Ariel Q1 2026: John Rogers' Patient Mid-Cap Value Book

Ariel Investments, the patient-value firm founded by John W. Rogers Jr., reported an $8.93B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000936753-26-000025, filed 2026-05-14). Ariel built its reputation on a contrarian, long-horizon approach — its mascot is a tortoise — and the book reflects it: a diversified collection of mid-cap value names rather than the megacap leaders that dominate most large filings.

The top holdings read like a value investor's watchlist of overlooked businesses. Entertainment-venue operator MSG Entertainment (MSGE) leads at 4.03%, followed by real-estate services firm Jones Lang LaSalle (JLL) at 3.49%, asset manager Affiliated Managers Group (AMG) at 3.30%, Sphere Entertainment (SPHR) at 3.24%, and dental-products company Envista (NVST) at 3.08%.

The book held steady on the quarter, with only modest position changes — the low-turnover signature of a manager that buys undervalued companies and waits for the market to catch up.

A patient mid-cap value book

Beyond the top five come consumer-brands company Prestige Consumer Health (PBH) at 2.84%, generator maker Generac (GNRC) at 2.83%, and contract-research lab Charles River Laboratories (CRL) at 2.79%, alongside a couple of international holdings.

This is classic Ariel territory: mid-cap companies in media, real estate, financials, healthcare services, and industrials — businesses that are often out of favor or under-followed, bought when the firm judges them cheap relative to intrinsic value. With 106 positions and the top ten at roughly 33% of the book, it is diversified but conviction-weighted toward its best ideas.

Low turnover, true to style

The quarter's changes were modest — small trims to MSG Entertainment, Sphere, and Generac, and small adds to Jones Lang LaSalle — consistent with Ariel's patient, low-turnover approach.

Ariel's discipline is to hold undervalued companies through volatility and let the thesis play out over years, so a quarter of minor adjustments is exactly what its philosophy produces. The signal is the steady, contrarian mid-cap book itself, not any single move.

What it means for 13F readers

Ariel offers a clean look at patient, contrarian mid-cap value investing — a diversified book of out-of-favor names held for the long term, far from the megacap crowd. The rare meaningful changes are what to watch, since the firm trades so deliberately. Track the firm's quarter-over-quarter holdings on the Ariel Investments filer page.

FAQ

What is Ariel Investments?

Ariel Investments is a patient-value firm founded by John W. Rogers Jr., known for a contrarian, long-horizon approach. It reported an $8.93B U.S. equity 13F book for the quarter ended March 31, 2026, across 106 positions.

What are Ariel's largest holdings?

Its five largest positions are MSG Entertainment (4.03%), Jones Lang LaSalle (3.49%), Affiliated Managers Group (3.30%), Sphere Entertainment (3.24%), and Envista (3.08%) — a mid-cap value book.

What kind of stocks does Ariel own?

Mid-cap companies in media, real estate, financials, healthcare services, and industrials — often out-of-favor or under-followed names bought when Ariel judges them cheap relative to intrinsic value.

What did Ariel do in Q1 2026?

Turnover was low. Ariel made modest trims to MSG Entertainment, Sphere, and Generac and small adds to Jones Lang LaSalle, consistent with its patient, long-horizon style.