Encore Global Management, LP

The energy sleeve is the view. Eight producers and refiners — Valero, BP, Occidental (2.3%), ConocoPhillips, Marathon Petroleum, Phillips 66, EQT and Diamondback — total roughly $22M, more than 15% of assets. Add Energy Transfer (2.5%, a midstream partnership classified under utilities) and the XOP and XLE sector ETFs, and energy-linked exposure reaches about $30M — roughly 21% of the book, an outsized allocation by any broad-market standard. The technology sleeve, at $41.7M and 29% of assets, is larger in dollars but reads as ballast rather than a bet: Microsoft, Palo Alto Networks (2.9%), Salesforce (2.8%), Nvidia (2.5%) and Marvell (2.4%) are all present at close to interchangeable weights. The sharpest relative call sits in a single pairing — Valero is a position two-and-a-half times the size of Apple, which at 1.3% ranks down in the mid-thirties of the holdings list. A book that sizes a Gulf Coast refiner far above one of the market's largest companies has a view, whatever the flat sizing suggests.

Ten percent of the book is not stock-picking at all. Eight sector and industry ETFs — XOP, XLK, IGV, XLP, XLE, XBI, XLV and XLY — total $14.9M, about 10% of assets. These read as beta placeholders: exposure held at the sector level where the manager has no single-name preference, with the ETF sleeve leaning the same direction as the stock book — XOP and XLE reinforcing the energy tilt, XLK and IGV rounding out tech.