CONSOLIDATED PRESS INTERNATIONAL HOLDINGS LTD

The concentration risk is substantial, with the top three positions accounting for approximately 93% of the total portfolio value. This structure suggests the manager prioritizes specific stock selection over broad risk mitigation through diversification. The reduction in the total number of holdings (implied by the exit of 5 positions and 0 new entries) indicates a pivot toward a more focused strategy, liquidating smaller or underperforming assets to double down on core winners or manage liquidity.

Key Holdings

The portfolio is dominated by three mega-cap technology and industrial names, which together form the bedrock of the fund's performance.