Ariel Investments

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), John W. Rogers Jr.'s Ariel Investments reported 107 stock positions worth $9.4 billion. Its top holding was Sphere Entertainment (SPHR) at 4.0% of the portfolio, followed by Madison Square Garden Entert (MSGE, 3.7%) and Affiliated Managers (AMG, 3.2%). Compared with Q2 2025, it opened 7 new positions, sold out of 4, added to 29 and reduced 67. The biggest buy was a new position in Paramount Skydance Class B (PSKY) and the biggest sale an exit from Paramount Global Class B (PARAA).

Most Recent 13F: Q2 2026
Notable People: John W. Rogers Jr.
Location: CHICAGO, IL
CIK: 0000936753
Portfolio Value: $9.4B (Q3 2025)
SEC Filing: 0000936753-25-000089 ↗ filed Nov 14, 2025

Holdings Value

Holdings 107 stocks · $9.4B


SPHR Sphere Entertainment Co.	3.98%	5,994,239	$372.4M	Reduce -15.6%
MSGE Madison Square Garden Entert	3.74%	7,737,570	$350.0M	Reduce -2.0%
AMG Affiliated Managers Group	3.22%	1,263,824	$301.3M	Reduce -6.7%
NCLH Norwegian Cruise Line Holdin	3.18%	12,084,292	$297.6M	Reduce -2.3%
REZI Resideo Technologies Inc.	3.09%	6,697,864	$289.2M	Reduce -25.2%
JLL Jones Lang Lasalle Inc.	3.03%	950,845	$283.6M	Reduce -5.3%
OSW Onespaworld Holdings Ltd.	2.98%	13,189,600	$278.8M	Reduce -0.2%
LAZ Lazard Inc.	2.96%	5,245,889	$276.9M	Reduce -8.8%
CG The Carlyle Group Inc.	2.84%	4,233,386	$265.4M	Reduce -10.0%
GNRC Generac Holdings Inc.	2.63%	1,467,231	$245.6M	Reduce -18.7%
NVST Envista Holdings Corp.	2.62%	12,004,205	$244.5M	Reduce -2.8%
FAF First American Financial	2.56%	3,725,184	$239.3M	Add +6.3%
CRL Charles River Laboratories	2.49%	1,490,098	$233.1M	Add +5.3%
MAT Mattel Inc.	2.48%	13,760,470	$231.6M	Reduce -3.2%
BIO Bio-Rad Laboratories-A	2.43%	809,480	$227.0M	Reduce -1.1%
BYD Boyd Gaming Corp.	2.41%	2,602,460	$225.0M	Reduce -8.2%
PBH Prestige Consumer Healthcare	2.40%	3,594,959	$224.3M	Add +63.2%
MHK Mohawk Industries Inc.	2.34%	1,697,103	$218.8M	Reduce -1.1%
GNTX Gentex Corp.	2.18%	7,218,080	$204.3M	Reduce -1.9%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC	2.14%	1,294,876	$200.0M	Reduce -5.9%
ADT Adt Inc.	2.06%	22,068,942	$192.2M	Reduce -5.1%
BOKF Bok Financial Corporation	2.05%	1,719,460	$191.6M	Reduce -3.9%
NTRS Northern Trust Corp.	1.85%	1,284,587	$172.9M	Reduce -6.7%
CLB Core Laboratories Inc.	1.82%	13,773,568	$170.2M	Add +6.1%
MIDD Middleby Corp.	1.81%	1,273,118	$169.2M	Add +36.2%
