Foresight Global Investors, Inc.

Key observations:

• Very small reported asset base after the quarter ($34.65M).
• Extremely concentrated: two names represent the overwhelming majority of value.
• Large turnover and reallocation versus the prior quarter.

Key Holdings

• Novartis AG (NVS): $22.02M, 172,000 shares — 63.55% of the portfolio. This is the dominant position and the only material healthcare exposure. The filer also increased this stake in the quarter (+4.1%, $2.06M added).
• Seadrill Ltd (SDRL/SEADRILL): $8.75M, 290,000 shares — 25.25% of the portfolio. This is the second large holding and, together with NVS, accounts for ~88.8% of the portfolio.
• All other positions are small relative to the two leaders: JPM (2.07%), Alphabet (1.89%), LPL Financial (1.40%), Uber (1.08%), Exxon Mobil (1.05%), Diageo (1.01%), IQVIA (0.94%), Visa (0.91%), and ProShares REGL ETF (0.84%). Each of these nine holdings is individually ≤2.1% of the portfolio and collectively represent ~11.2% of the portfolio.