MAK CAPITAL ONE LLC

2. Key Holdings

The portfolio is characterized by extreme concentration at the top. The single largest position, Agilysys Inc (AGYS), represents a massive 52.19% of the total portfolio value, amounting to $160.01 million. This dominance suggests that the fund's performance is inextricably linked to the fortunes of this single technology holding.

The remaining top holdings provide a mix of technology and healthcare exposure, though with significantly lower weightings:

• Autolus Therapeutics plc ($42.41M): The second-largest holding at 13.83%, representing a significant bet on the biotechnology/small-cap healthcare space.
• PROS Holdings Inc (PRO) ($32.38M): A core technology holding comprising 10.56% of the portfolio. The firm aggressively increased this stake during the quarter, signaling strong conviction in the company’s revenue optimization software.
• Standard Biotools Inc ($20.71M): Represents 6.76% of the portfolio and was nearly tripled in size during the quarter.
• Grupo Supervielle S.A. ($19.80M): The sole significant financial services exposure, accounting for 6.46% of assets.