SJM The JM Smucker Co. filed as SMUCKER J M CO	1.79%	1,543,523	$167.6M	Add +0.9%
MSGS Madison Square Garden Sports	1.76%	727,035	$165.0M	Reduce -4.1%
BCO The Brink's Co.	1.53%	1,225,787	$143.2M	Reduce -11.4%
MANU Manchester United PLC Class A	1.45%	8,929,082	$135.2M	Reduce -1.1%
AXTA Axalta Coating Systems Ltd.	1.28%	4,188,961	$119.9M	Add +5.2%
LH Labcorp Holdings Inc.	1.11%	362,869	$104.2M	Reduce -0.7%
CHKP Check Point Software Tech	1.08%	486,268	$100.6M	Reduce -1.5%
MSFT Microsoft Corp.	1.08%	194,134	$100.6M	Reduce -8.9%
APTV Aptiv PLC	1.06%	1,150,265	$99.2M	Reduce -17.0%
KN Knowles Corp.	1.02%	4,108,160	$95.8M	Reduce -11.5%
JHG Janus Henderson Group PLC	0.97%	2,044,802	$91.0M	Add +0.4%
IPG Interpublic Group of Cos Inc.	0.95%	3,190,462	$89.0M	Add +0.3%
AQN Algonquin Power & Utilities	0.94%	16,345,606	$87.8M	Add +24.6%
NVT Nvent Electric PLC	0.91%	860,078	$84.8M	Reduce -7.9%
KMT Kennametal Inc.	0.85%	3,777,813	$79.1M	Reduce -24.0%
ZBRA Zebra Technologies Corp. Class A	0.81%	255,619	$76.0M	Reduce -24.6%
CVS CVS Health Corp.	0.80%	989,646	$74.6M	Reduce -15.0%
FSLR First Solar Inc.	0.77%	325,516	$71.8M	Add +5.9%
LIND Lindblad Expeditions Holding	0.76%	5,524,660	$70.7M	Reduce -19.8%
LFUS Littelfuse Inc.	0.62%	225,373	$58.4M	Reduce -23.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.61%	499,969	$57.2M	Add +190.4%
PSKY Paramount Skydance Class B	0.61%	3,000,464	$56.8M	New
GCMG GCM Grosvenor Inc. Class A	0.58%	4,484,588	$54.1M	Add +0.7%
WEX Wex Inc.	0.57%	340,936	$53.7M	Reduce -15.0%
VZ Verizon Communications Inc.	0.55%	1,166,712	$51.3M	Reduce -0.4%
KEYS Keysight Technologies Inc.	0.49%	262,266	$45.9M	Reduce -0.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.48%	1,300,587	$44.7M	Add +22.8%
COF Capital One Financial Corp.	0.47%	205,962	$43.8M	Add +9.4%
NTAP Netapp Inc.	0.44%	343,425	$40.7M	Reduce -0.4%
CNP Centerpoint Energy Inc.	0.43%	1,027,312	$39.9M	Add +16.2%
ZBH Zimmer Biomet Holdings Inc.	0.42%	394,715	$38.9M	Add +55.9%
MTB M & T Bank Corp. filed as M & T BK CORP	0.40%	191,434	$37.8M	Add +4358.2%
CBRE CBRE Group Inc. Class A	0.39%	228,906	$36.1M	Reduce -1.9%
KFY Korn Ferry	0.36%	475,253	$33.3M	Reduce -16.9%
KKR KKR & Co. Inc.	0.35%	255,469	$33.2M	Reduce -15.4%
SCHW Schwab (charles) Corp.	0.35%	347,408	$33.2M	Reduce -14.4%
FISV Fiserv Inc.	0.35%	252,925	$32.6M	Add +38.4%
INTC Intel Corp.	0.35%	965,745	$32.4M	Reduce -31.6%
SWK Stanley Black & Decker Inc.	0.34%	427,416	$31.8M	Add +0.7%
