Ariel Investments

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), John W. Rogers Jr.'s Ariel Investments reported 108 stock positions worth $9.3 billion. Its top holding was Madison Square Garden Entert (MSGE) at 4.0% of the portfolio, followed by Affiliated Managers (AMG, 3.7%) and Norwegian Cruise Line Holdin (NCLH, 3.5%). Compared with Q3 2025, it opened 10 new positions, sold out of 9, added to 25 and reduced 70. The biggest buy was a new position in Omnicom (OMC) and the biggest sale an exit from Aptiv (APTV).

Most Recent 13F: Q2 2026
Notable People: John W. Rogers Jr.
Location: CHICAGO, IL
CIK: 0000936753
Portfolio Value: $9.3B (Q4 2025)
SEC Filing: 0000936753-26-000017 ↗ filed Feb 13, 2026

Holdings Value

Holdings 108 stocks · $9.3B


MSGE Madison Square Garden Entert	4.01%	6,881,315	$370.8M	Reduce -11.1%
AMG Affiliated Managers Group	3.68%	1,182,223	$340.8M	Reduce -6.5%
NCLH Norwegian Cruise Line Holdin	3.46%	14,351,367	$320.3M	Add +18.8%
SPHR Sphere Entertainment Co.	3.25%	3,168,534	$301.3M	Reduce -47.1%
JLL Jones Lang Lasalle Inc.	3.25%	893,230	$300.5M	Reduce -6.1%
OSW Onespaworld Holdings Ltd.	3.14%	14,011,310	$290.6M	Add +6.2%
CRL Charles River Laboratories	3.08%	1,427,771	$284.8M	Reduce -4.2%
NVST Envista Holdings Corp.	2.81%	11,970,544	$259.9M	Reduce -0.3%
LAZ Lazard Inc.	2.78%	5,296,822	$257.2M	Add +1.0%
PBH Prestige Consumer Healthcare	2.73%	4,102,497	$253.1M	Add +14.1%
MAT Mattel Inc.	2.69%	12,532,133	$248.6M	Reduce -8.9%
FAF First American Financial	2.60%	3,917,150	$240.7M	Add +5.2%
CG The Carlyle Group Inc.	2.52%	3,950,333	$233.5M	Reduce -6.7%
MIDD Middleby Corp.	2.50%	1,558,645	$231.7M	Add +22.4%
BIO Bio-Rad Laboratories-A	2.50%	764,672	$231.7M	Reduce -5.5%
CLB Core Laboratories Inc.	2.37%	13,661,000	$219.0M	Reduce -0.8%
REZI Resideo Technologies Inc.	2.32%	6,121,216	$215.0M	Reduce -8.6%
BOKF Bok Financial Corporation	2.16%	1,689,307	$200.1M	Reduce -1.8%
BYD Boyd Gaming Corp.	2.15%	2,340,172	$199.5M	Reduce -10.1%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC	2.12%	1,897,628	$196.3M	Add +46.5%
GNRC Generac Holdings Inc.	2.10%	1,423,948	$194.2M	Reduce -3.0%
MHK Mohawk Industries Inc.	2.03%	1,716,027	$187.6M	Add +1.1%
MSGS Madison Square Garden Sports	2.02%	722,495	$186.9M	Reduce -0.6%
GNTX Gentex Corp.	1.98%	7,889,928	$183.6M	Add +9.3%
ADT Adt Inc.	1.88%	21,558,300	$174.0M	Reduce -2.3%
NTRS Northern Trust Corp.	1.84%	1,248,921	$170.6M	Reduce -2.8%
SJM The JM Smucker Co. filed as SMUCKER J M CO	1.70%	1,608,943	$157.4M	Add +4.2%
AXTA Axalta Coating Systems Ltd.	1.70%	4,864,546	$157.2M	Add +16.1%
MANU Manchester United PLC Class A	1.54%	8,982,161	$143.0M	Add +0.6%
BCO The Brink's Co.	1.30%	1,027,444	$119.9M	Reduce -16.2%
ZBRA Zebra Technologies Corp. Class A	1.25%	475,731	$115.5M	Add +86.1%
AQN Algonquin Power & Utilities	1.06%	15,920,654	$97.9M	Reduce -2.6%
LH Labcorp Holdings Inc.	0.98%	360,087	$90.3M	Reduce -0.8%
OMC Omnicom Group	0.95%	1,088,333	$87.9M	New
CHKP Check Point Software Tech	0.93%	464,185	$86.1M	Reduce -4.5%
KN Knowles Corp.	0.93%	3,998,641	$85.7M	Reduce -2.7%
MSFT Microsoft Corp.	0.90%	172,455	$83.4M	Reduce -11.2%
LIND Lindblad Expeditions Holding	0.80%	5,118,819	$73.8M	Reduce -7.3%
KMT Kennametal Inc.	0.73%	2,377,626	$67.5M	Reduce -37.1%
FSLR First Solar Inc.	0.71%	251,565	$65.7M	Reduce -22.7%
CVS CVS Health Corp.	0.71%	825,092	$65.5M	Reduce -16.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.69%	557,647	$63.4M	Add +11.5%
NVT Nvent Electric PLC	0.68%	613,021	$62.5M	Reduce -28.7%
XRAY Dentsply Sirona Inc.	0.65%	5,274,740	$60.3M	New
INTC Intel Corp.	0.61%	1,524,112	$56.2M	Add +57.8%
