During 2020 we reassessed the outlook for every stock held as well as performing a thorough reassessment of their balance sheet position and available liquidity assuming the COVID-19 related downturn persists for some time. This has led to a number of companies being sold or positions reduced with capital being reinvested in less cyclical businesses with strong asset backing where valuation has become attractive with the market weakness. What has been surprising is the ease at which we have been able to sell those positions where we no longer want exposure into the market strength.Being more conservatively run companies, many of our new positions have not outperformed the market recovery to date but we believe they are well positioned.
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