GREAT HILL PARTNERS, L.P.

2. Key Holdings

The portfolio is entirely composed of Wayfair Inc. (W), a Consumer Cyclical sector company focused on e-commerce for home goods. The position consists of 2.79 million shares, valued at $249.13 million, representing 100% of the total portfolio assets. This absolute concentration indicates that the firm’s performance is inextricably linked to the price action and fundamental performance of Wayfair. Given the massive increase in portfolio value without a change in share count, the position has generated significant alpha during the quarter, driven by market appreciation rather than active trading.

3. Sector Allocation

The sector allocation is singular, with 100% of the portfolio invested in the Consumer Cyclical sector. This represents an aggressive sector bet, exposing the firm to the volatility inherent in consumer discretionary spending and economic cycles. There is no allocation to defensive sectors (such as Utilities or Consumer Staples), technology, healthcare, or financials. This lack of hedging or sector diversification amplifies both the potential for upside and the risk of downside, making the portfolio highly sensitive to macroeconomic shifts affecting consumer purchasing power.