Other holdings fell amidst the volatility the past three months. Intellectual property and patent expert Acacia Research Corp. (NASDAQ:ACTG) stock fell -52.14% when it lost a lawsuit that many had expected it to win. In our view, Acacia lost the first trial because the jury lacked intellectual patent knowledge. We believe a favorable verdict is merely delayed and not permanently lost; the lawsuit will be refiled in Germany, where it will be decided by a panel of judges who have technical expertise. We have added to the shares because we remain confident in the original thesis.
From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Global Fund Commentary.
