Our largest detractor for the quarter was CBRE Group (CBRE, Financial), which declined as the company’s leasing and capital markets segments are directly exposed to the current cessation of economic activity. We still find CBRE an attractive investment. The company’s outsourcing segment is less cyclical than other parts of its business and should be a durable source of cash flows during the downturn. CBRE has low net debt and significant liquidity. Rather than fighting for survival, its management team will likely be acting opportunistically to add per share value through this downturn.
From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund first-quarter 2020 shareholder commentary.
