Classic value

John Rogers

Q2 2008 13F: 67 holdings worth about $8.6B; that quarter 1 new, 13 added, 52 trimmed, 5 sold out.

Firm: Ariel Investments, LLC
Filer: ARIEL INVESTMENTS, LLC CIK 936753
Last filed: Aug 14, 2008 | Classic value | Not counted this quarter (A4 top 10 = 33%); below is the last counted quarter, Q2 2008.

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

Rule numbers (Q2 2026): 106 holdings, top 10 = 33%, stocks $10.0B, options 0%; not met: A4 top 10 = 33%

Full selection rules →

13F value

$8.6B

previous $19.8B (−56.9%)

Holdings

1 new / 5 sold out

Net deploymentest.

−60.7%

est. net buying ÷ last quarter’s portfolio

Top-10 concentration

38%

overlap with the composite 9%

Turnoverest.

1.2%

held 20 quarters on average

Trades in Q2 2008

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

Move	Company	Change in shares	Change %	Position shift (pts)	Start → end price	Est. trade price
Trimmed	IEXIDEX Corp	−60.51M	−89%	−26.06	$30.69 → $36.84	$33.76
Trimmed	JPMJPMorgan Chase & Co	−53.12M	−99%	−21.31	$42.95 → $34.31	$38.63
Trimmed	—Edgewell Personal Care Co	−18.31M	−87%	−15.65	$90.41 → $73.09	$81.75
Trimmed	HEWAon Hewitt LLC	−18.16M	−63%	−8.14	$39.75 → $38.33	$39.04
Trimmed	—CBRE Group, Inc	−27.13M	−68%	−6.09	$24.67 → $19.20	$21.93
Trimmed	RCLRoyal Caribbean Cruises Ltd	−22.86M	−78%	−6.01	$24.23 → $22.47	$23.35
Trimmed	TROWT. Rowe Price Group	−8.83M	−86%	−5.83	$50.00 → $56.47	$53.24
Sold out	HRBH&R Block Inc	−18.30M	—	−4.58	$20.76 → $21.40	$21.08
Trimmed	BOBEBob Evans Farms	−13.39M	−88%	−4.48	$30.60 → $28.60	$29.60
Trimmed	JNSJanus Henderson US Holdings	−14.39M	−53%	−4.45	$23.27 → $26.47	$24.87
Trimmed	AXEAnixter International Inc	−6.13M	−49%	−4.26	$64.04 → $59.49	$61.76
Trimmed	STZConstellation Brands Inc	−15.19M	−52%	−3.53	$17.67 → $19.86	$18.77
Trimmed	JLLJones Lang Lasalle Inc	−4.96M	−49%	−3.49	$77.34 → $60.19	$68.77
Trimmed	—Accenture Ltd	−5.63M	−55%	−2.68	$35.17 → $40.72	$37.94
Trimmed	BDKBlack & Decker Corp	−3.98M	−52%	−2.67	$66.10 → $57.51	$61.81
Trimmed	BIOBio-Rad Laboratories	−2.50M	−50%	−2.36	$88.95 → $80.89	$84.92
Trimmed	BAXBaxter International Inc	−2.38M	−55%	−1.78	$57.82 → $63.94	$60.88
Trimmed	—Dun & Bradstreet Corp	−1.52M	−54%	−1.56	$81.38 → $87.64	$84.51
Sold out	AGOAssured Guaranty Ltd	−6.86M	—	−1.44	$23.74 → $17.99	$20.86
Trimmed	OUBSFUBS AG	−4.76M	−90%	−1.15	$28.80 → $20.66	$24.73
Trimmed	MHKMohawk Industries Inc	−1.31M	−35%	−0.98	$71.61 → $64.10	$67.86
Trimmed	ACCOAcco Brands Corp	−7.36M	−49%	−0.97	$13.57 → $11.23	$12.40
Sold out	MCOMoody’s Corp	−2.19M	—	−0.88	$34.83 → $34.44	$34.64
Trimmed	BLTOregon Tool Inc	−6.33M	−51%	−0.86	$12.37 → $11.61	$11.99
Trimmed	SJMJM Smucker Co	−1.24M	−23%	−0.59	$50.61 → $40.64	$45.63
Trimmed	PBIPitney Bowes Inc	−1.43M	−27%	−0.57	$35.02 → $34.10	$34.56
Added	—Tegna Inc	+2.22M	+41%	+0.56	$29.05 → $21.67	$25.36
Trimmed	—Bearingpoint Inc	−55.18M	−71%	−0.52	$1.68 → $0.81	$1.25
