Kuoni Reisen Holding AG (XSWX:KUNN), the Switzerland-based travel company, was one of the fund’s largest individual detractors for the quarter. Kuoni reported a disappointing trading update that countered optimism arising from a first quarter announcement that the company would sell its tour operating assets. We believe the market’s reaction was overly negative. In our opinion, Kuoni is now a more focused business with a significant portion of its profits coming from its business-to-business online travel platform and visa processing divisions, both of which have enjoyed double-digit growth.
From Invesco European Growth Fund (Trades, Portfolio)’s Second Quarter 2015 Performance Commentary.
