Tuesday, March 30, 2010

STEP Commentary Changes to the Dividend STEP March 22, 2010 $PNC $ACN HON

  • Adding a 2.5% position in ACN. We agree with Adam Frisch's non-consensus, positive view heading into 2Q results on Thursday.
  • Increasing the portfolio's position in Honeywell to 5% from 2.5%. Despite HON's recent outperformance
    (up 15% YTD), we continue to see strong valuation support with a roughly 8% free cash flow yield
  • Removing the portfolio's 5% position in PNC Financial Services $PNC 

    The Step team at morgan Stanley has increased weighting increases the portfolio's overweight in industrials to 17.5% vs. 10.5% for the S&P.



STEP Commentary33

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