Several stocks in the portfolio had strong returns in the quarter. Global leader in for-profit education, Adtalem Global Education (ATGE, Financial) traded higher after reportingfinancial results that topped expectations. Management reiterated the full year outlook and raised earnings-per-share guidance to reflect a paydown of debt and the execution of an accelerated share repurchase program. With the recent completion of the Walden acquisition and the divestiture of the financial services segment, ATGE has become a pure-play healthcare education provider with the scale and capabilities to capitalize on robust demand for skilled nurses, MDs and PhDs across the country.
From John Rogers (Trades, Portfolio) Ariel Fund second-quarter 2022 commentary.
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