Alternatively several positions weighed on performance during the period. Global cruise vacation company Royal CaribbeanCruises Ltd. (RCL, Financial) traded materially lower due to the global pandemic. RCL has voluntarily suspended all cruising, which will have a material impact on its financial results. While pricing and demand may be impaired for short period of time, we believe RCL’s balance sheet will enable the company to weather the storm and recover from this event. As patient, long-term investors, we view the risk/reward to be extremely favorable at current levels.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2020 shareholder letter.
