Concorde Financial Corp

The fund has shifted from a diversified portfolio of approximately 51 holdings (implied by previous exits + current holdings) to a more concentrated list of 20 securities. This suggests a strategy shift toward high conviction rather than broad diversification. The current portfolio structure is heavily skewed toward specific macro themes, particularly hard assets (energy and land) and income generation, with a notable reliance on the financial sector.

2. Key Holdings

The portfolio is dominated by a few heavyweights that reflect a defensive and value-oriented stance.