Bond Capital Management, LP

Key Holdings

The portfolio is dominated by ON HLDG AG, which stands as the cornerstone position with a market value of $119.19 million. This single position constitutes 73.05% of the entire portfolio, comprising 2.81 million shares. The heavy weighting indicates a strong conviction in the company's long-term value.

The second largest holding is YOU (Clear Secure Inc), representing 17.04% of the portfolio, valued at $27.80 million. As a technology player in the secure identity space, this position provides the firm's most significant exposure to the tech sector. The third position, DLOCAL LTD, is a payments technology company holding 8.12% of the portfolio ($13.24 million). Rounding out the list is NXDR (Nextdoor Holdings Inc), a technology stock valued at $2.92 million, accounting for a marginal 1.79% of the total assets. Notably, there was no change in share count for any of these four positions during the quarter, indicating a "hold" strategy on existing core assets.