John Rogers
Ariel Investments
John Rogers (Ariel Investments) discloses a $10.03B portfolio across 106 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is MSGE at 4.3% of the book. The biggest move of the quarter: trimmed the GNRC share count by 23% (position now $292M). Mechanically cloning this 13F returned 9.2%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (106) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MSGE | 4.3% | $429M | |||
| 2 | OSW | 4.2% | $420M | |||
| 3 | CRL | 3.4% | $342M | |||
| 4 | AMG | 3.4% | $338M | |||
| 5 | JLL | 3.3% | $329M | |||
| 6 | NCLH | 3.2% | $326M | |||
| 7 | GNRC | 2.9% | $292M | |||
| 8 | SPHR | 2.9% | $288M | |||
| 9 | MIDD | 2.8% | $283M | |||
| 10 | MSGS | 2.6% | $265M | |||
| 11 | NVST | 2.6% | $259M | |||
| 12 | ZBRA | 2.4% | $243M | |||
| 13 | LAZ | 2.4% | $241M | |||
| 14 | BIO | 2.4% | $240M | |||
| 15 | PBH | 2.3% | $230M | |||
| 16 | BOKF | 2.3% | $226M | |||
| 17 | FAF | 2.2% | $222M | |||
| 18 | CVSA | 2.2% | $221M | |||
| 19 | MAT | 2.1% | $214M | |||
| 20 | MHK | 2.1% | $213M | |||
| 21 | MANU | 2.1% | $212M | |||
| 22 | GNTX | 2.1% | $210M | |||
| 23 | SJM | 2.0% | $202M | |||
| 24 | BYD | 1.9% | $193M | |||
| 25 | CG | 1.9% | $192M | |||
| 26 | REZI | 1.9% | $191M | |||
| 27 | NTRS | 1.7% | $169M | |||
| 28 | CLB | 1.6% | $164M | |||
| 29 | HAE | 1.5% | $155M | |||
| 30 | RLI | 1.5% | $149M | |||
| 31 | MAS | 1.3% | $133M | |||
| 32 | AXTA | 1.2% | $118M | |||
| 33 | ADT | 1.2% | $116M | |||
| 34 | LH | 1.0% | $98M | |||
| 35 | SMG | 1.0% | $96M | |||
| 36 | KN | 0.9% | $95M | |||
| 37 | BCO | 0.9% | $86M | |||
| 38 | OMC | 0.9% | $86M | |||
| 39 | XRAY | 0.8% | $85M | |||
| 40 | LIND | 0.8% | $78M | |||
| 41 | INTC | 0.8% | $77M | |||
| 42 | CVS | 0.8% | $76M | |||
| 43 | LFUS | 0.7% | $74M | |||
| 44 | DIS | 0.6% | $61M | |||
| 45 | FSLR | 0.6% | $57M | |||
| 46 | GCMG | 0.5% | $54M | |||
| 47 | SLB | 0.5% | $54M | |||
| 48 | FDS | 0.5% | $54M | |||
| 49 | KEYS | 0.5% | $51M | |||
| 50 | NVT | 0.5% | $51M | |||
| 51 | PPL | 0.5% | $49M | |||
| 52 | SCHW | 0.5% | $48M | |||
| 53 | WEX | 0.5% | $47M | |||
| 54 | CBRE | 0.5% | $46M | |||
| 55 | MTB | 0.4% | $42M | |||
| 56 | BMY | 0.4% | $40M | |||
| 57 | T | 0.4% | $40M | |||
| 58 | KKR | 0.4% | $39M | |||
| 59 | AQN | 0.4% | $39M | |||
| 60 | DT | 0.3% | $35M | |||
| 61 | HPE | 0.3% | $34M | |||
| 62 | HLI | 0.3% | $33M | |||
| 63 | FITB | 0.3% | $31M | |||
| 64 | KFY | 0.3% | $30M | |||
| 65 | FDX | 0.3% | $30M | |||
| 66 | BAC | 0.3% | $28M | |||
