We have sold Moderna (MRNA) in our Dynamic Equity Model. This stock was up over 250% year to date, and while we believe that the mRNA platform they have developed has exceptional promise to be used with other diseases, the valuation has reached such a level that it is prudent to take the large gain off the table and look for a more attractive re-entry. I would expect to see this company back in the portfolio at some point.
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