KADENSA CAPITAL Ltd

Key Holdings and Their Significance

• Alibaba (BABA) — $64.33M (10.37%): Largest position and single largest China exposure. Although reduced by ~28.7% this quarter, it remains the portfolio’s largest bet and is a material source of China/regional equity risk.
• NVIDIA (NVDA) — $50.98M (8.22%): A large incremental position (+$34.85M, +167.6%). This is a clear directional bet on AI/semiconductor-led growth.
• Tesla (TSLA) — $49.77M (8.03%): Also materially increased (+$31.35M, +92.9%), reflecting a significant allocation to EV/auto-tech.
• Viking Holdings — $37.79M (6.09%): A sizable non-standard name for an equity portfolio; contributes to idiosyncratic risk and requires review of business exposure and liquidity.
• Broadcom (AVGO), Johnson Controls International, Oracle (ORCL) and other tech names: Collectively these holdings reinforce a technology-tilted, hardware/software mix (AVGO $32.47M; ORCL $26.08M added aggressively +1945.8%).

Diversifying positions of note

• GLD ($16.08M, 2.59%) and IBIT ($11.88M, 1.92%): Modest allocations to gold and Bitcoin exposure via ETFs — these serve as macro/alternative hedges but are not large enough to offset the concentrated equity risk.
• Waste Management (WM) and Trane Technologies: Defensive/industrial exposures increased substantially (WM +515.3% to $16.18M; Trane new at $15.86M), indicating selective reallocation into cash-generative industrials.