MIC Capital Management UK LLP

2. Key Holdings

The portfolio is currently anchored by KLARNA GROUP PLC, which is the single largest holding at $99.50 million, representing 29.02% of the portfolio. This new position indicates a massive reallocation of capital into the fintech space. Following Klarna, RECURSION PHARMACEUTICALS (RXRX) is the second-largest holding at $47.06 million (13.73%), and COUPANG INC (CPNG) is the third at $45.50 million (13.27%).

Notably, the portfolio includes a mix of high-growth technology and consumer cyclical stocks. META PLATFORMS (META) holds a significant position at $24.45 million (7.13%), providing exposure to large-cap communication services. The presence of ALIBABA (BABA) at $26.81 million (7.82%) suggests a specific tilt toward Asian tech giants, while GRAB HOLDINGS ($30.10M) adds to the Asian growth exposure. The top 11 holdings are fairly evenly distributed outside of the dominant Klarna position, with values ranging from roughly $99 million down to $1.4 million.