Among the quarter’s detractors, Vista Outdoor (VSTO, Financial)’s stock experienced the largest percentage decline. Vista is a leading supplier of ammunition, and it also provides bicycle helmets and other sporting goods. In recent years, it acquired a number of sporting equipment companies, and during the quarter, disappointing sales at these businesses forced Vista to take write-offs. In addition, bullet sales declined sharply following the US presidential election, as gun owners—less worried about a harsher regulatory environ-ment—felt less need to stock up on ammunition.
From First Eagle Global Value Fund first quarter 2017 commentary.
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