Kamunting Street Capital Management, L.P.

2. Key Holdings

The portfolio is heavily dominated by Energy Transfer LP (ET), which accounts for a massive 54.69% of the total value ($40.83 million). This represents an "overweight" concentration that signals extreme confidence in the energy sector or a specific valuation thesis regarding midstream infrastructure. The firm increased its stake in ET by 17.6% during the quarter, adding $4.15 million, making it the clear anchor of the portfolio.

The second-largest holding is the iShares Bitcoin Trust (IBIT) at 13.51% ($10.09 million). Despite being a significant position, it was the only notable reduction in the portfolio (-24.4%), suggesting the manager may be taking profits or de-risking slightly from the cryptocurrency proxy.