Fosse Capital Partners LLP

Key Holdings

The portfolio is currently composed entirely of Trane Technologies plc (TT), representing 100% of the total value at $68.11 million. The position consists of 161,000 shares. Trane Technologies is a global climate innovator specializing in heating, ventilation, and air conditioning (HVAC) systems and services. By holding this as a sole position, Fosse Capital Partners has eliminated all idiosyncratic risk associated with other holdings, effectively betting the firm's capital on the continued operational success and market performance of Trane. The decision to retain a specific block of 161,000 shares suggests that the firm views the current valuation of Trane as a favorable entry or hold point, likely based on the company's fundamentals in the growing climate control and energy efficiency markets.