John Rogers

Last Update: 06-08-2018

Number of Stocks: 165
Number of New Stocks: 4

Total Value: $8,763 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 (%)
201715.8821.71-5.8
201615.5611.993.6
2015-4.11.24-5.3
3-Year Cumulative28.4 (8.7%/year)38 (11.3%/year)-9.6 (-2.6%/year)
201410.9513.47-2.5
201344.6832.312.4
5-Year Cumulative106.1 (15.6%/year)107.2 (15.7%/year)-1.1 (-0.1%/year)
201220.3215.994.3
2011-11.341.9-13.2
201025.9715.0510.9
200963.4226.3537.1
2008-48.25-36.79-11.5
10-Year Cumulative134.3 (8.9%/year)125 (8.4%/year)9.3 (0.5%/year)
2007-1.75.14-6.8
200610.3515.85-5.5
20050.924.83-3.9
200421.9710.711.3
200328.0428.19-0.1
15-Year Cumulative300.5 (9.7%/year)307.7 (9.8%/year)-7.2 (-0.1%/year)
2002-5.18-21.5816.4
200114.21-11.7626.0
200028.77-9.7538.5
1999-5.7620.4-26.2
19989.8928.7-18.8
20-Year Cumulative478.4 (9.2%/year)294.5 (7.1%/year)183.9 (2.1%/year)
199736.4433.473.0
199623.5122.491.0
199518.5238.04-19.5
1994-4.220.4-4.6
19938.7310.08-1.4
25-Year Cumulative1103.1 (10.5%/year)883.9 (9.6%/year)219.2 (0.9%/year)
199211.737.624.1
199132.7230.472.3
1990-16.08-3.1-13.0
198925.1131.69-6.6
198839.9216.6123.3
30-Year Cumulative2520.8 (11.5%/year)1955.8 (10.6%/year)565 (0.9%/year)
198711.45.16.3

Top Ranked Articles

Boost in Sales of F-35 Fighter Enhance Quarterly Earnings Lockheed Martin is building the costliest weapons program in US history
A boost in production and sales of the costliest U.S. weapons system, the F-35 Lightning II fighter jet, enhanced fourth-quarter earnings for Lockheed Martin Corp. (NYSE:LMT). Read more...
John Rogers Comments on Bristow Group Guru stock highlight
Looking broadly at our portfolio, helicopter operator Bristow Group, Inc. (NYSE:BRS) was the best performing name, surging +44.06% during the quarter amidst a better than expected earnings report and increased fiscal 2018 guidance. Notable announcements included cost recoveries, capex deferrals, the sale of Bristow Academy and the issuance of a convertible senior notes offering. Management retains a cautious outlook as the offshore downturn has continued in spite of stabilizing oil prices. Overall, we believe the shares are undervalued and with the liquidity overhang satisfied, the company can now shift its focus to operating the business for long term success. Read more...
John Rogers Comments on TEGNA Guru stock highlight
Local network broadcast TV provider TEGNA, Inc. (NYSE:TGNA) also weighed on quarterly performance, trading down -18.66% as fourth quarter and fiscal 2017 results missed top line expectations due to the absence of cyclical political revenue contributions as well as the digital businesses cars.com and CareerBuilder. TEGNA is now a pure-play TV station operator and largest owner of top four affiliates in the top 25 markets. We believe the company is well positioned for subscription revenue growth as cable, satellite, telecom operators and virtual multichannel providers pay for the right to carry TGNA’s programming. We think network TV remains the most effective medium that has mass reach and the ability to build a brand campaign for national and local advertisers. TGNA is also poised to deliver strong free cash flow in 2018, due to growing retransmission revenues, Super Bowl LII on NBC, XXIII Olympic Winter Games on NBC and political advertising. Read more...
John Rogers' Ariel Investments Monthly Commentary for December Discusses bitcoin and markets
The mere suggestion that a flower could bring down a whole economy seems absurd to a reasonable mind, however that is exactly what happened during the famous tulip bulb market bubble that occurred in Holland during the 1600s. Increasing demand for rare varieties caused the price of bulbs to surge, with many people bartering their homes and land for the ‘wise investment’ with the simple expectation that the exuberant market behavior would continue and the bulbs could be resold at a greater price. As happens in all speculative frenzies, prices got so high that when people began to take profits, panic selling began. In no time, bulbs soon were trading for “no more than the price of a common onion.”1 Read more...
John Rogers Comments on Zebra Technologies Guru stock highlight
The positive results for Ariel Fund were largely driven by strong stock selection within the producer durables and financial services sectors, contributing +149 basis points and +120 basis points, respectively to returns relative to the Russell 2500 Value Index. Bar code manufacturer, Zebra Technologies (NASDAQ:ZBRA) was the top performer within the producer durables sector, delivering +34.09% gain. Broad based demand both geographically and by product end market drove a top and bottom line earnings beat. The company also made significant progress reducing its financial leverage by surpassing the full year debt pay down commitment by more than 50%. Moreover, management issued quarterly and full year 2018 guidance that exceeded consensus estimates. We continue to believe ZBRA remains underpriced relative to its intrinsic value. Read more...
» More John Rogers Articles

