Some stocks in the portfolio performed quite well. Media company Viacom, Inc. (VIAB, Financial) leapt +33.44% as new CEO Bob Bakish began to implement his vision. In early February, as the company announced earnings per share of $1.04 versus the $ 0.83 consensus, Bakish introduced his five-point strategy. We especially like his decision to emphasize six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr., and Paramount. A week later he underscored this point when he asked the CEO of underperforming Paramount to step down. We think focusing on what matters most is smart—and especially important at a complex, intricate organization such as Viacom.
From John Rogers (Trades, Portfolio)' first quarter 2017 Ariel Fund shareholder letter.