| 67 | AFL | 0.3% | $28M | |||
| 68 | FISV | 0.3% | $27M | |||
| 69 | GILD | 0.2% | $25M | |||
| 70 | LESL | 0.2% | $25M | |||
| 71 | COF | 0.2% | $22M | |||
| 72 | V7780T103 | 0.2% | $21M | |||
| 73 | SSD | 0.2% | $21M | |||
| 74 | CNP | 0.2% | $20M | |||
| 75 | KMX | 0.2% | $18M | |||
| 76 | IWN | 0.2% | $17M | |||
| 77 | MTN | 0.1% | $15M | |||
| 78 | PGR | 0.1% | $13M | |||
| 79 | SNA | 0.1% | $12M | |||
| 80 | MGPI | 0.1% | $11M | |||
| 81 | PHIN | 0.1% | $9M | |||
| 82 | JNJ | 0.1% | $9M | |||
| 83 | TSM | 0.1% | $9M | |||
| 84 | FDXF | 0.1% | $7M | |||
| 85 | B | 0.1% | $7M | |||
| 86 | APA | 0.1% | $6M | |||
| 87 | CVX | 0.1% | $6M | |||
| 88 | LMT | 0.1% | $6M | |||
| 89 | VEA | 0.1% | $5M | |||
| 90 | VT | <0.1% | $4M | |||
| 91 | AJG | <0.1% | $4M | |||
| 92 | BWA | <0.1% | $4M | |||
| 93 | KB | <0.1% | $3M | |||
| 94 | MOS | <0.1% | $3M | |||
| 95 | KSPI | <0.1% | $2M | |||
| 96 | ORCL | <0.1% | $2M | |||
| 97 | XCEM | <0.1% | $882K | |||
| 98 | VWO | <0.1% | $601K | |||
| 99 | HDB | <0.1% | $363K | |||
| 100 | MSI | <0.1% | $287K | |||
| 101 | KMT | <0.1% | $274K | |||
| 102 | ZBH | <0.1% | $258K | |||
| 103 | BRC | <0.1% | $252K | |||
| 104 | FICO | <0.1% | $243K | |||
| 105 | IWD | <0.1% | $217K | |||
| 106 | IWS | <0.1% | $188K |
- 1MSGEport4.3%val$429MMadison Square Garden Entertthis Q hold·13q
- 2OSWport4.2%val$420MOnespaworld Holdings Limitedthis Q hold·26q
- 3CRLport3.4%val$342MCharles River Laboratoriesthis Q hold·40q
- 4AMGport3.4%val$338MAffiliated Managers Groupthis Q hold·32q
- 5JLLport3.3%val$329MJones Lang Lasalle Incthis Q hold·40q
- 6NCLHport3.2%val$326MNorwegian Cruise Line Hldgsthis Q hold·26q
- 7GNRCport2.9%val$292MGenerac Holdings Incthis Q -23%·24q
- 8SPHRport2.9%val$288MSphere Entertainment COthis Q -32%·25q
- 9MIDDport2.8%val$283MMiddleby Corpthis Q hold·26q
- 10MSGSport2.6%val$265MMadison Square Garden Sportsthis Q hold·40q
- 11NVSTport2.6%val$259MEnvista Holdings Corpthis Q hold·26q
- 12ZBRAport2.4%val$243MZebra Technologies Corp-cl Athis Q hold·40q
- 13LAZport2.4%val$241MLazard Incthis Q hold·10q
- 14BIOport2.4%val$240MBio-rad Laboratories-athis Q hold·40q
- 15PBHport2.3%val$230MPrestige Consumer Healthcarethis Q hold·17q
- 16BOKFport2.3%val$226MBok Financial Corporationthis Q hold·40q
- 17FAFport2.2%val$222MFirst American Financialthis Q hold·40q
- 18CVSAport2.2%val$221MCovista Incthis Q hold·37q
- 19MATport2.1%val$214MMattel Incthis Q hold·40q
- 20MHKport2.1%val$213MMohawk Industries Incthis Q hold·40q
- 21MANUport2.1%val$212MManchester Utd Plc Newthis Q hold·20q
