We believe Parker Hannifin (PH, Financial), one of our longest tenured positions, is a high-quality, well-managed industrial with strong competitive positions in good end markets. However, after the market price reflected these positives, we elected to sell to pursue more attractive alternatives that were priced at steeper discounts to our estimates of intrinsic value.
From Bill Nygren (Trades, Portfolio)'s Oakmark Fund first-quarter 2021 shareholder commentary.
