We did not initiate any positions during September. We exited our position in Rockwell Collins, the global leading supplier of avionics, communication and interior products to the commercial and government aerospace markets, following the announcement in early September that United Technologies Corp would acquire Rockwell Collins for $140.00 per share in cash and stock. Given that the deal is not expected to close until Q3 of 2018, we decided to sell in on September 18th at $131
as we saw greater risk of the deal breaking than a more richly priced rival bid coming in. This represented a +25% gain during the quarter and +45% since initiating the position on 13th Jan 2017.
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