November 2, 2015
Interim Stock Update-Valeant Pharmaceuticals International, Inc.
While we don't usually comment on individual portfolio
holdings intra-quarter, we have received questions regarding Valeant
Pharmaceuticals. Valeant was a very profitable investment for our funds
over the past four years. As of the September quarter-end we had
significantly reduced our positions. Recent developments about the
company’s pharmacy relationships, pricing policies and business practices led
us to sell our remaining shares in late October. We no longer own Valeant
in our client portfolios or mutual funds.