Other holdings underperformed in the falling market. Helicopter services specialist Bristow Group Inc. (NYSE:BRS) descended -50.45% amid a turbulent environment. As you know, oil prices have plummeted, causing Bristow’s customers to swiftly downshift—especially in the North Sea. Earnings were therefore only $0.56 per share, well below the $0.91 estimate; management also lowered guidance for the year. While these are not long-term issues in our view, the stock is likely to be volatile over the short term. We continue to believe in the company’s business model, management team and long-term position.
From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund Third Quarter 2015 shareholder letter.