LFUS Littelfuse Inc.	0.61%	221,498	$56.0M	Reduce -1.7%
JHG Janus Henderson Group PLC	0.60%	1,169,327	$55.6M	Reduce -42.8%
KEYS Keysight Technologies Inc.	0.57%	258,309	$52.5M	Reduce -1.5%
GCMG GCM Grosvenor Inc. Class A	0.55%	4,508,199	$51.0M	Add +0.5%
WEX Wex Inc.	0.54%	336,797	$50.2M	Reduce -1.2%
SLB SLB Ltd. filed as SLB LIMITED	0.53%	1,285,090	$49.3M	Reduce -1.2%
BMY Bristol-Myers Squibb Co.	0.43%	732,677	$39.5M	New
COF Capital One Financial Corp.	0.42%	162,230	$39.3M	Reduce -21.2%
CNP Centerpoint Energy Inc.	0.41%	996,778	$38.2M	Reduce -3.0%
WBS Webster Financial Corp.	0.39%	578,996	$36.4M	New
FDS Factset Research Systems Inc.	0.39%	125,439	$36.4M	New
MTB M & T Bank Corp. filed as M & T BK CORP	0.39%	180,402	$36.3M	Reduce -5.8%
PSKY Paramount Skydance Class B	0.37%	2,587,190	$34.7M	Reduce -13.8%
NTAP Netapp Inc.	0.37%	322,860	$34.6M	Reduce -6.0%
SCHW Schwab (charles) Corp.	0.37%	342,275	$34.2M	Reduce -1.5%
CBRE CBRE Group Inc. Class A	0.37%	211,081	$33.9M	Reduce -7.8%
KKR KKR & Co. Inc.	0.36%	264,916	$33.8M	Add +3.7%
HPE Hewlett Packard Enterprise	0.34%	1,321,535	$31.7M	New
SWK Stanley Black & Decker Inc.	0.34%	421,387	$31.3M	Reduce -1.4%
KFY Korn Ferry	0.33%	466,090	$30.8M	Reduce -1.9%
T AT&T Inc.	0.32%	1,202,446	$29.9M	New
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.31%	517,442	$28.5M	Reduce -4.1%
MAS Masco Corp.	0.28%	405,488	$25.7M	Add +1.7%
GILD Gilead Sciences Inc.	0.27%	205,052	$25.2M	Reduce -6.3%
TAP Molson Coors Beverage Co. Class B	0.26%	515,945	$24.1M	Add +12.6%
RLI Rli Corp.	0.26%	373,173	$23.9M	New
AFL Aflac Inc.	0.25%	212,072	$23.4M	Reduce -1.5%
KMX Carmax Inc.	0.24%	563,483	$21.8M	Reduce -1.4%
FISV Fiserv Inc.	0.23%	321,025	$21.6M	Add +26.9%
HUM Humana Inc.	0.23%	82,807	$21.2M	Reduce -5.9%
FDX FedEx Corp.	0.22%	71,405	$20.6M	Reduce -5.9%
MGPI MGP Ingredients Inc.	0.17%	629,467	$15.3M	Reduce -2.6%
MTN Vail Resorts Inc.	0.16%	112,211	$14.9M	Reduce -2.6%
SSD Simpson Manufacturing Co. Inc.	0.16%	91,389	$14.8M	Reduce -1.6%
SNA Snap-on Inc.	0.12%	32,694	$11.3M	Reduce -0.5%
B Barrick Mining Corp.	0.10%	216,126	$9.4M	Reduce -11.6%
JNJ Johnson & Johnson	0.10%	43,260	$9.0M	Reduce -16.6%
PHIN Phinia Inc.	0.09%	140,144	$8.8M	Reduce -0.0%
HCKT The Hackett Group Inc.	0.09%	428,199	$8.4M	Reduce -1.7%
APA Apa Corp.	0.08%	297,339	$7.3M	Reduce -0.7%
LMT Lockheed Martin Corp.	0.07%	13,446	$6.5M	Reduce -1.1%
CVX Chevron Corp.	0.07%	41,499	$6.3M	No change
IWN iShares Russell 2000 Value E	0.07%	33,319	$6.0M	Reduce -25.9%
LESL Leslie's Inc.	0.05%	2,836,373	$4.7M	Reduce -3.6%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.05%	51,315	$4.4M	No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.04%	15,357	$4.0M	Add +12.6%
MOS The Mosaic Co.	0.04%	147,037	$3.5M	Reduce -0.9%
ORCL Oracle Corp.	0.03%	16,384	$3.2M	Reduce -0.1%
TSM Taiwan Semiconductor-SP ADR	0.03%	10,162	$3.1M	Reduce -9.7%
BWA Borgwarner Inc.	0.03%	64,987	$2.9M	No change
GS Goldman Sachs Group Inc.	0.03%	3,158	$2.8M	Reduce -0.2%
BAP Credicorp Ltd.	0.02%	5,737	$1.6M	Add +9.4%
VEA Vanguard Ftse Developed ETF	0.02%	24,473	$1.5M	Reduce -57.5%
IFS Intercorp Financial Services	0.02%	34,668	$1.5M	Add +7.7%
CPA Copa Holdings SA Class A	0.01%	8,752	$1.1M	New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.01%	13,172	$1.0M	Add +7.4%
HDB HDFC Bank Ltd.-ADR	0.01%	13,151	$481K	Add +42.3%
FICO Fair Isaac Corp.	0.00%	221	$374K	Reduce -0.9%
ZBH Zimmer Biomet Holdings Inc.	0.00%	3,229	$290K	Reduce -99.2%
MSI Motorola Solutions Inc.	0.00%	755	$289K	Reduce -0.7%
PGR Progressive Corp.	0.00%	1,094	$249K	Reduce -0.6%
BRC Brady Corporation Class A	0.00%	2,996	$235K	Reduce -17.7%
IWD iShares Russell 1000 Value E	0.00%	668	$141K	New

