Seeking value

I have been taking a close look at UK defence group Cohort (CHRT:390p). It’s a group I know well and one where I have successfully played the share price moves over the past three years, having initiated coverage at 214p ('Blue-sky buy', 6 Oct 2014), subsequently called a top 15 months later when I advised banking profits on two-thirds of your holdings at 415p ('On a roll', 15 Dec 2015), before turning a buyer again at 350p last autumn ('Riding small-cap bumper gains', 24 Oct 2016). That call worked out brilliantly as the share price peaked out in April this year, prompting my recommendation to top-slice once again at 460p and run profits on the balance of your holdings ('Taking profits', 18 Apr 2017). Having bided my time, patiently waiting for an outright buying opportunity since, I feel that time has arrived.

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