MAS Masco Corp.	0.30%	398,712	$28.1M	Reduce -0.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.30%	539,659	$27.8M	Add +12.9%
KMX Carmax Inc.	0.27%	571,605	$25.6M	Add +3.4%
GILD Gilead Sciences Inc.	0.26%	218,778	$24.3M	Reduce -40.7%
AFL Aflac Inc.	0.26%	215,348	$24.1M	Reduce -0.6%
HUM Humana Inc.	0.24%	87,989	$22.9M	New
WAL Western Alliance Bancorp	0.24%	258,384	$22.4M	Reduce -0.4%
DHI D.R. Horton Inc.	0.23%	128,669	$21.8M	Reduce -11.0%
TAP Molson Coors Beverage Co. Class B	0.22%	458,247	$20.7M	Reduce -1.9%
FDX FedEx Corp.	0.19%	75,869	$17.9M	New
MTN Vail Resorts Inc.	0.18%	115,166	$17.2M	Reduce -3.5%
LESL Leslie's Inc.	0.17%	2,943,963	$16.2M	Reduce -3.3%
MGPI MGP Ingredients Inc.	0.17%	646,380	$15.6M	Reduce -10.1%
SSD Simpson Manufacturing Co. Inc.	0.17%	92,850	$15.5M	Reduce -14.5%
ALL Allstate Corp.	0.16%	69,734	$15.0M	Reduce -41.3%
SNA Snap-on Inc.	0.12%	32,843	$11.4M	Reduce -0.5%
JNJ Johnson & Johnson	0.10%	51,854	$9.6M	Add +66.4%
HCKT The Hackett Group Inc.	0.09%	435,698	$8.3M	Reduce -16.7%
PHIN Phinia Inc.	0.09%	140,152	$8.1M	Reduce -0.0%
B Barrick Mining Corp.	0.09%	244,597	$8.0M	No change
IWN iShares Russell 2000 Value E	0.09%	44,965	$8.0M	Add +109.5%
APA Apa Corp.	0.08%	299,492	$7.3M	No change
LMT Lockheed Martin Corp.	0.07%	13,597	$6.8M	Add +7.0%
CVX Chevron Corp.	0.07%	41,499	$6.4M	Add +9.9%
VXUS Vanguard Total Intl Stock	0.06%	70,469	$5.2M	New
MOS The Mosaic Co.	0.06%	148,340	$5.1M	No change
ORCL Oracle Corp.	0.05%	16,402	$4.6M	Reduce -48.6%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.05%	51,315	$4.3M	Reduce -1.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.05%	13,645	$4.2M	New
VT Vanguard Tot World STK ETF	0.04%	27,685	$3.8M	Reduce -17.3%
VEA Vanguard Ftse Developed ETF	0.04%	57,510	$3.4M	Reduce -76.6%
TSM Taiwan Semiconductor-SP ADR	0.03%	11,256	$3.1M	Reduce -62.5%
BWA Borgwarner Inc.	0.03%	64,987	$2.9M	No change
GS Goldman Sachs Group Inc.	0.03%	3,163	$2.5M	Reduce -91.3%
BAP Credicorp Ltd.	0.01%	5,242	$1.4M	Reduce -96.4%
IFS Intercorp Financial Services	0.01%	32,178	$1.3M	Add +12.0%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.01%	12,263	$1.0M	Add +11.4%
MSI Motorola Solutions Inc.	0.00%	760	$348K	Reduce -0.5%
FICO Fair Isaac Corp.	0.00%	223	$334K	Reduce -0.5%
HDB HDFC Bank Ltd.-ADR	0.00%	9,240	$316K	New
BRC Brady Corporation Class A	0.00%	3,640	$284K	Reduce -0.6%
PGR Progressive Corp.	0.00%	1,100	$272K	Add +40.1%
INFY Infosys Ltd.-SP ADR	0.00%	11,637	$189K	New

