"We started a new position in Trupanion, the leading pet insurer in North America, which we think has two deep competitive moats. First, the company is the only pet insurer with software that deeply integrates with veterinary hospitals, reducing friction for both pet owner clients and veterinary practices by streamlining the reimbursement process. Second, the company has actuarial advantages because it is solely focused on the pet insurance market and have more breadth and depth of data than any other competitor. The latter advantage has widened significantly recently due to longterm exclusive data-sharing partnerships with IDEXX & Covetrus.