Morningstar Magazine - August/September 2018 - 63
"They will try and fail, but they wrap it up fast,"
Rozycki says.
TJX TJX is one of the oldest holdings in Blue
Chip, a standout in a "retail wasteland,"
according to Nolin, because its business in excess
inventory enables it to withstand the threat
of Amazon: "Brand products want to quietly do
business with TJX to liquidate without price
discovery, customers enjoy the treasure hunt, and
younger people are shopping there."
Dentsply Sirona XRAY is in both portfolios.
A management change and an earnings
disappointment have hurt performance lately,
but Nolin and Rozycki remain confident
that the dental supply business has barriers
to entry shoring up its competitive
advantage, and they like that it isn't reliant
on government payments. This healthcare
name is an exception; both funds are
significantly underweight the sector relative
to category peers.
Meanwhile, the team sold Liberty Global LBTYA
out of Blue Chip but is maintaining a position
in that and other holdings of cable mogul
John Malone, such as Liberty Broadband LBRDA,
in MidCap. The difference is explained by
opportunity set. Nolin and Rozycki believe these
companies will remain smart capital allocators,
but Blue Chip holds larger-cap companies
in the same spaces that they believe will provide
better returns over time-namely, Alphabet GOOG
and Facebook FB.
Bill Nolin and Tom Rozycki, portfolio managers
at Aligned Investors, an investment boutique
within Principal Global Investors.
global.morningstar.com/Morningstarmagazine
63
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Table of Contents for the Digital Edition of Morningstar Magazine - August/September 2018
Contents
Morningstar Magazine - August/September 2018 - Cover1
Morningstar Magazine - August/September 2018 - Cover2
Morningstar Magazine - August/September 2018 - 1
Morningstar Magazine - August/September 2018 - 2
Morningstar Magazine - August/September 2018 - Contents
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