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Invesco European Growth Fund Comments on DCC PLC

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May 19, 2017
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DCC PLC (LSE:DCC) was the most significant individual contributor to fund performance during the quarter. The oil-fuel distributor reported operating results in line with consensus expectations, but more importantly, announced a material acquisition of Exxon Mobil Corp.’s (not a fund holding) retail petrol network in Norway. Though DCC is no longer priced at what we consider a bargain-basement valuation, the company has a talented, long-tenured management team and an exemplary capital allocation record that suggests significant potential for additional energy-distribution acquisitions.

From European Growth Fund first quarter 2017 commentary.

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