← All super investors
John Rogers
Ariel Investments
2026Q1 · filed May 14, 2026106 positions · $8.93Btop-5 18%
2026Q1 brief
Ariel Investments' $8.93B deep-value, small/mid-cap portfolio remained characteristically patient in Q1 2026, with incremental adds and trims rather than wholesale repositioning across its 106-position book. The most notable build was ZBRA (+63.4% to 1.8%), reflecting renewed conviction in the enterprise mobility hardware name after its prolonged drawdown. RLI saw the largest percentage add (+133.7% to 0.6%), a niche specialty insurer that fits Ariel's preference for underappreciated financial compounders. On the trim side, SPHR was cut 22.3% (still a top-5 holding at 3.2%) after what has been a long-held entertainment real estate position, and KMT and MSFT were each reduced by more than 60%—the latter consistent with Ariel's historic skepticism toward mega-cap tech. Exits included COF, Check Point, and HUM, removing some financials and healthcare exposure. New positions in SMG (0.7%) and FITB (0.3%) are modest but suggest interest in consumer lawn/garden and regional banking. With top-5 at just 18% across 106 names, concentration remains low. Watch whether ZBRA and ONESPAWORLD (OSW, #2 at 4.0%) continue to grow as Ariel's highest-conviction mid-cap recovery bets.
AI-generated. Not investment advice.
Holdings (106) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MSGE | 4.0% | $360M | |||
| 2 | OSW | 4.0% | $354M | |||
| 3 | JLL | 3.5% | $312M | |||
| 4 | AMG | 3.3% | $294M | |||
| 5 | SPHR | 3.2% | $289M | |||
| 6 | NVST | 3.1% | $276M | |||
| 7 | NCLH | 3.1% | $274M | |||
| 8 | PBH | 2.8% | $253M | |||
| 9 | GNRC | 2.8% | $253M | |||
| 10 | CRL | 2.8% | $249M | |||
| 11 | LAZ | 2.8% | $248M | |||
| 12 | FAF | 2.6% | $231M | |||
| 13 | MSGS | 2.6% | $231M | |||
| 14 | CVSA | 2.5% | $223M | |||
| 15 | CLB | 2.5% | $221M | |||
| 16 | BIO | 2.5% | $219M | |||
| 17 | BOKF | 2.4% | $211M | |||
| 18 | MIDD | 2.3% | $209M | |||
| 19 | REZI | 2.3% | $205M | |||
| 20 | MAT | 2.2% | $197M | |||
| 21 | CG | 2.2% | $193M | |||
| 22 | BYD | 2.1% | $187M | |||
| 23 | GNTX | 2.0% | $182M | |||
| 24 | SJM | 2.0% | $179M | |||
| 25 | MHK | 1.9% | $172M | |||
| 26 | ZBRA | 1.8% | $163M | |||
| 27 | NTRS | 1.8% | $159M | |||
| 28 | MANU | 1.7% | $152M | |||
| 29 | ADT | 1.4% | $128M | |||
| 30 | AQN | 1.4% | $121M | |||
| 31 | KN | 1.1% | $98M | |||
| 32 | AXTA | 1.1% | $96M | |||
| 33 | BCO | 1.1% | $96M | |||
| 34 | LH | 1.1% | $94M | |||