Added	IPGInterpublic Group of Cos Inc	+5.09M	+22%	+0.51	$8.41 → $8.60	$8.51
Trimmed	USGUsg Corp	−1.29M	−80%	−0.44	$36.82 → $29.57	$33.19
Trimmed	—Berkshire Hathaway Inc	−8.0K	−61%	−0.37	$4,473 → $4,012	$4,242
Trimmed	—HCC Insurance Holdings Inc	−1.36M	−12%	−0.34	$22.60 → $21.14	$21.87
Trimmed	MKLMarkel Group Inc	−74.9K	−10%	−0.32	$439.97 → $367.00	$403.48
Trimmed	NWLNewell Brands Inc	−1.43M	−26%	−0.28	$22.87 → $16.79	$19.83
Trimmed	STBAS & T Bancorp Inc	−777.7K	−31%	−0.26	$32.17 → $29.06	$30.62
Trimmed	NTRSNorthern Trust Corp	−327.3K	−17%	−0.26	$66.49 → $68.57	$67.53
Trimmed	—Covidien PLC	−447.9K	−50%	−0.25	$44.25 → $47.89	$46.07
Trimmed	RXIQVIA Inc	−816.3K	−5%	−0.22	$21.01 → $23.30	$22.15
Trimmed	—Radio One Inc Com	−14.65M	−47%	−0.22	$1.52 → $1.29	$1.40
Trimmed	BRCBrady Corporation	−543.5K	−7%	−0.22	$33.43 → $34.53	$33.98
New	AFLAflac Inc	+297.6K	—	+0.22	$64.95 → $62.80	$63.87
Trimmed	—Dell Inc	−850.2K	−49%	−0.22	$19.92 → $21.88	$20.90
Trimmed	EFXEquifax Inc	−450.2K	−5%	−0.18	$34.48 → $33.62	$34.05
Trimmed	OMCOmnicom Group	−322.9K	−12%	−0.17	$44.18 → $44.88	$44.53
Trimmed	TMOThermo Fisher Scientific Inc	−225.6K	−10%	−0.15	$56.84 → $55.73	$56.29
Added	CYNCyngn Inc	+285.2K	+4%	+0.14	$49.50 → $42.09	$45.79
Trimmed	—Tyco International Ltd	−293.4K	−49%	−0.14	$44.05 → $40.04	$42.04
Added	—Carnival Corp	+343.7K	+10%	+0.13	$40.48 → $32.96	$36.72
Added	—Sotheby’s	+405.9K	+6%	+0.13	$28.91 → $26.37	$27.64
Trimmed	MATWMatthews International Corp	−225.7K	−11%	−0.12	$48.25 → $45.26	$46.75
Trimmed	YUMYum! Brands Inc	−290.1K	−13%	−0.12	$37.21 → $35.09	$36.15
Sold out	—Citigroup Inc	−587.5K	—	−0.12	$21.42 → $16.76	$19.09
Trimmed	CLXClorox Company	−184.6K	−10%	−0.11	$56.64 → $52.20	$54.42
Trimmed	—Lee Enterprises, Inc	−2.21M	−25%	−0.10	$10.01 → $3.99	$7.00
Trimmed	BENFranklin Templeton Inc	−93.0K	−9%	−0.10	$96.99 → $91.65	$94.32
Trimmed	MLKNMillerKnoll Inc	−246.5K	−5%	−0.07	$24.57 → $24.89	$24.73
Trimmed	—Paramount Global	−259.4K	−5%	−0.06	$22.08 → $19.49	$20.78
Added	TILEInterface Inc	+385.1K	+10%	+0.06	$14.05 → $12.53	$13.29
Added	MNIQQMcClatchy Co	+619.4K	+4%	+0.05	$10.70 → $6.78	$8.74
Added	PVTBPrivatebancorp Inc	+115.0K	+6%	+0.04	$31.49 → $30.39	$30.94
Trimmed	JNJJohnson & Johnson	−53.8K	−12%	−0.04	$64.87 → $64.34	$64.60
Added	LFUSLittelfuse Inc	+77.2K	+4%	+0.03	$34.97 → $31.55	$33.26
Trimmed	SCSSteelcase Inc	−145.1K	−1%	−0.02	$11.06 → $10.03	$10.55
Trimmed	—Tiffany & Co	−29.9K	−1%	−0.01	$41.84 → $40.75	$41.30
Trimmed	IBMInternational Business Machines Corp	−9.4K	−4%	−0.01	$115.14 → $118.53	$116.84
Sold out	JRCOQJournal Register Co	−4.60M	—	−0.01	$0.55 → $0.18	$0.36
Trimmed	HMNHorace Mann Educators	−50.9K	−1%	−0.01	$17.48 → $14.02	$15.75
Added	ITWIllinois Tool Works	+14.7K	+1%	+0.01	$48.23 → $47.51	$47.87
Added	DISWalt Disney Co	+16.7K	+4%	+0.01	$31.38 → $31.20	$31.29
Added	MSMorgan Stanley	+11.0K	+4%	+0.00	$45.70 → $36.07	$40.88
Added	LOWLowe’s Cos Inc	+3.4K	+1%	+0.00	$22.94 → $20.75	$21.84

