FINDELL CAPITAL MANAGEMENT LLC

The portfolio exhibits a high-conviction strategy characterized by low diversification and high concentration risk. The top three holdings account for roughly 70.5% of the total assets, with the largest position, Liquidia Corporation (LQDA), representing a massive 41.53% allocation. The turnover for the quarter was aggressive, involving 5 new positions and 4 complete exits, indicating an active management style focused on specific thematic opportunities rather than broad market exposure.

2. Key Holdings

The portfolio is dominated by a few high-conviction bets, primarily in the healthcare and consumer sectors.