On Wednesday, November 15, Matt Linden pitched Penske Automotive Group as an addition to our Consumer Discretionary holdings. Penske is a highly diversified transportation services company, boasting the second largest auto dealership in the United States. The firm’s business units are comprised of automotive retail, commercial truck retail and commercial vehicle distribution. Catalysts include an industry-wide shift towards higher-margin SUVs, rising nationwide vehicle age that will bolster parts and service operations, strategic acquisitions of standalone used vehicle dealerships and an uptick in the global commercial truck market. Due to its geographic and business unit diversification, Matt believes that Penske is well positioned to outperform its peers in the auto retail industry. Matt motioned to purchase 100 shares of PAG, funded by the sale of 50 shares of XLY. The motion passed unanimously.