PEREGRINE INVESTMENT MANAGEMENT INC

2. Key Holdings

The portfolio is anchored in high-growth technology and semiconductor plays, with a distinct tilt toward specific sub-sectors such as data center connectivity and timing.

• Astera Labs Inc. (ALAB) remains the largest holding, valued at $19.01 million (15.10% allocation). Despite being the top position, the firm reduced its stake by 33.5% ($5.80 million) during the quarter. This suggests a strategy of banking profits or managing risk as the position grew, while maintaining a significant "core" exposure.
• SiTime Corp. (SITM) is the second-largest holding at $16.21 million (12.88%). Peregrine reduced this position by 20.7%, indicating a similar trimming of high-momentum semiconductor exposure.
• Broadcom Inc. (AVGO) and Meta Platforms Inc. (META) serve as the "mega-cap" stabilizers within the portfolio, holding the 3rd and 4th spots with allocations of 9.74% and 9.69%, respectively. Both positions saw slight increases of approximately 1.4%, signaling confidence in the large-cap tech trade even as smaller positions were churned.
• Valterra Platinum Ltd is a notable outlier in the top five. As a new position comprising 7.50% of the portfolio ($9.44M), it represents a significant allocation to materials/mining, contrasting sharply with the tech-heavy focus of the rest of the portfolio.