CastleKnight Management LP

2. Key Holdings

The most defining feature of this portfolio is the outsized allocation to the SPDR S&P 500 ETF Trust (SPY), which constitutes 36.48% ($985.95M) of the total assets. The firm increased this position by 23.3% during the quarter, adding $244.53M. This suggests a strategic pivot toward market exposure and liquidity, possibly to reduce volatility or raise cash for redeployment.

Outside of the ETF, the top active holdings reveal a focus on the digital infrastructure ecosystem. Vertiv Holdings Co (VRT) is the largest individual equity holding (4.78%), followed by NVIDIA (NVDA) (3.17%). The firm aggressively increased its stake in Vertiv by 38.5% and NVIDIA by 29.3%, signaling strong conviction in the AI thermal management and semiconductor sectors. Other significant positions include Meta Platforms (META) (2.57%) and Alphabet (GOOGL) (2.30%), though the firm reduced its exposure to Alphabet by 12.0%.