9/19/2023 0 Comments Purebasic absolute value![]() Long-term revenue per available room (RevPAR) growth is being driven by a rising global middle class with a desire to travel. We admire its asset-light business model where 99% of profits are derived from its managed and franchised hotels, while less than 1% of profits come from its owned and leased hotels portfolio. Growth in net rooms is driven by a long-term trend of consolidation around large hotel brands. IHG has strong brand recognition, the industry’s third largest loyalty program, and global scale. IHG is the world’s third largest hotel chain with more than 6,000 hotels in more than 100 countries across 18 brands, including Holiday Inn & Holiday Inn Express, InterContinental, and Crowne Plaza. ( AMAT).ĭuring the quarter, we purchased InterContinental Hotels Group, a company we have owned in the past. ( CRM), General Electric Company ( GE), Microsoft Corp. There were seven material contributors to performance: Salesforce Inc. We exited one position during the quarter: GE HealthCare Technologies Inc. We purchased two new positions: InterContinental Hotels Group plc ( IHG) and United Parcel Service Inc. ![]() Actual holdings will vary for each client and there is no guarantee that a particular client’s account will hold any or all of the securities listed. It should not be assumed that an investment in the securities identified has or will be profitable. ![]() The specific securities identified and described are not representative of all the securities purchased, sold, or recommended for client accounts. In the discussion that follows, we generally define material contributors and detractors as companies having a greater than 1% impact on the portfolio and should be viewed in context with the performance information provided. Please see important disclosures at the end of this document. Past performance is no guarantee of future results. ![]() *Inception date is for Large Cap, Small Cap, and Focus Plus Composites. Please reference additional performance information for each of the composites in the strategy reviews that follow and important disclosures at the end of this document. These results are detailed in the table below. In fact, we have made and will continue to make decisions that could negatively impact short-term performance when we think we can improve our prospective long-term returns and lower risk. As we have often said, we place no weight on short-term results, good or bad. All five of our strategies produced positive absolute returns and outperformed their respective benchmarks during the first quarter. ![]()
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