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- Heightened geopolitical uncertainty, persistently higher inflation, rising rates, U.S. dollar strength, and concerns about slower global growth continued to be the main sources of volatility.
- The top absolute contributors to the Portfolio’s performance over the third quarter included Paycom Software, Tecan Group and Five Below. The most significant absolute detractors from performance included Netcompany, Azenta, and Euronext.
- We didn’t initiate any new positions, nor sell out of any holdings, but used the volatility to opportunistically adjust some positions.
- We remain focused on the long-term value propositions, competitive advantages, growth opportunities, and potential earnings power of our Portfolio companies.
- We continue to research and own companies where we believe our flywheel framework is intact and risk-adjusted returns are compelling.
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