"We ended our investment campaigns in Edwards Lifesciences Corporation (NYSE:EW), Jabil and Trex during the quarter. Edwards Lifesciences is the leader in minimally invasive structural heart disease therapies. While we remain optimistic about the company's new product pipeline of devices to treat mitral and tricuspid valve disorders, we were disappointed to see a meaningful slowdown in the company's core transcatheter aortic valve replacement franchise (TAVR). At 64% of revenues, TAVR's slow growth—which seems to be a function of capacity constraints in its customer base—makes it difficult for Edwards to meet our growth expectations, and we decided to exit our position."