| 35 | OMC | 0.9% | $83M | |||
| 36 | XRAY | 0.8% | $74M | |||
| 37 | LFUS | 0.8% | $73M | |||
| 38 | NVT | 0.8% | $71M | |||
| 39 | INTC | 0.7% | $64M | |||
| 40 | SLB | 0.7% | $64M | |||
| 41 | DIS | 0.7% | $63M | |||
| 42 | LIND | 0.7% | $59M | |||
| 43 | SMG | 0.7% | $59M | |||
| 44 | KEYS | 0.6% | $58M | |||
| 45 | FSLR | 0.6% | $54M | |||
| 46 | WEX | 0.6% | $52M | |||
| 47 | CVS | 0.6% | $50M | |||
| 48 | RLI | 0.6% | $50M | |||
| 49 | FDS | 0.5% | $49M | |||
| 50 | BMY | 0.5% | $44M | |||
| 51 | T | 0.5% | $43M | |||
| 52 | GCMG | 0.5% | $43M | |||
| 53 | KKR | 0.5% | $41M | |||
| 54 | HPE | 0.4% | $40M | |||
| 55 | SCHW | 0.4% | $38M | |||
| 56 | MTB | 0.4% | $37M | |||
| 57 | CBRE | 0.4% | $36M | |||
| 58 | FDX | 0.4% | $35M | |||
| 59 | MAS | 0.4% | $32M | |||
| 60 | KMT | 0.4% | $31M | |||
| 61 | KFY | 0.3% | $29M | |||
| 62 | SWK | 0.3% | $28M | |||
| 63 | GILD | 0.3% | $28M | |||
| 64 | FITB | 0.3% | $26M | |||
| 65 | AFL | 0.3% | $26M | |||
| 66 | BAC | 0.3% | $25M | |||
| 67 | FISV | 0.3% | $24M | |||
| 68 | TAP | 0.3% | $24M | |||
| 69 | KMX | 0.3% | $23M | |||
| 70 | MSFT | 0.3% | $23M | |||
| 71 | PSKY | 0.3% | $23M | |||
| 72 | CNP | 0.2% | $21M | |||
| 73 | SSD | 0.2% | $16M | |||
| 74 | MTN | 0.2% | $14M | |||
| 75 | IWN | 0.1% | $12M | |||
| 76 | SNA | 0.1% | $12M | |||
| 77 | MGPI | 0.1% | $12M | |||
| 78 | JNJ | 0.1% | $10M | |||
| 79 | APA | 0.1% | $9M | |||
| 80 | PHIN | 0.1% | $9M | |||
| 81 | CVX | 0.1% | $9M | |||
| 82 | B | 0.1% | $8M | |||
| 83 | LMT | 0.1% | $8M | |||
| 84 | HCKT | 0.1% | $6M | |||
| 85 | TSM | 0.1% | $5M | |||
| 86 | KB | 0.1% | $5M | |||
| 87 | AJG | <0.1% | $4M | |||
| 88 | MOS | <0.1% | $4M | |||
| 89 | BWA | <0.1% | $4M | |||
| 90 | LESL | <0.1% | $3M | |||
| 91 | G2519Y108 | <0.1% | $3M | |||
| 92 | ORCL | <0.1% | $2M | |||
| 93 | P5626F128 | <0.1% | $2M | |||
| 94 | KSPI | <0.1% | $2M | |||
| 95 | VT | <0.1% | $1M | |||
| 96 | VWO | <0.1% | $1M | |||
| 97 | V7780T103 | <0.1% | $479K | |||
| 98 | VXUS | <0.1% | $361K | |||
| 99 | HDB | <0.1% | $350K | |||
| 100 | XCEM | <0.1% | $345K | |||
| 101 | MSI | <0.1% | $302K | |||
| 102 | ZBH | <0.1% | $273K | |||
| 103 | BRC | <0.1% | $225K | |||
| 104 | FICO | <0.1% | $218K | |||
| 105 | PGR | <0.1% | $200K | |||
| 106 | IWS | <0.1% | $167K |
Sort↑
- 1MSGE4.0%$360MMadison Square Garden Entertthis Q hold·12q
- 2OSW4.0%$354MOnespaworld Holdings Limitedthis Q hold·25q
- 3JLL3.5%$312MJones Lang Lasalle Incthis Q hold·40q
