DAILY JOURNAL CORP

2. Key Holdings

The portfolio is dominated by large positions in major US banking institutions, which together constitute nearly 90% of the total assets.

• Wells Fargo & Co (WFC): This is the largest holding, valued at $131.69 million, representing 47.60% of the portfolio. With 1.41 million shares, the firm has allocated nearly half of its capital to this single entity, signaling exceptional confidence in Wells Fargo's valuation and future prospects.
• Bank of America Corp (BAC): The second-largest position is valued at $110.00 million, accounting for 39.76% of the portfolio. The purchase of 2.00 million shares reinforces a heavy bet on the US banking sector. Combined with Wells Fargo, these two positions make up 87.36% of the entire portfolio.
• Alibaba Group Holding Ltd (BABA): This is the sole non-financial holding and the only position that remained from the previous quarter (implied by the "New Positions: 3" data). It is valued at $28.58 million, comprising 10.33% of the portfolio. This represents a contrarian bet on the Chinese technology sector amidst an otherwise entirely US-focused financial portfolio.
• US Bancorp (USB): A smaller, yet significant, position valued at $6.38 million (2.30% allocation). This adds a regional bank diversification element to the major money-center banks already held.