Clearline Capital LP

Key Holdings

The most dominant feature of the portfolio is the SPDR S&P 500 ETF Trust (SPY), which constitutes a staggering 61.46% of the total portfolio value ($1.02B). This indicates a strong preference for liquidity and beta exposure as the portfolio's foundation. However, Clearline Capital significantly reduced this position during the quarter by 32.8% (approximately $388.8 million), suggesting a move to derisk or raise cash.

Outside of the ETF, the fund engages in deep-value or special situation investing. The largest active equity position is Flowserve Corp (FLS) at 2.06%, followed by Acuren Corp (TIC) at 1.81%. Notably, the third-largest active holding is Madison Square Garden Sports (MSGS) at 1.66%. The fund holds substantial positions in the technology sector, including Novanta Inc (NOVT) and Fidelity National Information (FIS). The presence of Core Scientific and Cipher Mining (CIFR) highlights a specific thematic interest in cryptocurrency infrastructure/bitcoin mining.