C Partners Holding GmbH

2. Key Holdings

The portfolio is currently dominated by three equal-weighted positions, creating a balanced but concentrated "barbell" strategy:

• Booking Holdings Inc. (BKNG): Representing 39.07% of the portfolio ($50.05M), this is the largest holding. The firm holds 9,000 shares of the travel giant, indicating a strong conviction in the resilience and growth of the online travel agency sector despite the reduction in overall portfolio size.
• Allegion PLC: Accounting for 36.92% of the portfolio ($47.29M), this position involves 267,000 shares. Allegion, a security products and solutions provider, represents the portfolio's significant tilt toward the industrial sector. Its status as a top-three holding suggests a focus on high-quality industrial names with strong cash flows.
• S&P Global Inc. (SPGI): Comprising 24.01% of the portfolio ($30.75M), this is the only technology-designated holding. With 63,000 shares, this position was significantly increased during the quarter, reinforcing the firm's belief in the financial data and ratings infrastructure.