Many of the Fund’s U.S. information technology companies posted healthy results, including Xerox Corp. (XRX), Hewlett- Packard (HPQ), Western Union (WU) and Microsoft Corp (MSFT). These returns couldn’t mitigate declines at Wincor Nixdorf (XTER:WIN), as the company announced lower revenues due to slowing emerging European market (Turkey, Russia) sales. Nevertheless, the CEO reassured investors that 2014 growth targets were still attainable.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Second Quarter 2014 Shareholder Letter.
