Mount Capital Ltd

2. Key Holdings

The portfolio is dominated by two specific equity positions that account for roughly two-thirds of the fund's value:

• CHTR (Charter Communications Inc): This is the largest holding, valued at $24.56M and representing 33.38% of the portfolio. Mount Capital significantly increased this position during the quarter by 133.5% (adding $8.93M). This aggressive accumulation amidst a general portfolio liquidation signals a very high level of conviction in Charter Communications, suggesting the firm views it as undervalued or poised for a turnaround relative to the rest of the market.
• NOMAD FOODS LTD: The second largest holding, valued at $23.39M (31.79% allocation). With 1.78M shares, this represents a massive stake in the frozen foods company. The stability of this position (unchanged during the quarter) contrasts with the volatility seen elsewhere in the portfolio.
• SPY (SPDR S&P 500 ETF): The only diversified index position, holding 14.67% of the portfolio. However, the firm reduced this exposure by 32.8% ($4.10M) during the quarter. This reduction indicates a preference for raising cash or reallocating capital into specific high-conviction names (like CHTR) rather than maintaining broad market exposure.
• ALTICE USA INC: Represents 12.74% of the portfolio ($9.37M). Alongside Charter, this reinforces a heavy tilt toward the telecommunications/cable infrastructure sector.
• SPGI (S&P Global Inc): The smallest holding at 7.42% ($5.46M), providing some exposure to financial data and analytics.