BROWNING WEST LP

Key Holdings

The sole remaining holding in the portfolio is SomniGroup International Inc. (SGI), a consumer cyclical stock. The position is valued at $767.19 million, comprising 9.10 million shares. While Browning West reduced its exposure to this specific security by 11.5% (selling approximately $67.81 million worth of shares) during the quarter, it remains the exclusive focus of the fund. The decision to retain SGI while liquidating all other positions indicates that the firm views this specific holding as possessing a superior risk-reward profile compared to its previous investments, or perhaps it is monetizing gains from other names to double down on a specific thesis.