Permit Capital, LLC

Key Holdings

The portfolio exhibits extreme concentration in its top holding, SBA Communications Corp (SBAC), which constitutes a massive 49.33% of the total portfolio value at approximately $111.74 million. This dominant position signals an outsized belief in the infrastructure and real estate investment trust (REIT) sector, specifically wireless communications towers. The remainder of the portfolio is distributed among large-cap technology and consumer discretionary names, though with significantly lower weightings.

Following SBAC, the second-largest holding is Expedia Group (EXPE) at 7.83%, representing a significant bet on the travel and leisure industrial sector. InterDigital Inc (IDCC), despite being reduced during the quarter, remains the third-largest holding at 6.35%. The "Magnificent Seven" tech giants are represented via Alphabet (GOOG) and Meta Platforms (META), which hold 5.05% and 4.86% of the portfolio, respectively. Other notable positions include Frontdoor (FTDR) and Match Group (MTCH), both hovering around the 4.5% to 4.6% range, indicating a focus on the digital economy and consumer services.