Long Focus Capital Management, LLC

2. Key Holdings

The portfolio is characterized by a "barbell" structure, featuring massive concentration in top-tier positions contrasted with a long tail of smaller, often more speculative, holdings.

• Communication Services Dominance: The most striking feature is the overwhelming weight in cable and media assets. Comcast (CMCSA) is the largest holding, accounting for 25.14% of the portfolio ($593.81M). Charter Communications (CHTR) is the second-largest at 13.47% ($318.17M). Combined, these two positions represent nearly 39% of the entire fund's value. This indicates an extremely strong bullish conviction on the U.S. cable/broadband sector.
• Significant Adjustments in Top Positions: While Barrick Gold (B) remains a top 5 position (4.56%), the firm aggressively reduced this stake by 74.8% (selling $191.84M worth of shares), signaling a pivot away from gold or a need to free up capital.
• Diversified Conviction Picks: Outside of the top two, the third through tenth positions range from 2.5% to 4.5% of the portfolio, including FTAI Aviation, Energy Transfer (ET), Centene (CNC), and PayPal (PYPL).