For clarity's sake, I co-manage said institution's portfolio. When I said last week that I "brought the trade to an institution," or something of the like, what I meant was that I sourced the trade myself, worked through it, took it to committee, and eventually put it on.
To answer your question: we don't have defined hold periods, and our mandates are rather broad. For compliance purposes, I'm not going to get too deep into our thoughts, but I'll say this:
1) We like the name. We love the business.
2) In April, we set the first price target at $9.50. We never revised it.
3) We're very happy with past performance and look forward to continued success.
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