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- Consistent with what we’ve seen for the better part of this year, high inflation, slowing economic growth, tightening monetary policy, and widespread uncertainty have been the dominant narratives driving small cap stocks while company fundamentals have largely been ignored.
- The top absolute contributors to the Portfolio’s performance over the third quarter included Wingstop, Paylocity, and Progyny. The most significant absolute detractors from performance included Yeti, Goosehead Insurance, and Azenta.
- We initiated one new position, Euronet Worldwide, and eliminated our position in Paylocity. In addition, we opportunistically added and trimmed some existing positions.
- We believe that maintaining our focus on high-quality growth companies that in our opinion, are well positioned to drive cash flow and earnings growth over the next 5 years will generate robust long-term performance for the Portfolio, regardless of volatility in the underlying economy and shorter-term rotations in the market.
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