Guinness Peat Group (GPG, Financial) declined 29% in the quarter and for the first half, making it the largest detractor over both periods. The company announced in May that the UK regulator had not yet settled its open pension inquiry as to how much financial support GPG must provide to three pension schemes, although management had already put aside funds to cover previously estimated support. The stock declined as capital returns were suspended until the inquiry is completed. GPG continues to sell its noncore assets outside of Coats, the world's leading industrial thread and textile crafts business. Directors at the company bought shares personally after the price decline.
From Longleaf Partners' semi-annual 2013 report.
From Longleaf Partners' semi-annual 2013 report.
