Month: November 2020

HLMEX – Q3 2020 Commentary

HLMEX Commentary – Q3 2020

Thesis

HLMEX utilizes fundamental research to find companies with strong quality and growth metrics that can be compared across the global landscape. By focusing on investments with competitive advantages, long-term growth potential, quality management, and corporate strength, HLMEX offers diversity to our EM allocation while generating alpha over the long run. We continue to hold the fund because of the team’s conviction in high quality companies and managed risk through diversification and evaluation.

 

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Overview

In the third quarter of 2020, HLMEX underperformed the benchmark (MSCI Emerging Markets Index) by 39bps largely due to poor allocation to growth-oriented names. An underweight to Consumer Discretionary and overweight to Financials – specifically India – largely detracted from returns. Weak stock selection in Consumer Discretionary also hurt performance. Regionally, overweight allocations to Europe and Latin America, and an underweight to North Asia detracted from performance. On the other hand, the fund saw strong performance in Industrials and Communication Services. Stock selection in China and Taiwan was also strong.

 

Q3 2020 Summary

  • HLMEX returned 9.17%, while the MSCI Emerging Markets Index returned 9.56%
  • Contributors
    • TSMC (Taiwan), WEG (Brazil), YNDX (Russia), Fuyao Glass (China)
  • Detractors
    • ASII (Indonesia), LKOH (Russia), FEMSA (Mexico)

 

 

 

 

Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s focus on quality by emphasizing earnings growth and strong cash flow to gain attractive returns over the long run
  • Over past year, portfolio has shifted from being overweight in expensive stocks to underweighting this area – has created a headwind for 2020
    • Expensive, COVID “immune” stocks have continued to outperform
  • Continue to invest in durable growth – quality focus with attractive valuations

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

REEIX – Q3 2020 Commentary

REEIX Commentary – Q3 2020

Thesis

REEIX is driven through both top-down and bottom-up fundamental research that provides diversification within our full EM allocation. The fund looks for high quality companies across all market caps that have strong ESG scores. We like REEIX because of the consistent and repeatable process that allows the team to take advantage of companies with sustainable growth across all the Emerging Market (EM) landscape.

 

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Overview

In the third quarter of 2020, REEIX underperformed the benchmark (MSCI Emerging Markets Index) by 12bps. Stock selection in South Korea detracted from performance, while stock selection in Chile, China, and India was strong. Overall allocation hurt returns, especially an overweight to Chile, yet lack of exposure to Russia was a benefit. At the sector level, allocation was a positive overall – underexposure to Energy and overweight to Consumer Discretionary. Stock selection at the sector level was mixed as the fund generated strong returns in Health Care and Financials, yet slipped in Consumer Discretionary.

 

Q3 2020 Summary

  • REEIX returned 9.44%, while the MSCI Emerging Markets Index returned 9.56%
  • Contributors
    • China, Taiwan, and South Korea
  • Detractors
    • Latin America and EMEA
  • See North Asia currencies strongly outperforming Latin America and EMEA

 

 

 

 

Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s historically strong returns and understanding of Emerging Markets on both a macro and micro level
  • EM performance continues to ride on the backs of “internet enabled” growth stocks and will continue for the foreseeable future
  • Do expect the US dollar to weaken due to the massive stimulus, which would help bolster EM performance
  • The team will continue to focus on high quality companies with strong balance sheets and cash flows
  • 5 focused themes
    • Domestic consumption
    • Health and wellness – long term beneficiaries due to COVID
    • Digitalization – will get a boost from increased online migration and connectivity
    • Financialization
    • Infrastructure

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

AFVZX – Q3 2020 Commentary

AFVZX Commentary – Q3 2020

Thesis

AFVZX is our only active manager in the large cap U.S. equity markets and applies a quality and value tilt to their investment strategy, holding roughly 50 companies. By utilizing DCF models, bottom-up fundamentals, and holding sector weights that are equivalent to their benchmark (S&P 500 Index), the fund generates alpha over time purely through stock selection. We continue to hold AFVZX because of the team’s ability to compare stocks across all sectors which enables them to generate strong returns over the long run.

