New Holding

Subsequent to Quarter End, I put approximately 10% of my portfolio in Next PLC.  It has sold off substantially after a recent gloomy earnings report, with unfavourable debt developments.  I believe it is now a "Wonderful Company at a Fair Price".  It's in a tough sector, but I think Simon Wolfson is a classic "insider" type CEO, who is laser focussed on shareholder returns and knows about capital allocation.  By partnering with him, I believe I have limited downside, and hopefully some serious upside.