Initiated in February 2019 at a price of $37.23.

At the time of publication, Citizens Financial Group was the 13th largest commercial bank in the United States, as measured by assets.

Since the spin-off from the Royal Bank of Scotland (LSE:NWG) and subsequent IPO in 2014, Citizens has delivered phenomenal operating improvement. However, there remains significant opportunity to further improve the company’s returns, including through above-market loan growth and optimisation of the balance sheet; expanding the fee-based businesses; further expense reductions from the annual TOP programs; and operating with a lower CET1 capital ratio.

Initiated in May 2019 at a price of $58.09.

GCI Liberty is a holding company, with 90% of the value accruing to the performance of Charter Communications (NYSE:CHTR).

Following the acquisition of Time Warner Cable (TWC) and Bright House Networks, Charter has the opportunity to deliver significant operating synergies and improve the previously undermanaged TWC network. This improvement in customer satisfaction is expected to reduce churn, and combined with a declining video business, significantly reduce capital intensity. Using appropriate leverage and continued share repurchases, this strategy is designed to deliver substantial growth in free cash flow per share.

Update: GCI Liberty has subsequently merged with Liberty Broadband.

Initiated in July 2019 at a share price of $70.40.

Qorvo is a manufacturer and supplier of a variety of analogue and mixed-signal radio frequency (“RF”) semiconductor products.

The RF industry has extremely favourable characteristics, with three main suppliers, and as few as one or two competitors in certain product lines. The incumbents have extremely long relationships with their customers, engage in rational competition that is based on product quality and delivery rather than price, and demand for their products continues to grow at a strong pace due to the rapid increase in mobile data usage and the continuous evolution of mobile handset technology.

Initiated in November 2019 at a price of $98.30.

Skyworks Solutions is a manufacturer and supplier of a variety of analogue and mixed-signal radio frequency (“RF”) semiconductor products.

The RF industry has extremely favourable characteristics, with three main suppliers, and as few as one or two competitors in certain product lines. The incumbents have extremely long relationships with their customers, engage in rational competition that is based on product quality and delivery rather than price, and demand for their products continues to grow at a strong pace due to the rapid increase in mobile data usage and the continuous evolution of mobile handset technology.

Initiated in December 2019 at a price of $36.22.

Fox Corporation is a media company, with a portfolio of television assets focused on live news, live sports and to a lesser degree, entertainment programming.

Fox became a standalone publicly-traded entity as part of the merger between Twenty-First Century Fox and The Walt Disney Company on 19 March 2019. Following the transaction, Fox maintains a portfolio of iconic brands that are leaders in their respective markets. This competitive position should allow for greater leverage in upcoming renewal negotiations, and the separation from the studio will benefit the company’s entrepreneurial spirit, and free cash flow generation.