Myriad Asset Management US LP

Despite the reduction in capital, the manager maintains a diversified portfolio of 53 holdings. The activity level during the quarter was exceptionally high, characterized by a complete overhaul of the portfolio's composition. The data indicates 29 new positions, 14 complete exits, and 21 reduced stakes, with zero positions increased. This aggressive turnover rate signals a fundamental shift in the firm’s investment thesis or risk appetite, moving away from previous large-scale concentration in broad ETFs and Gold into a more fragmented mix of single stocks and sector-specific bets.

2. Key Holdings