OXFORD ASSET MANAGEMENT LLP

Key Holdings

• KEL (Kellanova) — $639.66K, 8,000 shares, 37.84% of portfolio. This is one of two near-equal anchor positions; it represents a large single-name exposure relative to portfolio size.
• AEBA (ALLETE Inc) — $638.47K, 10,000 shares, 37.77% of portfolio. Effectively equal-weighted with KEL, forming the other anchor position.
• IPG (Interpublic Group) — $412.48K, 15,000 shares, 24.40% of portfolio. The only new position this quarter; it is materially smaller than the two anchors but still represents almost one-quarter of assets.

Significance: the top two holdings dominate the portfolio and are roughly equal in dollar exposure, implying deliberate large stakes in two names rather than many small positions. IPG’s 24.4% weight is meaningful and materially changed the portfolio composition relative to the prior quarter.