The most surprising structural fact about this book is what it does not hold. There is no Apple, no Microsoft, no Nvidia, no Amazon in the top ten. The largest single-name position is Texas Capital Bancshares ($31.6M, 1.7 percent), followed immediately by Centerra Gold ($31.6M), Lincoln Education ($31.2M), Century Communities ($27M), Eldorado Gold ($26.3M), Teledyne Technologies ($25.6M), and Silicon Motion ($25.3M). These are not names that appear in a conventional large-cap growth or S&P 500-oriented portfolio — they are small- and mid-cap names with specific operational stories: a Texas-based commercial bank; two North American gold miners; a for-profit education operator; a U.S. homebuilder; an industrial-electronic-inspection company; and a Taiwan-listed mixed-signal semiconductor designer. None of them sits inside the conventional large-cap growth or value mandates that dominate the 13F universe.
The 35 new positions arrived on 2025-12-31, all marked as 'NEW', all sized at meaningful weight. Centerra Gold and Eldorado Gold together represent a $60 million gold-mining commitment that is the most explicit commodity-beta call inside this book. Lincoln Education Services ($31M) and Century Communities ($27M) are both U.S.-domiciled companies with consumer-spend exposure — one in the for-profit higher-education sector, the other in single-family home construction. Both are sensitive to U.S. consumer credit conditions and interest-rate expectations, and the simultaneous addition of both names reads as a manager taking a specific view on the U.S. consumer rather than diversifying generically across sectors. Teledyne ($26M) is the defense-and-industrial instrumentation play; it sits half in defense spending and half in scientific instrumentation, with a long-tenor recurring revenue model that would be attractive inside a mid-cap growth mandate. Becton Dickinson ($19.5M), the medical-device company, introduces a healthcare-quality factor at the portfolio margin. Associated Bancorp ($22.6M), Capital City Bank ($21.3M), Seacoast Banking Florida ($19.9M) and Encore Capital ($21M) are all regional and specialty financial services names that the manager is accumulating at a similar scale. The net of these additions is a concentrated small-to-mid-cap portfolio with an unusual financial-services weight and a materials/gold overlay that most equity managers of this size do not run.