Asahi Group Holdings (TSE:2502, Financial), the Japanese beer and beverage company was added to the portfolio during the quarter. Asahi had been a successful long term holding, which we sold in May 2018 when it reached our target valuation. Since then, Asahi has continued to execute on its business plans and paid down debt. The stock declined more than 20% from where we sold it, and after a recent meeting with management and a more attractive valuation, we added Asahi back to the portfolio.
From Bernard Horn (Trades, Portfolio)'s second-quarter 2019 Polaris Global Value Fund shareholder letter.
