We first invested in PayPal Holdings, Inc. (NASDAQ:PYPL), the online and mobile e-commerce payments company, in the third quarter of 2015. Over the past decade, we have admired PayPal's ability to expand its unique and hard-to-replicate dual-sided network, even amid intensifying competition. In 2023, Alex Chriss succeeded Dan Schulman as CEO and refocused the company on profitable growth by enhancing the checkout experience and deepening user engagement, rather than emphasizing top-line expansion. Partnerships with Apple, J.P. Morgan, Amazon and Shopify support this shift, embedding PayPal more deeply across digital commerce ecosystems. Mr. Chriss has also prioritized higher-margin branded checkout while phasing out select Braintree deals that were unprofitable or contributed little to earnings.