Pharmaceutical company Allergan (NYSE:AGN) added 72 bps to the Fund’s return, as the stock went from $166.72 to $190.48 with a total return of 14.7%. The shares rallied after the company reported better-than-expected earnings and raised guidance for the remainder of the year. The aesthetics franchise continues to show robust growth, and management is bullish on the long-term outlook for this business, expecting that it will double over the next five to seven years. As the shares appreciated, we trimmed our position to take some profits.
From Jerome Dodson (Trades, Portfolio)'s third-quarter 2018 Endeavor Fund shareholder letter.
