Owls Nest Partners IA, LLC

The portfolio exhibits extreme concentration risk, with the top three holdings accounting for approximately 61.8% of the total assets. This structure suggests that the firm relies on deep, fundamental research on a select group of companies rather than broad diversification. The reduction in the number of holdings (from a higher implied count in the previous quarter to just 12 currently) indicates a strategy of pruning marginal ideas to double down on core convictions.

2. Key Holdings