The positive results for Ariel Fund were largely driven by strong stock selection within the financial services sector, contributing +261 basis points to relative returns. Real estate expert JLL (JLL, Financial) was the top performer within the sector, delivering +20.89% gain for the quarter, on solid earnings, highlighted by organic growth, margin improvement, 20% reduction in net debt from the prior quarter and the announcement of a 13% increase in its annual dividend due to improved cash flow.
From John Rogers (Trades, Portfolio)' Ariel Funds 2017 shareholder letter.
