8 KNOTS MANAGEMENT, LLC

2. Key Holdings The portfolio is anchored by major players in the managed care and healthcare services sectors. The largest position, Centene Corp (CNC), represents a massive 32.99% of the portfolio ($186.66M). This is a new position for the quarter, indicating a strong conviction in the company’s value proposition or market valuation at the time of purchase.

UnitedHealth Group (UNH) serves as the second-largest holding at 16.79% ($94.97M), also a new entry. The combination of CNC and UNH suggests a heavy bet on the managed care and insurance infrastructure of the United States. Quest Diagnostics (DGX) holds the third spot at 9.28%, and it was the only position to see a significant increase (+56.0%) during the quarter, signaling a continued bullish outlook on diagnostic services. The presence of BrightSpring Health Services (BTSG) (9.06%) and Alignment Healthcare (ALHC) (8.92%) further diversifies the firm's exposure within the healthcare value chain, moving from insurance into home health and Medicare Advantage services.