Acasta Partners UK LLP

That makes the portfolio’s risk very different from a long-only stock fund. The largest exposure is effectively an Alibaba-linked convertible, and the next layer clusters around lithium, gold, silver, coal/metallurgical resources, biotech convertibles, and high-yield credit. HYG is only 3.08%, while common equity positions such as Hudbay, Cameco, SSR Mining, Barrick, Teck, Uranium Energy, NexGen, and IsoEnergy are individually small but thematically coherent. The filing is concentrated, credit-sensitive, and commodity-heavy.

The quarter’s changes sharpen that reading. Acasta increased HYG shares by 63.5%, Cameco by 21.9%, NexGen by 59.5%, Hudbay by 12.0%, Uranium Energy by 39.5%, and Teck by 16.6%. It also opened a new McEwen 5.25% 2030 convertible position worth $21.2M, plus new common-stock stakes in SSR Mining and IsoEnergy and a new Arrowhead Pharmaceuticals convertible. Those additions point to a clear preference for resource-linked and special-situation credit exposure.