Material restrictions on travel, related to the COVID-19 pandemic, are creating financial strains on airlines, leading to airline order cancellations and deferrals as well as balance sheet concerns. We eliminated the position in Airbus (XPAR:AIR, Financial) based on the company’s exposure to this airline industry challenge.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund first-quarter 2020 shareholder commentary.
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