Holding Course

July was a rewarding month for our unwavering approach to investing in companies that offer quality and value for the long term and not to be distracted by short term turmoil in financial markets.
Share prices were buffeted in the early part of the month by the negotiations over Greece’s bailout before attention turned to global growth concerns. Other highlights included wild daily fluctuations in China’s stock market as well as sharp falls in commodity prices. Oil ended the month down 12.5%.

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