All Holdings (67 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

Company	Sector	Weight (prev.)	Shares	Value	This quarter	First bought	Quarters held	Est. avg cost	Quarter-end price	vs cost	History
HEWAon Hewitt LLC	Unclassified	4.7%5.2%	10.60M	$406.2M	Trimmed −63%	Q2 2005	13	$32.39est.	$38.33	+18%
RXIQVIA Inc	Unclassified	4.7%1.9%	17.22M	$401.3M	Trimmed −5%	Q2 2002	25	$22.75est.	$23.30	+2%
AXEAnixter International Inc	Unclassified	4.5%4.0%	6.40M	$380.9M	Trimmed −49%	Q1 2001	30	$70.36est.	$59.49	−15%
JNSJanus Henderson US Holdings	Unclassified	4.0%3.3%	12.85M	$340.1M	Trimmed −53%	Q1 2003	22	$21.00est.	$26.47	+26%
JLLJones Lang Lasalle Inc	Real estate	3.6%3.9%	5.08M	$305.6M	Trimmed −49%	Q3 2001	28	$64.11est.	$60.19	−6%	History
IEXIDEX Corp	Industrials	3.3%7.4%	7.59M	$279.8M	Trimmed −89%	Q1 1999	38	$32.70est.start point	$36.84	+13%	History
CYNCyngn Inc	Information technology	3.3%1.6%	6.65M	$279.8M	Added +4%	Q2 2006	9	$68.22est.	$42.08	−38%
STZConstellation Brands Inc	Consumer staples	3.2%2.6%	13.94M	$276.9M	Trimmed −52%	Q1 2007	6	$22.42est.	$19.86	−11%	History
EFXEquifax Inc	Financials	3.2%1.5%	8.09M	$272.1M	Trimmed −5%	Q1 1999	38	$33.17est.start point	$33.62	+1%	History
BRCBrady Corporation	Consumer discretionary	3.1%1.4%	7.79M	$269.1M	Trimmed −7%	Q1 1999	38	$35.69est.start point	$34.53	−3%
MKLMarkel Group Inc	Financials	2.9%1.7%	682.6K	$250.5M	Trimmed −10%	Q1 2001	30	$221.02est.	$367.00	+66%	History
—CBRE Group, Inc	Unclassified	2.9%5.6%	12.97M	$249.0M	Trimmed −68%	Q3 2007	4	$23.82est.	$19.20	−19%
IPGInterpublic Group of Cos Inc	Unclassified	2.9%1.0%	28.52M	$245.2M	Added +22%	Q2 2001	29	$12.12est.	$8.60	−29%
—HCC Insurance Holdings Inc	Unclassified	2.4%1.3%	9.90M	$209.2M	Trimmed −12%	Q4 1999	35	$23.48est.start point	$21.14	−10%
BDKBlack & Decker Corp	Unclassified	2.4%2.5%	3.63M	$209.0M	Trimmed −52%	Q3 2001	28	$76.86est.	$57.51	−25%
—Edgewell Personal Care Co	Unclassified	2.4%5.6%	2.82M	$206.3M	Trimmed −87%	Q4 2000	31	$92.69est.	$73.09	−21%
BIOBio-Rad Laboratories	Information technology	2.4%2.3%	2.54M	$205.1M	Trimmed −50%	Q3 2005	12	$85.97est.	$80.89	−6%	History
—Sotheby’s	Unclassified	2.2%1.0%	7.22M	$190.3M	Added +6%	Q4 2007	3	$42.08est.	$26.37	−37%
—Accenture Ltd	Unclassified	2.2%1.8%	4.53M	$184.3M	Trimmed −55%	Q3 2002	24	$27.61est.	$40.72	+47%
—Tegna Inc	Unclassified	1.9%0.8%	7.69M	$166.5M	Added +41%	Q1 2006	10	$41.95est.	$21.67	−48%
SJMJM Smucker Co	Consumer staples	1.9%1.4%	4.07M	$165.2M	Trimmed −23%	Q2 2002	25	$39.44est.	$40.64	+3%
