Tradeweb Markets Inc

Tradeweb operates one of the largest global over-the-counter fixed income electronic trading marketplaces. Continued momentum in interest rate swaps and international markets, together with a long runway toward the electronification of fixed income markets, supports a path to sustained growth and margin expansion, in our view. While credit market share remains an area we continue to monitor, ongoing product enhancements and a significant addressable market may provide meaningful long-term upside. We took advantage of the recent pullback to add to the position.

Tradeweb operates one of the largest global over-the-counter fixed income electronic trading marketplaces. Continued momentum in interest rate swaps and international markets, together with a long runway toward the electronification of fixed income markets, supports a path to sustained growth and margin expansion. While credit market share remains an area we continue to monitor, ongoing product enhancements and a significant addressable market may provide meaningful long-term upside. We took advantage of the recent pullback to add to the position.

Tradeweb has been part of the Fund for just under two years. The company continues to strengthen its presence across asset classes that are still in the early stages of electronic trading adoption. February’s strong trading volumes further solidify the company’s leadership in its core market being rates or government bonds. More notably, Tradeweb has secured the top position in electronic trading for U.S. high-grade credit, capturing a 17.8% market share—driven by advancements in trading protocols and growth in portfolio trading. At the same time, the company is expanding into emerging asset classes, further diversifying its portfolio of offerings. With the structural shift toward market electronification and the backdrop of ongoing market volatility, we believe Tradeweb remains well-positioned for continued success.

Tradeweb has been part of the Fund for just under two years. The company continues to strengthen its presence across asset classes that are still in the early stages of electronic trading adoption. February’s strong trading volumes further solidify the company’s leadership in its core market being rates or government bonds. More notably, Tradeweb has secured the top position in electronic trading for U.S. high-grade credit, capturing a 17.8% market share—driven by advancements in trading protocols and growth in portfolio trading. At the same time, the company is expanding into emerging asset classes, further diversifying its portfolio of offerings. With the structural shift toward market electronification and the backdrop of ongoing market volatility, we believe Tradeweb remains well-positioned for continued success.

Tradeweb has been part of the Fund for just under two years. The company continues to strengthen its presence across asset classes that are still in the early stages of electronic trading adoption. February’s strong trading volumes further solidify the company’s leadership in its core market being rates or government bonds. More notably, Tradeweb has secured the top position in electronic trading for U.S. high-grade credit, capturing a 17.8% market share—driven by advancements in trading protocols and growth in portfolio trading. With the structural shift toward market electronification and the backdrop of ongoing market volatility, we believe Tradeweb remains well-positioned for continued success.

Tradeweb has been part of the Fund for just under two years. The company continues to strengthen its presence across asset classes that are still in the early stages of electronic trading adoption. February’s strong trading volumes further solidify the company’s leadership in its core market being rates or government bonds. More notably, Tradeweb has secured the top position in electronic trading for U.S. high-grade credit, capturing a 17.8% market share—driven by advancements in trading protocols and growth in portfolio trading. With the structural shift toward market electronification and the backdrop of ongoing market volatility, we believe Tradeweb remains well-positioned for continued success.

Tradeweb Markets Inc. operates electronic marketplaces for fixed income securities. Shares rose during the quarter due to strong volume trends driven by favorable market conditions and share gains in key products. Credit products saw accelerating growth with trading volume up 39%, while rates products saw stable trends with 14% growth. We believe Tradeweb can achieve solid growth in a variety of macroeconomic conditions and expect further market share gains to drive growth long-term upside. We continue to own the stock due to Tradeweb’s strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets.

Tradeweb Markets Inc. operates electronic marketplaces for fixed income securities. Shares rose during the quarter due to strong volume trends driven by favorable market conditions and share gains in key products. Credit products saw accelerating growth with trading volume up 39%, while rates products saw stable trends with 14% growth. We believe Tradeweb can achieve solid growth in a variety of macroeconomic conditions and expect further market share gains to drive long-term upside. We continue to own the stock due to Tradeweb’s strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets.

Tradeweb Markets Inc. operates electronic marketplaces for fixed income securities. Shares rose during the quarter due to strong volume trends driven by favorable market conditions and share gains in key products. Credit products saw accelerating growth with trading volume up 39%, while rates products saw stable trends with 14% growth. We believe Tradeweb can achieve solid growth in a variety of macroeconomic conditions and expect further market share gains to drive long-term upside. We continue to own the stock due to Tradeweb’s strong network effects, long track record of innovation, and significant growth opportunities from the ongoing electronification of the capital markets.

Tradeweb Markets, an operator of electronic financial markets, saw increased demand for its data and analytics, trade execution and trader processing services as the rapid increase in uncertainty spurred greater trading activity. This uptick in trading activity positions Tradeweb favorably in the current market environment, highlighting its role as a key player in the financial markets. The company’s strong execution during this period has made it a top contributor to the portfolio, reflecting its resilience and growth potential amidst market volatility.