44) 27.02	$25.57	9.09%	Add 0.52%	3,611,582	18,591

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