- 4AMG3.3%$294MAffiliated Managers Groupthis Q hold·31q
- 5SPHR3.2%$289MSphere Entertainment COthis Q -22%·24q
- 6NVST3.1%$276MEnvista Holdings Corpthis Q hold·25q
- 7NCLH3.1%$274MNorwegian Cruise Line Hldgsthis Q hold·25q
- 8PBH2.8%$253MPrestige Consumer Healthcarethis Q hold·16q
- 9GNRC2.8%$253MGenerac Holdings Incthis Q hold·23q
- 10CRL2.8%$249MCharles River Laboratoriesthis Q hold·40q
- 11LAZ2.8%$248MLazard Incthis Q hold·9q
- 12FAF2.6%$231MFirst American Financialthis Q hold·40q
- 13MSGS2.6%$231MMadison Square Garden Sportsthis Q hold·40q
- 14CVSA2.5%$223MCovista Incthis Q hold·36q
- 15CLB2.5%$221MCore Laboratories Incthis Q hold·12q
- 16BIO2.5%$219MBio-rad Laboratories-athis Q hold·40q
- 17BOKF2.4%$211MBok Financial Corporationthis Q hold·40q
- 18MIDD2.3%$209MMiddleby Corpthis Q hold·25q
- 19REZI2.3%$205MResideo Technologies Incthis Q hold·19q
- 20MAT2.2%$197MMattel Incthis Q hold·40q
- 21CG2.2%$193MCarlyle Group Inc/thethis Q hold·14q
- 22BYD2.1%$187MBoyd Gaming Corpthis Q hold·19q
- 23GNTX2.0%$182MGentex Corpthis Q hold·19q
- 24SJM2.0%$179MJM Smucker Co/thethis Q hold·40q
- 25MHK1.9%$172MMohawk Industries Incthis Q hold·40q
- 26ZBRA1.8%$163MZebra Technologies Corp-cl Athis Q +63%·40q
- 27NTRS1.8%$159MNorthern Trust Corpthis Q hold·40q
- 28MANU1.7%$152MManchester Utd Plc Newthis Q hold·19q
- 29ADT1.4%$128MAdt Incthis Q hold·20q
- 30AQN1.4%$121MAlgonquin Power & Utilitiesthis Q +23%·5q
- 31KN1.1%$98MKnowles Corpthis Q hold·30q
- 32AXTA1.1%$96MAxalta Coating Sys Ltdthis Q -29%·21q
- 33BCO1.1%$96MBrink's Co/thethis Q hold·40q
- 34LH1.1%$94MLabcorp Holdings Incthis Q hold·8q
- 35OMC0.9%$83MOmnicom Groupthis Q hold·28q
- 36XRAY0.8%$74MDentsply Sirona Incthis Q +21%·2q
- 37LFUS0.8%$73MLittelfuse Incthis Q hold·40q
- 38NVT0.8%$71MNvent Elec Plcthis Q hold·21q
- 39INTC0.7%$64MIntel Corpthis Q hold·10q
- 40SLB0.7%$64MSlb Ltdthis Q hold·22q
- 41DIS0.7%$63MWalt Disney Co/thethis Q hold·4q
- 42LIND0.7%$59MLindblad Expeditions Holdingthis Q -33%·18q
- 43SMG0.7%$59MScotts Miracle-gro COthis Q New·—1q
- 44KEYS0.6%$58MKeysight Technologies INthis Q -21%·38q
- 45FSLR0.6%$54MFirst Solar Incthis Q hold·4q
- 46WEX0.6%$52MWex Incthis Q hold·7q
- 47CVS0.6%$50MCvs Health Corpthis Q hold·13q
- 48RLI0.6%$50MRli Corpthis Q +134%·2q
- 49FDS0.5%$49MFactset Research Systems Incthis Q +79%·6q
- 50BMY0.5%$44MBristol-myers Squibb COthis Q hold·21q
- 51T0.5%$43MAt&t Incthis Q +24%·2q
- 52GCMG0.5%$43MGcm Grosvenor Inc - Class Athis Q hold·15q
- 53KKR0.5%$41MKkr & CO Incthis Q +66%·31q