Portfolio Sells Q3 2025 → Q4 2025


APTV Aptiv PLC	Sold out	0.00%	−1.06
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−0.95
REZI Resideo Technologies Inc.	Reduce -8.6%	2.32%	−0.77
SPHR Sphere Entertainment Co.	Reduce -47.1%	3.25%	−0.73
VZ Verizon Communications Inc.	Sold out	0.00%	−0.55
GNRC Generac Holdings Inc.	Reduce -3.0%	2.10%	−0.53
ZBH Zimmer Biomet Holdings Inc.	Reduce -99.2%	0.00%	−0.41
JHG Janus Henderson Group PLC	Reduce -42.8%	0.60%	−0.37
CG The Carlyle Group Inc.	Reduce -6.7%	2.52%	−0.32
BYD Boyd Gaming Corp.	Reduce -10.1%	2.15%	−0.25
WAL Western Alliance Bancorp	Sold out	0.00%	−0.24
BCO The Brink's Co.	Reduce -16.2%	1.30%	−0.24
DHI D.R. Horton Inc.	Sold out	0.00%	−0.23
PSKY Paramount Skydance Class B	Reduce -13.8%	0.37%	−0.23
NVT Nvent Electric PLC	Reduce -28.7%	0.68%	−0.23
ADT Adt Inc.	Reduce -2.3%	1.88%	−0.18
MSFT Microsoft Corp.	Reduce -11.2%	0.90%	−0.17
ALL Allstate Corp.	Sold out	0.00%	−0.16
CHKP Check Point Software Tech	Reduce -4.5%	0.93%	−0.15
LH Labcorp Holdings Inc.	Reduce -0.8%	0.98%	−0.14
LESL Leslie's Inc.	Reduce -3.6%	0.05%	−0.12
KMT Kennametal Inc.	Reduce -37.1%	0.73%	−0.12
KN Knowles Corp.	Reduce -2.7%	0.93%	−0.10
CVS CVS Health Corp.	Reduce -16.6%	0.71%	−0.09
NTAP Netapp Inc.	Reduce -6.0%	0.37%	−0.06
FSLR First Solar Inc.	Reduce -22.7%	0.71%	−0.06
VXUS Vanguard Total Intl Stock	Sold out	0.00%	−0.06
COF Capital One Financial Corp.	Reduce -21.2%	0.42%	−0.04
VT Vanguard Tot World STK ETF	Sold out	0.00%	−0.04
KMX Carmax Inc.	Reduce -1.4%	0.24%	−0.04
WEX Wex Inc.	Reduce -1.2%	0.54%	−0.03
KFY Korn Ferry	Reduce -1.9%	0.33%	−0.02
MTN Vail Resorts Inc.	Reduce -2.6%	0.16%	−0.02
VEA Vanguard Ftse Developed ETF	Reduce -57.5%	0.02%	−0.02
IWN iShares Russell 2000 Value E	Reduce -25.9%	0.07%	−0.02
LFUS Littelfuse Inc.	Reduce -1.7%	0.61%	−0.02
CBRE CBRE Group Inc. Class A	Reduce -7.8%	0.37%	−0.02
MOS The Mosaic Co.	Reduce -0.9%	0.04%	−0.02
HUM Humana Inc.	Reduce -5.9%	0.23%	−0.02
ORCL Oracle Corp.	Reduce -0.1%	0.03%	−0.01
CNP Centerpoint Energy Inc.	Reduce -3.0%	0.41%	−0.01
MTB M & T Bank Corp.	Reduce -5.8%	0.39%	−0.01
SSD Simpson Manufacturing Co. Inc.	Reduce -1.6%	0.16%	−0.01
NTRS Northern Trust Corp.	Reduce -2.8%	1.84%	−0.01
JNJ Johnson & Johnson	Reduce -16.6%	0.10%	−0.01
AFL Aflac Inc.	Reduce -1.5%	0.25%	−0.00
LMT Lockheed Martin Corp.	Reduce -1.1%	0.07%	−0.00
INFY Infosys Ltd.-SP ADR	Sold out	0.00%	−0.00
MGPI MGP Ingredients Inc.	Reduce -2.6%	0.17%	−0.00
SWK Stanley Black & Decker Inc.	Reduce -1.4%	0.34%	−0.00

