Linden Thomas Advisory Services, LLC

The portfolio remains highly diversified, holding 485 positions. However, the composition is notably fragmented. Despite the large AUM, the largest position, NVIDIA, constitutes only 3.56% of the portfolio. This indicates a "core and satellite" or highly diversified approach where risk is spread across hundreds of names rather than concentrated in a few high-conviction bets. The turnover for the quarter was active but not disruptive, with the manager executing 54 distinct changes (27 new buys and 27 complete exits) while adjusting stakes in 23 other positions.

2. Key Holdings