Commentaries and Stories

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John Rogers' Ariel Investments May Commentary Discussion of the month John Rogers - John Rogers' Ariel Investments May Commentary
Uncertainties and risks around aggressive U.S. trade policy have many of our clients asking about the positioning of Ariel’s portfolios. While important to current market sentiment and conversation, we view such concerns as short- term noise within the context of our long term investment horizon. Furthermore, and more specific to our efforts, the recent tariff announcement does not have much of an impact on our traditional and deep value portfolios on a micro level. Before diving in further, we thought it would be helpful to share an excerpt of Warren Buffett (Trades, Portfolio)’s sage advice from the year 1994 that not only had a major impact on us at the time but continues to contribute to our investment philosophy today: More...

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9 Stocks John Rogers Continues to Buy AutoWeb tops the list John Rogers - 9 Stocks John Rogers Continues To Buy
John Rogers (Trades, Portfolio), the founder of Ariel Capital Management, bought shares of the following stocks in both the first quarter of 2018 and fourth quarter of 2017. More...

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John Rogers' Ariel Investments April Commentary 'Taking a contrarian stance means that one must have a good reason for holding a differing point of view...' John Rogers - John Rogers' Ariel Investments April Commentary
“Taking a contrarian stance means that one must have a good reason for holding a differing point of view – one based on research, not gut. And one must have the courage and patience to stick with the decision, even in times of maximum pain.” – John W. Rogers, Jr. More...

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John Rogers Comments on Silica Holdings Guru stock highlight
Producer and supplier of sand, U.S. Silica Holdings, Inc. (NYSE:SLCA) detracted from performance as well. Shares declined -21.44% as volatility in oil and gas prices have investors questioning the future utilization of drilling rigs if prices remain at lower levels. However, record tons of oil and gas were sold company wide for both the quarter and fiscal 2017. Management also announced the acquisition of EP Minerals, global producer of engineered materials, raising additional concerns about SLCA’s intent to diversify away from being a provider of proppant to the fracking industry. We believe these concerns are overdone, as the company remains well positioned to benefit from underlying demand growth in its end markets and believe SLCA’s scale, distribution capabilities and industrial business are competitive advantages that are underappreciated in the long term value of the business. More...

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John Rogers Comments on TEGNA Guru stock highlight
Local network broadcast TV provider TEGNA, Inc. (NYSE:TGNA) also weighed on quarterly performance, trading down -18.66% as fourth quarter and fiscal 2017 results missed top line expectations due to the absence of cyclical political revenue contributions as well as the digital businesses cars.com and CareerBuilder. TEGNA is now a pure-play TV station operator and largest owner of top four affiliates in the top 25 markets. We believe the company is well positioned for subscription revenue growth as cable, satellite, telecom operators and virtual multichannel providers pay for the right to carry TGNA’s programming. We think network TV remains the most effective medium that has mass reach and the ability to build a brand campaign for national and local advertisers. TGNA is also poised to deliver strong free cash flow in 2018, due to growing retransmission revenues, Super Bowl LII on NBC, XXIII Olympic Winter Games on NBC and political advertising. More...

