Estuary Capital Management LP

Key Holdings

The portfolio is characterized by a "bar-bell" structure where the top five positions command nearly equal weight, ranging between 14.20% and 18.59% of the total portfolio.

• JAZZ PHARMACEUTICALS PLC ($47.86M): Despite being the largest position, the firm reduced its stake by 17.0% this quarter. This suggests a cautious stance on the name, potentially taking profits or managing downside risk while maintaining it as a core holding.
• ICFI (ICF International Inc) ($47.42M): Representing the Technology sector, this was the largest increase this quarter, growing by 11.1% (an injection of $8.45M). This indicates strong conviction in ICFI’s government services and consulting business model.
• UNH (UnitedHealth Group Inc) ($42.45M): The healthcare giant saw a 6.9% increase in shares. As a defensive compounder, this addition balances the portfolio with a stable, large-cap leader.
• GPN (Global Payments Inc) ($41.69M): This fintech holding was trimmed by 14.7%, yet remains a major component of the portfolio, likely reflecting a view that the company is undervalued but requiring risk management.
• FOXF (Fox Factory Holding Corp) ($36.57M): As a new position, this consumer cyclical stock immediately became a top-tier holding, representing a significant bet on the automotive/recreational cycle.