Nellore Capital Management LLC

The most significant observation for the quarter is the substantial reduction in portfolio size, which decreased by 41.9% from $891.97 million to $517.91 million. This capital reduction was driven primarily by the liquidation of major positions in large-cap technology and consumer discretionary stocks rather than solely by market depreciation. The turnover was aggressive, with the firm exiting six positions and initiating only one new, albeit minor, position. The activity indicates a pivot in strategy, potentially moving toward de-risking or reallocation toward a more focused set of core winners.

2. Key Holdings