John Rogers Q1 2026 Portfolio — Adds to OSW & JLL, Exits Check Point Software
Ariel Investments' John Rogers disclosed his Q1 2026 13F filing, raising OSW by 10% and JLL by 15% while fully exiting five positions including Check Point Software. Total AUM stands at $5.1B across 20 holdings.
- John Rogers raised JLL 15% and OSW 10% while fully exiting Check Point Software ($86M) in Q1 2026
- Ariel Investments holds $5.1B AUM across 20 positions, with SMG initiated as a new $59M bet
John Rogers disclosed key portfolio changes at Ariel Investments LLC in his Q1 2026 13F filing, based on total AUM of $5.1B. Maintaining his value-oriented strategy centered on real estate, financials, and consumer stocks, he increased JLL by 15% and OSW by 10%, while fully exiting five positions including Check Point Software Tech ($86M). New initiations included SMG ($59M) and FITB ($26M).
Top 5 Holdings — Q1 2026
Q1 2026 Key Trading Highlights
The largest holding is MSGE ($360M, 4.0%), followed by OSW ($354M, 4.0%), JLL ($312M, 3.5%), AMG ($294M, 3.3%), and SPHR ($289M, 3.2%). The top five positions alone account for roughly 18% of the portfolio, reflecting a concentrated value approach with balanced weighting across all 20 holdings. The 15% add to JLL signals Rogers' constructive view on a commercial real estate recovery, while the 10% increase in OSW reflects anticipated upside from a rebound in wellness and spa-related consumer spending.
- JLL: Added +15% ($312M) — Bet on commercial real estate recovery; now the #3 holding
- OSW: Added +10% ($354M) — Positioned for wellness consumer recovery; tied for largest holding with MSGE
- Check Point Software Tech: Full exit $86M → $0 — Complete departure from cybersecurity; largest liquidation of the quarter
- SMG: New position $59M — Initiated in lawn & garden/fertilizer name; adds real-economy recovery theme
- MSFT: Trimmed -64% ($23M remaining) — Big Tech exposure effectively minimized; reaffirms value-focused mandate
On the sell side, MSFT was cut by 64% (leaving $23M), effectively eliminating meaningful Big Tech exposure, while KMT (-63%) and CNP (-52%) were also meaningfully reduced. Among the five fully exited positions, Check Point Software Tech ($86M) represented the largest liquidation, marking a clean break from cybersecurity. JHG ($56M), COF ($39M), WBS ($36M), and NTAP ($35M) were also fully closed, streamlining the portfolio to 20 names. New additions SMG (lawn & garden/fertilizer, $59M) and FITB (regional bank, $26M) are interpreted as bets on a real-economy recovery.
Value Concentration & Big Tech Reduction Expected to Continue
John Rogers' Q1 2026 portfolio reconfiguration reinforces his conviction in traditional value stocks across consumer, real estate, and financial sectors. The sharp trim in MSFT and full exit from Check Point Software make his pivot away from growth and technology names unambiguous, while the increases in JLL and OSW — alongside the new SMG position — read as deliberate positioning for real-economy beneficiaries in a rate-stabilization environment. Given the concentrated 20-stock structure, individual position moves carry outsized impact on returns, and macroeconomic variables across real estate and consumer sectors will be the critical performance drivers going forward.
Frequently Asked Questions
What new positions did John Rogers initiate in Q1 2026?
John Rogers initiated five new positions in Q1 2026: SMG ($59M), FITB ($26M), VT ($1M), VWO ($1M), and RCL ($478,813). The largest new addition by value was SMG, a lawn, garden, and fertilizer company.
What were the biggest changes in John Rogers' Q1 2026 portfolio?
The most significant moves were the full exit of Check Point Software Tech ($86M) and a 64% trim of MSFT. On the buy side, JLL was increased by 15% and OSW by 10%, representing the largest additions by weight.
What is John Rogers' (Ariel Investments) largest holding?
As of Q1 2026, the largest holding is MSGE at $360M (4.0%), with OSW at $354M (4.0%) tied for the top weight. JLL ranks third at $312M (3.5%).
What is Ariel Investments LLC's total AUM?
Based on the Q1 2026 13F filing, Ariel Investments LLC manages approximately $5.1B in total AUM across 20 holdings.
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