First Trust Capital Management L.P.

The portfolio is characterized by a high degree of fragmentation, with no single dominant position. The largest holding, WNS Holdings, constitutes 8.25% of the portfolio, which is a reasonable concentration for a top pick. However, the remaining top 10 holdings drop quickly to the 2-5% range. This structure implies a "barbell" approach where a select few convictions are held with significant weight, while the bulk of the capital is spread across numerous smaller positions, many of which appear to be Special Purpose Acquisition Companies (SPACs) or similar vehicles.

Key Holdings