This stronger position has meant that the belief has been in a position to review its portfolio and to take action not pushed by a desperate seek for dividend income. We have created a ‘Pandemic Portfolio’, being those corporations in the portfolio whose shares have fallen to a level in all probability by no means seen earlier than and positively well below the lowest ranges reached within the Great Financial Crisis. It is our perception that purchases made presently in what are good, well run firms will produce sturdy returns in the future. In this Covid-19 crisis, the belief finds itself in a much stronger place than in 2008. At this time the financial gearing is provided by the Zero Dividend Preference shares, which don’t have any covenants and are in place till April 2025.
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