Dixons (LSE:DC.). The company's share price fell by almost 30% in the fourth quarter. In addition to generalised market falls and Brexit fears, the share price was affected by more sector- and company-specific factors. The main reason for its poor performance has probably been the cut in dividend announced in December, coinciding with the presentation of the new management team's strategy. As part of this new phase, and given the macroeconomic uncertainty in the United Kingdom, the management team has preferred to take a more prudent approach with the company's financial position, hence the smaller divi-dend. The company is by no means experiencing finan-cial or solvency issues, and in fact, the new plan presen-ted, which underscores our upbeat stance on the com-pany, indicates a generation of more than £1 billion in cash over the next five years.
From Francisco Garcia Parames (Trades, Portfolio)' fourth-quarter 2018 shareholder letter.
