OBERNDORF WILLIAM E

Key Holdings

The portfolio is currently dominated by three major positions, each representing a distinct asset class or market segment.

• Monday.com Ltd (MNDY): This is the largest holding, valued at $13.58 million, comprising 41.87% of the portfolio. The position consists of 70,000 shares. The manager increased this stake by 9.5% (adding $6.56 million), signaling strong conviction in the company’s growth trajectory despite the overall portfolio reduction.
• UnitedHealth Group Inc (UNH): Representing 37.85% of the portfolio ($12.28 million), this is a new position initiated during the quarter. With 36,000 shares, the establishment of such a large stake immediately suggests a defensive tilt or a valuation play within the healthcare sector.
• Sprott Physical Gold Trust (PHYS): This position serves as a hedge or defensive asset, accounting for 20.29% of the portfolio ($6.58 million). The manager aggressively increased this position by 37.9% (adding $2.50 million), bringing the total holding to 222,000 shares. This indicates a desire for exposure to physical precious metals rather than industrial equities.