End of May Update

Our total outperformance relative to the S&P benchmark fell for the month of May, but still beat by about 80bps. We had several stocks rise over 15% for the period. The portfolio was primarily dragged down by unlucky timing in our purchase of CVS and a poor showing from HMC as a result of geopolitical turmoil and unfavorable conditions for car purchases, namely rising interest rates and an overall decrease in cars sold in the US. Our thesis on HMC was based on continued growth in the scooter and motorcycle segments across India and Southeast Asia, but that factor was not enough to encourage investors. We continue to hold CVS next month and see investors undervaluing it and not fully pricing in the EPS growth and synergies from the Aetna acquisition.

We were pleased to see interest rates moderate as the 10-Year Treasury Bond fell back below 3%. This will provide a tailwind for equities moving forward. The sharp spikes and falls in our portfolio value was inline with the S&P and other indices, as traders absorbed tariff implementation, escalating threats of a global trade war, and a potential contagion risk from the failed Italian government formation.

More commentary will follow in our quarterly report. See below for the total May returns for a $1000 investment.

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