Several stocks in the portfolio had strong returns in the quarter. Leading live sports and entertainment company, The Madison Square Garden Company (NYSE:MSG) advanced +26.20%, driven by both strong earnings and an announcement that the company is exploring a possible spin-off to separate the sports team assets from its live entertainment focused businesses. If MSG proceeds with this transaction, James L. Dolan is expected to remain Executive Chairman and CEO of both resulting entities. We believe the proposed plan would further create value for shareholders, by enhancing the strategic flexibility and capital allocation options for each company.
From John Rogers (Trades, Portfolio)' Ariel Fund second quarter 2018 shareholder letter.
