Deer Park Road Corp

Key Holdings

The portfolio is overwhelmingly dominated by SPY (SPDR S&P 500 ETF), which holds a value of $716.14 million. This position represents a massive "core" holding, suggesting the manager has opted for broad market exposure rather than specific alpha generation through individual stock picking for the vast majority of the portfolio. Despite being the largest position, the firm reduced this stake by 40.3% during the quarter, offloading roughly $396 million in value.

Outside of the S&P 500 exposure, the firm maintains a small but idiosyncratic allocation to specific companies. Accelerant Holdings is the second-largest holding at $29.69 million (3.86%), representing a new active bet. Additionally, the firm holds three distinct positions in Altisource Portfolio Solutions, totaling approximately $23.17 million combined (roughly 3% of the portfolio). These smaller, non-ETF positions stand in stark contrast to the massive SPY holding, suggesting they are either legacy positions the firm is slowly exiting or specific high-conviction plays.