NewGen Asset Management Ltd

2. Key Holdings

The portfolio is currently dominated by two distinct themes: broad market exposure and precious metals.

• SPDR S&P 500 ETF Trust (SPY): This is the largest single holding, accounting for $68.21M or 31.44% of the portfolio. This represents a massive new position of 100,000 shares, indicating a strategic decision to anchor the portfolio with liquid, large-cap U.S. equity exposure.
• Americas Gold and Silver Corp (USA): This is the second-largest position at $36.86M (16.99%). Interestingly, the data lists this as a "New Position" of 9.29M shares, yet it also appears in the "Exited Positions" list with a previous value of $25.93M. This suggests a complex transaction—likely a tax-loss swap, a repositioning between share classes, or a complete exit and subsequent re-entry at a different valuation basis.
• iShares Silver Trust (SLV): Comprising 10.14% of the portfolio ($22.00M), this significant new position underscores a strong bullish stance on silver, acting as both a monetary and industrial hedge.

Other notable top holdings include Barrick Gold Corp ($13.94M) and BlackBerry Ltd ($13.66M), further reinforcing the focus on basic materials and specific technology/industrial plays.