Portfolio Sells Q2 2025 → Q3 2025


PARAA Paramount Global Class B	Sold out	0.00%	−1.81
MAT Mattel Inc.	Reduce -3.2%	2.48%	−0.70
KMT Kennametal Inc.	Reduce -24.0%	0.85%	−0.45
MANU Manchester United PLC Class A	Reduce -1.1%	1.45%	−0.38
ZBRA Zebra Technologies Corp. Class A	Reduce -24.6%	0.81%	−0.37
BAP Credicorp Ltd.	Reduce -96.4%	0.01%	−0.36
GNRC Generac Holdings Inc.	Reduce -18.7%	2.63%	−0.30
GS Goldman Sachs Group Inc.	Reduce -91.3%	0.03%	−0.27
OC Owens Corning	Sold out	0.00%	−0.22
GILD Gilead Sciences Inc.	Reduce -40.7%	0.26%	−0.20
ADT Adt Inc.	Reduce -5.1%	2.06%	−0.18
LAZ Lazard Inc.	Reduce -8.8%	2.96%	−0.17
CHKP Check Point Software Tech	Reduce -1.5%	1.08%	−0.16
LIND Lindblad Expeditions Holding	Reduce -19.8%	0.76%	−0.16
LFUS Littelfuse Inc.	Reduce -23.3%	0.62%	−0.13
NTRS Northern Trust Corp.	Reduce -6.7%	1.85%	−0.13
MSFT Microsoft Corp.	Reduce -8.9%	1.08%	−0.13
VEA Vanguard Ftse Developed ETF	Reduce -76.6%	0.04%	−0.12
NVST Envista Holdings Corp.	Reduce -2.8%	2.62%	−0.12
KFY Korn Ferry	Reduce -16.9%	0.36%	−0.12
LESL Leslie's Inc.	Reduce -3.3%	0.17%	−0.12
CVS CVS Health Corp.	Reduce -15.0%	0.80%	−0.11
ALL Allstate Corp.	Reduce -41.3%	0.16%	−0.11
BYD Boyd Gaming Corp.	Reduce -8.2%	2.41%	−0.11
KKR KKR & Co. Inc.	Reduce -15.4%	0.35%	−0.10
WEX Wex Inc.	Reduce -15.0%	0.57%	−0.09
MGPI MGP Ingredients Inc.	Reduce -10.1%	0.17%	−0.08
OSW Onespaworld Holdings Ltd.	Reduce -0.2%	2.98%	−0.07
SCHW Schwab (charles) Corp.	Reduce -14.4%	0.35%	−0.07
HCKT The Hackett Group Inc.	Reduce -16.7%	0.09%	−0.06
TSM Taiwan Semiconductor-SP ADR	Reduce -62.5%	0.03%	−0.04
TAP Molson Coors Beverage Co. Class B	Reduce -1.9%	0.22%	−0.03
MSGS Madison Square Garden Sports	Reduce -4.1%	1.76%	−0.03
ORCL Oracle Corp.	Reduce -48.6%	0.05%	−0.03
MTN Vail Resorts Inc.	Reduce -3.5%	0.18%	−0.03
VZ Verizon Communications Inc.	Reduce -0.4%	0.55%	−0.03
SSD Simpson Manufacturing Co. Inc.	Reduce -14.5%	0.17%	−0.02
ZIMV Zimvie Inc.	Sold out	0.00%	−0.02
INTC Intel Corp.	Reduce -31.6%	0.35%	−0.01
APTV Aptiv PLC	Reduce -17.0%	1.06%	−0.01
VT Vanguard Tot World STK ETF	Reduce -17.3%	0.04%	−0.01
KB KB Financial Group Inc.-ADR	Reduce -1.6%	0.05%	−0.00
DNB Dun & Bradstreet Holdings Inc.	Sold out	0.00%	−0.00
AFL Aflac Inc.	Reduce -0.6%	0.26%	−0.00
FICO Fair Isaac Corp.	Reduce -0.5%	0.00%	−0.00
MSI Motorola Solutions Inc.	Reduce -0.5%	0.00%	+0.00
BRC Brady Corporation Class A	Reduce -0.6%	0.00%	+0.00
KEYS Keysight Technologies Inc.	Reduce -0.2%	0.49%	+0.00
SNA Snap-on Inc.	Reduce -0.5%	0.12%	+0.01
MAS Masco Corp.	Reduce -0.8%	0.30%	+0.01

