
	John Rogers 13F
	Ariel Investment, LLC

	Last update 2024-11-13	110 Stocks (4 new)
	Value $9.79 Bil	Turnover 5 %
	Countries: Top Holdings: JLL(3.22%)LAZ(3.16%)GNRC(2.93%)MSGE(2.88%)MAT(2.88%) Portfolio Report

John Rogers Profile

John Rogers founded Ariel Investment, LLC in 1983. Rogers 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."

John Rogers 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 characteristics 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).

John Rogers Portfolio and Latest Trades

Ticker
Ticker
SRCL
KKR
PM
LESL
GILD
PBH
GNRC
SRCL
BIO
CG
BIDU
MIDD
EQC
APTV
CHKP
PM
IPG
BIDU
CRL
CG
JNJ
MSFT
DVA
BIDU
INTC
BAP
PM
CHKP
CG
VZ
ITUB
SJM
BAP
REZI
LESL
ATGE
BAP
LESL
PM
BAP
CVS
ADT
MANU
BIDU
SNA
RCL
MSFT
VZ
MSFT
ITUB
GNTX
MANU
RCL
TFC
NVST
LESL
ALL
MSFT
SJM
BCO
COF
TFC
SNA
NVST
PARA
BOKF
GNRC
SPHR
SSD
DOX
MANU
JLL
DVA
SJM
CBRE
WEX
WAL
LESL
CLB
MSFT
VZ
TDC
OSW
GNRC
NVST
NVT
SNA
LESL
JNJ
BIDU
NVT
MHK
CG
LESL
LH
EQC
CRL
EVR
SNA
GNRC

