GATE CITY CAPITAL MANAGEMENT, LLC

Key Holdings

The portfolio is characterized by extreme concentration, with the top three positions comprising approximately 84.1% of the total assets.

• Entravision Communications C (EVC): This is the dominant position, accounting for 45.15% of the portfolio ($27.02M). Despite a minor reduction of 3.1% during the quarter, Entravision remains the manager's primary bet. The large stake suggests a strong conviction in the company's fundamentals relative to its valuation.
• Helix Energy Solutions Group (HLX): Representing 26.82% of the portfolio ($16.05M), this energy holding is the second-largest position. The manager reduced this stake by 31.7% (selling $6.3M worth of shares), yet it remains a crucial component of the portfolio's value.
• Mosaic Co (MOS): Despite being classified as Healthcare in the provided data (likely a data anomaly, as Mosaic is a major agricultural chemicals company), this position saw the most aggressive reduction. The stake was cut by 49.2% ($7.8M sold), leaving it at 12.16% of the portfolio. This suggests the manager is actively pivoting away from this name despite its continued status as a top-three holding.