Another stand-out performer in the portfolio was JLL (NYSE:JLL), a premier real estate services firm. It gained +12.49% during the quarter. Strength was consistent across almost all of the company’s business segments with only capital markets and asset management experiencing weakness. As a worldwide leader in a critical niche, where global scale and expertise is crucial to customers, we expect the company will continue to benefit from accelerating trends of globalization, the outsourcing of real estate services, and institutional demand for commercial real estate.
- From John Rogers (Trades, Portfolio)' Ariel Fund second quarter 2015 shareholder letter.
