I know you have Illumin Holdings in the Model Growth Portfolio. I have a small holding and it is down around 70%. My plan was to continue to hold and hope it improves as the macroenvironment improves. With the stock price so low now, I hope it has hit bottom. What are your thoughts on continuing to hold versus tendering shares via their Dutch auction?
We think ILLM is a HOLD, but need to see improvement. That said, we would not suggest tendering. Reducing the share count will result in more earnings per share leverage. We think any tax decision can be deferred until closer to year end. It 'could' be bottoming: certainly sentiment has been very negative. (5iResearch)