This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory 13F Form filed on 05/14/2020. John Rogers’ 13F portfolio value decreased ~30% from $7.97B to $5.70B this quarter. The portfolio is diversified with recent 13F reports showing around 150 positions. There are 66 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Philip Morris, Microsoft Corp,