MASON CAPITAL MANAGEMENT LLC

2. Key Holdings

The portfolio is dominated by a single massive position in ATS Corporation, which accounts for 86.69% of the total portfolio value ($407.77 million). With 15.56 million shares held, this is clearly the firm's primary bet. Such a heavy concentration in a single name indicates an activist or deep-value inclination where the firm seeks to exert influence or capture a specific upside scenario associated with ATS.

The second largest holding is Kenvue Inc. (KVUE), representing 8.95% of the portfolio ($42.12 million). This provides a degree of stability and exposure to the consumer healthcare sector. The third position, Clear Channel Outdoor Holdings (CCO), comprises 3.30% ($15.53 million) of the assets. Notably, the smallest positions are Mesa Laboratories Inc. (MLAB) at 1.00% and a negligible position in Signature Bank at 0.06%, the latter of which likely represents a residual claim or special situation given its minimal size relative to the total AUM.