ARIEL INVESTMENTS, LLC

CHICAGO, IL · CIK 936753 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 1983 · limited liability company

Assets managed$12.8bn
Staff109 · 30 in investment roles
Main clients (by assets)Mutual funds and ETFs 33%, State and local governments 30%, Pension plans 13%
Private funds3 · $205.5m gross assets
Form ADV · 2026-07-28SEC adviser record

Legal entityARIEL INVESTMENTS, LLC (US)

$10.0bn reported value +12.3% vs Q1 2026

106positions

33.0%in top 10

8 new 33 added 63 reduced 8 sold out vs Q1 2026

This report includes the holdings of 2 other managers that share the investment decisions:

CHARLES SCHWAB INVESTMENT MANAGEMENT INC – files its own report too; $25.5m of shares are in both
VANGUARD GROUP INC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MADISON SQUARE GARDEN ENTMT COM CL A MSGE	MSGE	5,302,754	$428.9m4.28%	4.28%	Reduced -802.8k	-802,829 -13.2%
2	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	14,888,182	$420.4m4.19%	4.19%	Reduced -544.2k	-544,232 -3.5%
3	CHARLES RIV LABS INTL INC COM CRL	CRL	1,506,185	$341.6m3.41%	3.41%	Added +62.0k	+62,002 4.3%
4	AFFILIATED MANAGERS GROUP IN COM AMG	AMG	999,676	$338.3m3.37%	3.37%	Reduced -64.4k	-64,354 -6.0%
5	JONES LANG LASALLE INC COM JLL	JLL	1,060,265	$328.6m3.28%	3.28%	Added +36.0k	+35,988 3.5%
6	NORWEGIAN CRUISE LINE HLDG L SHS NCLH	NCLH	15,430,947	$325.7m3.25%	3.25%	Added +769.4k	+769,368 5.2%
7	GENERAC HLDGS INC COM GNRC	GNRC	997,951	$292.2m2.91%	2.91%	Reduced -296.8k	-296,836 -22.9%
8	SPHERE ENTERTAINMENT CO CL A SPHR	SPHR	1,665,326	$288.2m2.87%	2.87%	Reduced -797.0k	-796,983 -32.4%
9	MIDDLEBY CORP COM MIDD	MIDD	1,644,006	$282.8m2.82%	2.82%	Added +69.5k	+69,476 4.4%
10	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	658,551	$264.6m2.64%	2.64%	Reduced -58.8k	-58,790 -8.2%
11	ENVISTA HOLDINGS CORPORATION COM NVST	NVST	9,818,177	$258.7m2.58%	2.58%	Reduced -1.0m	-1,045,415 -9.6%
12	ZEBRA TECHNOLOGIES CORPORATI CL A ZBRA	ZBRA	922,998	$243.0m2.42%	2.42%	Added +145.6k	+145,635 18.7%
13	LAZARD INC COM LAZ	LAZ	5,755,404	$241.4m2.41%	2.41%	Reduced -70.9k	-70,885 -1.2%
14	BIO RAD LABS INC CL A BIO	BIO	816,751	$239.8m2.39%	2.39%	Added +30.8k	+30,790 3.9%
15	PRESTIGE CONSMR HEALTHCARE I COM PBH	PBH	4,868,711	$230.1m2.29%	2.29%	Added +594.4k	+594,385 13.9%
16	BOK FINL CORP COM NEW BOKF	BOKF	1,627,416	$226.0m2.25%	2.25%	Reduced -22.5k	-22,467 -1.4%
17	FIRST AMERN FINL CORP COM FAF	FAF	3,229,706	$221.5m2.21%	2.21%	Reduced -609.3k	-609,296 -15.9%
18	ADTALEM GLOBAL ED INC COM CVSA	CVSA	1,771,844	$220.9m2.20%	2.20%	Reduced -159.4k	-159,440 -8.3%
19	MATTEL INC COM MAT	MAT	15,415,955	$214.0m2.13%	2.13%	Added +1.8m	+1,848,872 13.6%
20	MOHAWK INDS INC COM MHK	MHK	1,756,773	$213.1m2.13%	2.13%	Added +12.1k	+12,095 0.7%
21	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	9,258,276	$212.3m2.12%	2.12%	Added +207.9k	+207,889 2.3%
