EMINENCE CAPITAL, LP

The fund reduced the number of holdings to 28, indicating a move toward higher conviction in fewer names. The most striking structural change is the allocation to the SPDR S&P 500 ETF Trust (SPY), which now constitutes 23.52% of the portfolio ($1.38 billion). This suggests that the manager has pivoted approximately one-quarter of the fund's assets into a passive index instrument, likely to reduce specific stock risk while maintaining market exposure or to raise liquidity quickly by parking cash in a liquid instrument.

2. Key Holdings

The portfolio is currently dominated by the SPY position, which acts as a major liquidity anchor. Outside of this index holding, the fund maintains a "barbell" strategy with several high-conviction growth names and specific industrial plays.