Holdings Update: Sell VF Corporation
March 2021
During the first quarter of 2021, the Investment Team sold VF Corporation (VFC) from the Jensen Quality Growth Model Portfolio (“Model Portfolio”).
VF sells apparel, footwear, and accessories through over 30 brands including The North Face®, Vans®, Timberland®, Dickies®, and Supreme® with a focus on outdoor and lifestyle designs. VF possesses considerable competitive advantages, including well-known brands, proven design and innovation capabilities, and large economies of scale.
Additionally, VF has strengths in revenue diversification, a solid balance sheet, effective management, and what the Investment Team considers to be top-ranking ESG risk factors. VF has remained a relatively small position in the Model Portfolio, and due to extraordinary challenges retailers have faced during the coronavirus pandemic, the Investment Team elected to sell the position in VF and focus on other opportunities.
Model Portfolio holdings are subject to change and should not be considered recommendations to buy or sell any security.
The discussion of the specific security identified in this article is solely intended to illustrate the application of our investment approach. Our views expressed herein are subject to change and should not be construed as investment advice and are not designed or intended as a basis or determination for making any investment decision for any security. This information is current as of the date of this material and is subject to change at any time, based on the market and other conditions. Past performance is no guarantee of future results.
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