Last week, we sold the portfolio’s remaining position in ITC Holdings. A rebound in Canadian utility company Fortis’ share price and recent strength in the Canadian dollar has increased the value of Fortis’ pending acquisition offer for ITC to approximately $46.25 per ITC share. Meaning, there is no upside if we continue holding ITC shares until the deal’s completion. By contrast, ITC’s … Read more
The level of cash within the Core Equity composite is a direct function of valuation. As companies within the portfolio approach or exceed our current estimate of fair value, we reduce or eliminate the position. Ideally, there are existing opportunities within the current portfolio to recycle that capital or add new capital to existing positions. … Read more
ITC Holdings is the nation’s largest independent electricity transmission company. ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,600 circuit miles of transmission line. ITC’s efficient scale affords the company a strong competitive advantage within its industry. Competitors … Read more