Looking broadly at our portfolio, helicopter operator Bristow Group, Inc. (BRS, Financial) was the best performing name, surging +44.06% during the quarter amidst a better than expected earnings report and increased fiscal 2018 guidance. Notable announcements included cost recoveries, capex deferrals, the sale of Bristow Academy and the issuance of a convertible senior notes offering. Management retains a cautious outlook as the offshore downturn has continued in spite of stabilizing oil prices. Overall, we believe the shares are undervalued and with the liquidity overhang satisfied, the company can now shift its focus to operating the business for long term success.
From John Rogers (Trades, Portfolio)' Ariel Funds 2017 shareholder letter.
