SUMMARY
The Fund was down -6.9% in June, slightly underperforming the Index which was down -6.0%.
As of June 30th, the top ten holdings accounted for 41% of the Fund’s assets with the largest position at 5.3% of the portfolio.
The Fund continued with limited trading activity this month. We believe the Fund’s value is at a meaningful discount to the long-term fair value. The Fund is currently trading at just over 13x earnings on a weighted average basis. The constituents are expected to grow their earnings nicely over the coming years and carry over 20% ROE. We are also continuing to examine many interesting new investment opportunities given the sell-off in the equity markets.