We sold almost all of our position in Harley-Davidson during the quarter. Our Harley-Davidson (NYSE:HOG) thesis required continued strong growth internationally and improved U.S. sales as the number of used bikes, which date back to peak year deliveries more than 10 years ago, become less attractive substitutes for new bike sales. The company’s international and U.S. sales have lagged behind our expectations, and after reassessing Harley-Davidson’s per share value, we found a better alternative for the portfolio, American Airlines.
From Bill Nygren (Trades, Portfolio)'s first quarter 2018 Oakmark Select Fund commentary.