 

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Overview

In the third quarter of 2020, AFVZX underperformed the benchmark (S&P 500 Index) by 42bps. 4 of the 11 sectors outperformed the index, while 7 underperformed. The fund’s value and small cap tilt helped deliver comparable returns to the S&P 500. Consumer Discretionary, Health Care, and Industrials were the strongest performing sectors, while Information Technology, Consumer Staples, and Materials detracted from returns.

 

Q3 2020 Summary

  • AFVZX returned 8.51%, while the S&P 500 Index returned 8.93%
  • Top contributors
    • Consumer Discretionary – LOW, DRI, TGT all beat earnings expectations
    • Health Care – TMO, DHR, SYK all benefitting from COVID
    • Industrials – PWR and CMI
  • Top detractors
    • Information Technology – INTC and CSCO were worst performing technology stocks in sector for the fund
    • Consumer Staples – WBA was the worst performer in the sector for the fund
    • Materials – ECL due to institutional business challenges (hotels, restaurants, etc…)

 

 

 

 

Optimistic Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s ability to outperform the index over the long run through strong stock selection and maintaining a quality and value investment tilt
  • The fund managers believe there is good reason for the market rebound
    • U.S. Fed and Government involvement which is helping the economic recovery
    • Auto and home purchases have seen a strong rebound
    • Hopeful and encouraging vaccine news
  • Near term, the fund is fairly optimistic, but is edging on the side of caution as flu season is around the corner and COVID concerns still exist

 

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

TIREX – Q3 2020 Commentary

TIREX Commentary – Q3 2020

Thesis

TIREX utilizes fundamental research to find properties in high barrier markets, with higher occupancy and rent growth. By focusing on quality companies and avoiding unnecessary risks, the fund obtains a strong track record that has outperformed the benchmark and REIT ETF over time. We continue to hold TIREX because of the team’s growth focus with asset concentrations in supply constrained markets. Lastly, TIREX was the lowest cost active manager screened, at 50bps.

 

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Overview

In the third quarter of 2020, TIREX outperformed the benchmark (FTSE Nareit All Equity REITs Index) by 1.45%, driven by strong stock selection in residential property types and data center REITs. Both stock selection and allocation within industrial and office property sectors also positively added to returns. Underweights to self-storage and timber REITs partially offset these returns, though.

 

 

 

 

 

 

 

 

 

Q3 2020 Summary

  • TIREX returned 2.64%, while the FTSE Nareit All Equity REITs Index returned 1.19%
  • Contributors
    • Overweight to Rexford Industrial Realty, Inc.
    • Selection of Megaport Ltd.
    • Not owning REIT UDR, Inc.
  • Detractors
    • Underweight to Weyerhaeuser Company and Public Storage
    • Allocation to Regency Centers Corporation

 

 

 

 

 

Optimistic Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s goal to obtain long-term alpha through capital appreciation and current income
  • By having a research-oriented investment process that focuses on cash flows and asset values we believe TIREX will continue to outperform its benchmark long-term
  • The managers are effective when it comes to understanding and preparing for changes to the REIT landscape and where long-term sustainable growth exists

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

LISIX – Q3 2020 Commentary

LISIX Commentary – Q3 2020

Thesis

LISIX is a bottom-up, growth-based fund that completes the core satellite strategy within global equity. The fund is unique in that it focuses on individual stocks rather than markets and looks for reasonably priced companies with strong growth potential. We like LISIX because of the managers’ expertise in various market caps, geographies, and sectors which helps keep the fund diversified while providing strong upside and downside capture over time.

 

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Overview

In the third quarter of 2020, LISIX outperformed the benchmark (MSCI EFEA Index) by 1.91% due to the growth factor’s strong performance. Strong stock selection helped drive outperformance, especially in Continental Europe, the UK, and Japan. Sector-wise, selection in Communication Services, Financials, Industrials, and Information Technology contributed to returns. Selection in Consumer Staples, on the other hand, detracted from returns, as did holding cash.

