During August, the Top Picks portfolio made a single, deliberate round of changes, taking home gains in a long-standing winner that had grown into one of its largest positions, exiting two holdings where the risk/reward no longer earned its place, initiating a new high-conviction position in a quality compounder, and adding to a recent winner. Taken together, the moves tightened up the portfolio and left dry powder at roughly 5%, without chasing the market for the sake of activity.

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