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- While we monitor daily stock-price movements, we maintain a long-term view and believe we own a concentrated collection of high-quality businesses that can stand the test of time, regardless of what happens in a given quarter.
- For investors worried about inflation, we believe the Portfolio offers an alternative to commodities and cyclical exposures that, in our minds, carry inherent and outsized investment risk.
- Short-term rotations have no bearing on how we invest – except to offer us opportunities to buy our favored companies when we believe they are attractively priced.
- The top absolute contributors to the Portfolio’s performance during the first quarter included Aon, Medtronic, and Wal-Mart de México. The most significant detractors from performance included ICON, Evolution AB, and Sage Group.
- We initiated a position in Shenzhou International Group, while exiting Nestlé during the quarter.
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