Covenant Partners, LLC

The portfolio currently comprises 135 holdings. Historically, a portfolio of this size moving from ~$50M to ~$340M in one quarter indicates a shift in strategy—likely moving toward a more scalable, institutional approach. The diversification is broad, but the allocation is heavily skewed toward the top positions, with the top 10 holdings accounting for approximately 71.6% of the total portfolio value. This indicates a "core-satellite" or "core-tactical" approach where a significant portion of assets is held in liquid core vehicles, while the remainder is distributed across individual equities.

2. Key Holdings