Some holdings in the portfolio advanced considerably. Helicopter transportation company Bristow Group Inc. (NYSE:BRS) ascended +46.83% after recently secured financing put Wall Street at ease. The Street had worried the company would become financially distressed like a top competitor given the oil industry’s woes. Instead, Bristow arranged $300 million in debt, secured by a portion of its own helicopter fleet. In addition, oil rose during the year and the quarter, giving the stock a mild boost as well. We think its shares are undervalued given the company’s significant assets and depressed earnings.
From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund fourth quarter 2016 commentary.
