Also, in the quarter we initiated a position in leading manufacturer and distributor of coatings technologies Axalta Coating Systems, Ltd. (AXTA, Financial). The industry has a favorable competitive landscape, and Axalta is emerging from the shadow of its former parent, DuPont. We expect Axalta to continue to gain market share from ongoing consolidation in its refinishing business and further improve its margin profile through cost savings programs. We did not exit any holdings in the quarter.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2021 commentary.
