SOLD SATELLITE POSITION IN CROWN HOLDINGS AT $58.81 (CCK-US)

APRIL 23, 2019 SOLD SATELLITE POSITION IN CROWN HOLDINGS AT $58.81 (CCK-US) JUSTIFICATION: In February 2018, we bought a half position of Crown Holdings at $50.95, because Crown does not pay a dividend, and non-dividend payers tend to be more volatile than stocks that pay dividends we only bought a half position. The shares have now reached our target which we believe represents a fair valuation for this company. WHO IS CROWN HOLDINGS: Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. The company offers aluminum beverage cans and ends; food cans and ends; glass bottles; and aerosol cans