FACT Capital, LP

Key Holdings

The portfolio is anchored by a mix of U.S. large-cap technology and international financial/communication services. Alphabet Inc. (GOOGL) remains the largest holding at $16.49 million (13.02%), despite a 26.2% reduction in shares. This suggests continued faith in the company's core business amidst a general portfolio pullback. ICICI Bank Limited (IBN) is the second-largest position at $12.07%, though it was trimmed by 15.8%. The firm maintains a strong exposure to the Chinese digital economy, with Tencent Music (TME) and Atour Lifestyle Holdings (ATAT) representing significant portions of the portfolio (10.82% and 10.78%, respectively). Notably, the portfolio includes niche industrial and financial names like MyR Group (MYRG) and Futu Holdings (FUTU), indicating a willingness to look beyond standard large-cap indices for growth opportunities.

Sector Allocation

The sector allocation has shifted dramatically, resulting in a more balanced but concentrated profile.

• Communication Services (23.8%): This is the largest sector, driven by GOOGL and TME.
• Financial Services (23.2%): Comprising IBN, ICE, and FUTU, this sector represents a significant bet on both traditional banking and fintech/brokerage ecosystems.
• Unknown (21.2%): A substantial portion ($26.85M) is listed as "Unknown," which typically corresponds to ADRs or specific ETFs that may not have been categorized in the data breakdown.
• Consumer Cyclical (10.8%): Driven almost entirely by ATAT.
• Industrials (9.8%): Represented solely by MYRG.
• Basic Materials (6.5%): A new sector exposure via ATI.
• Technology (4.6%): Surprisingly light, represented only by Alibaba (BABA), as the manager exited major tech positions like Microsoft and Synopsys.