Bar code manufacturer, Zebra Technologies Corporation (NASDAQ:ZBRA) traded +31.59% higher during the quarter. Broad based demand both geographically and by product drove a top and bottom line earnings beat. ZBRA’s business model has become diversified across products and verticals over the past few years. While the stock trades an impressive 260% higher than its 2016 bottom, we believe there is still more upside to come. Specifically ZBRA's nascent opportunity in the healthcare space, the deferment and runway of Android refresh cycles, as well as the potential to create value through capital allocation. As evidenced by our heavy weighting in the portfolio, we continue to like everything about this story.
From John Rogers (Trades, Portfolio)' first-quarter 2019 Ariel Fund shareholder letter.
