Divisar Capital Management LLC

2. Key Holdings

The portfolio is heavily top-heavy, with the largest three positions accounting for approximately 41.5% of the total assets.

• Lumentum Holdings Inc (LITE) is the largest holding at $33.18 million (14.97%). Despite a 47.5% reduction in shares this quarter, it remains the anchor position.
• ADTRAN Holdings Inc (ADTN) follows closely at $30.14 million (13.60%), and Ultra Clean Holdings Inc (UCTT) at $28.68 million (12.94%).
• Notably, Commerce.com Inc (CMRC) represents a significant 10.38% allocation, suggesting a high-conviction stance on this specific technology name.
• Outside of technology, Orion S.A. and Mastercraft Boat Holdings Inc are the only non-tech/non-communication names in the top tier, representing roughly 8.3% each.

3. Sector Allocation

The portfolio exhibits an aggressive sector tilt towards Technology, which comprises 68.0% ($150.69M) of the total value. This includes holdings in semiconductors, optical components, and software. The fund maintains exposure to Communication Services (6.76%) via Calix Inc, while Industrials (RXO) and Healthcare (MKSI) are minor allocations at 3.72% and 3.46%, respectively. A significant portion of the portfolio (18.1%) is listed as "Unknown," which likely corresponds to Orion S.A. and Mastercraft Boat Holdings (where specific sector tags were not provided in the summary but likely fall under Industrials/Consumer Discretionary). The strategy implies a strong belief in the technology sector's potential relative to other segments of the economy.