Other holdings underperformed in the falling market. Intellectual property company Pendrell Corp. (PCO, Financial) fell -47.45% as it lost a high-profile court case. Specifically, a federal jury ruled Google, Inc. (GOOG, Financial) and Samsung Electronics Co., Ltd. had not infringed upon the firm’s intellectual property. The company has a similar but larger case pending against Apple Inc. (AAPL, Financial), and investors are now pessimistic about that outcome. The company holds the rights to many intellectual properties, so we are not concerned about just one case.
From John Rogers (Trades, Portfolio)' Ariel Discovery Fund portfolio snapshot third quarter 2015.
