KETTLE HILL CAPITAL MANAGEMENT, LLC

The fund executed a major "clean-up" of its portfolio, exiting 26 positions while initiating only 7 new ones. This suggests a pivot toward a more concentrated, high-conviction strategy. The portfolio is now relatively concentrated, with the top 10 positions accounting for approximately 81% of the total value. The inclusion of a passive ETF position (SPY) is also a notable shift, potentially serving as a liquidity management tool or a tactical overlay.

2. Key Holdings

The portfolio is currently led by Parsons Corp (PSN), which constitutes 13.70% of the portfolio ($30.94M). This position was aggressively increased by +295.9%, indicating that Kettle Hill views the defense/technology sector as a primary area of opportunity.