Summary

• First Financial Bancorp maintains a return on tangible common equity in the high teens, and we were able to buy the stock at an attractive valuation.
• We purchased shares of Guardant Health, as recent due diligence highlighted a stable competitive environment and underscored a number of positive catalysts for the company over the next several years.
• We exited our position in Dynatrace, Inc. to redeploy capital to other higher conviction names following the broad software de-rating.
• We exited Prosperity Bancshares, Inc. and reallocated capital elsewhere in Financials where we have greater conviction.

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