We have not had a exposure to the retail sector since we divested from JB Hi-Fi (ASX:JBH) after concerns about their move into the low margin white goods sector to compete with the likes of Harvey Norman.

Now we have invested into Kathmandu Holdings (ASX:KMD). After a number of bumpy years and restructures, Kathmandu seem to be showing some financial strength. We are impressed with their dedication to sourcing as much of their travel and adventure products  from socially and environmentally sustainable sources as possible. This is no easy task, but Kathmandu seem to go further than most who claim to do this.