Several market darlings have experienced sharp devaluations. Flight Centre, Super Retail Group, OzForex and more recently Navitas have all seen the dreaded combination of earnings downgrades coupled with valuation multiple contractions. The Fund has participated in one of these opportunities and established a position in Super Retail. Competitive advantages are: a superior supply chain and distribution, direct sourcing capability and a 1.2m online client base. Its sport division (Rebel) dominates the local landscape. In addition, procurement scale/direct sourcing and private label penetration are valuable profit drivers. BCF has established itself as a premier fishing/camping destination store. It has a very loyal client base. In addition, Rays Outdoor presents good turnaround potential. SUL trades on an 11x cash multiple with medium term growth in excess of 10% per annum. Together with a highly regarded management team and a dividend yield of circa 5% this is an attractive investment thesis. (VIEW LINK)