Honworld Initial Position Size June 7, 2015

Honworld Initial Position Size June 7, 2015

We are initiating a 7.5% position in Honworld.  The company ticks many of the boxes for a great investment including a regional brand moving to a national brand. The existence of economies of scale with customer captivity.  The company is extremely profitable when stripping out growth investments that are depressing profitability and the company has a very strong management team.  The current expected return is roughly 17% using conservative assumptions.  If there is any pullback, we will add to our position.

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