Polar Asset Management Partners Inc.

Key Holdings

The portfolio is anchored by a massive liquidity position in the SPDR S&P 500 ETF Trust (SPY), which is the largest holding at $1.49 billion (24.75% of the portfolio). Despite being the largest position, the firm reduced this stake by 12.5% during the quarter, suggesting a tactical rotation from broad market exposure into specific opportunities.

Beyond the index ETF, the top active positions reveal a distinct preference for disruptive technology and event-driven names:

• InterDigital Inc ($275.53M): Represents the largest active equity position (4.58% of portfolio), indicating a strong bet on wireless technology and patent licensing.
• Live Nation Entertainment ($227.17M): A top conviction holding that was increased by 40% during the quarter, showing confidence in the live entertainment ecosystem.
• NVIDIA Corporation ($173.98M): A major technology position that was aggressively increased by 433.8%, aligning the firm with the AI infrastructure trade.
• Axon Enterprise ($132.86M) & Granite Construction ($132.83M): These two similarly sized positions suggest exposure to secular growth trends in public safety technology and infrastructure.