The result is a portfolio that is simultaneously thinner and, in at least one respect, more concentrated than it was at the end of 2024. The descending rank of the Q4 book — Kinder Morgan, Alight, SiriusXM, Liberty Broadband, Grocery Outlet, CommScope, Arch Capital, Carvana, Grupo Televisa, Qurate — maps almost exactly onto the Q1 book after trimming. What changed is numerical: the top two names (Kinder Morgan and Alight) each gave up roughly $60 million in market value, SiriusXM shed $45 million, and the two Liberty Broadband classes together lost $67 million. The heavy Communication Services weighting — which already accounted for more than 40 percent of the book at year-end — is now even larger in share-of-portfolio terms because those names fell less than the mid-tier utilities and consumer names.
Grocery Outlet is a particularly telling cut. The discount grocer was the fifth-largest position in December at $93 million, after being built aggressively from a much smaller base in prior filings. By March it had been reduced to $72 million — not an exit, not a panic, but a meaningful de-escalation from a name that looked like it was being sized up to core weight. Grupo Televisa's reduction is even more lopsided: $38 million down to $10 million in a single quarter, a steep haircut from what had been a mid-single-digit percentage position. The difference between how those two cuts played out says something about where in the risk-reward spectrum the manager is choosing to reside — Carrying the Grocery Outlet stake at all means the thesis is still live; Grupo Televisa is being wound down.