ARIEL INVESTMENTS, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +3.1% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 48.3% of quarters (excess t = 0.18, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 106 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| MSGE | $360M | | TRIM |
| OSW | $354M | | ADD |
| JLL | $312M | | ADD |
| AMG | $294M | | TRIM |
| SPHR | $289M | | TRIM |
| NVST | $276M | | TRIM |
| NCLH | $274M | | ADD |
| PBH | $253M | | ADD |
| GNRC | $253M | | TRIM |
| CRL | $249M | | HOLD |
| LAZ | $248M | | ADD |
| FAF | $231M | | HOLD |
| MSGS | $231M | | HOLD |
| CVSA | $223M | | HOLD |
| CLB | $221M | | TRIM |
| BIO | $219M | | ADD |
| BOKF | $211M | | TRIM |
| MIDD | $209M | | HOLD |
| REZI | $205M | | HOLD |
| MAT | $197M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.