Immersion Capital LLP

2. Key Holdings

The portfolio is dominated by large-cap, established financial giants, which account for the vast majority of assets.

• BlackRock Inc. (BLK): This is the largest holding, comprising 42.00% of the portfolio ($20.45M). A position of nearly half the total assets in a single asset manager indicates strong confidence in the secular growth of asset management and the financialization of the global economy.
• Visa Inc. (V): The second largest holding is Visa, representing 35.69% of the portfolio ($17.38M). Combined with BlackRock, the top two positions constitute over 77% of the entire fund's value. This signals a heavy bet on the financial infrastructure and payments processing sectors.
• HDFC Bank Ltd (HDB): This is the third largest position at 11.67% ($5.68M). It provides exposure to the Indian banking sector, suggesting a tactical allocation to emerging market growth, distinct from the US-focused top two holdings.
• UnitedHealth Group Inc (UNH): Representing 6.67% ($3.25M), this is the sole healthcare holding and the only new top-tier addition during the quarter.
• BBB Foods Inc: A much smaller position at 3.97% ($1.94M), this appears to be a higher-risk or more speculative allocation given its small market cap relative to the other giants in the portfolio.