Microsoft (NASDAQ:MSFT) was also a leading contributor to Fund results. Microsoft’s strong performance was a result of exceptional growth in its cloud division. Both Microsoft and Cisco Systems Inc. (Cisco) were also beneficiaries of the rise in the technology sector, which has been the strongest S&P 500 sector this year. We reduced our position in Cisco due to its increased valuation and more modest expected returns going forward.
From Yacktman Fund (Trades, Portfolio)'s 2nd quarter 2018 shareholder letter.
