EXITED COGNIZANT AT $71.61 (CTSH-US)

Cognizant Technology Solutions Corporation is a computer services company that operates in financial services, healthcare and manufacturing/retail/logistics. Its services include consulting and technology services and outsourcing services. Its outsourcing services include application maintenance, IT infrastructure services and business process services.

JUSTIFICATION We purchased a half position in CTSH in February 2016 at $51.93. Since that time, we have raised the target as the company’s earnings have moved higher. Our target was $75.00 but in light of recent global tensions and the potential for chaos, we believe it is prudent to take profits early.