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- The top absolute contributors to the Portfolio’s performance during the second quarter included Unilever, Wal-Mart de México, and Shenzhou International Group. The most significant detractors from performance included Aon, Siemens Healthineers, and MercadoLibre.
- We exited Wal-Mart de México, increased our weighting in Globant, and trimmed our positions in Experian and Dassault Systemes during the quarter.
- Most Portfolio companies reported robust results with long-term growth initiatives continuing briskly and management teams expressing confidence about their business trajectories.
- While uncertain and volatile markets could reflect slower near-term economic growth, the divergence between business fundamentals and stock prices created attractive entry points for investment in companies with outsized long-term return potential.
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