Avory & Company, LLC

2. Key Holdings

The portfolio is anchored by a few significant positions that dominate the allocation:

• Fiverr Intl Ltd (FIVERR): This is the largest holding, comprising 21.79% of the portfolio ($25.97M). The firm increased this stake by nearly $5M during the quarter, signaling strong confidence in the company’s turnaround or growth trajectory despite broader market volatility.
• Zoom Video Communications Inc (ZM): The second-largest position at 20.17% ($24.04M). While the firm reduced the stake by approximately $1.28M, it remains a core pillar of the portfolio, suggesting a belief in the company’s long-term cash flow generation or strategic positioning.
• Zillow Group Inc (Z): Representing 13.13% ($15.66M), Zillow rounds out the top three. The firm reduced this exposure by roughly $1.37M, potentially taking profits or rebalancing after strong price movements.
• Clear Secure Inc (YOU) & Paycom Software Inc (PAYC): Both positions are roughly equal in weight (6.9% and 6.85%, respectively), indicating a thematic interest in digitized identity verification and payroll processing.