ABSOLUTE INVESTMENT ADVISERS, LLC

The Credit Construction: Diverse Issuers, Disciplined Structure

The portfolio's top bond positions — Granite Construction ($24.7M, 3.25% 2030), MKS Instruments ($20.2M, 1.25% 2030), Patrick Industries ($18.9M, 1.75% 2028), OSI Systems ($18.4M, 2.25% 2029), Tetra Tech ($18.4M, 2.25% 2028), Halozyme Therapeutics ($18.0M, 1% 2028), Century Aluminum ($17.7M, 2.75% 2028), Fluor ($17.1M, 1.125% 2029), Greenbrier Companies ($15.9M, 2.875% 2028), and Akamai Technologies ($15.8M, 1.125% 2029) — read as a carefully distributed credit portfolio with no single issuer exceeding 3% of the book. The managers have selected names across environmental services (Tetra Tech, Granite, Fluor), specialty manufacturing (MKS, OSI, Greenbrier), aluminum (Century), software and digital infrastructure (Akamai, Nutanix, Datadog, Applied Optoelectronics, Alkami, Bandwidth, PagerDuty), defense and aerospace (Parsons), healthcare (Halozyme, Lantheus, Pacira Biosciences, Livanova, Alpha-Tec), and specialty chemicals (Spectrum Brands).