First Quarter 2025 Commentary

Trimmed the position because the shares were near the authors' calculated valuation.

“we trimmed our utilities holdings since the shares of Avista and Northwest Natural (tickers: AVA, NWN) were near valuation.”

Added to the position; the author highlights Kelly's extremely solid operating performance that has bucked staffing industry trends despite poor stock price performance.

“During the period, we added to our weightings in Kelly Services (ticker: KELYA), Resources Connection (ticker: RGP), and Heartland Express (ticker: HTLD). Kelly Services’ stock price has performed as poorly as many other public staffing companies even though the firm’s operating performance has been extremely solid, bucking industry trends.”

Trimmed the position because the shares were near the authors' calculated valuation.

“we trimmed our utilities holdings since the shares of Avista and Northwest Natural (tickers: AVA, NWN) were near valuation.”