Kora Management LP

2. Key Holdings

The portfolio is dominated by a "barbell" of mega-cap and emerging tech exposure, with the top two positions accounting for over 83% of the total assets.

• SEA LTD (SE): This is the cornerstone position, comprising 69.10% of the portfolio ($551.41M). Despite a reduction of 3.09M shares (-10.3%), it remains the overwhelming focus. This indicates that while the firm may be taking profits or managing risk, its core thesis on Sea Limited remains intact.
• NU HLDGS LTD (NU): The second-largest holding at 14.34% ($114.44M). This position saw significant aggression during the quarter, with Kora increasing its stake by 47.2% (adding $47.82M). This accumulation suggests strong conviction in the Latin American digital banking sector.
• NEBIUS GROUP N.V.: Representing 10.36% of the portfolio ($82.66M), this is a notable position in an AI infrastructure play. However, the firm halved its exposure (-51.5%) during the quarter, reducing the position by $1.28M. This reduction signals a rotation out of this name following a likely price appreciation or a shift in risk appetite.
• MERCADOLIBRE INC & UNITY SOFTWARE INC: These positions serve as satellite holdings. MercadoLibre was a new entry, while Unity represents a small, reduced position (1.70% of the portfolio).