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
SRCL	Stericycle Inc	2024-06-30	Reduce	-1.41%	● 44.3 ($51.35) 59.2	$61.98	20.70%	Reduce -63.95%	1,526,043	-2,707,177
KKR	KKR & Co Inc	2022-12-31	Reduce	-1.15%	● 43.97 ($48.74) 57.08	$162.87	234.16%	Reduce -71.24%	981,829	-2,431,601
PM	Philip Morris International Inc	2023-12-31	Reduce	-1.14%	● 87.47 ($92.13) 95.27	$133.06	44.43%	Reduce -47.36%	1,294,542	-1,164,768
LESL	Leslies Inc	2023-03-31	Add	+1.06%	● 10.46 ($12.99) 16.72	$2.30	-82.29%	Add 556.76%	11,846,768	10,042,959
GILD	Gilead Sciences Inc	2022-12-31	Reduce	-1.01%	● 62.32 ($79.19) 89.47	$92.58	16.91%	Reduce -55.92%	1,178,750	-1,495,360
PBH	Prestige Consumer Healthcare Inc	2023-09-30	Add	+0.97%	● 56.7 ($60.44) 68.29	$84.77	40.25%	Add 173.81%	2,534,786	1,609,044
GNRC	Generac Holdings Inc	2022-12-31	Add	+0.96%	● 89.79 ($113.16) 185.31	$188.20	66.31%	Add 248.16%	1,311,879	935,076
SRCL	Stericycle Inc	2024-09-30	Sold Out	-0.96%	● 57.95 ($59.36) 61.71	$61.98	4.41%	Sold Out	0	-1,526,043
BIO	Bio-Rad Laboratories Inc	2024-09-30	Add	+0.94%	● 263.97 ($317.61) 344.6	$340.53	7.22%	Add 263.48%	378,695	274,508
CG	The Carlyle Group Inc	2022-12-31	New Buy	+0.89%	● 25.43 ($28.54) 31.76	$53.23	86.51%	New holding	2,926,392	2,926,392
BIDU	Baidu Inc	2023-12-31	Reduce	-0.88%	● 104.97 ($115.54) 134.76	$85.05	-26.39%	Reduce -28.81%	1,527,971	-618,355
MIDD	The Middleby Corp	2024-09-30	Add	+0.88%	● 119.13 ($134.32) 144.82	$143.39	6.75%	Add 120.76%	1,126,148	616,021
EQC	Equity Commonwealth	2023-12-31	Reduce	-0.84%	● 18.19 ($18.9) 19.62	$20.34	7.62%	Reduce -78.33%	1,191,361	-4,305,166
APTV	Aptiv PLC	2024-03-31	New Buy	+0.84%	● 76.2 ($80.64) 90.17	$55.53	-31.14%	New holding	1,078,219	1,078,219
CHKP	Check Point Software Technologies Ltd	2023-09-30	Add	+0.84%	● 124.56 ($131.35) 137.46	$182.00	38.56%	Add 121.21%	1,083,364	593,623
PM	Philip Morris International Inc	2024-03-31	Reduce	-0.81%	● 88.98 ($92.21) 96.29	$133.06	44.30%	Reduce -67.33%	422,888	-871,654
IPG	The Interpublic Group of Companies Inc	2023-03-31	Reduce	-0.79%	● 33.21 ($35.94) 39.33	$30.81	-14.27%	Reduce -28.37%	5,858,029	-2,320,354
BIDU	Baidu Inc	2023-09-30	Reduce	-0.79%	● 124.92 ($140.2) 155.99	$85.05	-39.34%	Reduce -22.13%	2,146,326	-609,902
CRL	Charles River Laboratories International Inc	2023-06-30	Add	+0.73%	● 183.71 ($199.01) 210.25	$199.06	0.03%	Add 53.41%	1,047,840	364,786
CG	The Carlyle Group Inc	2023-06-30	Add	+0.73%	● 25.72 ($29.24) 31.95	$53.23	82.05%	Add 79.59%	5,446,414	2,413,794
JNJ	Johnson & Johnson	2023-12-31	Reduce	-0.73%	● 145.6 ($153.34) 158.88	$155.01	1.09%	Reduce -94.8%	24,259	-442,584
MSFT	Microsoft Corp	2023-12-31	Reduce	-0.70%	● 313.39 ($355.93) 382.7	$423.46	18.97%	Reduce -36.43%	367,682	-210,715
DVA	DaVita Inc	2023-12-31	New Buy	+0.69%	● 73.2 ($92.39) 108.8	$166.17	79.86%	New holding	658,818	658,818
BIDU	Baidu Inc	2024-09-30	Reduce	-0.67%	● 81.01 ($88.32) 105.29	$85.05	-3.70%	Reduce -65.69%	375,111	-718,141
