Other holdings experienced a short-term struggle. Powertrain expert BorgWarner Inc. (NYSE:BWA) returned -22.83% since we purchased it in February after lowering multi-year expectations. Although the company’s growth over the next couple of years may not be as strong as previously expected, it continues to grow. Plus its long-term prospects are excellent. The market continues to worry over the emergence of all-electric vehicles. Yet we believe BorgWarner still has a huge position in traditional as well as hybrid vehicles, which together, we think, will likely constitute a vast majority of the market for years to come. Moreover, it is not simply an American company but a global player. We continue to think the company’s present is solid and its future very bright.
From John Rogers (Trades, Portfolio)' second quarter 2016 market commentary.
