Edenbrook Capital, LLC

2. Key Holdings

The portfolio is dominated by three core positions, which together constitute nearly 60% of the total assets:

• Cognyte Software Ltd (22.01%): This is the largest single holding, valued at $61.00 million. Despite a modest increase in stake (+4.7%), the position remains a massive concentration bet, indicating strong conviction in this specific security, likely driven by a specific valuation thesis or activist scenario.
• SPDR S&P 500 ETF Trust (20.67%): The SPY position, valued at $57.29 million, serves as the portfolio's primary liquidity and beta anchor. The fund increased this stake by 43.3% during the quarter, adding over $20 million, signaling a desire to maintain significant exposure to the broader U.S. equity market despite the overall portfolio shrinkage.
• Magnite Inc (16.58%): Despite being the third-largest holding ($45.96M), Magnite saw the most significant reduction of any current position, with the stake trimmed by 41.5% (approx. $41.1M sold). This suggests the manager is taking profits or reducing risk exposure to this specific technology name while still maintaining it as a core component.