Atalan Capital Partners, LP

The most visible structural change is Seagate Technology. The position did not grow through aggressive buying — in fact, Atalan slightly trimmed its share count from 746,600 to 718,800. But Seagate appreciated alongside the broader storage sector, lifting its market value from $205.6M to $281.6M and expanding its weight within the portfolio from roughly 15% to nearly 26% of total assets. That 26% concentration in a single name is the sharpest number in this filing: it came about without the manager adding material shares, which means it is price-driven, and that distinguishes it from the typical high-conviction additions most people associate with large positions. With AUM also contracting meaningfully, the fund's risk profile tilted toward a much smaller number of bets.

Three names left the book entirely during the quarter. S&P Global — carrying a $162M weight heading into Q1 — was sold completely, as was Willis Towers Watson. Western Digital experienced the largest reduction, shedding roughly 80% of its remaining shares and removing more than $85M in exposure after what had been the fifth-largest position at year-end. Amphenol, which had been the second-largest holding at $186M and just under 13% of the portfolio, was reduced by approximately 30%, a $64.8M cut that suggests some rotation out of industrial-cyclical exposure. HealthEquity, Talen Energy, TransDigm, and US Foods all drew more modest reductions, with positions trimmed between roughly 3% and 12% of their prior-quarter value.