Sales and Rationales Flashcards
1
Q
When did we sell Cerner and why?
A
October 2021
We had concerns about the company’s deteriorating competitive position and the potential impact on growth
2
Q
When did we sell Littelfuse and why?
A
November 2021
We had reduced conviction in the company’s ability to maintain its leading position in the auto market amid the EV transition, and saw rising competition in Consumer
3
Q
Why did we sell TPIC and why?
A
November 2021
Weak wind market in 2021 left TPIC exposed as it’s further down the value chain than OEMs - overcapacity, raw material costs. Breached a debt covenant.
Still bullish on wind but cautious on the quality characteristics of TPIC