 

Q3 2020 Summary

  • LISIX returned 6.71%, while the MSCI EAFE Index returned 4.80%
  • Contributors
    • Makita and Nintendo – Japan
    • Sampo and ABB – Continental Europe and UK
  • Detractors
    • Kao, Tesco, and Suncor – Consumer Staples

 

 

 

 

Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s strong stock selection, ability to find well valued companies, and expertise in various market caps, geographies, and sectors
  • Historically, value has begun to outperform when valuation is this cheap compared growth stocks and the global economy begins to accelerate
    • With economies continuing to reopen, a potential COVID vaccine in the horizon, and government policy helping provide liquidity and demand, a long recovery could end up supporting value stocks
  • Encouraged by developments in Europe, yet remain underweight in Japan

 

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

FW: HILIX – Q3 2020 Commentary

HILIX Commentary – Q3 2020

Thesis

Serving as a satellite holding, HILIX is a value style fund that takes advantage names that have underperformed recently and are cheaply priced. The team generates alpha by finding companies with strong fundamentals that are overlooked during times of low consensus expectations. We like that HILIX takes advantage of extremes and gains exposure to less efficient market caps by having more holdings and moderate active bets.

 

[more]

 

Overview

In the third quarter of 2020, HILIX underperformed the benchmark (MSCI EFEA Index) by 1.99% due mainly to the fund’s allocation to Energy and Financials. Heavy overweight to Energy, a sector that had poor performance during the quarter, heavily detracted from HILIX’s overall returns. Financials also underperformed and the fund’s overweight to this sector detracted from returns. Strong stock selection within Materials and Industrials contributed to returns. Additionally, selection in Developed Europe & Middle East ex UK and Japan contributed to performance, yet was offset by weak selection in Pacific Developed ex Japan.

 

Q3 2020 Summary

  • HILIX returned 2.81%, while the MSCI EAFE Index returned 4.80%
  • Top issuer contributors
    • AP Moeller-Maersk
    • Shimamura
  • Top issuer detractors
    • Not owning Siemens
    • Not owning NTT DOCOMO

 

 

 

 

Outlook

  • We continue to hold this fund and believe in our thesis due to the fund’s value and bottom-up, fundamental approach
    • YTD the fund has taken a heavy loss due to poor performance by the Value factor in International Developed markets
  • The fund continues to focus on low valued companies that are pro-cyclical
    • Energy, Financials – overweight
    • Consumer Staples, Healthcare – underweight
  • The fund managers believe with such extreme valuations on the growth side there will likely be a bounce-back in value stocks as the world emerges from the recession and a COVID vaccine becomes more attainable
    • Central banks and regulators are seeing banks as safer hands to deal with when it comes to transmission of monetary policy to privacy to cyber-crime to digital currencies – could possibility lead to high growth in Banking industry
    • Energy selloff has been a bit of an overstatement, as fossil fuels will play a large role for years to come
  • Value has been underperforming for some time, yet historically it has proven to outperform
    • HILIX remains comfortable that their holdings will be able to withstand this market turbulence

 

[Category Mutual Fund Commentary]

 

Micah Weinstein

Research Analyst

 

Direct: 617.226.0032

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

TJX Q3 Results

 
Current Price:   $62                        Price Target: $70

Position Size:    3.8%                      TTM Performance: 5%

 

Key takeaways:

·        Better than expected SSS drove revenue and EPS beat. They didn’t issue guidance for Q4. 

·         Home category continues to be the bright spot & they are adding e-commerce. They already have sites for TJ Maxx and Marshall’s, but now adding HomeGoods.com next year.

·         No guidance – but did see some weakening SSS trends in first two weeks of quarter. 

·         Seeing extremely plentiful inventory buying opportunities which bodes well for the future.

·         Re-instating and increasing dividend by 13%.