INTC	Intel Corp	2023-12-31	New Buy	+0.66%	● 32.52 ($40.62) 50.76	$24.05	-40.79%	New holding	1,324,437	1,324,437
BAP	Credicorp Ltd	2023-12-31	Reduce	-0.66%	● 116.42 ($129.75) 153.97	$185.47	42.94%	Reduce -45.05%	597,310	-489,643
PM	Philip Morris International Inc	2023-03-31	Reduce	-0.65%	● 90.27 ($99.66) 105.39	$133.06	33.51%	Reduce -17.86%	2,928,756	-636,648
CHKP	Check Point Software Technologies Ltd	2023-12-31	Add	+0.63%	● 129.45 ($141.27) 153.64	$182.00	28.83%	Add 38.47%	1,500,122	416,758
CG	The Carlyle Group Inc	2024-03-31	Reduce	-0.61%	● 38.45 ($43.22) 47.62	$53.23	23.16%	Reduce -23.55%	4,882,920	-1,504,398
VZ	Verizon Communications Inc	2022-12-31	Add	+0.58%	● 35.35 ($37.68) 39.81	$44.34	17.68%	Add 75.33%	3,383,676	1,453,786
ITUB	Itau Unibanco Holding SA	2023-12-31	Sold Out	-0.58%	● 5.14 ($6.01) 7.04	$5.36	-10.82%	Sold Out	0	-10,161,278
SJM	JM Smucker Co	2024-06-30	Add	+0.57%	● 107.47 ($113.15) 124.73	$117.79	4.10%	Add 56.04%	1,354,999	486,624
BAP	Credicorp Ltd	2022-12-31	Reduce	-0.55%	● 126.4 ($141.72) 157	$185.47	30.87%	Reduce -28.08%	1,052,582	-410,911
REZI	Resideo Technologies Inc	2024-06-30	Reduce	-0.54%	● 19.2 ($20.69) 22.34	$27.18	31.37%	Reduce -20.26%	9,590,360	-2,436,140
LESL	Leslies Inc	2024-06-30	Add	+0.53%	● 3.93 ($4.86) 5.94	$2.30	-52.67%	Add 46.51%	36,601,368	11,618,490
ATGE	Adtalem Global Education Inc	2024-09-30	Reduce	-0.51%	● 67.08 ($73.75) 79.32	$91.41	23.95%	Reduce -23.43%	2,252,359	-689,374
BAP	Credicorp Ltd	2023-03-31	Add	+0.51%	● 124.28 ($134.19) 148.68	$185.47	38.21%	Add 38.43%	1,457,090	404,508
LESL	Leslies Inc	2023-09-30	Add	+0.50%	● 4.89 ($6.54) 10.21	$2.30	-64.83%	Add 50.63%	24,987,417	8,398,488
PM	Philip Morris International Inc	2023-09-30	Reduce	-0.48%	● 90.32 ($96.24) 100.49	$133.06	38.26%	Reduce -17.46%	2,459,310	-520,227
BAP	Credicorp Ltd	2023-09-30	Reduce	-0.48%	● 127.97 ($145.2) 158.47	$185.47	27.73%	Reduce -23.78%	1,086,953	-339,194
CVS	CVS Health Corp	2024-03-31	New Buy	+0.48%	● 71.99 ($76.39) 81.42	$59.85	-21.65%	New holding	606,609	606,609
ADT	ADT Inc	2024-03-31	Add	+0.47%	● 6.12 ($6.64) 7.47	$7.62	14.76%	Add 31.77%	29,579,797	7,131,950
MANU	Manchester United PLC	2024-06-30	Add	+0.47%	● 13.87 ($15.92) 17.27	$16.98	6.66%	Add 50.89%	8,007,070	2,700,337
BIDU	Baidu Inc	2024-03-31	Reduce	-0.46%	● 97.81 ($106.48) 118.32	$85.05	-20.13%	Reduce -25.41%	1,139,721	-388,250
SNA	Snap-on Inc	2022-12-31	Reduce	-0.46%	● 203.14 ($226.03) 244.96	$369.69	63.56%	Reduce -28.88%	517,378	-210,108
RCL	Royal Caribbean Group	2023-06-30	Reduce	-0.46%	● 59.56 ($78.2) 103.74	$244.06	212.10%	Reduce -26.39%	2,028,952	-727,326
MSFT	Microsoft Corp	2023-06-30	Reduce	-0.44%	● 275.42 ($313.01) 348.1	$423.46	35.29%	Reduce -17.99%	716,331	-157,142
VZ	Verizon Communications Inc	2023-12-31	Reduce	-0.44%	● 30.67 ($35.38) 38.65	$44.34	25.33%	Reduce -37.97%	2,112,712	-1,293,153
MSFT	Microsoft Corp	2023-09-30	Reduce	-0.44%	● 312.14 ($330.44) 359.49	$423.46	28.15%	Reduce -19.26%	578,397	-137,934
ITUB	Itau Unibanco Holding SA	2023-03-31	Add	+0.44%	● 4.33 ($4.8) 5.15	$5.36	11.67%	Add 1192.74%	10,205,810	9,416,341
