BARINGTON COMPANIES MANAGEMENT, LLC

Quantitative concentration metrics:

• Top-1 weight (Macy’s): 84.19%.
• Sector concentration (consumer cyclical): $26.71M / $27.69M = 96.45%.
• Herfindahl-Hirschman Index (HHI) ≈ 0.725 (or 7,250 on 0–10,000 scale), implying a very high concentration.
• Effective number of holdings ≈ 1.38 (1 / Σw^2), confirming the portfolio behaves like ~1–2 concentrated positions.

Key Holdings

1. Macy’s, Inc. (M) — $23.31M, 1.30M shares, 84.19% of portfolio

• By far the dominant position and the primary driver of portfolio performance and risk. The filing records a 4.0% increase in the stake this quarter, an absolute increase of $8.73M versus the prior quarter, indicating additional conviction or reallocation into this name.