Attractive near-term outlook for Altium

Attractive near-term outlook for Altium. We recently increased our weight in printed circuit board design software provider Altium. Despite its recent performance - the stock is up 31% this year - we think it has further to go. We were initially attracted to Altium because of its net cash balance sheet, increasing level of recurring earnings, strong free cash flow generation and growth. Currency tailwinds, the potential for accretive acquisitions, new product releases and undervaluation versus peers mean the near-term outlook for Altium is good. @cprunty