Panview Capital Ltd

2. Key Holdings

The portfolio is anchored by two distinct high-conviction bets in the technology and resources sectors, followed by a mix of value and specialized plays.

• AppLovin Corp (APP): Remaining the largest single equity position at $54.38 million (24.88%), AppLovin continues to be a core holding. However, its dominance has waned significantly due to a 70.3% reduction in shares. Despite selling nearly $35 million worth of stock, Panview retains a substantial 76,000-share stake, suggesting continued belief in the company's ad-tech fundamentals even after taking significant profits or managing risk.
• VanEck Gold Miners ETF (GDX) & Junior Gold Miners ETF (GDXJ): These ETFs represent the largest combined sector allocation in the portfolio, totaling $102.83 million (47.05%). With GDXJ at 24.39% and GDX at 22.66%, the manager is maintaining a heavy overweight to gold mining equities. While these positions saw minor reductions of roughly 16-17% during the quarter, they remain the foundation of the portfolio's defensive or inflation-hedge strategy.
• VEON Ltd: Emerging as the third-largest holding at $22.48 million (10.29%), VEON Ltd represents a significant new capital deployment. This position indicates a tilt toward undervalued international telecom or emerging market opportunities.