Last of the new purchases alphabetically is Under Armour (NYSE:UA). We believe Under Armour to be an emergent global franchise trading at a discount to our estimate of intrinsic value. Until 2016, this athletic leisure apparel and footwear company had produced a long series of 20%+ revenue growth quarters, helping the stock to become a growth investor favorite. Deceleration finally set in, however, leading to a substantial drop in the share price. This gave us the occasion to invest in a company still growing better than 10% at a very reasonable valuation. We believe that CEO Kevin Plank and his newly augmented management team have the potential to restore the company’s prestige while taking advantage of international and footwear opportunities.
From David Herro (Trades, Portfolio)'s third quarter 2017 Global Fund Commentary.
