Exploring the Latest 13F Filing and Key Investment Adjustments

John Rogers (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into his investment moves during this period. John Rogers (Trades, Portfolio) founded Ariel Investment, LLC in 1983. Rogers manages Ariel's small and mid-cap institutional portfolios as well as the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). He is also a long-term Forbes columnist writing a column called "Patient Investor." Rogers has concentrated his investment selection on small and medium-sized companies whose share prices are undervalued. He believes that patience, independent thinking, and a long-term outlook are essential to achieving good returns. His fund seeks to purchase companies whose characteristics include high barriers to entry, sustainable competitive advantages, and predictable fundamentals that allow for double-digit cash earnings growth. Rogers purchases companies when they are trading at a low valuation relative to potential earnings (p/e less than 13x forward cash earnings) and/or a low valuation relative to intrinsic worth (40% discount to private market value).

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Summary of New Buy

John Rogers (Trades, Portfolio) added a total of 5 stocks, among them:

• The most significant addition was CenterPoint Energy Inc (NYSE:CNP), with 1,458,603 shares, accounting for 0.49% of the portfolio and a total value of $46.28 million.
• The second largest addition to the portfolio was AbbVie Inc (NYSE:ABBV), consisting of 151,752 shares, representing approximately 0.29% of the portfolio, with a total value of $26.97 million.
• The third largest addition was Vanguard FTSE Developed Markets ETF (VEA), with 249,089 shares, accounting for 0.13% of the portfolio and a total value of $11.91 million.

Key Position Increases

John Rogers (Trades, Portfolio) also increased stakes in a total of 31 stocks, among them:

• The most notable increase was Bio-Rad Laboratories Inc (NYSE:BIO), with an additional 181,829 shares, bringing the total to 560,524 shares. This adjustment represents a significant 48.01% increase in share count, a 0.64% impact on the current portfolio, with a total value of $184.14 million.
• The second largest increase was Madison Square Garden Entertainment Corp (NYSE:MSGE), with an additional 964,657 shares, bringing the total to 7,604,543. This adjustment represents a significant 14.53% increase in share count, with a total value of $270.72 million.

Summary of Sold Out

John Rogers (Trades, Portfolio) completely exited 5 of the holdings in the fourth quarter of 2024, as detailed below:

• Comerica Inc (NYSE:CMA): John Rogers (Trades, Portfolio) sold all 304,481 shares, resulting in a -0.19% impact on the portfolio.
• JD.com Inc (NASDAQ:JD): John Rogers (Trades, Portfolio) liquidated all 441,693 shares, causing a -0.18% impact on the portfolio.

Key Position Reduces

John Rogers (Trades, Portfolio) also reduced positions in 70 stocks. The most significant changes include:

• Reduced Royal Caribbean Group (NYSE:RCL) by 583,931 shares, resulting in a -56.05% decrease in shares and a -1.06% impact on the portfolio. The stock traded at an average price of $222.21 during the quarter and has returned 11.29% over the past 3 months and 12.74% year-to-date.
• Reduced Generac Holdings Inc (NYSE:GNRC) by 337,222 shares, resulting in a -18.69% reduction in shares and a -0.55% impact on the portfolio. The stock traded at an average price of $172.96 during the quarter and has returned -23.14% over the past 3 months and -5.30% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, John Rogers (Trades, Portfolio)'s portfolio included 110 stocks, with top holdings including 3.08% in Lazard Inc (NYSE:LAZ), 2.89% in Madison Square Garden Entertainment Corp (NYSE:MSGE), 2.86% in Jones Lang LaSalle Inc (NYSE:JLL), 2.81% in Affiliated Managers Group Inc (NYSE:AMG), and 2.8% in Mattel Inc (NASDAQ:MAT).

The holdings are mainly concentrated in 11 of all the 11 industries: Financial Services, Consumer Cyclical, Industrials, Healthcare, Communication Services, Technology, Consumer Defensive, Real Estate, Energy, Basic Materials, and Utilities.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.