Hestia Capital Management, LLC

Key Holdings

• NET (Cloudflare Inc.): $2.40M, 11k shares, 17.35% of portfolio — the largest single holding remaining after the PBI exit. It remains a material bet despite a modest reduction this quarter (-$73.03K, -5.9%).
• UBER (Uber Technologies Inc.): $2.06M, 21k shares, 14.85% — second-largest position and a significant exposure to platform/transportation tech.
• RBC (RBC Bearings Inc.): $1.68M, 4k shares, 12.11% — a sizeable single-stock position in the portfolio’s largest sector (Technology, per the filing classification).
• TSLA (Tesla Inc.): $1.65M, 4k shares, 11.88% — a new position this quarter and immediately a top-four holding, increasing exposure to a high-beta consumer cyclical name.
• CELH (Celsius Holdings Inc.): $1.37M, 24k shares, 9.88% — another new, material position in consumer defensive / branded consumer beverages.
• Remaining names (Performance Food Group $1.35M, KB Home $1.32M, Insulet $1.17M, RHP $0.85M) round out the portfolio with single positions ranging from ~6% to ~9.8% of assets.

Together, the nine positions exactly comprise 100% of the reported portfolio value and indicate a focus on large, concentrated equity bets rather than broad diversification.