Portfolio Buys Q3 2025 → Q4 2025


OMC Omnicom Group	New	0.95%	+0.95
MIDD Middleby Corp.	Add +22.4%	2.50%	+0.69
XRAY Dentsply Sirona Inc.	New	0.65%	+0.65
ZBRA Zebra Technologies Corp. Class A	Add +86.1%	1.25%	+0.44
BMY Bristol-Myers Squibb Co.	New	0.43%	+0.43
AXTA Axalta Coating Systems Ltd.	Add +16.1%	1.70%	+0.42
WBS Webster Financial Corp.	New	0.39%	+0.39
FDS Factset Research Systems Inc.	New	0.39%	+0.39
HPE Hewlett Packard Enterprise	New	0.34%	+0.34
PBH Prestige Consumer Healthcare	Add +14.1%	2.73%	+0.33
T AT&T Inc.	New	0.32%	+0.32
NCLH Norwegian Cruise Line Holdin	Add +18.8%	3.46%	+0.28
INTC Intel Corp.	Add +57.8%	0.61%	+0.26
RLI Rli Corp.	New	0.26%	+0.26
OSW Onespaworld Holdings Ltd.	Add +6.2%	3.14%	+0.16
MANU Manchester United PLC Class A	Add +0.6%	1.54%	+0.10
DIS The Walt Disney Co.	Add +11.5%	0.69%	+0.07
FAF First American Financial	Add +5.2%	2.60%	+0.04
TAP Molson Coors Beverage Co. Class B	Add +12.6%	0.26%	+0.04
CPA Copa Holdings SA Class A	New	0.01%	+0.01
KKR KKR & Co. Inc.	Add +3.7%	0.36%	+0.01
BAP Credicorp Ltd.	Add +9.4%	0.02%	+0.00
IFS Intercorp Financial Services	Add +7.7%	0.02%	+0.00
HDB HDFC Bank Ltd.-ADR	Add +42.3%	0.01%	+0.00
IWD iShares Russell 1000 Value E	New	0.00%	+0.00
KSPI JSC Kaspi.kz ADR	Add +7.4%	0.01%	+0.00
AJG Arthur J Gallagher & Co.	Add +12.6%	0.04%	−0.00
CVSA Covista Inc.	Add +46.5%	2.12%	−0.02
MAS Masco Corp.	Add +1.7%	0.28%	−0.02
GCMG GCM Grosvenor Inc. Class A	Add +0.5%	0.55%	−0.03
SJM The JM Smucker Co.	Add +4.2%	1.70%	−0.09
FISV Fiserv Inc.	Add +26.9%	0.23%	−0.12
LAZ Lazard Inc.	Add +1.0%	2.78%	−0.18
GNTX Gentex Corp.	Add +9.3%	1.98%	−0.20
MHK Mohawk Industries Inc.	Add +1.1%	2.03%	−0.31

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