Haci Omer Sabanci Holdings AS (IST:SAHOL) was the fund’s largest individual detractor. The Turkish holding company suffered as investor sentiment toward Turkey remained negative amid accelerating consumer inflation, currency weakness and another interest rate hike. Despite this backdrop, we believe Sabanci has highly attractive strategic assets, is conservatively managed, has a strong balance sheet and trades at a deep discount.
From Invesco European Growth Fund (Trades, Portfolio)'s third-quarter 2018 shareholder commentary.