- 22GNTXport2.1%val$210MGentex Corpthis Q hold·20q
- 23SJMport2.0%val$202MJM Smucker Co/thethis Q hold·40q
- 24BYDport1.9%val$193MBoyd Gaming Corpthis Q hold·20q
- 25CGport1.9%val$192MCarlyle Group Inc/thethis Q hold·15q
- 26REZIport1.9%val$191MResideo Technologies Incthis Q hold·20q
- 27NTRSport1.7%val$169MNorthern Trust Corpthis Q hold·40q
- 28CLBport1.6%val$164MCore Laboratories Incthis Q hold·13q
- 29HAEport1.5%val$155MHaemonetics Corp/massthis Q New·—1q
- 30RLIport1.5%val$149MRli Corpthis Q +189%·3q
- 31MASport1.3%val$133MMasco Corpthis Q +212%·31q
- 32AXTAport1.2%val$118MAxalta Coating Sys Ltdthis Q hold·22q
- 33ADTport1.2%val$116MAdt Incthis Q hold·21q
- 34LHport1.0%val$98MLabcorp Holdings Incthis Q hold·9q
- 35SMGport1.0%val$96MScotts Miracle-gro COthis Q +47%·2q
- 36KNport0.9%val$95MKnowles Corpthis Q -40%·31q
- 37BCOport0.9%val$86MBrink's Co/thethis Q hold·40q
- 38OMCport0.9%val$86MOmnicom Groupthis Q hold·28q
- 39XRAYport0.8%val$85MDentsply Sirona Incthis Q +26%·3q
- 40LINDport0.8%val$78MLindblad Expeditions Holdingthis Q hold·19q
- 41INTCport0.8%val$77MIntel Corpthis Q -62%·11q
- 42CVSport0.8%val$76MCvs Health Corpthis Q hold·14q
- 43LFUSport0.7%val$74MLittelfuse Incthis Q -24%·40q
- 44DISport0.6%val$61MWalt Disney Co/thethis Q hold·5q
- 45FSLRport0.6%val$57MFirst Solar Incthis Q hold·5q
- 46GCMGport0.5%val$54MGcm Grosvenor Inc - Class Athis Q hold·16q
- 47SLBport0.5%val$54MSlb Ltdthis Q hold·22q
- 48FDSport0.5%val$54MFactset Research Systems Incthis Q hold·7q
- 49KEYSport0.5%val$51MKeysight Technologies INthis Q -29%·39q
- 50NVTport0.5%val$51MNvent Elec Plcthis Q -50%·22q
- 51PPLport0.5%val$49MPpl Corpthis Q New·—1q
- 52SCHWport0.5%val$48MSchwab (charles) Corpthis Q +30%·26q
- 53WEXport0.5%val$47MWex Incthis Q hold·8q
- 54CBREport0.5%val$46MCbre Group Inc - Athis Q +31%·40q
- 55MTBport0.4%val$42MM & T Bank Corpthis Q hold·19q
- 56BMYport0.4%val$40MBristol-myers Squibb COthis Q hold·22q
- 57Tport0.4%val$40MAt&t Incthis Q +29%·3q
- 58KKRport0.4%val$39MKkr & CO Incthis Q hold·32q
- 59AQNport0.4%val$39MAlgonquin Power & Utilitiesthis Q -66%·6q
- 60DTport0.3%val$35MDynatrace Incthis Q New·—1q
- 61HPEport0.3%val$34MHewlett Packard Enterprisethis Q -55%·3q
- 62HLIport0.3%val$33MHoulihan Lokey Incthis Q New·26q
- 63FITBport0.3%val$31MFifth Third Bancorpthis Q hold·2q
- 64KFYport0.3%val$30MKorn Ferrythis Q hold·30q
- 65FDXport0.3%val$30MFedex Corpthis Q hold·4q
- 66BACport0.3%val$28MBank OF America Corpthis Q hold·16q
- 67AFLport0.3%val$28MAflac Incthis Q hold·40q
