MARATHON ASSET MANAGEMENT LP

The portfolio is currently highly concentrated, containing only 12 holdings. This indicates a high-conviction strategy where capital is deployed into a select set of ideas rather than broad diversification. The turnover rate for the quarter was exceptionally high; the manager completely exited 7 positions and initiated **2 new ones, representing a major restructuring of the fund's exposure. The largest single driver of the portfolio reduction was the liquidation of GrafTech International Ltd., which previously accounted for nearly 45% of the fund's total value.

2. Key Holdings

The current portfolio is dominated by a few large, idiosyncratic bets, with the top three positions comprising over 52% of the total value.