- 54HPE0.4%$40MHewlett Packard Enterprisethis Q +26%·2q
- 55SCHW0.4%$38MSchwab (charles) Corpthis Q hold·25q
- 56MTB0.4%$37MM & T Bank Corpthis Q hold·18q
- 57CBRE0.4%$36MCbre Group Inc - Athis Q +25%·40q
- 58FDX0.4%$35MFedex Corpthis Q +39%·3q
- 59MAS0.4%$32MMasco Corpthis Q +29%·30q
- 60KMT0.4%$31MKennametal Incthis Q -63%·40q
- 61KFY0.3%$29MKorn Ferrythis Q hold·29q
- 62SWK0.3%$28MStanley Black & Decker Incthis Q hold·40q
- 63GILD0.3%$28MGilead Sciences Incthis Q hold·40q
- 64FITB0.3%$26MFifth Third Bancorpthis Q New·—1q
- 65AFL0.3%$26MAflac Incthis Q hold·40q
- 66BAC0.3%$25MBank OF America Corpthis Q hold·15q
- 67FISV0.3%$24MFiserv Incthis Q +35%·17q
- 68TAP0.3%$24MMolson Coors Beverage CO - Bthis Q hold·30q
- 69KMX0.3%$23MCarmax Incthis Q hold·29q
- 70MSFT0.3%$23MMicrosoft Corpthis Q -64%·40q
- 71PSKY0.3%$23MParamount Skydance CL Bthis Q hold·3q
- 72CNP0.2%$21MCenterpoint Energy Incthis Q -52%·6q
- 73SSD0.2%$16MSimpson Manufacturing CO Incthis Q hold·40q
- 74MTN0.2%$14MVail Resorts Incthis Q hold·25q
- 75IWN0.1%$12MIshares Russell 2000 Value Ethis Q +96%·31q
- 76SNA0.1%$12MSnap-on Incthis Q hold·40q
- 77MGPI0.1%$12MMgp Ingredients Incthis Q hold·9q
- 78JNJ0.1%$10MJohnson & Johnsonthis Q hold·40q
- 79APA0.1%$9MApa Corpthis Q -25%·21q
- 80PHIN0.1%$9MPhinia Incthis Q hold·11q
- 81CVX0.1%$9MChevron Corpthis Q hold·11q
- 82B0.1%$8MBarrick Mining Corpthis Q hold·4q
- 83LMT0.1%$8MLockheed Martin Corpthis Q hold·40q
- 84HCKT0.1%$6MHackett Group Inc/thethis Q hold·16q
- 85TSM0.1%$5MTaiwan Semiconductor-sp Adrthis Q +58%·10q
- 86KB0.1%$5MKB Financial Group Inc-adrthis Q hold·10q
- 87AJG<0.1%$4MArthur J Gallagher & COthis Q +29%·3q
- 88MOS<0.1%$4MMosaic Co/thethis Q hold·40q
- 89BWA<0.1%$4MBorgwarner Incthis Q hold·40q
- 90LESL<0.1%$3MLeslie's Incthis Q hold·3q
- 91G2519Y108<0.1%$3MCredicorp Ltdthis Q +32%·24q
- 92ORCL<0.1%$2MOracle Corpthis Q hold·40q
- 93P5626F128<0.1%$2MIntercorp Finl Svcs Incthis Q +34%·6q
- 94KSPI<0.1%$2MJsc Kaspi.kz Adrthis Q +73%·8q
- 95VT<0.1%$1MVanguard Tot World Stk Etfthis Q New·21q
- 96VWO<0.1%$1MVanguard Ftse Emerging Markethis Q New·2q
- 97V7780T103<0.1%$479KRoyal Caribbean Groupthis Q New·36q
- 98VXUS<0.1%$361KVanguard Total Intl Stockthis Q New·5q
- 99HDB<0.1%$350KHdfc Bank Ltd-adrthis Q hold·3q
- 100XCEM<0.1%$345KColumbia EM Core Ex-chinathis Q New·—1q
- 101MSI<0.1%$302KMotorola Solutions Incthis Q hold·16q
- 102ZBH<0.1%$273KZimmer Biomet Holdings Incthis Q hold·40q
- 103BRC<0.1%$225KBrady Corporation - CL Athis Q hold·40q