- 68FISVport0.3%val$27MFiserv Incthis Q +26%·18q
- 69GILDport0.2%val$25MGilead Sciences Incthis Q hold·40q
- 70LESLport0.2%val$25MLeslie's Incthis Q hold·4q
- 71COFport0.2%val$22MCapital One Financial Corpthis Q New·9q
- 72V7780T103port0.2%val$21MRoyal Caribbean Groupthis Q +3761%·36q
- 73SSDport0.2%val$21MSimpson Manufacturing CO Incthis Q hold·40q
- 74CNPport0.2%val$20MCenterpoint Energy Incthis Q hold·7q
- 75KMXport0.2%val$18MCarmax Incthis Q -38%·30q
- 76IWNport0.2%val$17MIshares Russell 2000 Value Ethis Q hold·32q
- 77MTNport0.1%val$15MVail Resorts Incthis Q hold·26q
- 78PGRport0.1%val$13MProgressive Corpthis Q +5732%·39q
- 79SNAport0.1%val$12MSnap-on Incthis Q hold·40q
- 80MGPIport0.1%val$11MMgp Ingredients Incthis Q hold·10q
- 81PHINport0.1%val$9MPhinia Incthis Q hold·12q
- 82JNJport0.1%val$9MJohnson & Johnsonthis Q hold·40q
- 83TSMport0.1%val$9MTaiwan Semiconductor-sp Adrthis Q hold·11q
- 84FDXFport0.1%val$7MFedex Freight Holding COthis Q New·—1q
- 85Bport0.1%val$7MBarrick Mining Corpthis Q hold·5q
- 86APAport0.1%val$6MApa Corpthis Q hold·22q
- 87CVXport0.1%val$6MChevron Corpthis Q hold·12q
- 88LMTport0.1%val$6MLockheed Martin Corpthis Q hold·40q
- 89VEAport0.1%val$5MVanguard Ftse Developed Etfthis Q New·38q
- 90VTport<0.1%val$4MVanguard Tot World Stk Etfthis Q +180%·21q
- 91AJGport<0.1%val$4MArthur J Gallagher & COthis Q hold·4q
- 92BWAport<0.1%val$4MBorgwarner Incthis Q hold·40q
- 93KBport<0.1%val$3MKB Financial Group Inc-adrthis Q -46%·11q
- 94MOSport<0.1%val$3MMosaic Co/thethis Q hold·40q
- 95KSPIport<0.1%val$2MJsc Kaspi.kz Adrthis Q hold·9q
- 96ORCLport<0.1%val$2MOracle Corpthis Q hold·40q
- 97XCEMport<0.1%val$882KColumbia EM Core Ex-chinathis Q +97%·2q
- 98VWOport<0.1%val$601KVanguard Ftse Emerging Markethis Q -50%·3q
- 99HDBport<0.1%val$363KHdfc Bank Ltd-adrthis Q hold·4q
- 100MSIport<0.1%val$287KMotorola Solutions Incthis Q hold·17q
- 101KMTport<0.1%val$274KKennametal Incthis Q -99%·40q
- 102ZBHport<0.1%val$258KZimmer Biomet Holdings Incthis Q hold·40q
- 103BRCport<0.1%val$252KBrady Corporation - CL Athis Q hold·40q
- 104FICOport<0.1%val$243KFair Isaac Corpthis Q hold·33q
- 105IWDport<0.1%val$217KIshares Russell 1000 Value Ethis Q New·2q
- 106IWSport<0.1%val$188KIshares Russell Mid-cap Valuthis Q hold·9q
Beyond the 13F
as of 2026-06-30Across John Rogers’s registered funds — $4.29B disclosed in SEC Form N-PORT — just 91.3% sits in US-listed equity, the only slice a 13F reports. The other $374M is foreign listings, cash and derivatives — none of which a 13F can show.
