Albar Capital Partners LLP

The portfolio is currently highly concentrated, with the top ten positions accounting for the vast majority of assets. The turnover was exceptionally high this quarter, characterized by a complete overhaul of the fund's composition. The activity summary indicates a defensive or capital-preservation pivot, evidenced by the liquidation of 21 positions, the initiation of 8 new positions, and a reduction in 7 existing stakes. Notably, 0 positions remained unchanged, indicating a comprehensive review and rebalancing of the entire book.

2. Key Holdings

The portfolio is dominated by a few large, concentrated bets, with the top position accounting for over a quarter of the total fund value.