Q: The HVAC industry as a whole seems to have done well but many businesses now seem to be very richly valued...what is your view of that area going forward?

Trane has been a great investment. It is now 5% of my portfolio; given its valuation, if it was you, would you hold, trim or exit?

Or if you see this area as still having potential, rather than adding to TT, do you think SPX or CARR would be good options? Any others come to mind?

Many thanks for your excellent service

Q: Could you please provide commentary on SPXC recent quarterly report? Does the future still look good for SPXC? Does SPXC remain a high conviction stock for 5i? Thank-you

Q: The markets are showing signs of change.
Kindly order these stocks in order of growth opportunity. Do you think that LAC has begun a turnaround, that it is worth investing in now?
Thank you!