Glenorchy Capital Ltd

Glenorchy Capital Ltd (CIK 0002008506, AUM $1.72B, WhaleScore 75.50, 67 holdings) entered Q1 2026 with a structurally unique portfolio: the single largest addition was a NEW QQQ position of 2,265,800 shares worth $1.31B — representing 76.2% of the entire portfolio. TLT (iShares 20+ Year Treasury) anchors the second slice at 12.3% ($211M), providing long-duration rate exposure. The satellite (11.5% combined) spans EM single-names (YPF Argentina, Banco Macro BBVA Argentina, Central Puerto, BBVA Argentina, Cresud, IRSA), energy services (Valaris, Frontline, Transocean, Noble Corp, Seadrill, Teekay Tankers, Scorpio Tankers, Tidewater, DHT, OKEANIS, Borr Drilling, Geospace, Helix, Weatherford, TechnipFMC, Oceaneering, Comstock, Expand Energy, Range Resources, CNX Resources, Antero Resources, EQT, Peabody, Intrepid Potash, MOSAIC, ICL Group, LSB Inds), Latin American industrials (TSakos Energy Navigation), and small EM ETFs I-shares EWZ (Brazil) and ECNS (China). NEW this quarter: QQQ (Invesco Nasdaq-100), ECH (iShares MSCI Ecuador), Loma Negra (cement, Argentina), Sasol (South Africa coal/chem), Seaboard, LSB Inds, Okeanis Eco Tankers, Tsakos Energy — 7 opens. SOLD: KWEB (KraneShares CSI China Internet -$7.5M), GREK (Global X Greece -$8.7M), previous Loma Negra holding ($-5.3M), SPY residual ($-22.5M), IRSA (Argentina real estate -$0.9M), BTI (British American Tobacco -$0.9M), and the former QQQ-leg via CUSIP 04609E107 (-$1.25B from a prior Invesco class). TLT reduced marginally (-$3.9M, -1.3%). Honest read: a high-conviction thematic bucket manager concentrating around a QQQ-core bet on US large-cap tech dominance, hedged with long-duration treasuries (TLT), with a satellite assembled from EM punts (Argentina, Brazil, Ecuador, South Africa, Greece, China internet) and a deep basket of shipping/energy-services names — a deliberately concentrated, ideologically-driven portfolio with QQQ as the margin-of-safety anchor and the satellite as the asymmetric-upside lottery tickets. The elimination of KWEB, GREK, and the prior QQQ/SPY/IRSA exposure represents a deliberate reduction in legacy-EM names that had drifted from the thesis, replaced by a single new QQQ opening and updated EM energy/commodity selections.