John Rogers: Positioning His Portfolio for 2026
Wednesday, January 7, 2026 · Johnny Hopkins
The latest 13F filing from Ariel Appreciation Fund provides a clear window into how John W. Rogers Jr. is positioning capital amid a choppy, valuation-sensitive market. Consistent with Ariel’s long-standing philosophy, the portfolio remains diversified, valuation-driven, and tilted toward underappreciated franchises, with an emphasis on downside protection and long-term earnings power rather than momentum or macro timing.
Unlike highly concentrated hedge funds, Ariel’s approach reflects patient accumulation and incremental rebalancing, often in out-of-favor sectors where sentiment has lagged fundamentals. This quarter’s filing shows selective trims, modest adds, and continued conviction in several core mid-cap and cyclical holdings.
Below are the most important takeaways from Ariel Appreciation Fund’s latest filing — and what they suggest about Rogers’ current positioning.
1. Generac Holdings (GNRC): −52,763 shares
189,517 shares — $31.7M position (3.59% of portfolio)
Generac remains Ariel’s single largest disclosed position despite a notable trim of roughly 22%. The reduction appears driven by risk management rather than a broken thesis, following volatility tied to normalization in demand after the post-pandemic surge.
Rogers has historically favored industrial leaders with strong brand equity and long-term secular demand, and GNRC still fits that mold. The trim suggests Ariel is balancing exposure while awaiting clearer earnings stabilization.
2. Madison Square Garden Entertainment (MSGE): Mixed activity
Combined ~$61.2M position (~6.9% of portfolio)
Ariel holds two share classes of MSGE, trimming one line item while modestly adding to the other. In aggregate, the position remains one of the fund’s largest exposures.
This reflects Rogers’ long-standing affinity for asset-rich, hard-to-replicate businesses. MSGE’s live entertainment assets and pricing power continue to screen as undervalued relative to replacement cost and long-term cash flow potential, even amid near-term spending uncertainty.
3. Norwegian Cruise Line Holdings (NCLH): +42,344 shares
1,227,568 shares — $30.2M position (3.42%)
Ariel modestly increased its stake in Norwegian Cruise Line, leaning further into a reopening and normalization thesis.
Cruise operators remain controversial holdings, but Rogers has historically been willing to invest where balance sheet repair and earnings recovery are underappreciated. The incremental add suggests confidence that NCLH’s long-term demand profile outweighs cyclical concerns.
4. Charles River Laboratories (CRL): +6,099 shares
189,436 shares — $29.6M position (3.35%)
Charles River saw a small increase, reinforcing Ariel’s conviction in life sciences infrastructure plays with recurring revenue and high switching costs.
The position aligns with Rogers’ preference for businesses that serve critical, non-discretionary functions within growing end markets, even when near-term growth decelerates.
5. Interpublic Group (IPG): Steady core holding
988,266 shares — $27.6M position (3.12%)
No change this quarter, signaling continued conviction. IPG represents Ariel’s belief in advertising agencies as cash-generative businesses that benefit from long-term brand spending while trading at discounted multiples during economic slowdowns.
Holding steady here suggests Rogers sees value in patience rather than trading around cyclical noise.
6. Knowles Corp (KN): −89,522 shares
1,175,335 shares — $27.4M position (3.10%)
Knowles was trimmed by just over 7%, reflecting measured portfolio maintenance rather than a wholesale exit. The company’s exposure to specialty components and defense-adjacent end markets still fits Ariel’s value framework, but the trim suggests relative opportunity cost elsewhere.
7. Full Exits This Quarter
Ariel exited two positions entirely:
- Goldman Sachs Group (GS)
- ViacomCBS Class B (VIAC)
These exits indicate that valuation targets were likely reached or better opportunities emerged, reinforcing Ariel’s disciplined sell process. Rogers has consistently emphasized that realizing gains is a core part of compounding capital over full market cycles.
Big Picture Takeaways
This was a steady, risk-aware quarter.
No dramatic reallocations, but consistent trimming and selective adds highlight disciplined portfolio management.
Ariel continues to favor asset-heavy, cash-generative businesses.
Live entertainment, industrials, healthcare services, and advertising dominate the portfolio.
Cyclicality is embraced, not avoided.
Positions like GNRC, NCLH, and IPG reflect Rogers’ comfort investing through cycles when valuation offers protection.
Diversification remains intentional.
No single holding dominates the portfolio, reinforcing Ariel’s mutual-fund mandate and long-term orientation.
John Rogers is playing the long game.
This filing reflects patience, valuation discipline, and a belief that fundamentals eventually reassert themselves — even when markets don’t cooperate in the short run.