2009-07-12
Cambiar remains cautiously optimistic as we enter the second half of 2009. While many of our holdings rebounded in the second quarter, these gains pale in comparison to the level value destruction that has taken place over the past year. As such, we have been disciplined in taking gains in positions where valuation has surpassed fundamentals, but are trying not to be overly dogmatic on the sell side. The Cambiar investment team continues to focus their efforts on companies that are trading at attractive valuations and possess tangible drivers of value accretion.