- 104FICO<0.1%$218KFair Isaac Corpthis Q hold·33q
- 105PGR<0.1%$200KProgressive Corpthis Q hold·39q
- 106IWS<0.1%$167KIshares Russell Mid-cap Valuthis Q New·8q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| SPHR | Sphere Entertainment CO | TRIM | 3.2% | -22% | $289M |
| ZBRA | Zebra Technologies Corp-cl A | ADD | 1.8% | +63% | $163M |
| AXTA | Axalta Coating Sys Ltd | TRIM | 1.1% | -29% | $96M |
| AQN | Algonquin Power & Utilities | ADD | 1.4% | +23% | $121M |
| M22465104 | Check Point Software Tech LT | EXIT | 0.9% | -100% | $0 |
| MSFT | Microsoft Corp | TRIM | 0.3% | -64% | $23M |
| XRAY | Dentsply Sirona Inc | ADD | 0.8% | +21% | $74M |
| LIND | Lindblad Expeditions Holding | TRIM | 0.7% | -33% | $59M |
| KMT | Kennametal Inc | TRIM | 0.4% | -63% | $31M |
| SMG | Scotts Miracle-gro CO | NEW | 0.7% | +100% | $59M |
| KEYS | Keysight Technologies IN | TRIM | 0.6% | -21% | $58M |
| JHG | Janus Henderson Group Plc | EXIT | 0.6% | -100% | $0 |
| RLI | Rli Corp | ADD | 0.6% | +134% | $50M |
| FDS | Factset Research Systems Inc | ADD | 0.5% | +79% | $49M |
| T | At&t Inc | ADD | 0.5% | +24% | $43M |
| KKR | Kkr & CO Inc | ADD | 0.5% | +66% | $41M |
| HPE | Hewlett Packard Enterprise | ADD | 0.4% | +26% | $40M |
| COF | Capital One Financial Corp | EXIT | 0.4% | -100% | $0 |
| CNP | Centerpoint Energy Inc | TRIM | 0.2% | -52% | $21M |
| CBRE | Cbre Group Inc - A | ADD | 0.4% | +25% | $36M |
| FDX | Fedex Corp | ADD | 0.4% | +39% | $35M |
| WBS | Webster Financial Corp | EXIT | 0.4% | -100% | $0 |
| NTAP | Netapp Inc | EXIT | 0.4% | -100% | $0 |
| MAS | Masco Corp | ADD | 0.4% | +29% | $32M |
| FITB | Fifth Third Bancorp | NEW | 0.3% | +100% | $26M |
| FISV | Fiserv Inc | ADD | 0.3% | +35% | $24M |
| HUM | Humana Inc | EXIT | 0.2% | -100% | $0 |
| IWN | Ishares Russell 2000 Value E | ADD | 0.1% | +96% | $12M |
| APA | Apa Corp | TRIM | 0.1% | -25% | $9M |
| TSM | Taiwan Semiconductor-sp Adr | ADD | 0.1% | +58% | $5M |
| AJG | Arthur J Gallagher & CO | ADD | <0.1% | +29% | $4M |
| GS | Goldman Sachs Group Inc | EXIT | <0.1% | -100% | $0 |
| G2519Y108 | Credicorp Ltd | ADD | <0.1% | +32% | $3M |
| P5626F128 | Intercorp Finl Svcs Inc | ADD | <0.1% | +34% | $2M |
| KSPI | Jsc Kaspi.kz Adr | ADD | <0.1% | +73% | $2M |
| VEA | Vanguard Ftse Developed Etf | EXIT | <0.1% | -100% | $0 |
| VT | Vanguard Tot World Stk Etf | NEW | <0.1% | +100% | $1M |
| VWO | Vanguard Ftse Emerging Marke | NEW | <0.1% | +100% | $1M |
