In the last quarter of the year, we acquired two new securities in Ariel Fund. We gained a new position in integrated sports, entertainment and media business company The Madison Square Garden Co (NYSE:MSG) as it completed its spin-off from MSG Networks Inc (MSGN), the company that was formerly known as Madison Square Garden Co. We already held shares of the former Madison Square Garden, whose main business focuses on media as a regional sports network. Thenew Madison Square Garden’s business focuses on sports and entertainment with various sports teams and theaters as some of the brands under its belt.
From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.
