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If its offering resonates with American","page_number":8,"box":{"x":72,"y":286,"width":402,"height":10}},{"id":"548f63b5-5272-4189-9f50-db01c4824595","block_type":"box","text":"consumers, this expansion could generate significant growth","page_number":8,"box":{"x":72,"y":300,"width":411,"height":11}},{"id":"269d4e33-f830-424a-8f55-f77bc00dd9e7","block_type":"box","text":"and create substantial long-term value for 3i's shareholders.","page_number":8,"box":{"x":72,"y":315,"width":403,"height":11}},{"id":"3f7cad8a-5d46-4d26-bf0d-0a9fb0cd4cc5","block_type":"box","text":"Software provider","page_number":8,"box":{"x":71,"y":339,"width":121,"height":10}},{"id":"4d74e172-2086-455b-af5a-0cd6474e5f9c","block_type":"box","text":"Sage Group","page_number":8,"box":{"x":195,"y":339,"width":80,"height":10}},{"id":"5728539f-73f6-4af1-89f9-d05f4a3104b2","block_type":"box","text":"fell sharply in late January and","page_number":8,"box":{"x":279,"y":339,"width":204,"height":10}},{"id":"1a995009-e9eb-4d15-b6ba-fac319a6da7c","block_type":"box","text":"February at a time when several companies deemed at risk","page_number":8,"box":{"x":72,"y":353,"width":396,"height":11}},{"id":"85dc2908-4235-4769-b1df-f7428f2c6575","block_type":"box","text":"of becoming ‘AI losers’ sold off. Sage is deeply entrenched","page_number":8,"box":{"x":72,"y":368,"width":387,"height":11}},{"id":"3faec410-2f64-482d-b7b1-e142d718a92f","block_type":"box","text":"within its customers’ business activities and workflows, but","page_number":8,"box":{"x":71,"y":383,"width":402,"height":10}},{"id":"eb614438-1797-4ec5-a9ce-735fc59d1dcd","block_type":"box","text":"on the other hand, it does not own its data – that belongs to","page_number":8,"box":{"x":72,"y":398,"width":403,"height":11}},{"id":"907b9edf-f704-416c-ab6d-3742fe9954d0","block_type":"box","text":"its customers. Therefore we are taking a cautious stance.","page_number":8,"box":{"x":72,"y":413,"width":384,"height":10}},{"id":"483c7472-ffbc-454c-b20e-c1f012c9416f","block_type":"box","text":"Aviva","page_number":8,"box":{"x":71,"y":436,"width":38,"height":8}},{"id":"17c193d1-646f-476a-bbd3-0ead4c72d482","block_type":"box","text":"was weak in January after US insurer Lemonade","page_number":8,"box":{"x":113,"y":436,"width":324,"height":11}},{"id":"4fbc3744-d025-48fe-8848-f871a64bd7e3","block_type":"box","text":"announced a 50% discount for self-driving car insurance","page_number":8,"box":{"x":72,"y":451,"width":379,"height":10}},{"id":"2480c006-4aed-4763-90a1-9b31cc77043e","block_type":"box","text":"in the US. We think the read-across to Aviva was overdone.","page_number":8,"box":{"x":72,"y":466,"width":395,"height":8}},{"id":"fb3ae349-2c6a-4ad2-a921-e5694d85a305","block_type":"box","text":"Aviva has been simplifying its portfolio in recent years,","page_number":8,"box":{"x":71,"y":481,"width":367,"height":10}},{"id":"15ac7a1f-7147-4e0b-90d5-f3fb8e2c5a0c","block_type":"box","text":"focusing on more profitable, capital-light business lines.","page_number":8,"box":{"x":71,"y":495,"width":376,"height":11}},{"id":"bfc3582c-1184-4698-9f3d-42da3648ab94","block_type":"box","text":"Its technological capabilities (which are well ahead of its","page_number":8,"box":{"x":72,"y":510,"width":380,"height":11}},{"id":"472e48ea-72c0-4c7d-9d30-272c0498debb","block_type":"box","text":"competitors’, in our view) allow it to better serve and create","page_number":8,"box":{"x":72,"y":525,"width":398,"height":11}},{"id":"44cd9938-4bc6-4faf-837d-cdb936e16e23","block_type":"box","text":"value for its 21 million UK customers (40% of adults in the","page_number":8,"box":{"x":71,"y":540,"width":386,"height":10}},{"id":"3a9bb102-7e6f-46bf-9ca4-7be015272770","block_type":"box","text":"UK). We think Aviva looks well set to continue taking market","page_number":8,"box":{"x":72,"y":555,"width":406,"height":10}},{"id":"780ed956-3abb-4d1e-bf3e-22a714812fa6","block_type":"box","text":"share. 