Juniper Hill Capital Management LP

Key Holdings

The portfolio is currently composed entirely of the SPDR S&P 500 ETF Trust (SPY), representing 100% of the total value at $208.64 million. The position consists of 313,000 shares. While SPY was held in the previous quarter, its dominance is now absolute. The firm did execute a minor reduction in this specific position during the quarter, selling off approximately $5.55 million worth of shares (a 4.7% decrease from the previous quarter's holding value). However, because the firm liquidated other positions entirely, SPY now accounts for the entirety of the firm's reported 13F assets. This suggests a strong conviction in the broad U.S. large-cap market, or alternatively, a use of SPY as a liquidity placeholder or temporary equitization of cash while awaiting new opportunities.