Greenstone Partners, L.P.

Key Holdings

The portfolio is dominated by a few large positions that drive the majority of performance. The top holding, AppLovin Corp. (APP), is a massive outlier, comprising $247.36 million or 53.52% of the total portfolio value. With a position of 344,000 shares, this indicates an extremely high conviction bet on the advertising technology and mobile gaming sectors.

The second largest holding, Acuity Brands Inc. (AYI), accounts for 14.37% ($66.43M). While classified under Technology in this data, Acuity is traditionally known for industrial lighting and building management solutions, suggesting a thesis around smart infrastructure. The third through fifth positions—Procore Technologies, AppFolio, and Guidewire Software—range from 6.26% to 8.25% of the portfolio. Collectively, the top five holdings represent over 90% of the fund's total assets, reinforcing the concentrated nature of the strategy.