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The Optimum","page_number":8,"box":{"x":512,"y":164,"width":393,"height":11}},{"id":"be0d8b84-526d-4a7a-99d0-279251f22b9d","block_type":"box","text":"Nutrition brand’s growth prospects are supplemented by the","page_number":8,"box":{"x":512,"y":179,"width":408,"height":11}},{"id":"699438fe-b43c-4d5f-9799-61803a9644cc","block_type":"box","text":"company's other operations, which are focused on dairy and","page_number":8,"box":{"x":512,"y":194,"width":405,"height":10}},{"id":"db910b9c-98c1-4d47-a116-6a7411054715","block_type":"box","text":"dairy-based ingredients. This gives Glanbia a competitive","page_number":8,"box":{"x":512,"y":209,"width":384,"height":10}},{"id":"3c767d97-18ba-4c20-afc1-8369b61780f3","block_type":"box","text":"advantage because it can produce most of the whey for its","page_number":8,"box":{"x":512,"y":224,"width":394,"height":10}},{"id":"37778910-8d07-49b0-b593-9c9925200124","block_type":"box","text":"consumer brands in house. 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With all of","page_number":8,"box":{"x":511,"y":425,"width":399,"height":11}},{"id":"460a1a86-1068-4118-9bf6-a2f13d5a4272","block_type":"box","text":"this in mind, a 7% free cashflow yield offers value.","page_number":8,"box":{"x":511,"y":440,"width":331,"height":10}},{"id":"16aa10b3-7605-42fc-a290-5ce5c73d0e30","block_type":"box","text":"Outlook","page_number":8,"box":{"x":512,"y":465,"width":66,"height":10}},{"id":"c7f5f888-c34c-4917-8921-7e96ec422547","block_type":"box","text":"Recent bids for","page_number":8,"box":{"x":512,"y":488,"width":101,"height":9}},{"id":"e3767702-5de6-45a5-8f7f-94ec201b019f","block_type":"box","text":"Segro","page_number":8,"box":{"x":617,"y":489,"width":40,"height":10}},{"id":"bbba568d-d338-4267-86ed-44c753dab3ad","block_type":"box","text":"and","page_number":8,"box":{"x":661,"y":488,"width":24,"height":9}},{"id":"f7d30129-94f7-4cab-a9c3-3ed3bf7cb082","block_type":"box","text":"easyJet","page_number":8,"box":{"x":690,"y":489,"width":54,"height":10}},{"id":"b7b4199b-e97d-4e25-9894-b770a4c52580","block_type":"box","text":"illustrate how undervalued","page_number":8,"box":{"x":748,"y":488,"width":179,"height":9}},{"id":"f10bf421-6135-4edd-ad67-0618ef2fc347","block_type":"box","text":"parts of the UK equity market have become. There are several","page_number":8,"box":{"x":512,"y":503,"width":414,"height":11}},{"id":"c641852c-4651-40e4-9997-28160083e464","block_type":"box","text":"more companies in our portfolio that we believe could be","page_number":8,"box":{"x":512,"y":518,"width":384,"height":11}},{"id":"f35b5726-e6cb-4fed-8f06-b4c4f13fe2e6","block_type":"box","text":"vulnerable to an approach. This should underpin share prices","page_number":8,"box":{"x":511,"y":533,"width":412,"height":10}},{"id":"c9b17b8d-2f3c-4284-9a19-8fa72381a3e9","block_type":"box","text":"as M&A approaches for UK companies look to be ticking up","page_number":8,"box":{"x":512,"y":548,"width":401,"height":10}},{"id":"76ec2ecd-47d1-4920-845f-0c230f515748","block_type":"box","text":"once again.","page_number":8,"box":{"x":512,"y":563,"width":76,"height":10}},{"id":"bb7e5e97-7989-4b64-a7e8-60abbec03cc8","block_type":"box","text":"The strong dividend growth delivered by a range of our","page_number":8,"box":{"x":511,"y":586,"width":368,"height":10}},{"id":"806dec48-dd32-43a5-baca-f31c33fd4638","block_type":"box","text":"holdings – across several different sectors – reflects the","page_number":8,"box":{"x":512,"y":601,"width":375,"height":10}},{"id":"4148ae81-8173-4176-800c-0e3ed8183e8b","block_type":"box","text":"underlying fundamental strength of our companies. 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