Also, in the quarter we initiated a position in leading provider of automated security solutions ADT, Inc. (ADT, Financial) in the period. In our view, ADT’s brand and national presence in the security industry is unmatched, resulting in leading market share, a high recurring revenue base and attractive free cash flow generation. While investors remain concerned that do-it-yourself competition will erode the installation and technology-driven moat around the business, we believe ADT is well positioned to benefit from strategic partnerships, such as Google and secular growth of smart home adoption.
From John Rogers (Trades, Portfolio)' Ariel Fund second-quarter 2021 commentary.
