" MarketAxess Holdings Inc. operates the leading electronic platform for corporate bond trading. Shares fell due to a slowdown in trading activity, particularly against last year's pandemic-driven spike. Market conditions were unfavorable due to lower volatility and narrower credit spreads. MarketAxess continued to increase market share, but share gains are typically slimmer during periods of low market volatility. We continue to own the stock because we believe MarketAxess will be the prime beneficiary of the secular shift to electronic trading in the corporate bond market."