BEACONLIGHT CAPITAL, LLC

2. Key Holdings

The portfolio is heavily anchored by Resideo Technologies (REZI), which remains the largest holding at $27.85 million, representing 17.70% of the portfolio. Despite a 21.4% reduction in shares this quarter, Resideo remains a core "conviction" position. The second and third largest holdings, Constellium SE and Cheniere Energy (LNG), represent 12.04% and 8.98% of the portfolio, respectively. Notably, Constellium saw a significant capital injection of $6.60 million (+37.1%), indicating the manager's increased confidence in the industrial metals space.

The portfolio features a distinct barbell strategy in terms of position sizing. While the top three holdings dominate, the manager maintains meaningful exposure to mid-cap growth stories such as Sandisk (SNDK) and SomniGroup (SGI), both newly initiated at roughly 5.3% portfolio weight each. This suggests a strategy that balances large-cap stability (or value plays) with aggressive mid-cap growth positions.