Fore Capital, LLC

2. Key Holdings

The portfolio is dominated by three core positions that account for nearly 66% of the total assets, indicating a strong barbell strategy between safety/liquidity and aggressive growth.

• iShares Silver Trust (SLV): This is the largest holding, valued at $79.02M (32.56% of the portfolio). Despite a reduction of 28.1% during the quarter, SLV remains the anchor position, suggesting a strong bullish or hedging stance on precious metals.
• SPDR S&P 500 ETF Trust (SPY): Representing 26.08% ($63.29M), this position provides broad market exposure and liquidity. The firm reduced this stake by only 5.0%, implying a desire to maintain core equity market participation while reallocating capital elsewhere.
• SPDR Gold Trust (GLD): Gold is the third-largest position at $17.77M (7.32%). However, this position saw a massive 66.7% reduction (-$27.95M). This significant sell-off of gold, concurrent with a smaller reduction in silver, suggests a specific rotation within the precious metals complex rather than a full exit from the asset class.
• Thematic Speculations: The remaining top holdings are high-beta individual stocks. Alibaba Group ($12.88M, 5.31%) was established as a major new position, signaling a bold contrarian bet on Chinese tech. iShares Bitcoin Trust (IBIT) ($8.78M, 3.62%) remains a key crypto exposure, though it was cut by over half.