Recently, we reviewed our reasons for owning each position in our portfolio. As is our habit, when the original reason for ownership no longer exists we sell the position.
In my opinion, those reasons still pass the validity test. Although I continue to consider the southern European countries weak sisters in the global economy, I’m not worried about the DFE as most of its investments are in the northern European countries.
In addition, I am pleased with the ETF’s continuing performance in the current weak equity markets. I plan to continue holding the position until the investment thesis changes.
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