Atlas FRM LLC

Key Holdings

The portfolio is dominated by a single massive position in SUZANO S A, which comprises 69.75% of the total portfolio value ($162.81M). This represents an overwhelming conviction bet on this single entity. The second-largest holding is SEALED AIR CORP (SEE) in the Healthcare sector, representing 20.88% of the portfolio ($48.75M). The fund increased its stake in SEE by 40.7% during the quarter, adding $18.34M, making it the only position to see an inflow of capital. Rounding out the top three is THE ODP CORP (ODP1) within the Consumer Cyclical sector, which accounts for 9.37% ($21.87M). The remaining two holdings (unlisted in the top 3 but comprising the total count of 5) make up a negligible fraction of the assets, indicating that the fund's performance is almost entirely dependent on the price movements of Suzano, Sealed Air, and ODP.

Sector Allocation

The sector allocation has narrowed considerably alongside the portfolio reduction. The largest allocation falls under "Unknown" at 69.75%, which corresponds entirely to the Suzano S A position (likely an ADR or foreign listing). The Healthcare sector accounts for 20.88% via Sealed Air, and Consumer Cyclical represents 9.37% via ODP. This marks a radical departure from the previous quarter's composition. The fund has completely eliminated its exposure to the industrial sectors that previously dominated the fund, specifically exiting all positions related to Paper Packaging and Building Materials.