MWG Management Ltd.

2. Key Holdings

The portfolio is dominated by three specific positions, two of which are identified within the Healthcare sector:

• BEAM THERAPEUTICS INC (BEAM): This is the cornerstone holding, valued at $55.02 million, representing 67.66% of the total portfolio. The position consists of 2.27 million shares. The sheer size of this allocation indicates that the fund has immense confidence in the specific prospects of Beam Therapeutics, likely related to their base-editing technology pipeline. The performance of this single stock will be the primary driver of the fund's future returns.
• LYELL IMMUNOPHARMA INC: This is the second-largest position, valued at $16.37 million (20.13% of the portfolio), comprising 1.01 million shares. While the sector classification is listed as "Unknown" in the summary data, Lyell is historically a biotechnology firm focused on T-cell therapies. Its presence as a top-three holding further reinforces a thematic tilt towards cellular and genetic therapies.
• PRIME MEDICINE INC (PRME): The smallest position, valued at $9.93 million (12.21% of the portfolio), consists of 1.79 million shares. Like Beam, Prime Medicine is a player in the gene editing space (specifically prime editing). This creates a "basket" approach to gene editing technologies within the portfolio.