Elemental Capital Partners LLC

The portfolio is highly concentrated, comprising only 6 holdings. The strategy has shifted from a potentially broader or smaller mandate to a conviction-based approach heavily weighted toward specific themes. The concentration risk is elevated, as the top three positions alone account for approximately 83.8% of the total portfolio value. The manager demonstrates a clear reluctance to diversify across hundreds of names, preferring instead to allocate capital heavily into a select few high-conviction ideas.

2. Key Holdings

The portfolio is dominated by Bloom Energy Corp (BE), which stands as the singular largest position. Accounting for 54.22% of the portfolio ($101.91M), this massive allocation suggests that Elemental Capital Partners has an extremely high conviction outlook on Bloom Energy’s business prospects. This is a new position, indicating a decisive move to anchor the portfolio around this specific stock.