NUANCE INVESTMENTS, LLC

2. Key Holdings

The portfolio is dominated by a few large-cap and mid-cap positions, indicating a "best ideas" approach.

• INFORMATICA INC (INFA1EUR): This is the largest position, valued at $61.19 million, representing 23.30% of the portfolio. The firm significantly increased its stake by 37.7% (adding $17.63 million), signaling strong conviction in the technology infrastructure or data management sector.
• SOLVENTUM CORP (SOLV): The second-largest holding at $50.88 million (19.38% allocation). Despite a reduction of 21.1% ($16.12 million), it remains a core anchor of the portfolio, suggesting a continued but perhaps more cautious outlook on this healthcare spin-off.
• ASPEN INSURANCE HOLDINGS LTD: A new entry and immediately the third-largest position at $43.98 million (16.75% allocation). This is a massive capital deployment, constituting over one-sixth of the entire fund's assets in a single new insurance position.
• IDEX CORP (IEX): A doubled-down position, with the stake increasing by 102.3% ($12.35 million added). It now sits at 10.08% of the portfolio, reinforcing a tilt toward high-quality applied technology and fluidics.