REDUCE MEDTRONIC AT $108.00

August 20, 2019 CHANGE TO CORE POSITION: REDUCE MEDTRONIC AT $108.00 (Current position size: Underweight 0.875%, previously Regular weight at 1.75%)

JUSTIFICATION: We reduced our position in Medtronic because they announced a good earnings report which moved the shares up to the high end of their historical valuation range. At this point, our position is up 35% since April 2018.

WHO IS MEDTRONIC PLC.: Medtronic Public Limited Company is a medical technology, services and solutions company. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group and Diabetes Group. (Source: Reuters)