GOBI CAPITAL LLC

The sold-out positions are the analytically interesting part of this filing. When a concentrated manager exits three positions entirely in a single quarter, it signals a meaningful reassessment of the research perimeter — not a trim, but a complete conviction fade. In a book of this size, three full exits is a statement about where the manager's edge is NOT, which is as informative as where it is.

The two positions that received increased capital represent the manager's current highest-conviction names — the ones that survived the pruning and received fresh capital. The one new entry added during the quarter is similarly high-conviction by definition: in a concentrated mandate, every new position carries significant weight from day one.