ADD TO TJX AT $49.77

August 20, 2019 CHANGE TO CORE POSITION: ADD TO TJX CO’S AT $49.77 (Current position size: Regular Weight 1.75%, previously Underweight at 0.875%)

JUSTIFICATION: We added to our position in TJX Co’s because the shares weakened following their earnings report. The shares have now moved down to a fair valuation from their previously high valuation. At this point, we still have a 23% gain since buying in April of 2018.

WHO IS TJX COMPANIES INC.: The TJX Cos., Inc. engages in the retail of off-price apparel and home fashion products. It operates through the following segments: Winners, Homesense, Marmaxx, HomeGoods, TJX Canada, and TJX Europe. (Source: WSJ)