CANTOR FITZGERALD, L. P.

The portfolio consists of 396 holdings, indicating a moderately diversified approach. However, the distribution of capital is heavily skewed toward specific high-conviction names. The top 10 holdings alone account for approximately 68% of the total portfolio value, demonstrating a "core-satellite" strategy where a small number of concentrated positions drive performance, while the remaining long tail of holdings provides diversification. The turnover rate is notably high, evidenced by 18 new positions and 18 complete exits, alongside significant volume in existing stake adjustments.

2. Key Holdings