Gullane Capital, LLC

The portfolio currently holds 12 positions, reflecting a high-conviction, concentrated strategy. However, the diversification is virtually non-existent in practical terms. With a single asset constituting over 96% of the total value, the fund has effectively transformed from a diversified investment vehicle into a single-bet strategy. This suggests a shift toward high-risk, high-reward speculation or a defensive consolidation around a specific winner while liquidating other assets.

2. Key Holdings

The portfolio is overwhelmingly dominated by Core Scientific Inc. Cl A, which accounts for 96.55% of the total value ($60.52 million). Despite the position being the largest holding, the manager reduced the stake by 68.0%, selling off $119.03 million worth of shares (bringing the total count down to 3.31 million shares). This indicates a realization of profits or a risk-reduction maneuver, yet the position remains massive relative to the fund's size.