Holdings Update: Buy APH

Due to an improved growth outlook, we now view Amphenol (APH) shares as attractively valued and are pleased to resume a stake in what we consider a quality growth business.

Animal Spirits – July 2021 – Podcast

Over the last three decades, our research has shown that high-quality businesses are able to show a resiliency, regardless of what’s happening from a macro perspective. The real genesis of our team’s information and analysis is our fundamental research. From a long-term perspective, we feel very comfortable that a quality strategy can outperform over full market cycles.

Holdings Update: Buy MMC

We expect MMC to continue to grow through a combination of organic growth arising from strong underlying demand for its brokerage and consulting services.

Inflation Resilience

Interest rates are rising in unison with inflation expectations. The resultant pressure on stock prices is twofold, one direct and one more subtle.

Company Highlight: Taiwan Semiconductor Manufacturing Co.

Taiwan Semiconductor Manufacturing Company (TSMC) is the world’s leading semiconductor chip foundry. As a foundry, TSMC manufactures chips on behalf of customers with the most cutting-edge manufacturing capabilities as defined by node size.

Holdings Update: Sell VFC

During the first quarter of 2021, the Investment Team sold VF Corporation (VFC) from the Jensen Quality Growth Model Portfolio (“Model Portfolio”).