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John Rogers Comments on Kennametal Inc. Guru stock highlight
Alternatively, from an attribution perspective, there was not one particular sector that materially underperformed on a relative basis during the quarter. The weakest performer in the portfolio was specialty cutting tool insert maker Kennametal Inc. (NYSE:KMT), which finished the quarter down -16.65%. We believe this price action runs counter to its strong business fundamentals. KMT is executing on a 3-year strategic plan that will improve economies of scale and generate margin improvement. Furthermore, despite near term adverse effects of tax reform on the company, stronger than anticipated end market demand for products resulted in management raising the adjusted EPS outlook for fiscal 2019. More...

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John Rogers Comments on Jones Lang LaSalle Guru stock highlight
Within the financial services sector, real estate expert Jones Lang LaSalle (NYSE:JLL) advanced considerably in the quarter, posting a +17.26% gain on solid earnings, highlighted by double digit revenue growth, disciplined cost management and strong operating cash flows which contributed to a significant reduction in net debt. These results were achieved while making meaningful progress on their data and technology strategic priorities. With favorable economic conditions and healthy real estate fundamentals in most markets, we believe JLL will continue to benefit from global growth, the outsourcing of real estate services and institutional demand for commercial real estate. More...

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John Rogers Comments on Keysight Technologies Guru stock highlight
Another top contributor within producer durables was innovative test and measurement business, Keysight Technologies, Inc. (NYSE:KEYS), which advanced +25.94% after delivering better than expected revenue and earnings. The beat was driven by strong order growth across its end-markets, including 5G, automotive and energy, semiconductors, aerospace and defense; a faster than anticipated production recovery following the Northern California wildfires. KEYS also announced a $350M share repurchase authorization in the quarter. More...

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John Rogers Comments on Zebra Technologies Guru stock highlight
The positive results for Ariel Fund were largely driven by strong stock selection within the producer durables and financial services sectors, contributing +149 basis points and +120 basis points, respectively to returns relative to the Russell 2500 Value Index. Bar code manufacturer, Zebra Technologies (NASDAQ:ZBRA) was the top performer within the producer durables sector, delivering +34.09% gain. Broad based demand both geographically and by product end market drove a top and bottom line earnings beat. The company also made significant progress reducing its financial leverage by surpassing the full year debt pay down commitment by more than 50%. Moreover, management issued quarterly and full year 2018 guidance that exceeded consensus estimates. We continue to believe ZBRA remains underpriced relative to its intrinsic value. More...

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John Rogers' Ariel Fund 1st Quarter 2018 Shareholder Letter Discussion of holdings and markets John Rogers - John Rogers' Ariel Fund 1st Quarter 2018 Shareholder Letter
Equities started 2018 with a bang, and then the momentum was interrupted as rising concerns over inflationary pressures in the U.S., higher interest rates, and fears of a global trade war triggered increased volatility. As a result, the large-cap S&P 500 Index ended the quarter down -0.76%, the small-cap Russell 2000 Index traded -0.08% lower and the global MSCI EAFE Index declined -1.53%. For the quarter, the Ariel Fund advanced +0.80%, significantly outperforming the Russell 2500 Value Index and Russell 2500 Index, which declined -2.65% and -0.24%, respectively. More...

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4 Interesting Ariel Investments Holdings A review of the firm's recent quarterly commentary John Rogers - 4 Interesting Ariel Investments Holdings
A recent note from John Rogers (TradesPortfolio)' Ariel Investments struck me as particularly outspoken. It seems like they really wanted to make a point what they stand for (emphasis mine): More...

ASSET MANAGEMENT, FINANCIAL SERVICES, LONG


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John Rogers' Ariel Investments March Letter Discussion of the month John Rogers - John Rogers' Ariel Investments March Letter
In a world where the herd mentality seemingly dominates and influences markets, it takes courage and independence to go against the grain. Our contrarian stance is based on extensive research and industry expertise, not instinct. Although our bottom-up effort results in a financial service sector underweight, Ariel’s domestic and global portfolios benefit greatly from strong selection within the sector. More...

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NYSE Parent Buys Chicago Stock Exchange The SEC blocked another bid from Chinese investors in February Daniel Loeb,John Rogers - NYSE Parent Buys Chicago Stock Exchange
After the Securities and Exchange Commission shot down North America Casin Holdings Inc.’s bid to acquire the Chicago Stock Exchange in February, Intercontinental Exchange Inc. (NYSE:ICE) announced on Thursday it has agreed to buy the securities exchange. More...

