The Fund’s share price has returned 20.4% from year-to-date, 2.6% in the third quarter, and decreased by 1.5% in September.
The global economic recovery continued during the 3rd quarter and was reflected differently in different companies. Some companies are making record results and others are suffering from a shortage of raw material components.
Sifter Fund made one new investment. After more than two months of research, we concluded that Sony Corporation meets Sifter’s quality company criteria.
The Sony purchase was financed by selling off Oracle corporation, which has been in our portfolio for almost 10 years and returned 250% in euros plus dividends for Sifter investors. Based on our research Oracle is still a high-quality business, but its growth prospects are fairly modest.