 

Additional Highlights:

 

·       All divisions saw sales above plan – home, beauty, and activewear businesses outperformed at Marmaxx, TJX Canada, and TJX International.

·      They were planning overall “open-only” SSS to be down -10% to -20%…street was at high end of this at -11%. They well surpassed this with overall open-only SSS down -5%.  HomeGoods was strongest at +15% and Marmaxx was weakest at -10%. Due to the temporary closing of stores from Covid, the historical definition of SSS is not applicable so they are temporarily reporting “open-only” SSS.  

·        Trends weakened slightly in the first two weeks of the quarter to down -7%. Overall open-only comp store sales were sluggish in August and improved significantly for the remainder of the quarter, with September being the strongest month, but then started to weaken in the last week of Oct. 

·        Slight margin contraction – Pre-tax margin down 70bps – very strong merchandise margin increase was more than offset by significant operating costs related to Covid and expense deleverage on the YoY sales decline.

·        Store closures with virus resurgence in Europe – 470 stores are temporarily closed due to local government mandates – the vast majority of these stores are in Europe.

·        Lighter inventory not due to availability – Inventories continue to be light due to a combination of factors, including lower planned store inventory levels, stronger than expected Q3 sales, and merchandise delivery delays due to continued bottlenecks in the supply chain, but merchandise flow to stores has improved since last quarter. 

·        Seeing extremely plentiful inventory buying opportunities which should benefit them in future quarters. Seeing new vendors across all categories reach out to do business w/ them. “Overall product availability in the marketplace remains excellent and the Company continues to shift its buying towards the categories that have had the strongest demand since reopening.“

·       Adjusting inventories to align w/ current category demand trend – They are seeing softer demand for certain product categories given the number of people continuing to spend more time at home…“while we are emphasizing the high demand categories of Home, Beauty and Activewear, there is a limit to how much of our mix we would shift in the short-term to medium-term.” Ability to pivot has always been one of TJXs advantages. Centralized merchandising combined with high turns and constantly flowing goods to stores allows them to be nimble with inventory and respond to current trends. This has been a key part of their ability to drive LT positive SSS trends for decades. 

·       Their competition is suffering. Store closure leads to market share and real estate opportunities – better locations and lower rents. “Our relationships with vendors will grow even stronger as other retailers close stores.”

·       Long-term thesis intact – Relative to other brick-and-mortar focused retailers, TJX  continues to have a superior and very differentiated model. They acquire their inventory from an enormous (and growing) network of vendors, acting like a clearing mechanism for the retail industry…essentially opportunistically buying leftover/extra product that constantly flows from retailers, branded apparel companies etc. Growth of e-commerce has led to better inventory opportunities/ selection, not worse. They leverage their massive store footprint and centralized buying to merchandise their stores w/ current on-trend product. No one else does this at the scale they do. They have very quick inventory turns and can be nimble and re-active w/ their inventory buys and are an important partner to their sources of inventory. It’s a powerful model that continues to take share and, while they have a growing e-commerce business too, their store model has been very resistant to e-commerce encroachment. Moreover, they have a thriving Home business and a growing international store footprint and a track record of steadily positive SSS. Prior to this year, in their 43 year history they only had 1 year of negative SSS (this is unheard of!). So, with steadily positive SSS and a slowly growing store footprint, TJX steadily grows their topline w/ consistent margins that are about double that of department stores.

·         Resumed and increased dividend. Generated $4.1 billion of operating cash flow and ended the quarter with $10.6 billion of cash. Announced a cash tender offer for up to $750 million aggregate for certain bonds issued in April – looking to lower borrowing costs by reducing the outstanding amount of higher interest rate longer-dated bonds and simultaneously issuing lower interest rate 7 to 10 yr. bonds to fund the tender offer.

·         Valuation: Balance sheet remains strong. The stock has recovered from troughs and is up slightly YTD. Valuation reasonable at almost a 4% FCF yield on 2019.

