CLEARFIELD CAPITAL MANAGEMENT LP

2. Key Holdings

The current portfolio is dominated by a "barbell" strategy focused heavily on the power and utilities sector, specifically companies benefiting from the electrification and AI infrastructure build-out.

• Talen Energy Corp (TLN): This is the largest holding, comprising 30.65% of the portfolio ($19.35M). The firm increased its stake by 34.2%, adding $9.50M. This suggests a strong conviction in Talen’s specific asset base, likely regarding its power generation capabilities suitable for data center loads.
• Vertiv Holdings Co (VRT): The second-largest position at 24.32% ($15.36M), Vertiv represents the portfolio's sole major Technology holding. Despite being a top position, the firm reduced its stake by 22.9% ($1.61M), potentially taking profits or rebalancing after strong performance.
• Vistra Corp (VST) & Constellation Energy Corp (CEG): These utilities firms represent the third and fourth positions, accounting for 18.30% and 16.00% of the portfolio, respectively. Combined with TLN, these three utility stocks make up nearly 65% of the entire fund's assets. The firm increased its exposure to VST by 9.1% while slightly trimming CEG by 7.0%.
• WhiteFiber Inc: This "Unknown" sector position is a new addition, comprising 10.73% of the portfolio. It represents a significant idiosyncratic bet outside of the core utility/infrastructure theme.