Where the hidden money is
| Japan | 1.9% | |
| Germany | 1.0% | |
| United Kingdom | 1.0% | |
| France | 0.7% | |
| Austria | 0.3% | |
| China | 0.3% | |
| Italy | 0.3% | |
| Taiwan | 0.3% |
+10 more countries
Largest positions no 13F shows
| NORTHERN INSTITUTIONAL FUNDS · United States · USD | $40M |
| NORTHERN INSTITUTIONAL FUNDS · United States · USD | $15M |
| DAIKIN INDUSTRIES LTD · Japan · JPY | $14M |
| INFINEON TECHNOLOGIES AG · Germany · EUR | $13M |
| BAWAG GROUP AG · Austria · EUR | $12M |
| HORIBA LTD · Japan · JPY | $11M |
| DAIFUKU CO LTD · Japan · JPY | $11M |
| TDK CORP · Japan · JPY | $11M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 5 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $10.03B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q2 moves, by size (41)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| SPHR | Sphere Entertainment CO | TRIM | 2.9% | -32% | $288M |
| GNRC | Generac Holdings Inc | TRIM | 2.9% | -23% | $292M |
| HAE | Haemonetics Corp/mass | NEW | 1.5% | +100% | $155M |
| RLI | Rli Corp | ADD | 1.5% | +189% | $149M |
| AQN | Algonquin Power & Utilities | TRIM | 0.4% | -66% | $39M |
| MAS | Masco Corp | ADD | 1.3% | +212% | $133M |
| KN | Knowles Corp | TRIM | 0.9% | -40% | $95M |
| SMG | Scotts Miracle-gro CO | ADD | 1.0% | +47% | $96M |
| XRAY | Dentsply Sirona Inc | ADD | 0.8% | +26% | $85M |
| LFUS | Littelfuse Inc | TRIM | 0.7% | -24% | $74M |
| NVT | Nvent Elec Plc | TRIM | 0.5% | -50% | $51M |
| INTC | Intel Corp | TRIM | 0.8% | -62% | $77M |
| KEYS | Keysight Technologies IN | TRIM | 0.5% | -29% | $51M |
| PPL | Ppl Corp | NEW | 0.5% | +100% | $49M |
| SCHW | Schwab (charles) Corp | ADD | 0.5% | +30% | $48M |
| T | At&t Inc | ADD | 0.4% | +29% | $40M |
| CBRE | Cbre Group Inc - A | ADD | 0.5% | +31% | $46M |
| HPE | Hewlett Packard Enterprise | TRIM | 0.3% | -55% | $34M |
| KMT | Kennametal Inc | TRIM | <0.1% | -99% | $274K |
| DT | Dynatrace Inc | NEW | 0.3% | +100% | $35M |
| HLI | Houlihan Lokey Inc | NEW | 0.3% | +100% | $33M |
| SWK | Stanley Black & Decker Inc | EXIT | 0.3% | -100% | $0 |
| FISV | Fiserv Inc | ADD | 0.3% | +26% | $27M |
| TAP | Molson Coors Beverage CO - B | EXIT | 0.3% | -100% | $0 |
| KMX | Carmax Inc | TRIM | 0.2% | -38% | $18M |
| MSFT | Microsoft Corp | EXIT | 0.3% | -100% | $0 |
| PSKY | Paramount Skydance CL B | EXIT | 0.3% | -100% | $0 |
| COF | Capital One Financial Corp | NEW | 0.2% | +100% | $22M |
| V7780T103 | Royal Caribbean Group | ADD | 0.2% | +3761% | $21M |
| PGR | Progressive Corp | ADD | 0.1% | +5732% | $13M |
| FDXF | Fedex Freight Holding CO | NEW | 0.1% | +100% | $7M |
| HCKT | Hackett Group Inc/the | EXIT | 0.1% | -100% | $0 |
| KB | KB Financial Group Inc-adr | TRIM | <0.1% | -46% | $3M |
| VEA | Vanguard Ftse Developed Etf | NEW | 0.1% | +100% | $5M |
| VT | Vanguard Tot World Stk Etf | ADD | <0.1% | +180% | $4M |
| G2519Y108 | Credicorp Ltd | EXIT | <0.1% | -100% | $0 |
| P5626F128 | Intercorp Finl Svcs Inc | EXIT | <0.1% | -100% | $0 |
| VWO | Vanguard Ftse Emerging Marke | TRIM | <0.1% | -50% | $601K |
