AG Growth International

Sell. We took half profits at the end of 2017 when the stock was at $52.80, owing to its high valuation and the uncertainty of the agricultural cycle. The recent dividend cut, while prudent, means it is time to sell the remaining position at effectively the same price as when we recommended it a decade ago. With the $2.40 annual dividend and the 57% profit on the half sale, the return on Ag Growth is over 90%, or about 8.2% annualized.- Gavin Graham