Adding to a core holding before its report (Premium)

We have increased our position in one of the portfolio's core holdings by about a quarter, the day before it reports. The share has drifted lower in the weeks leading into the release, and we have not seen anything that points to a different trajectory than the strong growth of the first half.

We think part of the decline is still tied to a feature a large platform launched over the summer, which we covered when we last added to the position. We still do not think it touches the business model. Currency held back reported growth earlier this year and should now start to help.

Premium subscribers received the name, the level, the position size, and longer reasoning.

Portfolio transactions are sent to premium subscribers in real time. Click here to upgrade to Premium.