—Tiffany & Co	Unclassified	1.8%0.8%	3.80M	$154.7M	Trimmed −1%	Q1 2008	2	$43.93est.	$40.75	−7%
MHKMohawk Industries Inc	Consumer discretionary	1.8%1.3%	2.40M	$153.9M	Trimmed −35%	Q3 2004	16	$77.64est.	$64.10	−17%	History
RCLRoyal Caribbean Cruises Ltd	Industrials	1.7%3.6%	6.52M	$146.4M	Trimmed −78%	Q2 2007	5	$34.78est.	$22.47	−35%	History
PBIPitney Bowes Inc	Information technology	1.6%0.9%	3.90M	$132.8M	Trimmed −27%	Q1 1999	38	$39.57est.start point	$34.10	−14%	History
MLKNMillerKnoll Inc	Consumer discretionary	1.5%0.7%	5.15M	$128.2M	Trimmed −5%	Q1 1999	38	$23.34est.start point	$24.89	+7%	History
BAXBaxter International Inc	Health care	1.4%1.3%	1.92M	$122.7M	Trimmed −55%	Q2 2003	21	$37.39est.	$63.94	+71%	History
—Carnival Corp	Unclassified	1.4%0.7%	3.66M	$120.8M	Added +10%	Q1 1999	38	$42.73est.start point	$32.96	−23%
—Dun & Bradstreet Corp	Unclassified	1.3%1.2%	1.31M	$114.8M	Trimmed −54%	Q1 2004	18	$69.71est.	$87.64	+26%
TMOThermo Fisher Scientific Inc	Information technology	1.3%0.6%	2.04M	$113.7M	Trimmed −10%	Q4 2006	7	$42.31est.	$55.73	+32%	History
NTRSNorthern Trust Corp	Financials	1.3%0.7%	1.62M	$110.8M	Trimmed −17%	Q4 2002	23	$38.49est.	$68.57	+78%	History
OMCOmnicom Group	Communication & media	1.2%0.6%	2.37M	$106.4M	Trimmed −12%	Q3 2002	24	$72.42est.	$44.88	−38%	History
MNIQQMcClatchy Co	Unclassified	1.2%0.8%	15.62M	$105.9M	Added +4%	Q4 1999	35	$37.35est.start point	$6.78	−82%
—Paramount Global	Unclassified	1.2%0.6%	5.26M	$102.6M	Trimmed −5%	Q2 2006	9	$25.50est.	$19.49	−24%
SCSSteelcase Inc	Unclassified	1.2%0.6%	10.19M	$102.2M	Trimmed −1%	Q1 2002	26	$14.31est.start point	$10.03	−30%
MATWMatthews International Corp	Materials	1.0%0.5%	1.92M	$86.8M	Trimmed −11%	Q2 2000	33	$29.82est.	$45.26	+52%	History
ACCOAcco Brands Corp	Communication & media	1.0%1.0%	7.71M	$86.6M	Trimmed −49%	Q3 2005	12	$19.90est.	$11.23	−44%
CLXClorox Company	Consumer staples	1.0%0.5%	1.63M	$85.0M	Trimmed −10%	Q1 1999	38	$64.57est.start point	$52.20	−19%	History
TROWT. Rowe Price Group	Financials	1.0%2.6%	1.46M	$82.7M	Trimmed −86%	Q4 2000	31	$47.26est.	$56.47	+19%	History
BENFranklin Templeton Inc	Financials	1.0%0.5%	888.3K	$81.4M	Trimmed −9%	Q1 1999	38	$38.39est.start point	$91.65	+139%
HMNHorace Mann Educators	Financials	0.9%0.5%	5.33M	$74.7M	Trimmed −1%	Q2 1999	37	$19.88est.	$14.02	−29%
BLTOregon Tool Inc	Unclassified	0.8%0.8%	6.18M	$71.8M	Trimmed −51%	Q3 2005	12	$14.20est.	$11.61	−18%
YUMYum! Brands Inc	Consumer discretionary	0.8%0.4%	1.98M	$69.5M	Trimmed −13%	Q4 2002	23	$13.42est.	$35.09	+162%	History
