This morning, Crabtree Small Cap Growth holding Atlas Air Worldwide (AAWW) announced that it has entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo Global Management, Inc., together with investment affiliates of J.F. Lehman & Company, LLC and Hill City Capital LP. The purchase price of $102.50 per share in cash represents a 57% premium to the 30-day volume-weighted average trading price per share of Atlas as of July 29, 2022. Given the pedigree of the purchasers, the all-cash offer and the fact that Atlas’s board of directors has already unanimously agreed to the deal, gives us high confidence in the consummation of the transaction. Therefore, we’ll simply hold our position until we re-balance the Small Cap Growth portfolio in roughly mid-September.