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Mutual Fund Top Ten Holdings
Ariel Fund
As of September 30, 2019
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
3,945,339 KKR & Co., Inc. KKR 105,932,352 5.2
422,800 Zebra Technologies Corp. ZBRA 87,253,236 4.3
2,399,203 Lazard Ltd., Class A LAZ 83,972,105 4.1
7,219,100 Mattel, Inc. MAT 82,225,549 4.0
3,558,866 Interpublic Group of Cos., Inc. IPG 76,729,151 3.8
1,485,800 Stericycle, Inc. SRCL 75,671,794 3.7
785,700 Northern Trust Corp. NTRS 73,321,524 3.6
662,245 J.M. Smucker Co. SJM 72,860,195 3.6
1,369,153 CBRE Group, Inc., Class A CBRE 72,578,801 3.5
500,299 JLL JLL 69,571,579 3.4

Ariel Appreciation Fund
As of September 30, 2019
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
404,199 Stanley Black & Decker, Inc. SWK 58,370,378 4.5
624,100 Northern Trust Corp. NTRS 58,241,012 4.5
948,400 First American Financial Corp. FAF 55,965,084 4.3
1,059,100 Aflac, Inc. AFL 55,412,112 4.3
2,516,630 Interpublic Group of Cos., Inc. IPG 54,258,543 4.2
313,700 Laboratory Corp. of America Holdings LH 52,701,600 4.1
454,175 J.M. Smucker Co. SJM 49,968,334 3.9
606,300 Progressive Corp. PGR 46,836,675 3.6
1,484,800 Kennametal, Inc. KMT 45,642,752 3.5
556,789 BOK Financial Corp. BOKF 44,069,849 3.4

Ariel Focus Fund
As of September 30, 2019
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
114,600 KKR & Co., Inc. KKR 3,077,010 5.5
54,700 Oracle Corp. ORCL 3,010,141 5.3
18,600 Snap-on, Inc. SNA 2,911,644 5.2
142,700 Hanger, Inc. HNGR 2,908,226 5.2
118,800 Western Union Co. WU 2,752,596 4.9
19,700 Zimmer Biomet Holdings, Inc. ZBH 2,704,219 4.8
73,700 Lazard Ltd., Class A LAZ 2,579,500 4.6
6,456 Lockheed Martin Corp. LMT 2,518,227 4.5
59,000 CBS Corp., Class B CBS 2,381,830 4.2
10,500 Goldman Sachs Group, Inc. GS 2,175,915 3.9

Ariel International Fund
As of September 30, 2019
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
388,531 Deutsche Boerse AG 60,726,946 8.1
179,662 Roche Holding AG 52,284,783 7.0
2,173,336 GlaxoSmithKline plc 46,619,647 6.2
124,400 Nintendo Co., Ltd. 46,043,820 6.2
1,623,769 Koninklijke Ahold Delhaize N.V. 40,626,383 5.4
282,808 Michelin (CGDE) 31,564,452 4.2
389,898 Philip Morris Intl, Inc. 29,604,955 4.0
3,528,500 China Mobile Ltd. 29,195,201 3.9
1,101,500 NTT DOCOMO, Inc. 28,045,591 3.8
24,648,992 Northern Institutional Treasury Portfolio 24,648,992 3.3

Ariel Global Fund
As of September 30, 2019
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
60,177 Microsoft Corp. 8,366,408 9.7
20,026 Roche Holding AG 5,827,916 6.8
5,775,110 Northern Institutional Treasury Portfolio 5,775,110 6.7
242,889 GlaxoSmithKline plc 5,210,147 6.1
69,128 Gilead Sciences, Inc. 4,381,333 5.1
519,000 China Mobile Ltd. 4,294,264 5.0
55,956 Philip Morris Intl, Inc. 4,248,739 4.9
24,405 Johnson & Johnson 3,157,519 3.7
15,148 Berkshire Hathaway, Inc., Class B 3,151,087 3.7
19,620 Deutsche Boerse AG 3,066,583 3.6

Past performance does not guarantee future results. © Ariel Investments, LLC. This website and all of its content is for informational and educational purposes only and should not be considered to be investment advice or a recommendation to buy or sell any particular security. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Use of this website is subject to our Terms & Conditions. The Ariel mutual funds referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to ineligible investors, investors for whom such products, funds or services are not suitable, or investors outside the United States.

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