Key Holdings
The portfolio is heavily anchored in real estate and infrastructure-related plays, despite the sector classifications often labeling them as Financial Services (REITs).
- Crown Castle Inc. (CCI) is the dominant position, comprising 18.97% of the portfolio ($124.94M). The manager significantly increased this stake by 108.1% during the quarter, adding $61.02M. This indicates a strong conviction in the telecommunications infrastructure tower sector.
- Vail Resorts Inc. (MTN) represents the largest consumer cyclical bet at 10.27% ($67.62M). While it remains a top holding, the manager did reduce the stake slightly by 1.0%.
- Equinix Inc. (EQIX) holds the third spot at 9.62% ($63.36M). As a data center REIT, it complements the infrastructure theme seen in Crown Castle.
- CareTrust REIT Inc. (CTRE) and Curbline Pptys Corp. (CURB) are notable mid-sized holdings, accounting for 8.17% and 8.14% of the portfolio respectively. CareTrust saw substantial growth of 79.1%, signaling a positive outlook on senior housing and healthcare real estate.
Sector Allocation
The portfolio exhibits a distinct thematic tilt toward Real Estate and Financial Services, largely driven by a heavy concentration in Real Estate Investment Trusts (REITs).
- Financial Services ($434.88M): This is the largest allocated sector, representing approximately 66% of the total portfolio. However, this classification is primarily composed of REITs (CCI, EQIX, CTRE, RHP, OUT, LINE, VTR, GLPI, SBAC) and real estate services (CDP, WELL).
- Consumer Cyclical ($96.53M): Making up roughly 14.7% of the portfolio, this sector is focused on leisure and travel experiences (MTN, Norwegian Cruise Line, PRSU, WH).
- Real Estate ($92.91M): Accounting for about 14.1%, this specific classification includes CURB, JLL, CBRE, and INVH.
- Unknown ($34.24M): This portion corresponds to the Norwegian Cruise Line holding, likely due to a classification or data reporting nuance, but functionally operates within the Consumer Cyclical space.