| XCEM | Columbia EM Core Ex-china | ADD | <0.1% | +97% | $882K |
| VXUS | Vanguard Total Intl Stock | EXIT | <0.1% | -100% | $0 |
| IWD | Ishares Russell 1000 Value E | NEW | <0.1% | +100% | $217K |
- TRIMSPHR2.9%Sphere Entertainment COΔ -32%·$288M
- TRIMGNRC2.9%Generac Holdings IncΔ -23%·$292M
- NEWHAE1.5%Haemonetics Corp/massΔ +100%·$155M
- ADDRLI1.5%Rli CorpΔ +189%·$149M
- TRIMAQN0.4%Algonquin Power & UtilitiesΔ -66%·$39M
- ADDMAS1.3%Masco CorpΔ +212%·$133M
- TRIMKN0.9%Knowles CorpΔ -40%·$95M
- ADDSMG1.0%Scotts Miracle-gro COΔ +47%·$96M
- ADDXRAY0.8%Dentsply Sirona IncΔ +26%·$85M
- TRIMLFUS0.7%Littelfuse IncΔ -24%·$74M
- TRIMNVT0.5%Nvent Elec PlcΔ -50%·$51M
- TRIMINTC0.8%Intel CorpΔ -62%·$77M
- TRIMKEYS0.5%Keysight Technologies INΔ -29%·$51M
- NEWPPL0.5%Ppl CorpΔ +100%·$49M
- ADDSCHW0.5%Schwab (charles) CorpΔ +30%·$48M
- ADDT0.4%At&t IncΔ +29%·$40M
- ADDCBRE0.5%Cbre Group Inc - AΔ +31%·$46M
- TRIMHPE0.3%Hewlett Packard EnterpriseΔ -55%·$34M
- TRIMKMT<0.1%Kennametal IncΔ -99%·$274K
- NEWDT0.3%Dynatrace IncΔ +100%·$35M
- NEWHLI0.3%Houlihan Lokey IncΔ +100%·$33M
- EXITSWK0.3%Stanley Black & Decker IncΔ -100%·$0
- ADDFISV0.3%Fiserv IncΔ +26%·$27M
- EXITTAP0.3%Molson Coors Beverage CO - BΔ -100%·$0
- TRIMKMX0.2%Carmax IncΔ -38%·$18M
- EXITMSFT0.3%Microsoft CorpΔ -100%·$0
- EXITPSKY0.3%Paramount Skydance CL BΔ -100%·$0
- NEWCOF0.2%Capital One Financial CorpΔ +100%·$22M
- ADDV7780T1030.2%Royal Caribbean GroupΔ +3761%·$21M
- ADDPGR0.1%Progressive CorpΔ +5732%·$13M
- NEWFDXF0.1%Fedex Freight Holding COΔ +100%·$7M
- EXITHCKT0.1%Hackett Group Inc/theΔ -100%·$0
- TRIMKB<0.1%KB Financial Group Inc-adrΔ -46%·$3M
- NEWVEA0.1%Vanguard Ftse Developed EtfΔ +100%·$5M
- ADDVT<0.1%Vanguard Tot World Stk EtfΔ +180%·$4M
- EXITG2519Y108<0.1%Credicorp LtdΔ -100%·$0
- EXITP5626F128<0.1%Intercorp Finl Svcs IncΔ -100%·$0
- TRIMVWO<0.1%Vanguard Ftse Emerging MarkeΔ -50%·$601K
- ADDXCEM<0.1%Columbia EM Core Ex-chinaΔ +97%·$882K
- EXITVXUS<0.1%Vanguard Total Intl StockΔ -100%·$0
- NEWIWD<0.1%Ishares Russell 1000 Value EΔ +100%·$217K
About John Rogers
John Rogers founded Ariel Investments in 1983, making it one of the earliest Black-owned asset management firms in the United States, and has run the flagship Ariel Fund on a consistent small- and mid-cap value mandate for more than four decades. His style is patient, concentrated by SMID standards — the current 106-position book at $8.9B carries modest top-5 concentration near 18%, with weights clustered in media, real estate services, and asset-management names like MSGE, JLL, and AMG — and he is known for holding through extended periods of underperformance rather than rotating. Rogers draws heavily on Warren Buffett's framework but applies it systematically to neglected smaller companies that institutional coverage tends to ignore. The 13F captures his equity book cleanly, as derivatives and shorts are not central to the strategy; the main caveat for readers is that SMID value has faced a persistent structural headwind against large-cap growth benchmarks, reflected in the backtest's roughly five-point annual drag versus SPY over the trailing twelve years.
