BlueCrest Capital Management Ltd

Key Holdings

Given the consolidation of the portfolio, the remaining two holdings command nearly equal weight. The largest position is NIQ Global Intelligence Plc, comprising 1.08 million shares valued at $16.90 million, which accounts for 54.64% of the portfolio. The second position is Firefly Aerospace Inc, consisting of 479,000 shares valued at $14.04 million, representing 45.36% of the portfolio. Both positions are classified as "Unknown" sector, and both appear to be newer or potentially smaller public entities, indicating a shift away from large-cap liquidity toward more specialized, likely higher-risk/higher-reward opportunities. The portfolio is currently split almost evenly down the middle between these two specific names.