EXITED LKQ CORPORATION AT $34.01 (LKQ-US)

LKQ Corporation (LKQ) is a global distributor of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, as well as specialty vehicle products and accessories.

JUSTIFICATION We bought a half position in LKQ Corporation in December 2016 at $31.00 and are now exiting with a 9.7% profit at $34.01. The car parts industry has been under fire due to reports that show a peak in car sales, threats from online sales. Since we initiated our position, quarterly forecasts have declined and the next quarterly result will likely cause a decrease in the Trailing 12 month Earnings Per Share (TTM-EPS). Under the circumstances, we believe it is best to take the profit and look for other opportunities.