22	GENTEX CORP COM GNTX	GNTX	8,309,786	$210.0m2.09%	2.09%	Reduced -32.6k	-32,616 -0.4%
23	SMUCKER J M CO COM NEW SJM	SJM	1,798,871	$202.4m2.02%	2.02%	Reduced -61.6k	-61,588 -3.3%
24	BOYD GAMING CORP COM BYD	BYD	2,182,342	$192.8m1.92%	1.92%	Reduced -92.1k	-92,076 -4.0%
25	CARLYLE GROUP INC COM CG	CG	4,548,683	$191.5m1.91%	1.91%	Added +566.9k	+566,926 14.2%
26	RESIDEO TECHNOLOGIES INC COM REZI	REZI	6,141,052	$191.0m1.90%	1.90%	Added +62.2k	+62,201 1.0%
27	NORTHERN TR CORP COM NTRS	NTRS	972,340	$169.0m1.69%	1.69%	Reduced -168.8k	-168,778 -14.8%
28	CORE LABORATORIES INC COM CLB	CLB	14,074,945	$164.0m1.63%	1.63%	Added +904.6k	+904,557 6.9%
29	HAEMONETICS CORP MASS COM HAE	HAE	2,060,966	$154.6m1.54%	1.54%	New
30	RLI CORP COM RLI	RLI	2,519,527	$148.8m1.48%	1.48%	Added +1.6m	+1,647,494 188.9%
31	MASCO CORP COM MAS	MAS	1,635,096	$133.0m1.33%	1.33%	Added +1.1m	+1,111,667 212.4%
32	AXALTA COATING SYS LTD COM AXTA	AXTA	3,462,010	$118.5m1.18%	1.18%	Reduced -5.0k	-4,950 -0.1%
33	ADT INC DEL COM ADT	ADT	17,858,375	$116.1m1.16%	1.16%	Reduced -1.6m	-1,616,677 -8.3%
34	LABCORP HOLDINGS INC COM SHS LH	LH	349,112	$97.8m0.97%	0.97%	Reduced -4.9k	-4,907 -1.4%
35	SCOTTS MIRACLE-GRO CO CL A SMG	SMG	1,410,981	$96.1m0.96%	0.96%	Added +448.3k	+448,339 46.6%
36	KNOWLES CORP COM KN	KN	2,284,673	$94.8m0.94%	0.94%	Reduced -1.5m	-1,534,189 -40.2%
37	BRINKS CO COM BCO	BCO	911,321	$86.1m0.86%	0.86%	Reduced -11.6k	-11,637 -1.3%
38	OMNICOM GROUP INC COM OMC	OMC	1,174,452	$85.5m0.85%	0.85%	Added +69.5k	+69,507 6.3%
39	DENTSPLY SIRONA INC COM XRAY	XRAY	8,026,107	$85.2m0.85%	0.85%	Added +1.6m	+1,639,292 25.7%
40	LINDBLAD EXPEDITIONS HLDGS I COM LIND	LIND	2,762,484	$78.0m0.78%	0.78%	Reduced -676.6k	-676,579 -19.7%
41	INTEL CORP COM INTC	INTC	548,831	$76.6m0.76%	0.76%	Reduced -906.5k	-906,460 -62.3%
42	CVS HEALTH CORP COM CVS	CVS	730,110	$75.5m0.75%	0.75%	Added +28.0k	+27,959 4.0%
43	LITTELFUSE INC COM LFUS	LFUS	163,376	$74.4m0.74%	0.74%	Reduced -52.1k	-52,051 -24.2%
44	DISNEY WALT CO COM DIS	DIS	635,446	$61.2m0.61%	0.61%	Reduced -18.9k	-18,923 -2.9%
45	FIRST SOLAR INC COM FSLR	FSLR	242,450	$57.2m0.57%	0.57%	Reduced -29.0k	-29,030 -10.7%
46	GCM GROSVENOR INC COM CL A GCMG	GCMG	4,415,839	$54.3m0.54%	0.54%	Added +19.4k	+19,436 0.4%
47	SCHLUMBERGER LTD COM STK SLB	SLB	1,163,320	$54.1m0.54%	0.54%	Reduced -74.1k	-74,079 -6.0%
48	FACTSET RESH SYS INC COM FDS	FDS	234,096	$53.9m0.54%	0.54%	Added +9.0k	+9,049 4.0%
49	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	145,711	$51.0m0.51%	0.51%	Reduced -58.6k	-58,613 -28.7%
50	NVENT ELECTRIC PLC SHS NVT	NVT	299,032	$50.7m0.51%	0.51%	Reduced -297.4k	-297,367 -49.9%
51	PPL CORP COM PPL	PPL	1,349,987	$49.1m0.49%	0.49%	New
52	SCHWAB CHARLES CORP COM SCHW	SCHW	525,299	$48.5m0.48%	0.48%	Added +122.4k	+122,372 30.4%
53	WEX INC COM WEX	WEX	331,383	$46.8m0.47%	0.47%	Reduced -6.3k	-6,341 -1.9%