NWLNewell Brands Inc	Materials	0.8%0.6%	3.98M	$66.8M	Trimmed −26%	Q3 2007	4	$28.40est.	$16.79	−41%
LFUSLittelfuse Inc	Information technology	0.8%0.3%	2.05M	$64.8M	Added +4%	Q1 1999	38	$24.12est.start point	$31.55	+31%	History
PVTBPrivatebancorp Inc	Unclassified	0.7%0.3%	2.11M	$64.1M	Added +6%	Q3 2007	4	$32.20est.	$30.39	−6%
TILEInterface Inc	Consumer discretionary	0.6%0.3%	4.41M	$55.3M	Added +10%	Q1 1999	38	$9.41est.start point	$12.53	+33%
BOBEBob Evans Farms	Unclassified	0.6%2.6%	1.81M	$51.8M	Trimmed −88%	Q1 1999	38	$27.96est.start point	$28.60	+2%
ITWIllinois Tool Works	Industrials	0.6%0.3%	1.07M	$51.0M	Added +1%	Q3 2007	4	$56.70est.	$47.51	−16%	History
STBAS & T Bancorp Inc	Financials	0.6%0.4%	1.71M	$49.7M	Trimmed −31%	Q2 2004	17	$34.53est.	$29.06	−16%
—Lee Enterprises, Inc	Communication & media	0.3%0.4%	6.49M	$25.9M	Trimmed −25%	Q1 1999	38	$31.92est.start point	$3.99	−87%
JNJJohnson & Johnson	Health care	0.3%0.1%	398.5K	$25.6M	Trimmed −12%	Q1 2007	6	$65.93est.	$64.34	−2%	History
TMToyota Motor Corp	Consumer discretionary	0.3%0.1%	268.3K	$25.2M	Held	Q3 2005	12	$111.00est.	$94.00	−15%
IBMInternational Business Machines Corp	Information technology	0.3%0.1%	205.5K	$24.4M	Trimmed −4%	Q3 2005	12	$109.83est.	$118.53	+8%	History
—Radio One Inc Com	Unclassified	0.3%0.2%	16.78M	$21.6M	Trimmed −47%	Q3 2001	28	$5.07est.	$1.29	−75%
—Covidien PLC	Unclassified	0.2%0.2%	440.2K	$21.1M	Trimmed −50%	Q3 2007	4	$43.44est.	$47.89	+10%
—Berkshire Hathaway Inc	Financials	0.2%0.3%	5.1K	$20.5M	Trimmed −61%	Q4 2005	11	$4,376est.	$4,012	−8%
—Dell Inc	Unclassified	0.2%0.2%	867.9K	$19.0M	Trimmed −49%	Q2 2006	9	$24.09est.	$21.88	−9%
AFLAflac Inc	Financials	0.2%—	297.6K	$18.7M	New	Q2 2008	1	$63.87est.	$62.80	−2%	History
—Bearingpoint Inc	Unclassified	0.2%0.7%	22.36M	$18.1M	Trimmed −71%	Q3 2005	12	$4.35est.	$0.81	−81%
JPMJPMorgan Chase & Co	Financials	0.2%9.0%	432.7K	$14.8M	Trimmed −99%	Q3 2005	12	$43.31est.	$34.31	−21%	History
DISWalt Disney Co	Communication & media	0.2%0.1%	426.5K	$13.3M	Added +4%	Q1 2008	2	$31.81est.	$31.20	−2%	History
—Tyco International Ltd	Unclassified	0.1%0.1%	305.6K	$12.2M	Trimmed −49%	Q3 2007	4	$41.79est.	$40.04	−4%
LOWLowe’s Cos Inc	Consumer discretionary	0.1%0.1%	577.6K	$12.0M	Added +1%	Q1 2008	2	$22.77est.	$20.75	−9%	History
OUBSFUBS AG	Unclassified	0.1%0.9%	508.9K	$10.5M	Trimmed −90%	Q2 2007	5	$38.70est.	$20.66	−47%
MSMorgan Stanley	Financials	0.1%0.1%	282.5K	$10.2M	Added +4%	Q4 2007	3	$57.29est.	$36.07	−37%	History
USGUsg Corp	Unclassified	0.1%0.3%	330.2K	$9.8M	Trimmed −80%	Q1 2007	6	$46.11est.	$29.57	−36%

