During the second quarter, top contributors included Microsoft (NASDAQ:MSFT), Stryker (NYSE:SYK) and Anthem (NYSE:ANTM).
Microsoft’s (NASDAQ:MSFT) shares rebounded in the second quarter after declining in the first. The price movement demonstrates the short-term orientation that has overtaken many stocks recently, as we did not think either quarter produced much to be either panicked or excited about. We continue to like the long-term prospects for significant cash flow generation the company has, and believe the new management team is executing well.
From Yacktman Focused Fund (Trades, Portfolio)'s 2nd Quarter 2015 Commentary.
