Blue Grotto Capital, LLC

2. Key Holdings

The portfolio is highly concentrated, with the top five positions accounting for approximately 58.6% of the total assets under management (AUM). The largest positions are nearly identical in weight, suggesting a conviction in equal-weighting among top ideas:

• SEA LTD (SE) and TKO Group Holdings (TKO) are the co-top holdings, representing 14.74% and 14.70% of the portfolio, respectively. Both positions saw minor reductions (down 23.6% for SE and 8.2% for TKO), indicating the manager took some profits or rebalanced these high-conviction names but maintained them as core pillars.
• CRH PLC holds the third spot at 9.82%, serving as a significant non-technology anchor in the portfolio.
• Twilio (TWLO) and SharkNinja follow closely at 9.68% and 9.65%, respectively. Notably, SharkNinja was a top target of capital deployment, with the stake increased by 64.1% during the quarter.