To further highlight, we were disappointed by the performance in one of our consumer discretionary businesses. Orion (XKRX:001800, Financial), a South Korean snack and confectionary company, is coping with a slowdown in China and also investing to launch new products to gain market share and expand their distribution channel. This negatively impacted Orion’s earnings and, hence, the stock was very volatile this quarter. We view this as only a short-term disruption in its business trajectory and not a long-term impairment.
From Matthews Pacific Tiger Fund (Trades, Portfolio) third-quarter 2016 commentary.