III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%

Over Time

From Q1 1999, 36 quarters (this giant’s electronic 13F filings).

13F Value

Holdings

Top-10 Concentration

Turnover (Est.)

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 36 Quarters

Quarter	Holdings	New	Sold out	13F value	Turnover	Net deployment	SEC
Q2 2008	67	1	5	$8.6B	1.2%	−60.7%	13F-HR
Q1 2008	71	3	5	$19.8B	4.9%	+98.8%	13F-HR 13F-HR/A
Q4 2007 *	73	4	4	$11.8B	8.2%	−2.9%	13F-HR
Q3 2007 *	73	8	6	$13.1B	8.5%	+6.1%	13F-HR
Q2 2007 *	71	5	9	$13.1B	12.0%	−7.1%	13F-HR
Q1 2007 *	75	5	5	$13.5B	7.5%	−8.0%	13F-HR
Q4 2006 *	75	3	7	$14.3B	2.3%	−10.1%	13F-HR
Q3 2006 *	79	1	6	$14.9B	4.1%	−7.6%	13F-HR
Q2 2006 *	84	4	4	$15.5B	7.3%	−11.1%	13F-HR 13F-HR/A
Q1 2006 *	84	2	7	$18.6B	2.7%	−7.9%	13F-HR
Q4 2005 *	89	3	2	$19.0B	4.1%	−4.3%	13F-HR
Q3 2005 *	88	15	2	$20.1B	8.2%	+1.2%	13F-HR
Q2 2005 *	75	4	4	$19.6B	7.8%	+2.0%	13F-HR
Q1 2005 *	75	4	5	$18.8B	6.6%	−1.7%	13F-HR
Q4 2004 *	76	1	1	$19.4B	4.0%	+4.1%	13F-HR
Q3 2004 *	76	7	4	$17.2B	10.4%	+2.5%	13F-HR
Q2 2004 *	73	3	2	$17.1B	1.8%	+3.4%	13F-HR
Q1 2004 *	72	3	5	$16.1B	5.4%	+3.0%	13F-HR
Q4 2003 *	74	2	1	$15.0B	2.9%	+2.3%	13F-HR
Q3 2003 *	73	0	2	$13.2B	3.0%	+4.5%	13F-HR
Q2 2003 *	75	1	1	$12.1B	3.0%	+4.0%	13F-HR
Q1 2003 *	75	3	7	$9.7B	10.4%	+5.8%	13F-HR
Q4 2002 *	79	6	1	$9.7B	5.0%	+2.8%	13F-HR
Q3 2002 *	74	7	1	$9.3B	2.0%	−41.3%	13F-HR
Q2 2002 *	68	2	2	$19.4B	2.7%	+5.4%	13F-HR
Q1 2002 *	68	0	0	$19.4B	—	—	13F-HR
Q3 2001 *	66	8	2	$5.9B	3.9%	+9.4%	13F-HR
Q2 2001 *	60	2	1	$5.8B	4.9%	+7.3%	13F-HR
Q1 2001	59	4	2	$5.1B	4.0%	+9.2%	13F-HR
Q4 2000	57	8	6	$4.7B	10.4%	+3.4%	13F-HR
Q3 2000	55	9	5	$4.2B	13.1%	+7.4%	13F-HR 13F-HR/A
Q2 2000	51	5	2	$3.7B	6.1%	+2.5%	13F-HR 13F-HR/A 13F-HR
Q1 2000	48	2	3	$4.9B	6.1%	+1.4%	13F-HR/A
Q4 1999	49	0	0	$3.5B	—	—	13F-HR
Q2 1999	57	3	22	$3.1B	17.0%	−1.1%	13F-HR
Q1 1999	76	0	0	$2.8B	—	—	13F-HR

