Ann: Funds Under Management - December 2021, page-121

they are now moving to more cyclical names. he is flipping on his vaccine sentiment, and chasing performance now. this is a quote from last year when they decided not to invest in safran/amadeus and stick with big teck. change of tune.

"We spent a lot of time in September and October evaluating more cyclical investments such as Wells Fargo and travel-related investments such as Booking.com, Amadeus, Safran, Marriott and American Express. We decided at that time to retain investments in long-term structural growth business such as Microsoft rather than switch investments into businesses that may do better in the short term from a strong economic recovery. This was in part due to our lack of conviction on the likely outcome of the vaccine trials and the downside risk if the trials failed. All the cyclically exposed companies we evaluated have rallied strongly since the vaccines were announced in early November."