The ongoing rally in the equity markets continues to limit the buying and selling activity of our top managers.
Our top managers continue to find attractive buying opportunities in wide-moat firms.
More volatile equity markets impact the buying and selling activity of our top managers.
Our managers are still finding attractive opportunities in a more richly valued market.
Increased investor inflows and portfolio reshuffling (driven in part by a fairly valued market), has added breadth to the high-conviction and new-money purchases we've seen so far from our top managers.
We saw a higher level of trading by our top managers in the most recent period.