Poplar Forest Capital Quarterly Letter Q3 2018

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About: Antero Resources Corporation (AR), BHGE, DVN, NBL, WFT, FCX, RS, IPFPX, PFPFX, Includes: AAP, ABC, ABT, ACM, BAC, BGR, C, COTY, CRAK, CTL, CVX, DDG, DIG, DUG, DVA, ERGF, ERX, ERY, ERYY, FENY, FIF, FMAT, FTXN, FXN, FXZ, IBM, IYE, IYM, JCI, JHMA, JHME, KR, LNC, MRK, MSM, NANR, OIH, PEO, PXJ, QCOM, RTM, RYE, SBM, SIG, SMN, TEL, UYM, VAW, VDE, XLB, XLE, ZBH
by: Fund Letters
Summary

Poplar Forest Capital provides active investment management to select individual and institutional investors. Our mission is to achieve superior risk adjusted returns, net of fees and taxes, over full market cycles by investing in underappreciated companies and industries.

Includes detailed analysis of Poplar Forest Capital's positions in AR, BHGE, DVN, NBL, WFT, FCX, RS.

The new additions to the portfolio are generally more defensive in nature than what we sold. We didn’t make this shift because we are forecasting a recession, but because we believed that these investments offered superior ratios of reward versus risk in what may be a late cycle economic environment.