Moving AHG to a hold

It will stay in the portfolio for the dividend yield, but we’re factoring in the short term risks.

Following further ongoing analysis of Automotive Holdings Group (AHG), we have changed our recommendation from buy to hold. There are three main drivers of this change, each of which adds incremental risk to the investment case and in combination leads to the decision.

• Firstly, the company’s latest financial report showed weakness in operating cash flow. While this was not concerning to us at first, further factors in the market have added to our caution.

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