2026Q2 brief
John Rogers' Ariel Investments navigated a busy Q2 2026 across its 106-position, $10.03B small/mid-cap value book, with the standout moves being aggressive adds to MAS (Masco, +212.4%, now 1.3%) and RLI (RLI Corp insurance, +188.9%, now 1.5%) — two names in home improvement/building products and specialty insurance that suggest Rogers is rotating toward rate-sensitive and repair/remodel beneficiaries as the housing cycle potentially turns. New initiations in HAE (Haemonetics, 1.5%) and COF (0.2%) add medtech and financial services exposure. On the trim side, SPHR (Sphere Entertainment, -32.4%, now 2.9%) and INTC (-62.3%, now 0.8%) were meaningfully reduced, with INTC now nearly eliminated — a notable departure from a name Ariel held for years. Exits of SWK, TAP, and MSFT complete a de-emphasis of industrials and large-cap tech. The building products/housing angle across MAS, GNRC, and JLL is becoming a discernible theme. Watch whether MAS or RLI graduate into the top-10 holdings next quarter, which would confirm Rogers is building a high-conviction housing/insurance recovery thesis.
AI-generated. Not investment advice.
Filing history
John Rogers's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 106 | $10.03B |
| Q1 2026 — what changed → | 106 | $8.93B |
| Q4 2025 — what changed → | 108 | $9.26B |
| Q3 2025 — what changed → | 107 | $9.35B |
| Q2 2025 — what changed → | 104 | $8.82B |
| Q1 2025 — what changed → | 106 | $8.51B |
| Q4 2024 holdings | 110 | $9.37B |
| Q3 2024 holdings | 110 | $9.79B |
| Q2 2024 holdings | 115 | $9.24B |
| Q1 2024 holdings | 115 | $10.17B |
| Q4 2023 holdings | 114 | $10.04B |
| Q3 2023 holdings | 115 | $9.45B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers John Rogers held
Stocks up 5x or more since John Rogers first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- FICO22.4xFAIR ISAAC CORP25q straight · peak 1.48% · still holds
- PGR12.3xPROGRESSIVE CORP37q straight · peak 1.17% · still holds
- MSFT11.2xMICROSOFT CORP49q straight · peak 5.08% · still holds
- COST10.5xCOSTCO WHOLESALE CORP24q straight · peak 0.54%
- KEYS9.4xKEYSIGHT TECHNOLOGIES IN38q straight · peak 2.75% · still holds
- GS8.2xGOLDMAN SACHS GROUP INC48q straight · peak 0.95%
Six biggest of 8. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not John Rogers's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does John Rogers own?
- As of 2026Q2, John Rogers's 13F discloses 106 positions worth $10.03B. The top five holdings: MSGE (4.3%), OSW (4.2%), CRL (3.4%), AMG (3.4%), JLL (3.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did John Rogers buy this quarter?
- In 2026Q2, the filing shows 8 new positions and 12 additions to existing holdings. The largest positions touched by buying: HAE, RLI, MAS, SMG, XRAY.
- How big is John Rogers's portfolio?
- $10.03B across 106 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 19% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000936753). Not investment advice.