We are becoming increasingly cautious given where valuations levels have moved to. We continue to be very selective in our holdings, ensuring that names held represent attractive absolute risk / reward. Cash levels have been rising as many businesses reflect a lower margin of safety in today’s environment. 

TOP PICKS:

Brookfield Infrastructure Partners (BIP_u.TO)

Most recent purchase: Jan 19, 2016 at $46.95

BIP has demonstrated an ability to creatively and intelligently seek out and structure attractive investment opportunities around the globe. Management is focused on compounding cash flow per share. Disruption across various industries and geographies is creating a once in a lifetime opportunity to deploy large amounts of capital at very good rates of return.  

Allison Transmission Holdings (ALSN.N)

Most recent purchase: March 1, 2016 at US$23.65         

ALSN is a leading manufacturer of medium & heavy duty automatic transmissions for use across a variety of end markets globally. The business earns attractive margins & returns despite some end markets currently being depressed. ALSN is highly free cash flow generative and management is disciplined in allocating that capital.  

Walgreens Boots Alliance (WBA.O)

Most recent purchase:  February 8, 2016 at US$72.04

Walgreens is managed by Stefano Pessina, a very forward thinking & well-aligned CEO who is aggressively reshaping the business to adjust to the new market environment. Their brand, store footprint, industry partnerships and cost savings opportunity have the potential to create significant shareholder value over the long term.