Cannell & Spears LLC

The fund's top two holdings heading into the year — Microsoft at 6.8% of the book and Alphabet at 5.0% — both saw meaningful cuts in the first quarter. Microsoft was trimmed by roughly 91,000 shares, shedding $118 million in market value and falling from the number-one position into a four-way cluster at the top of the book. Alphabet's Class A shares saw a gentler but still significant $33 million reduction. These are not panic sales — both names remain top-five holdings at portfolio weights of 4.8% and 4.6% respectively — but the direction is unambiguous and points to a team rebalancing away from names that had carried the portfolio through prior periods.

Against that backdrop of selective reduction, three genuinely new positions stand out. Quanta Services ($67 million/122,280 shares) and Lockheed Martin ($35 million/57,184 shares) both land in defense and infrastructure contracting — sectors whose revenue visibility is contractually backed and largely insulated from the consumer-software cycle that dominated the prior book's biggest winners. Alamos Gold ($31 million/704,330 shares) is a different bet entirely: a materials name parachuting into a list otherwise dominated by US large-cap tech and financials. Together these three entries represent roughly $134 million of redeployed capital.