Chewy, Inc.

**Signal Note: Eventide Initiates CHWY Position** This $46.7M position represents Eventide's first entry into pet care retail, diverging from their traditional biotech focus and suggesting conviction in secular pet spending resilience. The move likely reflects confidence in Chewy's direct-to-consumer moat and margin expansion trajectory rather than near-term catalysts, though the timing amid consumer spending headwinds warrants monitoring of guidance revisions in upcoming quarters.