 

 

Sarah Kanwal

Equity Analyst, Director

 

Direct: 617.226.0022

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square, Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

 

$TJX.US

[tag TJX]

[category earnings]

 

Berkshire Hathaway Q3 results

On 11/7, Berkshire Hathaway reported Q3.  Operating earnings rose slightly to $6.7b from $6.3b in Q2.  As expected operating companies were hit by the economic slowdown.  Key takeaways are as follows:

  • Buffett increased share buybacks to $9b, which is more than he has ever bought, bringing the total buyback for the year to $16b.
  • Cash on books remained steady at $147B. 
  • Cash and investment portfolio represent 70% of the company’s value.
  • Sum of the parts valuation shows 20% upside

 

Current Price: $231                         Price Target: $280 (raised from $260)

Position Size: 2.7%                          TTM Performance: 5.2%

 

Segment highlights from the quarter:

  • Insurance pretax earnings were down sharply (-70%)
    • Geico reported a -27% drop in pretax earnings due to program to give consumers premium credit due to the pandemic
  • Railroads – pretax profits rose 18% rebounding from last quarter
  • Berkshire energy – pretax profits up strongly due as MidAmerican benefitted from wind energy and tax credits
  • Service and retail – Profits rebounded up 93%
  • Manufacturing – Profits rebounded up 60%

Stock portfolio highlights:

  • Increased Apple holdings.  Apple has grown to 45% of the portfolio
  • Latest filing show the follow changes:
    • Added Merck, Pfizer T-Mobile and AbbVie
    • Exits Costco
    • Continues to sell Wells Fargo

 

Valuation:  Berkshire is selling at a 20% discount to intrinsic value using sum of the parts.  Their cash of $146b represents $60 per share for B shares. 

 

Berkshire remains a core holding, is currently undervalued and is defensively positioned to take advantage of opportunities as they arise.

 

Please let me know if you have any questions.

 

Thanks,

John

 

($brk/b.us)

 

 

John R. Ingram CFA

Chief Investment Officer

Partner

 

Direct: 617.226.0021

Fax: 617.523.8118

 

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

 

Home Depot to Buy Former Unit HD Supply in $9.1 Billion Deal

Home Depot announced they are acquiring HD Supply, a leading national distributor of maintenance, repair and operations products in the multifamily and hospitality end markets. The company was previously a subsidiary of HD. This would expand their exposure to Pro customers, which is now ~45% of sales and a key area of growth for them. Sales trends among pros continue to improve and may accelerate in 2021.  

Home Depot to Buy Former Unit HD Supply in $9.1 Billion Deal (1)
2020-11-16 14:16:44.281 GMT

By Richard Clough
(Bloomberg) — Home Depot Inc. agreed to buy building
products distributor HD Supply Holdings Inc., reuniting the
home-improvement retailer with its former subsidiary more than a
decade after they split apart.
Home Depot will buy all outstanding shares for about $56
apiece, according to a statement Monday, representing a premium
of about 25% over HD Supply’s closing price on Friday. With 162
million shares outstanding, the offer is valued at almost $9.1
billion. Including net cash, the deal has an enterprise value of
about $8 billion, the companies said.
The acquisition brings back together two companies that
used to be under the same roof and will give Home Depot more
exposure to the professional contractor side of the business.
Like do-it-yourself repairs, that segment has boomed during the
pandemic as Americans want to improve the homes they’re spending
more time in.
Shares of HD Supply jumped as much as 29% before regular
trading in New York, and Home Depot increased less than 1%. HD
Supply was up 11% through Friday’s close, while Home Depot rose
27% over that span.
One of the largest industrial distributors in North
America, HD Supply provides everything from bleach, to doors and
ceramic tile to about 500,000 customers from 270 branches and 44
distribution centers, according to its annual report.
HD Supply is “a good business with solid margins,” Chuck
Grom, an analyst with Gordon Haskett, said in a note. The
company has faced underinvestment in recent years, giving the
buyer the opportunity to improve the business, he said. The tie-
up could add as much as 33 cents a share to Home Depot’s
earnings, Grom added.
The deal adds to the momentum for Home Depot, which along
with rival Lowes Cos. was deemed an essential retailer early in
the pandemic and remained open even as many stores shut down for
months. The HD Supply transaction, to be funded by cash on hand
and debt, is expected to be completed in Home Depot’s fiscal
fourth quarter, which ends Jan. 31.

