Portfolio holdings of John Rogers - Ariel Appreciation Fund. John Rogers - Ariel Appreciation Fund stock picks:. Stock Holdings page.
John Rogers - Ariel Appreciation Fund
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INVESTMENT STRATEGY AND APPROACH
Ariel Appreciation Fund seeks long-term capital appreciation by investing primarily in common stocks of companies with market capitalizations between $2.5 billion and $15 billion measured at the time of purchase. The Fund invests in undervalued companies that show strong potential for growth. To capture anticipated growth, the Fund holds investments for a relatively long period of time – generally five years.
Our Approach to Investing
Our investment philosophy depends upon three interrelated tenets: patience, focus, and independent thinking, which drive our contrarian approach. Our divergence from conventional wisdom allows us to add value by taking advantage of the market’s few and small pockets of inefficiency.
A Patient View
“Time is the friend of the wonderful company, the enemy of the mediocre.” — Warren Buffett
Compels us to wait for the perfect pitch—differentiated companies with strong cash flows, low debt, high quality products or services, significant barriers to entry and low reinvestment requirements.
Permits us to use the market’s short-term thinking to our advantage since our longer term approach allows us to be opportunistic as price dislocations arise.
Enables us to take our time to research a name and wait as long as necessary for it to possess the margin of safety we require.
Leads us to build extensive third party networks that inform our stock picking.
A Focused Approach
“Invest within your circle of competence.” — Warren Buffett
Allows us to build expertise and accumulate deep knowledge.
Augments our conviction, especially during crunch time when it matters most.
Enables us to learn from our mistakes and make fewer of them.
Leads us to isolate the key issues of importance to a company in the midst of the market noise.
Results in our portfolio concentration in a limited number of names and a limited number of industries.
Allows us to build and cultivate our third–party sources more effectively.
We don’t own a little bit of everything because we can’t know everything—we choose to go deep instead of broad.
A Team of Independent Thinkers
“If you buy the same stocks as everyone else, you get the same results.” — Sir John Templeton
Encourages us to buy out of favor, misunderstood and ignored stocks.
Compels us to buy when others are selling and to sell when others are buying.
Leads us to perform our own original, proprietary research.
Persuades us to be benchmark agnostic with very different industry weightings.
Permits us to take advantage of market psychology.
Ariel Appreciation Fund seeks long-term capital appreciation by investing primarily in common stocks of companies with market capitalizations between $2.5 billion and $15 billion measured at the time of purchase. The Fund invests in undervalued companies that show strong potential for growth. To capture anticipated growth, the Fund holds investments for a relatively long period of time – generally five years.
Our Approach to Investing
Our investment philosophy depends upon three interrelated tenets: patience, focus, and independent thinking, which drive our contrarian approach. Our divergence from conventional wisdom allows us to add value by taking advantage of the market’s few and small pockets of inefficiency.
A Patient View
“Time is the friend of the wonderful company, the enemy of the mediocre.” — Warren Buffett
Compels us to wait for the perfect pitch—differentiated companies with strong cash flows, low debt, high quality products or services, significant barriers to entry and low reinvestment requirements.
Permits us to use the market’s short-term thinking to our advantage since our longer term approach allows us to be opportunistic as price dislocations arise.
Enables us to take our time to research a name and wait as long as necessary for it to possess the margin of safety we require.
Leads us to build extensive third party networks that inform our stock picking.
A Focused Approach
“Invest within your circle of competence.” — Warren Buffett
Allows us to build expertise and accumulate deep knowledge.
Augments our conviction, especially during crunch time when it matters most.
Enables us to learn from our mistakes and make fewer of them.
Leads us to isolate the key issues of importance to a company in the midst of the market noise.
Results in our portfolio concentration in a limited number of names and a limited number of industries.
Allows us to build and cultivate our third–party sources more effectively.
We don’t own a little bit of everything because we can’t know everything—we choose to go deep instead of broad.
A Team of Independent Thinkers
“If you buy the same stocks as everyone else, you get the same results.” — Sir John Templeton
Encourages us to buy out of favor, misunderstood and ignored stocks.
Compels us to buy when others are selling and to sell when others are buying.
Leads us to perform our own original, proprietary research.
Persuades us to be benchmark agnostic with very different industry weightings.
Permits us to take advantage of market psychology.
