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.
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Enea AB: Annual Statement 2013
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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.
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.
Our managers are still finding attractive opportunities in a more richly valued market.