Professional Sales

Professional customers currently account for about 45% of
Home Depot’s sales, and HD Supply could help it cement its
leadership position, said Drew Reading, an analyst with
Bloomberg Intelligence. “Though HD Supply has exposure to slower
growth commercial end-markets, sales trends among pros continue
to improve and may accelerate in 2021.”
Home Depot sold the construction-supply unit to a group of
buyout firms — Carlyle Group LP, Bain Capital LLC and Clayton,
Dubilier & Rice LLC — in 2007. That deal was initially valued
at $10.3 billion including debt, but in the midst of the housing
crash, it was scaled back to $8.5 billion. The chain then went
public in 2013.
Monday’s announcement comes about a week after Bloomberg
News reported that Lowe’s had recently approached HD Supply and
that the companies were in preliminary talks, citing people
familiar with the matter at the time. The report also said it
was unclear whether there were discussions with other suitors.
Lowe’s subsequently said it isn’t in talks and doesn’t plan to
pursue a transaction.

–With assistance from Gerald Porter Jr. and Matt Townsend.

To contact the reporter on this story:
Richard Clough in New York at rclough9@bloomberg.net
To contact the editors responsible for this story:
Anne Riley Moffat at ariley17@bloomberg.net
Richard Clough

To view this story in Bloomberg click here:
https://blinks.bloomberg.com/news/stories/QJW5R6DWX2PZ

$HD.US

[category earnings ]

[tag HD]

Latest on the Affordable Care Act and the Supreme Court

As most of you know, this week was the third time the Supreme Court heard a challenge to the Affordable Care Act (last times were in 2012 and 2015). Striking down the ACA today would add over 21M uninsured people, close to a 70% increase.
The Supreme Court needs to answer 2 questions before being able to dismantle the ACA:
1/decide of the lawsuit has a standing,
2/decide if the individual mandate is constitutional. The payment penalty for being uninsured was removed in 2017 – which was deemed a tax in prior hearings and thus not falling under the Supreme Court authority. The penalty now removed by Republicans, the lawsuit was started again this year by Texas & other states, while California is defending the law.
A decision will most likely not be made until June.
So far the comments that have transpired were in favor of maintaining the ACA in place.  At least 5 Supreme Court justices (including 2 conservatives) indicated they would reject the attempt to kill the ACA. Both Roberts and Kavanaugh said striking down the individual mandate did not require to struck down the law in its entirety.
  • Roberts said to the Texas Solicitor General Hawkins “I think it’s hard for you to argue that Congress intended the entire act to fall if the mandate were struck down when the same Congress that lowered the penalty to zero did not even try to repeal the rest of the act. […] I think, frankly, that they wanted the court to do that. But that’s not our job.”
  • Justice Alito said: “At the time of the first case, there was a strong reason to believe that the individual mandate was like a part in an airplane that was essential to keep the plane flying,” Alito said. “But now the part has been taken out, and the plane has not crashed. So, if we were to decide this case the way you advocate, how would we explain why the individual mandate in its present form is essential to the operation of the act?”
  • Justice Sonia Sotomayor said that the argument for striking down the whole law, without proof of substantial harm to anyone, including Texas and other conservative states, did not make much sense. “At some point, common sense seems to me would say, ‘Huh?’ “
Based on the above, I do not believe we need to make changes to our healthcare holdings. Biden could reinstate some taxes such as the 2.3% medtech tax (part of the ACA) that was ended by Trump – but I have not seen in listed in its health care plan so far.
Thanks,
Julie