GNTX	Gentex Corp	2023-09-30	Reduce	-0.43%	● 29.32 ($32.06) 34.17	$30.56	-4.68%	Reduce -18.18%	6,914,552	-1,536,371
MANU	Manchester United PLC	2022-12-31	Reduce	-0.43%	● 12.35 ($16.73) 23.33	$16.98	1.49%	Reduce -26%	8,454,466	-2,970,473
RCL	Royal Caribbean Group	2023-09-30	Reduce	-0.43%	● 90.46 ($100.17) 109.68	$244.06	143.65%	Reduce -21.74%	1,587,931	-441,021
TFC	Truist Financial Corp	2024-09-30	Sold Out	-0.42%	● 38.22 ($42.23) 44.94	$47.68	12.91%	Sold Out	0	-995,605
NVST	Envista Holdings Corp	2023-12-31	Add	+0.42%	● 21.06 ($23.9) 27.57	$22.29	-6.74%	Add 33.01%	7,096,942	1,761,364
LESL	Leslies Inc	2023-06-30	Add	+0.42%	● 9.24 ($10.34) 11.31	$2.30	-77.76%	Add 40.03%	16,588,929	4,742,161
ALL	Allstate Corp	2024-06-30	New Buy	+0.41%	● 157.07 ($166.81) 175.41	$207.39	24.33%	New holding	240,042	240,042
MSFT	Microsoft Corp	2024-06-30	Reduce	-0.41%	● 389.33 ($422.32) 452.85	$423.46	0.27%	Reduce -27.43%	265,438	-100,353
SJM	JM Smucker Co	2024-03-31	Add	+0.40%	● 117.54 ($126.61) 133.74	$117.79	-6.97%	Add 58.66%	868,375	321,049
BCO	The Brink's Co	2024-06-30	Reduce	-0.40%	● 86.22 ($95.36) 103.73	$96.71	1.42%	Reduce -25.81%	1,270,577	-442,124
COF	Capital One Financial Corp	2024-03-31	New Buy	+0.39%	● 124.92 ($135.42) 148.89	$192.01	41.79%	New holding	263,724	263,724
TFC	Truist Financial Corp	2023-12-31	New Buy	+0.39%	● 27.03 ($31.4) 37.64	$47.68	51.85%	New holding	1,067,702	1,067,702
SNA	Snap-on Inc	2024-03-31	Reduce	-0.39%	● 262.09 ($283.85) 296.94	$369.69	30.24%	Reduce -65.2%	72,843	-136,479
NVST	Envista Holdings Corp	2024-03-31	Add	+0.38%	● 20.64 ($22.67) 25.45	$22.29	-1.68%	Add 25.3%	8,892,200	1,795,258
PARA	Paramount Global	2023-06-30	Add	+0.38%	● 14.08 ($18.13) 23.44	$10.85	-40.15%	Add 35.45%	9,599,136	2,512,163
BOKF	BOK Financial Corp	2022-12-31	Reduce	-0.38%	● 90.95 ($101.39) 110.19	$118.87	17.24%	Reduce -12.8%	2,646,949	-388,693
GNRC	Generac Holdings Inc	2023-03-31	Add	+0.37%	● 97.71 ($115.68) 135.23	$188.20	62.69%	Add 26.75%	1,662,783	350,904
SPHR	Sphere Entertainment Co	2023-06-30	Reduce	-0.37%	● 21.53 ($26.53) 31.31	$41.15	55.11%	Reduce -19.12%	5,386,690	-1,273,454
SSD	Simpson Manufacturing Co Inc	2024-06-30	Reduce	-0.36%	● 160.17 ($175.08) 201.35	$188.40	7.61%	Reduce -53.6%	157,420	-181,863
DOX	Amdocs Ltd	2024-03-31	Sold Out	-0.36%	● 87.06 ($91.14) 93.57	$86.72	-4.85%	Sold Out	0	-410,733
MANU	Manchester United PLC	2023-03-31	Reduce	-0.36%	● 20.09 ($22.68) 26.84	$16.98	-25.13%	Reduce -17.95%	6,937,209	-1,517,257
JLL	Jones Lang LaSalle Inc	2024-09-30	Reduce	-0.35%	● 198.7 ($242.49) 272	$280.60	15.72%	Reduce -11.87%	1,168,681	-157,393
DVA	DaVita Inc	2024-06-30	Reduce	-0.35%	● 126.11 ($137.82) 147.14	$166.17	20.57%	Reduce -41.65%	359,604	-256,666
SJM	JM Smucker Co	2024-09-30	Add	+0.34%	● 109.12 ($117.81) 122.4	$117.79	-0.02%	Add 20.39%	1,631,285	276,286
CBRE	CBRE Group Inc	2023-06-30	Reduce	-0.33%	● 69.84 ($74.84) 80.71	$139.99	87.05%	Reduce -36.14%	827,963	-468,615