Period: Q4 2023
Portfolio date: 31 Dec 2023
No. of stocks: 43
Portfolio value: $1,057,666,000
History | Stock | % of Portfolio |
RecentActivity | Shares | ReportedPrice* | Value | Current Price |
+/-Reported Price |
52Week Low |
52Week High |
|
≡ | NTRS - Northern Trust Corp. | 4.22 | Reduce 0.34% | 529,560 | $84.38 | $44,684,000 | $84.65 | 0.32% | $60.15 | $89.25 | |
≡ | GS - Goldman Sachs Group | 3.99 | Reduce 10.03% | 109,328 | $385.77 | $42,175,000 | $438.24 | 13.60% | $284.98 | $442.30 | |
≡ | SCHW - Charles Schwab Corp. | 3.68 | Reduce 2.88% | 564,999 | $68.80 | $38,872,000 | $76.05 | 10.54% | $45.98 | $76.47 | |
≡ | CRL - Charles River Labs | 3.42 | Reduce 9.19% | 153,072 | $236.40 | $36,186,000 | $233.50 | -1.23% | $161.65 | $275.00 | |
≡ | LH - Laboratory Corp. of America Hldgs | 3.28 | Reduce 10.75% | 152,707 | $227.29 | $34,709,000 | $201.31 | -11.43% | $193.70 | $240.86 | |
≡ | MAT - Mattel Inc. | 3.21 | 1,800,445 | $18.88 | $33,992,000 | $18.49 | -2.07% | $16.20 | $22.64 | ||
≡ | SWK - Stanley Black & Decker Inc. | 3.05 | Reduce 5.94% | 329,215 | $98.10 | $32,296,000 | $85.80 | -12.54% | $71.18 | $102.00 | |
≡ | AXTA - Axalta Coating Systems Ltd. | 3.02 | 940,115 | $33.97 | $31,936,000 | $35.21 | 3.65% | $25.03 | $35.31 | ||
≡ | IPG - Interpublic Group | 3.01 | Add 11.60% | 975,781 | $32.64 | $31,849,000 | $30.71 | -5.91% | $26.64 | $39.74 | |
≡ | GNRC - Generac Holdings Inc. | 2.89 | Add 7.87% | 236,889 | $129.24 | $30,616,000 | $133.53 | 3.32% | $79.86 | $156.95 | |
≡ | KMX - CarMax Inc. | 2.82 | Reduce 12.64% | 388,959 | $76.74 | $29,849,000 | $68.72 | -10.45% | $59.66 | $88.22 | |
≡ | CG - Carlyle Group | 2.80 | Add 14.66% | 727,114 | $40.69 | $29,586,000 | $41.07 | 0.93% | $23.43 | $48.52 | |
≡ | KMT - Kennametal Inc. | 2.76 | Reduce 6.00% | 1,131,222 | $25.79 | $29,174,000 | $24.54 | -4.85% | $21.71 | $29.88 | |
≡ | CBRE - CBRE Group | 2.73 | 310,611 | $93.09 | $28,915,000 | $86.59 | -6.98% | $64.63 | $98.65 | ||
≡ | KKR - KKR & Co. L.P. | 2.60 | Reduce 25.15% | 332,357 | $82.85 | $27,536,000 | $94.96 | 14.62% | $47.30 | $103.48 | |
≡ | KN - Knowles Corp. | 2.54 | Add 14.00% | 1,500,078 | $17.91 | $26,866,000 | $16.61 | -7.26% | $12.78 | $18.48 | |
≡ | AFL - AFLAC Inc. | 2.45 | Reduce 11.96% | 314,208 | $82.50 | $25,922,000 | $83.20 | 0.85% | $63.01 | $86.26 | |
≡ | MSGS - Madison Square Garden Sports Corp. | 2.38 | 138,485 | $181.83 | $25,181,000 | $184.70 | 1.58% | $164.79 | $215.79 | ||
≡ | LAZ - Lazard Inc. | 2.34 | 712,454 | $34.80 | $24,793,000 | $39.01 | 12.10% | $34.38 | $42.24 | ||
≡ | SRCL - Stericycle Inc. | 2.28 | 487,075 | $49.56 | $24,139,000 | $46.15 | -6.88% | $37.78 | $57.06 | ||
≡ | FAF - First Amer'n Corp. | 2.22 | 364,366 | $64.44 | $23,480,000 | $54.37 | -15.63% | $48.67 | $64.94 | ||
≡ | JLL - Jones Lang Lasalle Inc. | 2.20 | Add 13.92% | 122,926 | $188.87 | $23,217,000 | $185.51 | -1.78% | $119.46 | $200.14 | |
≡ | KEYS - Keysight Technologies Inc. | 2.19 | Add 28.57% | 145,750 | $159.09 | $23,187,000 | $149.18 | -6.23% | $118.57 | $172.72 | |
≡ | CLB - Core Laboratories Inc. | 2.18 | Reduce 6.29% | 1,303,428 | $17.66 | $23,019,000 | $15.94 | -9.74% | $13.82 | $27.90 | |
≡ | NVST - Envista Holdings Corp. | 2.18 | Add 34.23% | 959,409 | $24.06 | $23,083,000 | $19.00 | -21.03% | $18.09 | $36.14 | |
≡ | WBA - Walgreens Boots Alliance | 2.15 | Add 10.80% | 871,388 | $26.11 | $22,752,000 | $17.81 | -31.79% | $17.25 | $30.49 | |
≡ | REZI - Resideo Technologies Inc. | 2.14 | Reduce 6.83% | 1,204,654 | $18.82 | $22,672,000 | $20.50 | 8.93% | $14.20 | $23.21 | |