54	CBRE GROUP INC CL A CBRE	CBRE	343,527	$46.3m0.46%	0.46%	Added +80.4k	+80,378 30.5%
55	M & T BK CORP COM MTB	MTB	174,574	$41.6m0.41%	0.41%	Reduced -3.1k	-3,061 -1.7%
56	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	696,430	$40.1m0.40%	0.40%	Reduced -25.3k	-25,301 -3.5%
57	AT&T INC COM T	T	1,924,404	$39.8m0.40%	0.40%	Added +435.3k	+435,257 29.2%
58	KKR & CO INC COM KKR	KKR	424,241	$38.9m0.39%	0.39%	Reduced -15.2k	-15,164 -3.5%
59	ALGONQUIN PWR UTILS CORP COM AQN	AQN	6,608,611	$38.7m0.39%	0.39%	Reduced -13.0m	-13,033,050 -66.3%
60	DYNATRACE INC COM NEW DT	DT	788,488	$34.6m0.35%	0.35%	New
61	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	751,355	$33.9m0.34%	0.34%	Reduced -908.0k	-908,043 -54.7%
62	HOULIHAN LOKEY INC CL A HLI	HLI	244,520	$32.8m0.33%	0.33%	New
63	FIFTH THIRD BANCORP COM FITB	FITB	554,673	$31.3m0.31%	0.31%	Reduced -12.7k	-12,745 -2.2%
64	KORN FERRY COM NEW KFY	KFY	450,116	$30.0m0.30%	0.30%	Reduced -13.3k	-13,301 -2.9%
65	FEDEX CORP COM FDX	FDX	95,476	$29.9m0.30%	0.30%	Reduced -3.4k	-3,442 -3.5%
66	BANK AMERICA CORP COM BAC	BAC	492,572	$28.1m0.28%	0.28%	Reduced -19.5k	-19,539 -3.8%
67	AFLAC INC COM AFL	AFL	236,216	$27.7m0.28%	0.28%	Reduced -3.0k	-3,050 -1.3%
68	FISERV INC COM FISV	FISV	545,115	$26.7m0.27%	0.27%	Added +112.6k	+112,556 26.0%
69	GILEAD SCIENCES INC COM GILD	GILD	195,657	$24.7m0.25%	0.25%	Reduced -6.6k	-6,614 -3.3%
70	LESLIES INC COM LESLQ	LESLQ	2,416,405	$24.5m0.24%	0.24%	Reduced -466.6k	-466,589 -16.2%
71	CAPITAL ONE FINL CORP COM COF	COF	108,339	$21.7m0.22%	0.22%	New
72	ROYAL CARIBBEAN GROUP COM RCL	RCL	67,173	$21.3m0.21%	0.21%	Added +65.4k	+65,433 3760.5%
73	SIMPSON MFG INC COM SSD	SSD	99,589	$20.8m0.21%	0.21%	Added +7.8k	+7,839 8.5%
74	CENTERPOINT ENERGY INC COM CNP	CNP	460,132	$20.3m0.20%	0.20%	Reduced -16.7k	-16,735 -3.5%
75	CARMAX INC COM KMX	KMX	346,538	$18.3m0.18%	0.18%	Reduced -215.4k	-215,409 -38.3%
76	ISHARES TR RUS 2000 VAL ETF IWN	IWN	76,697	$17.0m0.17%	0.17%	Added +11.2k	+11,242 17.2%
77	VAIL RESORTS INC COM MTN	MTN	109,130	$14.9m0.15%	0.15%	Reduced -3.2k	-3,179 -2.8%
78	PROGRESSIVE CORP COM PGR	PGR	58,906	$12.9m0.13%	0.13%	Added +57.9k	+57,896 5732.3%
79	SNAP ON INC COM SNA	SNA	28,940	$11.6m0.12%	0.12%	Reduced -3.7k	-3,668 -11.2%
80	MGP INGREDIENTS INC NEW COM MGPI	MGPI	610,729	$10.7m0.11%	0.11%	Reduced -18.1k	-18,131 -2.9%
81	PHINIA INC COMMON STOCK PHIN	PHIN	113,193	$9.3m0.09%	0.09%	Reduced -19.4k	-19,362 -14.6%
82	JOHNSON & JOHNSON COM JNJ	JNJ	35,393	$9.0m0.09%	0.09%	Reduced -5.2k	-5,160 -12.7%
83	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	17,838	$8.5m0.08%	0.08%	Added +1.7k	+1,746 10.8%
84	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	47,734	$7.2m0.07%	0.07%	New
85	BARRICK MNG CORP COM SHS B	B	194,488	$7.1m0.07%	0.07%	Reduced -12.8k	-12,789 -6.2%
86	APA CORPORATION COM APA	APA	186,521	$6.1m0.06%	0.06%	Reduced -35.6k	-35,626 -16.0%
