Northern Right Capital Management, L.P.

The firm executed a significant rotation during the quarter, characterized by high turnover. The manager exited 11 positions while initiating **5 new ones. This substantial churn indicates a dynamic management style that is not afraid to realize gains or cut losses to reallocate capital into what are perceived as better risk-reward opportunities. Despite the reduction in total portfolio value, the capital was redeployed aggressively into specific themes, particularly within financial services and consumer cyclical sectors.

Key Holdings

The portfolio is dominated by a few top-tier positions that command significant weight. The largest holding is News Corp (NWSA), representing 13.33% of the portfolio at $35.85 million. This is complemented by a smaller position in Fox Corp (FOX) and News Corp (NWS) (Class B), indicating a strong thematic bet on the media and communication services sector.