Lastly, Jones Lang LaSalle (JLL, Financial) underperformed in the quarter, as the pandemic has been a significant headwind for commercial real estate transaction activity. While management withdrew the 2020 outlook for its brokerage segment, we believe the company's diverse business model and annuity like non-transaction revenue mix, such as corporate outsourcing will help offset weakness in the cyclical leasing business. For instance, customers are engaged with JLL to discuss bringing employees back to their office spaces, including potential space re-configurations, increased cleaning and security and more advisory and technology-led solutions. Meanwhile, the company is prudently managing expenditures across its operating business lines to preserve cash. At current levels, the company is trading at a 37% discount to our estimate of private market value.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter 2020 commentary.
