JOHO CAPITAL LLC

Key Holdings

The portfolio is currently split almost evenly between two distinct companies: Uber Technologies, Inc. (UBER) and Dutch Bros Inc. (BROS).

• UBER Technologies (UBER) is the largest holding, valued at $88.36 million, representing 54.34% of the portfolio. The fund holds 902,000 shares. Despite being a top holding, the position was reduced by 9.1% (a reduction of $4.19 million) during the quarter. This suggests the manager is taking some profits or reducing exposure to the name while maintaining it as a core anchor.
• Dutch Bros Inc. (BROS) is the second-largest holding, valued at $74.24 million, accounting for 45.66% of the portfolio. The position consists of 1.42 million shares. Similar to Uber, this stake was reduced, but more aggressively, by 19.2% (a reduction of $45.74 million). This indicates a significant trimming of what was likely a much larger position, possibly to fund redemptions or to rebalance the portfolio weight.