Morangie Management LLC

2. Key Holdings

The portfolio is top-heavy, with the largest positions commanding significant weightings, yet no single security exceeds 12% of the total assets, indicating a disciplined approach to concentration risk.

• Top Positions: The SPDR S&P 500 ETF (SPY) is the largest holding at $14.09M (11.21%), serving as a liquidity anchor and a baseline for market performance. It is closely followed by Klaviyo Inc. (KVYO) at $13.98M (11.13%) and Amazon.com Inc. (AMZN) at $12.38M (9.85%). The proximity in value between the passive ETF (SPY) and the largest active equity pick (KVYO) highlights a balance between market exposure and idiosyncratic alpha seeking.
• High Conviction Names: DraftKings (DKNG) remains a major focus at $11.36M (9.04%), despite seeing a reduction in the quarter.
• New Major Additions: The quarter saw the immediate establishment of mega-cap positions. Amazon (AMZN) entered as a top-3 position immediately. Similarly, Apple (AAPL) ($6.70M) and Microsoft (MSFT) ($3.94M) were added with significant capital, signaling a shift toward large-cap technology stability.
• Financials Exposure: The firm holds substantial positions in major financial institutions, including Goldman Sachs (GS) ($6.86M), Morgan Stanley (MS) ($6.58M), JPMorgan (JPM) ($5.95M), and Bank of America (BAC) ($5.67M).