MBB PUBLIC MARKETS I LLC

Key Holdings

The portfolio is characterized by a "barbell" strategy, heavily weighted toward a few mega-cap liquid names and specific industrial/financial plays, while maintaining a long tail of smaller, new positions.

• The Progressive Corp (PGR): This is the dominant holding, comprising 24.47% of the portfolio ($184.12M). The firm increased its stake by 26.4% during the quarter, adding $26.69 million. This signals strong conviction in the insurance underwriter, likely viewing it as a compounder with strong fundamentals.
• AerCap Holdings NV: The second-largest position at 18.23% ($137.14M). This was the largest absolute increase in the portfolio, growing by 34.7% (an addition of $38.70M). This suggests a bullish outlook on aviation leasing and global trade.
• Amazon.com Inc (AMZN): Representing 12.82% of the portfolio, AMZN saw a massive 63.2% increase in stake value ($37.38M added). This move aligns the portfolio with the consumer cyclical and technology sectors' growth trends.
• Ferguson Enterprises (FERG): A solid industrial holding at 8.74% ($65.75M), which was increased by 9.3%. Ferguson provides exposure to the non-residential construction and repair markets.