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

Company	Held	Peak weight	Company since
IPGInterpublic Group of Cos Inc	Q1 2002 – Q4 2025	4%	Still filing with the SEC
RCLRoyal Caribbean Cruises Ltd	Q2 2007 – Q1 2025	4%	Still filing with the SEC
HMNHorace Mann Educators	Q1 2002 – Q2 2024	2%	Still filing with the SEC
AXEAnixter International Inc	Q1 2002 – Q1 2020	4%	Acquired or delisted Jul 23, 2020
TILEInterface Inc	Q1 2002 – Q1 2020	2%	—
—Paramount Global	Q2 2006 – Q4 2019	4%	Acquired or delisted Aug 18, 2025
—Sotheby’s	Q4 2007 – Q3 2019	2%	Acquired or delisted Oct 15, 2019
—Dun & Bradstreet Corp	Q1 2004 – Q1 2019	3%	Acquired or delisted Feb 19, 2019
IEXIDEX Corp	Q1 2002 – Q2 2018	7%	—
TROWT. Rowe Price Group	Q1 2002 – Q2 2018	3%	—
JPMJPMorgan Chase & Co	Q3 2005 – Q1 2018	9%	—
JNSJanus Henderson US Holdings	Q1 2003 – Q2 2017	4%	Acquired or delisted Jun 16, 2017
PVTBPrivatebancorp Inc	Q3 2007 – Q4 2016	2%	Acquired or delisted Jul 3, 2017
BAXBaxter International Inc	Q2 2003 – Q1 2016	2%	—
—HCC Insurance Holdings Inc	Q1 2002 – Q4 2015	4%	Acquired or delisted Nov 6, 2015
BOBEBob Evans Farms	Q1 2002 – Q3 2015	3%	Acquired or delisted Jan 22, 2018
—Tegna Inc	Q1 2006 – Q2 2015	5%	Still filing with the SEC
CYNCyngn Inc	Q2 2006 – Q1 2015	4%	Acquired or delisted Nov 12, 2015
MKLMarkel Group Inc	Q1 2002 – Q3 2013	3%	—
—Edgewell Personal Care Co	Q1 2002 – Q3 2012	6%	Still filing with the SEC
MLKNMillerKnoll Inc	Q1 2002 – Q2 2012	3%	—
—CBRE Group, Inc	Q3 2007 – Q4 2011	6%	Still filing with the SEC
—Tiffany & Co	Q1 2008 – Q4 2011	3%	Acquired or delisted Jan 19, 2021
—Lee Enterprises, Inc	Q1 2002 – Q2 2011	4%	Bankruptcy filing; the company kept filing Dec 12, 2011
MNIQQMcClatchy Co	Q1 2002 – Q2 2011	2%	Bankruptcy filing while held or within 2 years of the sale Feb 13, 2020
STZConstellation Brands Inc	Q1 2007 – Q1 2011	3%	—
HEWAon Hewitt LLC	Q2 2005 – Q3 2010	5%	Acquired or delisted Oct 18, 2010
EFXEquifax Inc	Q1 2002 – Q2 2010	3%	—
BDKBlack & Decker Corp	Q1 2002 – Q1 2010	3%	Bankruptcy filing; the company kept filing Nov 4, 2004
RXIQVIA Inc	Q2 2002 – Q4 2009	5%	Acquired or delisted Mar 8, 2010
—Accenture Ltd	Q3 2002 – Q3 2009	2%	Acquired or delisted Sep 11, 2009
PBIPitney Bowes Inc	Q1 2002 – Q3 2009	2%	Still filing with the SEC
USGUsg Corp	Q1 2007 – Q1 2009	2%	Acquired or delisted May 6, 2019
HRBH&R Block Inc	Q1 2005 – Q2 2008	3%	—
AGOAssured Guaranty Ltd	Q2 2005 – Q2 2008	3%	—
—Harte Hanks Inc Com	Q1 2002 – Q1 2008	2%	—
IVCRQInvacare Corp	Q1 2002 – Q1 2008	2%	Bankruptcy filing more than 2 years after the sale Feb 1, 2023
—Pepsiamericas Inc	Q4 1999 – Q1 2001	3%	Acquired or delisted Mar 11, 2010
SECSpecialty Equipment Cos	Q4 1999 – Q4 2000	4%	No SEC record found
—Central Newspapers Inc	Q4 1999 – Q3 2000	6%	No SEC record found