Mason Hawkins annual absolute return goal of inflation plus 10%. For the first time in two-and-a-half years all three Funds have cash below 10%. Considering that in the last eighteen months each Fund reached almost 30% liquidity levels, this cash decline is dramatic Most recently our research has led us to the type of companies we love to own but rarely have the opportunity to buyigh quality businesses with dominant market shares and entrenched brand names. These stocks are often large cap and very liquid. Their ability to generate free cash is tremendous and their value growth potential is clearly within our double-digit objective.
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