Maple Rock Capital Partners Inc.

The firm executed a high-velocity turnover strategy this quarter. The portfolio structure underwent a major transformation, evidenced by the exit of 24 positions and the initiation of 6 new ones. The number of holdings was streamlined from a higher count (implied by the exit list) to a concentrated list of 22 securities. This suggests a shift toward higher conviction in fewer names rather than broad diversification. With the top 10 positions accounting for approximately 76% of the portfolio, the firm employs a focused, high-conviction investment style with significant idiosyncratic risk.

2. Key Holdings