Q: I see you have removed FSV from your recommended list - if one wanted growth and small dividend would you replace with BYD? Are they both play on the consumer across North America? Does one have a more reliable rev model?
5i Research Answer:
Frankly, FSV may be more 'reliable' considering its business, but BYD may have more upside in recovery and considering its recent large acquisition. We would be comfortable with BYD as a replacement, but note we think FSV is generally fine overall, we were just adjusting portfolio allocations and opening up space.