Kailix Advisors LLC

Key Holdings

• CONSTELLIUM SE: $16.42M (1.10M shares) — 34.77% of the portfolio. This is the single largest position and the primary source of single‑name exposure risk. It was marginally reduced (-10.5% by dollar amount, a $25.31K reduction).
• AR (ANTERO RESOURCES CORP) [Energy]: $10.88M (324K shares) — 23.06% of the portfolio. This stake was materially increased this quarter (+206.0%, $6.62M added) and is the largest incremental allocation change.
• AMRIZE LTD: $9.97M (205K shares) — 21.12% of the portfolio. This position was increased by +50.4% ($3.20M added).
• WCC (WESCO INTL INC) [Consumer Cyclical]: $9.94M (47K shares) — 21.05% of the portfolio. This stake was modestly reduced (-13.8%, $153.6K).

Collectively, the top two positions represent 57.8% of the portfolio and the top three 78.9%. The portfolio therefore exhibits very high idiosyncratic (single‑name) risk and limited stock diversification.