Liberty Street Advisors, Inc.

2. Key Holdings

The portfolio is dominated by a few large, illiquid or pre-IPO positions, indicating a strategy focused on private equity or late-stage venture capital accessible through public market mechanisms or special purpose vehicles.

• Beta Technologies Inc. (47.15%): This is the portfolio's largest position, valued at $28.19 million. The allocation of nearly half the fund's assets to a single name indicates an extremely high conviction in the electric aviation sector. The size of the stake (999,000 shares) suggests this is a foundational holding for the firm.
• Voyager Technologies Inc. (29.81%): The second-largest holding, valued at $17.82 million, reinforces the portfolio's tilt toward "deep tech" or advanced transportation/technology solutions. Combined with Beta Technologies, these two names account for nearly 77% of the entire portfolio's value.
• Circle Internet Group Inc. (CRCL) (17.24%): The only holding classified under Financial Services, this $10.31 million position provides exposure to the digital asset infrastructure and fintech sector. It serves as a diversifier away from the hardware/transportation focus of the top two holdings.
• Omada Health Inc. (5.80%): The smallest position at $3.47 million represents the healthcare sector. While currently a minor allocation, the firm has maintained a stake here despite reducing it, suggesting they still see long-term value but are prioritizing capital elsewhere.