NYSE, CHX, CHICAGO, EXCHANGE, ACQUIRE


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2 Investment Ideas by Ariel's Charles Bobrinskoy Ariel's Charles Bobrinskoy shares two of his favorite ideas that are outside of the indexation universe which he doesn't trust. He views this as a time to be very selective John Rogers - 2 Investment Ideas By Ariel's Charles Bobrinskoy
Charles K. Bobrinskoy manages Ariel Investment’s focused value strategy of all-cap stocks. Before joining Ariel in 2004 he spent 21 years at Salomon Brothers on the investment banking side. He recently appeared on CNBC and shared some general investing advice as well as two interesting picks from his portfolio. More...

PRIVATE EQUITY, ASSET MANAGEMENT, LONG, INDEXATION, PASSIVE INVESTING


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Barrick Gold Corp. Starts to Allure RBC Capital upgrades Barrick Pioneer Investments,John Rogers - Barrick Gold Corp. Starts To Allure
RBC Capital has upgraded shares of Barrick Gold Corp. (NYSE:ABX) to an outperform rating from  sector-perform, sending the company's stock up 2.62% to $12.13 a share. More...

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John Rogers' Ariel Investments February Commentary Discussion of markets John Rogers - John Rogers' Ariel Investments February Commentary
February 2018 put the battle between bulls and bears on the big screen. Rising concern over inflationary pressures sent bond yields higher, igniting fear that the Federal Reserve would be forced to become more aggressive in raising interest rates. The scare triggered a sell-off across the major indices and at the close of trading on February 8th, year-to- date gains for the Dow Jones Industrial Average, S&P 500 and NASDAQ had been erased. Yet, markets quickly regained their footing as investors, emboldened by improving U.S. economic growth and strong earnings fundamentals, jumped into the fray propelling a dramatic rebound, as all three major indices exited February in positive territory. And with the month of March marking the 9th anniversary of the bull run, why are we, the contrarian investor, still bullish? More...

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John Rogers' Monthly Commentary - January At the request of our clients, we have accepted the monthly commentary as an industry norm, however we question the convention John Rogers - John Rogers' Monthly Commentary - January
New Year’s resolutions—love them or hate them—have become quite the popular tradition. For many people, January 1st is synonymous with “Day One” on the road to achieving a “new goal.” Yet, as we all know, the road is a difficult one to follow, because it’s incredibly tough to resist temptation. By the time the year ends, a whopping 91% of resolutions will have fallen by the wayside, as people have the shortsighted tendency to value the pleasures of the present over the satisfaction of fulfilling their goals in the future. More...

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John Rogers: Market Isn't Going to Drop 20% Rogers of Ariel Investments fame talks to CNBC, giving several investment ideas and his outlook for markets John Rogers - John Rogers: Market Isn't Going To Drop 20%
I’ve been writing a lot of bearish articles over the past year and with the S&P 500 down close to 5% today, I’ll switch it up with a more upbeat sound. It’s already a bad enough day. John Rogers (Trades, Portfolio), CEO and CIO of Ariel Investments, appeared on CNBC Tuesday morning and shared his view on markets as well as a couple of interesting stock picks. More...

LONG, SMALL CAP, ARIEL INVESTMENTS


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Boost in Sales of F-35 Fighter Enhance Quarterly Earnings Lockheed Martin is building the costliest weapons program in US history Joel Greenblatt, John Rogers, Mario Gabelli, Ken F - Boost In Sales Of F-35 Fighter Enhance Quarterly Earnings
A boost in production and sales of the costliest U.S. weapons system, the F-35 Lightning II fighter jet, enhanced fourth-quarter earnings for Lockheed Martin Corp. (NYSE:LMT). More...

LOCKHEED MARTIN CORP., F-35 FIGHTER JET,


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John Rogers Comments on Graham Holdings Co. Guru stock highlight
We did not purchase any new holdings in Ariel Fund during the quarter, but we did exit our position in Graham Holdings Co. (NYSE:GHC) as the stock price fully reflected our long-standing view of the sum of its parts. Since our initial purchase over 7 years ago, the company has successfully monetized several of its businesses, including The Washington Post, Cable ONE, broadcast television stations and most recently Kaplan Education. Including the spin-off of Cable ONE in 2015, our investment has generated an impressive +176% total return over our holding period. More...

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