Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Our top managers continue to put money into wide-moat firms.
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.