Today we took the unusual step of trimming our two largest positions outside of our normal quarterly re-balancing cadence.  These were EXP World Holdings (EXPI) and Generac (GNRC), which had grown to being 5.1% and 3.5% of the portfolio, respectively. Each was trimmed back to our standard 2% position. We took this step as a form of risk control. While both companies are performing as we hope any of our Crabtree positions would, we have no more (or less) confidence in these two stocks than in the other 48 positions in the Crabtree Technology portfolio. Especially since much of the stock appreciation has occurred in the absence of company- or industry-specific news. In short, momentum has worked in our favor, but we pride ourselves in not confusing luck with skill and (possibly) “round-tripping” a stock back down to where it started its upward move. Make no mistake: we still own both EXPI and GNRC and believe each will provide alpha for the portfolio and for  investors from this point forward. But prudence and experience demands  this move.