87	CHEVRON CORP NEW COM CVX	CVX	34,626	$5.7m0.06%	0.06%	Reduced -6.9k	-6,873 -16.6%
88	LOCKHEED MARTIN CORP COM LMT	LMT	11,045	$5.6m0.06%	0.06%	Reduced -2.1k	-2,069 -15.8%
89	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	75,980	$5.4m0.05%	0.05%	New
90	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	27,941	$4.4m0.04%	0.04%	Added +18.0k	+17,977 180.4%
91	GALLAGHER ARTHUR J & CO COM AJG	AJG	18,597	$4.3m0.04%	0.04%	Reduced -1.2k	-1,167 -5.9%
92	BORGWARNER INC COM BWA	BWA	55,049	$3.7m0.04%	0.04%	Reduced -9.9k	-9,938 -15.3%
93	KB FINL GROUP INC SPONSORED ADR KB	KB	26,798	$2.8m0.03%	0.03%	Reduced -23.2k	-23,163 -46.4%
94	MOSAIC CO NEW COM MOS	MOS	123,607	$2.6m0.03%	0.03%	Reduced -24.7k	-24,734 -16.7%
95	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	23,614	$2.0m0.02%	0.02%	Added +890	+890 3.9%
96	ORACLE CORP COM ORCL	ORCL	13,730	$2.0m0.02%	0.02%	Reduced -2.6k	-2,637 -16.1%
97	COLUMBIA ETF TR II EM CORE EX ETF XCEM	XCEM	16,671	$881.6k0.01%	0.01%	Added +8.2k	+8,205 96.9%
98	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	10,065	$600.8k0.01%	0.01%	Reduced -10.2k	-10,180 -50.3%
99	HDFC BANK LTD SPONSORED ADS HDB	HDB	14,072	$363.5k0.00%	0.00%	Unchanged
100	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	692	$287.4k0.00%	0.00%	Reduced -4	-4 -0.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
STANLEY BLACK & DECKER INC SWK	SWK	396,952	$28.2m397.0k shares
MOLSON COORS BEVERAGE CO TAP	TAP	548,715	$23.6m548.7k shares
MICROSOFT CORP MSFT	MSFT	62,192	$23.0m62.2k shares
PARAMOUNT SKYDANCE CORP SKYD	SKYD	2,546,320	$23.0m2.5m shares
HACKETT GROUP INC HCKT	HCKT	425,568	$5.5m425.6k shares
CREDICORP LTD BAP	BAP	7,585	$2.6m7.6k shares
INTERCORP FINL SVCS INC IFS	IFS	46,465	$2.3m46.5k shares
VANGUARD STAR FDS VXUS	VXUS	4,685	$361.3k4.7k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
LESLIES INC 13G · filed 2025-08-13		32.8%	+1.4 pts	13G	2025-08-13
CORE LABORATORIES INC CLB · 13G · filed 2026-08-14	CLB	30.5%≈ $164.0m	+1.1 pts	13G	2026-08-14
ONESPAWORLD HOLDINGS LIMITED OSW · 13G · filed 2026-05-14	OSW	15.2%≈ $435.8m	+2.3 pts	13G	2026-05-14
MADISON SQUARE GARDEN ENTMT MSGE · 13G · filed 2026-08-14	MSGE	13.1%≈ $428.9m	-2.0 pts	13G	2026-08-14
PRESTIGE CONSMR HEALTHCARE I PBH · 13G · filed 2026-07-07	PBH	10.3%≈ $230.1m	+1.8 pts	13G	2026-07-07
GCM GROSVENOR INC GCMG · 13G · filed 2026-05-14	GCMG	7.2%≈ $54.1m	-1.7 pts	13G	2026-05-14
ENVISTA HOLDINGS CORPORATION NVST · 13G · filed 2024-11-12	NVST	6.6%≈ $299.3m	new	13G	2024-11-12
SPHERE ENTERTAINMENT CO SPHR · 13G · filed 2026-08-14	SPHR	5.8%≈ $288.2m	-2.8 pts	13G	2026-08-14
MATTEL INC MAT · 13G · filed 2026-08-14	MAT	5.3%≈ $214.0m	new	13G	2026-08-14
LAZARD INC LAZ · 13G · filed 2026-05-14	LAZ	5.2%≈ $244.4m	+0.5 pts	13G	2026-05-14
ADTALEM GLOBAL ED INC CVSA · 13G · filed 2026-02-13	CVSA	5.2%≈ $236.6m	+1.4 pts	13G	2026-02-13