sorry, but recent history doesn't prove your point, the last downturn had the NASDAQ drop about 17%, SPX around 15% down for the period of April 21st to July 2nd, yet PHK was up about 4% plus you got 2 dividends. It's when the general market is on a strong uptrend that PHK slightly under performs on a relative basis. At least for the last two years. Play with the charts, you can prove it to yourself, no reason just to take my word for it. Plus you get the dividend. At this price and under these market conditions I see no reason to add or sell any of my position. I'm happy to just harvest dividends for the time being.