wedgewood partners 3rd quarter 2015 client letter the guns of august

Upload: canadianvalue

Post on 12-Feb-2018

219 views

Category:

Documents


0 download

TRANSCRIPT

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    1/18

    "#$%#&''$ ()*+,#*- .*$ /0)*+#* 1234 567#,+ 8#++#*

    9:# ;0,- '< =0%0-+

    >#?7#& ),$ @0+6''A

    "# $%'() *+%, -.( */0+1 23 .(& 4. $#3, 5#,,#&0 *# +%6# 7#4.%3#8 ,+# )%$9 .'8.*30/8# 6.)%,/)/,- %38 ,+# $.3$.4/,,%3, .::.&,(3/,- ,. :(, .(& .(,0/;#8 $%0+ ,.*.&9 %0 ,+# 0,.$9 4%&9#, 4%&$+#8 .3 ,. +/

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    2/18

    P

    >+# QRS TEE 238#U '/&0, %$+#8 ,+# PGEEE )#6#) 7%$9 /3 #%&)- Q#:,#47#& PEBV1 ?0 ,+#4%&9#, $&%*)#8 %).3< ,+/0 -#%& % +/+# QRSTEE 238#U %38 ,+# K(00#)) BEEE A&.*,+ 238#U 8#$)/3#8 ND1VV\ %38 NT1P`\G:#$,/6#)-1 O#F)) 0## *+%, ,+# , .' ^$,.7#& */)) 7&/3

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    3/18

    X

    ^(& 7#0, :#&'.&4#&0 *# 7.,+ $)%00#0 .' A..

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    4/18

    V

    .'' /36#0,.&b0 '#%& ,+%, ,+# I.4:%3- *%0 ).0/3< % )%&

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    5/18

    T

    ^' $.30/8#&%7)# 3.,# /0 ,+# .(,0/;#8 6%)(%,/.30 .' 0,.$90 /3 +/

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    6/18

    D

    23 %88/,/.3G *+#3 .3# :##)0 7%$9 6%)(%,/.30 .3 % 0#$,.& 7%0/0G ,+# /3$/7)# &/0# /36%)(%,/.30 /3 0#$,.&0 *+/$+ *# +%6# % ).3< +/0,.&- .' /36#0,/3< /3 Z3%4#)-G +#%),+$%G0.',*% %38 $.30(4#& 0,.$90[ ,+# &/0# /3 6%)(%,/.30 +%6# 7##3 ,&()- +/0,.&/$G

    &/3< 4%3- .' .(& '%6. 0,.$90 /3 0($+ /38(,&/#0 (3/36#0,%7)#.

    Source: GaveKal Capital July 2015

    B'0*C#D ;)?#E)6 5)F7+)6 G06H 1234

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    7/18

    _

    J(&,+#&4.G 0=(%&/3< 0($+ &/$+ 6%)(%,/.30 %

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    8/18

    C

    5'IF),H 5'II#,+)*7#-

    =FF6#

    ?::)# :.&,#8 7).$97(0,#& -#%&N.6#&N-#%& #%&3/3

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    9/18

    `

    I.47/3#8 */,+ /3$%0/3< $.0, 7#3#'/,0 8(# ,. ,+#/& /3$%0/3< 0$%)#G %).3< */,+.(,0/;#8 $%0+ 7%)%3$#0 %38 ($#8 0+% $.(3,G *# 7#)/#6# ?::)# /0 $%:%7)# .'

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    10/18

    BE

    "#&90+/F0 A??S ZA#3#&%))- ?$$#:,#8 ?$$.(3,/3< S&/3$/:%)0[ 7..9 6%)(# ,. 7#4#%3/3

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    11/18

    BB

    23 PEBPG "#&90+/ @%,+%*%-F0 ".%&8 .' Y/$,.&0 %::&.6#8 %3 .:#3N#38#8 7(-7%$9:&.

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    12/18

    BP

    A&.*,+ :.&,'.)/. +.)8/3

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    13/18

    BX

    %33.(3$#8 #U#$(,/6# ,#%4 .' BB 0#3/.& #4:).-##0G ` % '&.4 ,+# XA I%:/,%) %38"#&90+/ $.3,&.))#8 @W @#/3;1T

    Q.G ,. /,#&%,#G *# ,+/39 ,+# $(),( .' 7(0/3#00 .*3#&0+/: /0 )#00 %7.(, $.0, $(,,/35n[ /0 %)0. 7#/3< 8&%4%,/$%))- (38#&6%)(#81 O# #U:#$, mAYSN:)(0n #3(#

  • 7/23/2019 Wedgewood Partners 3rd Quarter 2015 Client Letter the Guns of August

    18/18

    BC

    9:# 7,