ALLEN OPERATIONS LLC

Key Holdings

The portfolio is dominated by a few major positions that dictate overall performance. The largest holding, Palantir Technologies Inc (PLTR), represents a massive 33.85% of the portfolio, valued at $218.90 million. This indicates an exceptionally high conviction in the data analytics and defense sector. The second largest holding, Acuity Inc (AYI), accounts for 18.33% ($118.50M), providing a significant industrial technology anchor. Together, these two positions comprise over 52% of the total assets.

The third position, Affirm Holdings (AFRM) at 8.15%, highlights a strong tilt toward the fintech and buy-now-pay-later sector. Notably, the manager has also allocated 6.74% of the portfolio to the iShares Bitcoin Trust (IBIT), signaling a strategic diversification into digital assets outside of traditional equities. Other top-tier holdings include Mastercard (MA) at 5.77% and Workday (WDAY) at 4.17%, suggesting that while the firm favors growth, it maintains exposure to established financial infrastructure and enterprise software.