Godfrey's: Increasing share of a growing market. Godfrey's (ASX:GFY) has been a new addition to the portfolio. The Fund took a position via the IPO and participated in the aftermarket to increase our holding. GFY holds 26% share (#2) of the $800m floor care and cleaning products market. This market has been growing at 10% CAGR over the past three years, and GFY has also gained share over this period. Given the quality of management, we believe the company is well placed to drive solid profit growth over the next 3-5years. The stock is attractively priced on a 1 year forward PE of 10x and yielding 8% Fully Franked. @ktwo