KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC

The investment strategy appears to be a core equity approach with a "quality at a reasonable price" (QARP) tilt. The manager favors mid-to-large cap companies with strong balance sheets, consistent cash flows, and dominant market positions in their respective niches. The portfolio is highly granular, with the top 10 positions accounting for roughly 17.4% of total assets, and the largest single position (Primerica) comprising just 2.30%. This structure suggests a risk management focus that avoids concentration risk in any single name while maintaining a disciplined exposure to specific secular themes.

2. Key Holdings