MOON CAPITAL MANAGEMENT LP

Key Holdings

The portfolio is currently dominated by precious metals mining exposure, which constitutes the top three positions and accounts for approximately 77.1% of the total assets.

• GDX (VanEck Gold Miners ETF): This is the largest holding, valued at $4.52 million and representing 30.52% of the portfolio. It provides exposure to senior gold mining companies.
• GDXJ (VanEck Junior Gold Miners ETF): The second-largest position, valued at $4.02 million (27.19% allocation), focuses on small- and mid-cap gold mining companies. The combination of GDX and GDXJ suggests a leveraged bet on the price of gold and the operational efficiency of mining firms across market capitalizations.
• I-80 GOLD CORP: A specific equity position in a gold mining company, valued at $2.87 million (19.37% allocation). This indicates a conviction play on a specific operator within the sector, distinct from the broad exposure provided by the ETFs.
• General Motors (GM): The only non-commodity holding in the top five, GM represents 17.70% of the portfolio ($2.62 million). This is a notable concentration in a single consumer cyclical stock, standing in stark contrast to the firm's previous diversified automotive holdings.
• Vox Royalty Corp: A smaller position valued at $774,000 (5.23%), maintaining the portfolio's thematic focus on resources and royalties.