CDAM (UK) Ltd

Key Holdings

The portfolio is characterized by a relatively even distribution among its top assets, with no single position dominating the allocation to an extreme degree.

• CRH (CRH US Equity): The largest position at $65.52M (18.92%), comprising 546,000 shares. CRH, a major building materials company, appears to be a core holding, despite a 12.0% reduction in stake value ($8.5M reduced) during the quarter.
• CNM (CNM US Equity): The second-largest holding at $62.59M (18.08%), consisting of 1.16 million shares. This position saw the most significant relative reduction among top holdings, with the stake being cut by 16.6% ($21.49M reduced).
• ZD (ZD US Equity): Representing the Communication Services sector, this holding is valued at $48.34M (13.96%). The manager reduced this position by 11.5%, trimming approximately $4.95M.
• QLYS (Qualys Inc.) & NOW (ServiceNow Inc.): These are the primary technology holdings, representing 13.52% and 9.88% of the portfolio, respectively. Both positions were reduced, with QLYS down 11.6% and NOW down 10.1%.