Nishkama Capital, LLC

2. Key Holdings

The portfolio is dominated by a massive allocation to passive market exposure, with the SPDR S&P 500 ETF (SPY) serving as the cornerstone holding. Valued at $892.02 million, SPY constitutes 44.68% of the entire portfolio. This represents a significant increase of 52.6% during the quarter, adding nearly $350 million in value. This suggests the manager is hedging active risk by maintaining nearly half the fund's assets in a broad market index.

Outside of SPY, the fund adopts an equal-weighted, high-conviction approach to its active picks. The top active positions include AppLovin (APP) at 3.91%, Capital One (COF) at 2.82%, and Hewlett Packard Enterprise (HPE) at 2.74%. Notably, the largest active position (APP) is less than 4% of the portfolio, which contrasts sharply with the 45% allocated to the S&P 500 ETF. This structure implies a "core-satellite" strategy where the "core" is the S&P 500, and the "satellites" are a diverse array of growth and value stocks.