John Wood Group PLC (LSE:WG.) was the most significant individual detractor during the quarter. Shares of the multinational energy services company performed very well in 2016. The company’s stock price then sold off during the first quarter of 2017 due to cautious guidance. We have confidence in John Wood’s operational strength based on its outstanding results over the past couple of challenging years, but we agree with the company’s management that there is no reason for bullish forecasts at this early juncture.
From European Growth Fund first quarter 2017 commentary.
