"Unexpected growth deceleration is potentially the worst outcome for many high-growth stocks, like the ones that the fund invests in. Our three worst detractors in the quarter were Adyen N.V. (OTC:ADYEY), Aritzia (OTCPK:ATZAF), and Biolife Solutions (BLFS), which all experienced a revenue growth deceleration in the third quarter. The worst detractor in the quarter was Adyen, which reported in August that the first half of the year's revenues were up 23% YoY, which was lower than their mid-term guidance of 25–35% revenue growth. This deceleration came at a bad time for Adyen, as they just completed a large hiring effort in the first half of 2023 that drove up their expenses as well, causing a larger negative margin impact. The main drivers of the growth deceleration were economically driven by their customers choosing to cut costs and adopt cheaper payment processing options than Adyen. Most of Adyen’s highvolume customers have multiple processing partners, with Adyen being the highest quality across most countries but also the most expensive payment processor. This makes them susceptible to switching from these large, high-volume customers. Adyen has realized this vulnerability, which is why they are pushing significantly into the midmarket through their platforms and marketplace offerings. Adyen is still the best-in-class payment offering, with a bottom-up-built platform and a top management team that manages for the long term. On top of that, Adyen still has several new business opportunities in front of them that are very early in development, like Treasury and Platforms."