Halma (LSE:HLMA) is engaged in the provision of sensor and detection technologies related to health and safety (e.g., automatic door sensors) and Mr. Market had taken a dour view of its published results toward the end of last year, specifically questioning some recent acquisitions. We have been shareholders of Halma for many years and have a great degree of confidence in its management team’s ability to allocate capital given a long track record of wealth-creating decisions for shareholders. While this trust isn’t set in stone, our opinion of the company’s management did not change materially as a result of the recent hiccups, and we have been rewarded so far this year as the stock has bounced back.
From Mawer Canadian Equity Fund (Trades, Portfolio)s second quarter 2017 investment newsletter.
