Other holdings fell amidst the volatility the past three months. Cutting tool and tooling systems maker Kennametal Inc. (NYSE:KMT) returned -22.33% as end demand has been weaker than previously expected. That cyclical issue has crimped cash flows, making it rather challenging for new CEO Don Nolan to fully execute his plan to improve efficiency via modernization.
From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.
