AMERICAN EXPRESS CO

Key Holdings

The portfolio is entirely composed of Global Business Travel Group, Inc. (GBTG), an entity in the Industrials sector. American Express holds 157.79 million shares valued at $1.27 billion, representing 100% of the total portfolio. This position is massive in scale relative to the portfolio, implying that American Express is either the majority owner or holds a controlling strategic interest in the travel group. The "all-in" nature of this position means the portfolio's performance is inextricably linked to the operational and financial success of Global Business Travel Group. The substantial increase in share count compared to the prior period suggests that American Express may have acquired additional shares or converted derivatives/other instruments into common stock during the quarter.