On Monday, March 5th, Jake Dunlop pitched Royal Dutch Shell (NYSE: RSDA) as an addition to the Energy sector holdings. Shell is an integrated energy company with three main business segments: Downstream, Upstream, and Integrated Gas. Jake expects modest revenue growth over the next few years due to population expansion, larger demand for electricity, a decrease in oil discoveries, and international supply cuts. He also believes Shell is the most attractive energy investment due to its ability to maintain high operating margins regardless of macroeconomic factors, as well as its expansion into the liquefied gas segment (LNG) after its acquisition of the BG Group in 2016. Jake believes Shell’s expansion into LNG will serve Shell strongly in future, especially with increasing demand for clean energy. Jake also believes that Shell’s Strategy and Capital Allocation Framework provides an optimal return to the portfolio through a reduction of its gearing ratio to 20% by 2018, a continued strong dividend policy without the Scrip Dividend program, and an increase in shareholder value through an accelerated share buyback program. Jake is confident that Shell will be an exceptional long-term position in the portfolio. He motioned to purchase 50 shares of RSDA; the motion passed, with 17 in favor and 4 against.