Marriott International (MAR, Financial) was the only security held in the Fund to decline in the quarter. Its “asset-light” model of managing properties, rather than owning capital assets, enhances return-on-invested capital (ROIC) and free cash flow. We trimmed, then eliminated the position on recent lackluster revenue per available room and exposure to the coronavirus’s impact on global travel and tourism.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund second-quarter 2020 commentary.
