Portolan Capital Management sold 246,414 shares of Shift4 Payments in the third quarter, reducing its overall position value by $28.52 million. As of September 30, the fund held 188,761 FOUR shares worth $14.61 million. Shift4 Payments reported strong operating results in the third quarter, with gross revenue up 29% year over year and adjusted EBITDA reaching $292 million. Despite this, the stock price has dropped 37% over the past year, underperforming the S&P 500. The trimming of Portolan’s stake in Shift4 Payments reflects a shift away from high-conviction growth bets in favor of more stable investments.

Read more at Nasdaq: This Payments Stock Is Down 37% This Past Year as One Fund Trimmed a $40 Million Stake