In the U.K., the economy looks to be on solid footing with all of the main sectors of the economy growing. Solid domestic demand has been supported by economic data including inflation, employment, and wage growth numbers. There is concern that the strengthening currency could dampen economic activity, particularly for exporters. While a broad based economic recovery is favorable for companies in general, we believe our holdings are market leaders in their respective categories and are capable of driving organic growth over the long term. For example, Domino’s Pizza Group plc (NYSE:DPZ), another top contributor in the portfolio this quarter, continues to grow organically through innovation and strong execution. The company is leveraging the Internet and technology to drive the customer proposition and efficiencies throughout the organization. This is resulting in strong same-store-sales, margin expansion and cash generation.
From Wasatch International Growth (Trades, Portfolio) Fund's third quarter 2015 commentary.
