BOONE CAPITAL MANAGEMENT LLC

The portfolio is highly concentrated, comprising only 12 holdings. This low number of positions indicates a conviction-based strategy rather than a broad market indexing approach. Despite the reduction in total assets, the fund remains focused on specific mid-to-large cap equities, with a clear preference for the healthcare and life sciences industries. The lack of "Increased Stakes" in the current quarter suggests the manager is not currently doubling down on existing winners but is rather actively rotating into new ideas.

2. Key Holdings

The portfolio is anchored by Medtronic PLC (MDT), which occupies the top position with a value of $40.84 million, representing 21.02% of the total portfolio. This is a notable outlier, as it is the only position to exceed 20% of the portfolio's weight, suggesting a defensive "core" holding or a significant bet on the medical device sector.