ALLEN HOLDING INC /NY

2. Key Holdings

The portfolio is currently dominated by Palantir Technologies Inc. (PLTR), which accounts for 86.49% of the total value ($310.11 million). This represents an exceptionally high-conviction bet, suggesting the manager sees significant upside potential in this specific technology name. Despite the overall portfolio shrinking, PLTR remains the core anchor, though the manager did reduce the stake by 10.5% (approx. $51.11 million), likely to fund redemptions or rebalancing rather than a loss of faith in the long-term thesis.

The remaining four positions are minor in comparison. IAC Inc. (IAC) holds 5.71% ($20.48 million), and Affirm Holdings (AFRM) holds 4.69% ($16.81 million). Both positions saw slight reductions (approx. 9-10%) during the quarter. Notably, JPMorgan Chase (JPM) represents a small, residual position of 2.64% ($9.46 million), and ImmunityBio (IBRX) is a negligible holding at 0.47%. The disparity between the top holding and the rest of the portfolio indicates a barbell strategy where the bulk of the risk capital is deployed in a single high-growth asset.