Our US trip reinforced our confidence in two of the Funds core holdings, namely Ardent Leisure (AAD) and Treasury Group (TRG). We toured one of AAD’s Main Event sites in Dallas, Texas with the management team and it confirmed our belief that this division is an outstanding growth engine that ought to underpin AAD for many years to come. Main Event offers customers entertainment in the form of bowling, laser tag, mini golf, arcade games, and multiple dining options. The concept resonates strongly with family, corporates and school groups and AAD has plans to significantly expand the Main Event footprint across the US from its current 20 centres with a minimum of a further seven new centres to open in FY16 and FY17. Importantly, the concept seems highly scalable and has mass market appeal. Management would not be drawn on the market potential, which we estimate could be several hundred sites, although they did concede that the opportunity was large, in its infancy and ought to be self funding.