Once Capital Management, LLC

The portfolio has become extremely concentrated, decreasing to just 13 holdings. The top five positions now constitute approximately 93.7% of the total portfolio value. This high-conviction approach suggests a move away from broad diversification toward a select few high-growth or high-impact names. The consolidation of capital into fewer assets indicates that the firm is seeking to maximize exposure to specific winners rather than hedging across a broader basket of securities.

Key Holdings

The portfolio is dominated by a "barbell" strategy heavily weighted toward established technology leaders and speculative high-growth opportunities.