DM Monthly Report – Sept 2021

FOLLOWING OUR EQUITY PROCESS INTO U.S. HOMEBUILDING – During the summer, we made select adjustments to our equity mandates, trimming positions which we felt had run slightly ahead of fundamentals and adding to those which offered better relative value. Among these transactions was out first entry into the US homebuilding industry, with two names from the sector added to the DM Foreign Equity portfolio in late July.

The process that led to the purchase was the same one that underpins all of our buy and sell decisions, where ideas are generated and researched by our analytical group and then presented to the DM investment committee for discussion and voting for implementation.

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