Portfolio Buys Q2 2025 → Q3 2025


PSKY Paramount Skydance Class B	New	0.61%	+0.61
PBH Prestige Consumer Healthcare	Add +63.2%	2.40%	+0.41
MTB M & T Bank Corp.	Add +4358.2%	0.40%	+0.40
DIS The Walt Disney Co.	Add +190.4%	0.61%	+0.37
MIDD Middleby Corp.	Add +36.2%	1.81%	+0.28
HUM Humana Inc.	New	0.24%	+0.24
FDX FedEx Corp.	New	0.19%	+0.19
FSLR First Solar Inc.	Add +5.9%	0.77%	+0.19
ZBH Zimmer Biomet Holdings Inc.	Add +55.9%	0.42%	+0.15
CLB Core Laboratories Inc.	Add +6.1%	1.82%	+0.13
FAF First American Financial	Add +6.3%	2.56%	+0.12
SJM The JM Smucker Co.	Add +0.9%	1.79%	+0.09
AQN Algonquin Power & Utilities	Add +24.6%	0.94%	+0.09
JHG Janus Henderson Group PLC	Add +0.4%	0.97%	+0.08
SLB SLB Ltd.	Add +22.8%	0.48%	+0.07
IPG Interpublic Group of Cos Inc.	Add +0.3%	0.95%	+0.07
CRL Charles River Laboratories	Add +5.3%	2.49%	+0.06
CNP Centerpoint Energy Inc.	Add +16.2%	0.43%	+0.06
VXUS Vanguard Total Intl Stock	New	0.06%	+0.06
JNJ Johnson & Johnson	Add +66.4%	0.10%	+0.05
IWN iShares Russell 2000 Value E	Add +109.5%	0.09%	+0.05
AJG Arthur J Gallagher & Co.	New	0.05%	+0.05
BAC Bank of America Corp.	Add +12.9%	0.30%	+0.04
COF Capital One Financial Corp.	Add +9.4%	0.47%	+0.01
SWK Stanley Black & Decker Inc.	Add +0.7%	0.34%	+0.01
CVX Chevron Corp.	Add +9.9%	0.07%	+0.01
LMT Lockheed Martin Corp.	Add +7.0%	0.07%	+0.01
HDB HDFC Bank Ltd.-ADR	New	0.00%	+0.00
INFY Infosys Ltd.-SP ADR	New	0.00%	+0.00
IFS Intercorp Financial Services	Add +12.0%	0.01%	+0.00
PGR Progressive Corp.	Add +40.1%	0.00%	+0.00
KSPI JSC Kaspi.kz ADR	Add +11.4%	0.01%	+0.00
GCMG GCM Grosvenor Inc. Class A	Add +0.7%	0.58%	−0.00
FISV Fiserv Inc.	Add +38.4%	0.35%	−0.01
AXTA Axalta Coating Systems Ltd.	Add +5.2%	1.28%	−0.06
KMX Carmax Inc.	Add +3.4%	0.27%	−0.15

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	106	$10.0B	MSGE, OSW, CRL, AMG, JLL
Q1 2026	106	$8.9B	MSGE, OSW, JLL, AMG, SPHR
Q4 2025	108	$9.3B	MSGE, AMG, NCLH, SPHR, JLL
Q3 2025	107	$9.4B	SPHR, MSGE, AMG, NCLH, REZI
Q2 2025	104	$8.8B	MSGE, SPHR, MAT, LAZ, OSW
Q1 2025	106	$8.5B	MAT, JLL, MSGE, LAZ, FAF
Q4 2024	110	$9.4B	LAZ, MSGE, JLL, AMG, MAT
Q3 2024	110	$9.8B	JLL, LAZ, GNRC, MSGE, MAT
Q2 2024	115	$9.2B	JLL, GNRC, MAT, ADT, LAZ
Q1 2024	115	$10.2B	MAT, JLL, MSGE, GNRC, REZI