WEX	WEX Inc	2024-09-30	New Buy	+0.32%	● 168.01 ($186.38) 209.77	$188.66	1.22%	New holding	149,440	149,440
WAL	Western Alliance Bancorp	2024-09-30	New Buy	+0.32%	● 61.15 ($76.96) 88.41	$93.61	21.63%	New holding	363,305	363,305
LESL	Leslies Inc	2024-09-30	Add	+0.32%	● 2.5 ($3.08) 4.09	$2.30	-25.32%	Add 27.19%	46,552,521	9,951,153
CLB	Core Laboratories Inc	2024-03-31	Add	+0.31%	● 14.11 ($15.73) 17.49	$20.35	29.37%	Add 20.44%	10,825,657	1,837,258
MSFT	Microsoft Corp	2023-03-31	Reduce	-0.31%	● 222.31 ($255.08) 288.3	$423.46	66.01%	Reduce -12.64%	873,473	-126,340
VZ	Verizon Communications Inc	2023-09-30	Reduce	-0.30%	● 31.46 ($33.79) 37.48	$44.34	31.22%	Reduce -19.74%	3,405,865	-837,819
TDC	Teradata Corp	2024-03-31	New Buy	+0.30%	● 36.89 ($42.17) 48.99	$30.90	-26.73%	New holding	801,592	801,592
OSW	OneSpaWorld Holdings Ltd	2024-06-30	Reduce	-0.30%	● 12.15 ($14.26) 16.25	$18.99	33.17%	Reduce -18.83%	9,814,630	-2,276,481
GNRC	Generac Holdings Inc	2023-09-30	Add	+0.30%	● 103.22 ($123.69) 153.7	$188.20	52.15%	Add 14.92%	2,010,344	261,050
NVST	Envista Holdings Corp	2024-09-30	Add	+0.30%	● 15.3 ($17.41) 19.76	$22.29	28.03%	Add 15.08%	11,359,999	1,488,847
NVT	nVent Electric PLC	2024-06-30	Reduce	-0.30%	● 71.07 ($77.62) 85.43	$78.31	0.89%	Reduce -29.12%	992,935	-407,906
SNA	Snap-on Inc	2023-03-31	Reduce	-0.29%	● 229.38 ($244.14) 259.66	$369.69	51.43%	Reduce -24.38%	391,254	-126,124
LESL	Leslies Inc	2023-12-31	Add	+0.29%	● 4.44 ($5.5) 7.11	$2.30	-58.18%	Add 16.98%	29,231,420	4,244,003
JNJ	Johnson & Johnson	2022-12-31	Reduce	-0.29%	● 160.2 ($172.66) 179.76	$155.01	-10.22%	Reduce -21.03%	599,323	-159,643
BIDU	Baidu Inc	2022-12-31	Add	+0.29%	● 76.57 ($102.04) 123.3	$85.05	-16.65%	Add 9.67%	2,852,898	251,451
NVT	nVent Electric PLC	2023-06-30	Reduce	-0.29%	● 40.48 ($44.37) 51.67	$78.31	76.49%	Reduce -20.85%	2,640,087	-695,585
MHK	Mohawk Industries Inc	2024-03-31	Reduce	-0.29%	● 97.57 ($112.34) 130.89	$138.83	23.58%	Reduce -12.93%	1,870,760	-277,716
CG	The Carlyle Group Inc	2023-09-30	Add	+0.29%	● 29.13 ($32.22) 35.71	$53.23	65.21%	Add 16.86%	6,364,528	918,114
LESL	Leslies Inc	2024-03-31	Reduce	-0.29%	● 6.45 ($7.16) 8.18	$2.30	-67.88%	Reduce -14.53%	24,982,878	-4,248,542
LH	Laboratory Corp of America Holdings	2023-12-31	Reduce	-0.28%	● 197.69 ($210.07) 227.29	$241.16	14.80%	Reduce -19.46%	550,789	-133,044
EQC	Equity Commonwealth	2023-09-30	Reduce	-0.28%	● 18.37 ($19.4) 20.6	$20.34	4.85%	Reduce -21.09%	5,496,527	-1,468,766
CRL	Charles River Laboratories International Inc	2024-03-31	Reduce	-0.28%	● 203.52 ($238.81) 273.43	$199.06	-16.65%	Reduce -11.22%	932,807	-117,891
EVR	Evercore Inc	2024-09-30	Sold Out	-0.27%	● 211 ($238.02) 258.68	$307.90	29.36%	Sold Out	0	-121,221
SNA	Snap-on Inc	2023-12-31	Reduce	-0.27%	● 250.2 ($269.85) 290.19	$369.69	37.00%	Reduce -32.37%	209,322	-100,170
GNRC	Generac Holdings Inc	2024-06-30	Reduce	-0.27%	● 127.41 ($138.2) 154.23	$188.20	36.18%	Reduce -10.01%	1,928,250	-214,602

100/Page

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