Coalescence Partners Investment Management, LP

Key Holdings

The current portfolio is dominated by high-quality, large-cap "compounder" businesses, with a specific focus on market leaders in data, payments, and diagnostics.

• S&P Global Inc (SPGI): This is the largest position, accounting for 27.21% of the portfolio ($27.45M). The fund increased its stake by 18.6%, signaling strong conviction in the financial data and ratings space.
• NVIDIA Corporation (NVDA): Representing 23.91% of the portfolio ($24.13M), NVIDIA is a notable new position. This suggests a tactical pivot to capture value in the semiconductor/AI space, replacing other tech exposure held in the previous quarter.
• Mastercard Incorporated (MA) and Visa Inc (V): Together, the payment duopoly constitutes 32.21% of the portfolio. While Mastercard remained unchanged, Visa saw a significant reduction of 34.9%, yet it remains the fourth-largest holding.
• IDEXX Laboratories Inc (IDXX): The sole healthcare holding represents 11.75% of the portfolio. Despite a 50.8% reduction in shares, it remains a key position, indicating a continued belief in the company's moat within veterinary diagnostics.
• SPDR S&P 500 ETF (SPY): The fund holds a small 4.91% allocation in the S&P 500 ETF, likely serving as a liquidity buffer or a tool for tactical beta exposure.