SHOPPERS DRUG MART CORP. ( SC/ TSX)

The position: Long-term holding sold in October

Why don’t you like it? Shoppers used to be one of the fund’s largest positions, but Takacsy does not want to own the shares of Loblaw Cos. Ltd. that are being offered as part of its takeover price.

“We love the pharmacy business, but we don’t like food retailing, which is under increasing competitive pressure right now,” he said. “The sector is expensive and margins are already razor thin.”

Potential positive: Better-than-expected synergies when combining Loblaw and Shoppers.