≡ | NVT - nVent Electric plc | 2.12 | Reduce 16.71% | 380,230 | $59.09 | $22,468,000 | $75.91 | 28.47% | $39.71 | $78.78 | |
≡ | BOKF - BOK Financial Corp. | 2.09 | Add 0.48% | 258,159 | $85.65 | $22,111,000 | $92.25 | 7.71% | $60.62 | $93.51 | |
≡ | ZBH - Zimmer Biomet Holdings | 2.09 | 181,483 | $121.70 | $22,086,000 | $121.71 | 0.01% | $101.61 | $146.61 | ||
≡ | BWA - BorgWarner Inc. | 2.08 | Reduce 7.34% | 613,648 | $35.85 | $21,999,000 | $36.43 | 1.62% | $29.40 | $49.57 | |
≡ | MANU - Manchester United plc | 2.06 | 1,067,324 | $20.38 | $21,752,000 | $15.50 | -23.95% | $13.50 | $26.64 | ||
≡ | LFUS - Littelfuse Inc. | 1.97 | 77,759 | $267.56 | $20,805,000 | $247.17 | -7.62% | $210.51 | $305.08 | ||
≡ | GNTX - Gentex Corp. | 1.88 | Reduce 9.92% | 608,087 | $32.66 | $19,860,000 | $34.12 | 4.47% | $25.27 | $37.45 | |
≡ | NOV - Nov Inc. | 1.75 | Reduce 9.87% | 915,295 | $20.28 | $18,562,000 | $18.55 | -8.53% | $13.89 | $21.73 | |
≡ | MSGE - Madison Square Garden Entertainment Corp. | 1.73 | 575,139 | $31.79 | $18,284,000 | $40.33 | 26.86% | $27.55 | $41.58 | ||
≡ | MTN - Vail Resorts Inc. | 1.41 | 70,094 | $213.47 | $14,963,000 | $194.99 | -8.66% | $188.43 | $248.57 | ||
≡ | PARA - Paramount Global CL B | 1.37 | 979,777 | $14.79 | $14,491,000 | $12.89 | -12.85% | $10.07 | $17.24 | ||
≡ | TAP - Molson Coors Beverage Co. | 1.23 | Reduce 13.38% | 213,313 | $61.21 | $13,057,000 | $57.85 | -5.49% | $54.90 | $69.47 | |
≡ | ADT - ADT Inc. | 1.08 | 1,671,721 | $6.82 | $11,401,000 | $6.68 | -2.05% | $5.30 | $7.54 | ||
≡ | SJM - J.M. Smucker Co | 1.06 | 88,704 | $126.38 | $11,210,000 | $113.08 | -10.52% | $105.41 | $154.62 | ||
≡ | SNA - Snap-On Inc. | 0.75 | Reduce 22.35% | 27,321 | $288.83 | $7,891,000 | $271.00 | -6.17% | $242.86 | $298.49 | |
≡ | SPHR - Sphere Entertainment Co. | 0.57 | Reduce 18.98% | 177,850 | $33.96 | $6,040,000 | $40.50 | 19.26% | $20.69 | $51.83 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Financials | 31.32 | |
Consumer Discretionary | 18.86 | |
Health Care | 10.97 | |
Industrials | 7.18 | |
Technology | 6.85 | |
Communication Services | 6.05 | |
Materials | 5.20 | |
Consumer Staples | 4.44 | |
Industrial Goods | 2.89 | |
Information Technology | 1.97 | |
Energy | 1.75 | |
Consumer Cyclical | 1.41 | |
Services | 1.08 |
Articles & Commentaries
16 Apr 2024 Ariel Appreciation Fund Q1 2024 Commentary
17 Jan 2024 Ariel Appreciation Fund Q4 2023 Commentary
12 Dec 2023 Ariel Investments co-CEOs Mellody Hobson and John Rogers discuss the markets and where to find value
27 Nov 2023 Ariel Investtments Q3 2023 Conference Call
19 Oct 2023 Ariel Appreciation Fund Q3 2023 Commentary
19 Jul 2023 Ariel Appreciation Fund Q2 2023 Commentary
23 May 2023 Ariel Investments Q1 2023 Conference Call
19 Apr 2023 Ariel Appreciation Fund Q1 2023 Commentary
19 Jan 2023 Ariel Appreciation Fund Q4 2022 Commentary
29 Dec 2022 Ariel's Danan Kirby: Investors should find companies with strong brands and pricing power
21 Oct 2022 Ariel Appreciation Fund Q3 2022 Commentary
19 Jul 2022 Ariel Appreciation Fund Q2 2022 Commentary
21 Apr 2022 Ariel Appreciation Fund Q1 2022 Commentary
19 Jan 2022 Ariel Appreciation Fund Q4 2021 Commentary
23 Dec 2021 Ariel's John Rogers discusses his stock picks
18 Oct 2021 Ariel Appreciation Fund Q3 2021 Commentary
23 Jul 2021 Ariel Appreciation Fund Q2 2021 Commentary
19 Apr 2021 Ariel Appreciation Fund Q1 2021 Commentary
07 Apr 2021 Ariel Investments CIO, Rupal Bhansali on CNBC
09 Mar 2021 Barron's Interview with Ariel's John Rogers: These 7 Value Stocks Will Benefit From an Economic Recovery
22 Jan 2021 Ariel Appreciation Fund Q4 2020 Commentary