PERRY CREEK CAPITAL LP

The fund maintains a highly focused investment strategy, holding just 10 securities. This lack of broad diversification indicates a high-conviction approach where capital is allocated selectively to the firm's best ideas. The portfolio is heavily top-heavy, with the top two holdings—First American Financial Corp and Performance Food Group Co—accounting for nearly 65% of the total assets under management (AUM). The turnover this quarter was notable, with the manager exiting two positions and initiating one new substantial holding, while significantly reducing exposure in two others.

Key Holdings

The portfolio is dominated by First American Financial Corp (FAF), which constitutes a massive 43.39% allocation ($64.81 million). This extreme concentration suggests that the firm has a very high degree of confidence in the financial services sector, specifically title insurance and risk management. A position of this size implies that the performance of FAF will be the primary driver of the fund's returns in the short term.