| P31076105 | Copa Holdings SA | EXIT | <0.1% | -100% | $0 |
| V7780T103 | Royal Caribbean Group | NEW | <0.1% | +100% | $479K |
| XCEM | Columbia EM Core Ex-china | NEW | <0.1% | +100% | $345K |
| VXUS | Vanguard Total Intl Stock | NEW | <0.1% | +100% | $361K |
| IWS | Ishares Russell Mid-cap Valu | NEW | <0.1% | +100% | $167K |
| IWD | Ishares Russell 1000 Value E | EXIT | <0.1% | -100% | $0 |
- TRIMSPHR3.2%Sphere Entertainment COΔ -22%·$289M
- ADDZBRA1.8%Zebra Technologies Corp-cl AΔ +63%·$163M
- TRIMAXTA1.1%Axalta Coating Sys LtdΔ -29%·$96M
- ADDAQN1.4%Algonquin Power & UtilitiesΔ +23%·$121M
- EXITM224651040.9%Check Point Software Tech LTΔ -100%·$0
- TRIMMSFT0.3%Microsoft CorpΔ -64%·$23M
- ADDXRAY0.8%Dentsply Sirona IncΔ +21%·$74M
- TRIMLIND0.7%Lindblad Expeditions HoldingΔ -33%·$59M
- TRIMKMT0.4%Kennametal IncΔ -63%·$31M
- NEWSMG0.7%Scotts Miracle-gro COΔ +100%·$59M
- TRIMKEYS0.6%Keysight Technologies INΔ -21%·$58M
- EXITJHG0.6%Janus Henderson Group PlcΔ -100%·$0
- ADDRLI0.6%Rli CorpΔ +134%·$50M
- ADDFDS0.5%Factset Research Systems IncΔ +79%·$49M
- ADDT0.5%At&t IncΔ +24%·$43M
- ADDKKR0.5%Kkr & CO IncΔ +66%·$41M
- ADDHPE0.4%Hewlett Packard EnterpriseΔ +26%·$40M
- EXITCOF0.4%Capital One Financial CorpΔ -100%·$0
- TRIMCNP0.2%Centerpoint Energy IncΔ -52%·$21M
- ADDCBRE0.4%Cbre Group Inc - AΔ +25%·$36M
- ADDFDX0.4%Fedex CorpΔ +39%·$35M
- EXITWBS0.4%Webster Financial CorpΔ -100%·$0
- EXITNTAP0.4%Netapp IncΔ -100%·$0
- ADDMAS0.4%Masco CorpΔ +29%·$32M
- NEWFITB0.3%Fifth Third BancorpΔ +100%·$26M
- ADDFISV0.3%Fiserv IncΔ +35%·$24M
- EXITHUM0.2%Humana IncΔ -100%·$0
- ADDIWN0.1%Ishares Russell 2000 Value EΔ +96%·$12M
- TRIMAPA0.1%Apa CorpΔ -25%·$9M
- ADDTSM0.1%Taiwan Semiconductor-sp AdrΔ +58%·$5M
- ADDAJG<0.1%Arthur J Gallagher & COΔ +29%·$4M
- EXITGS<0.1%Goldman Sachs Group IncΔ -100%·$0
- ADDG2519Y108<0.1%Credicorp LtdΔ +32%·$3M
- ADDP5626F128<0.1%Intercorp Finl Svcs IncΔ +34%·$2M
- ADDKSPI<0.1%Jsc Kaspi.kz AdrΔ +73%·$2M
- EXITVEA<0.1%Vanguard Ftse Developed EtfΔ -100%·$0
- NEWVT<0.1%Vanguard Tot World Stk EtfΔ +100%·$1M
- NEWVWO<0.1%Vanguard Ftse Emerging MarkeΔ +100%·$1M
- EXITP31076105<0.1%Copa Holdings SAΔ -100%·$0
- NEWV7780T103<0.1%Royal Caribbean GroupΔ +100%·$479K
- NEWXCEM<0.1%Columbia EM Core Ex-chinaΔ +100%·$345K
- NEWVXUS<0.1%Vanguard Total Intl StockΔ +100%·$361K
- NEWIWS<0.1%Ishares Russell Mid-cap ValuΔ +100%·$167K
- EXITIWD<0.1%Ishares Russell 1000 Value EΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000936753). Not investment advice.