Haven Global Partners, LLC

2. Key Holdings

The portfolio is top-heavy, with the three largest positions accounting for nearly 58% of total assets.

• UBS Group AG ($31.21M, 22.93%): This is the largest holding, representing nearly a quarter of the portfolio. Despite a minor reduction of 1.5% during the quarter, it remains the anchor position. This suggests a strong bullish view on the European banking sector or specifically on UBS's post-acquisition integration and profitability.
• Ryanair Holdings PLC ($28.98M, 21.29%): A new entry and the second-largest position. The initiation of a stake worth nearly $29M in a European industrial (airline) indicates a significant tactical shift toward the travel/transportation sector, likely anticipating a rebound in European travel demand or operational efficiency gains.
• ICICI Bank Limited ($19.09M, 14.03%): The top holding in the Financial Services sector. The manager increased this stake by 13.9%, adding $2.09M. This demonstrates continued confidence in the Indian banking sector and ICICI's growth trajectory.
• CGI Inc ($17.26M, 12.68%): The largest Canadian IT holding. The manager aggressively increased this position by 54.1% (adding $6.47M), signaling strong conviction in the company's IT outsourcing and consulting capabilities.