Board of Trustees of The Leland Stanford Junior University

Concurrent with the reduction in size is a shift in complexity. The number of holdings has contracted to just 16 positions, suggesting a move away from broad diversification toward a more concentrated, high-conviction portfolio. The portfolio is currently highly concentrated, with the top three positions comprising approximately 85.8% of the total value. This structure implies that performance will be heavily dependent on a small number of assets.

2. Key Holdings

The portfolio is dominated by three major positions, with the remaining 13 holdings representing small-cap or micro-cap allocations.