Portman Square Capital LLP

2. Key Holdings

The portfolio is characterized by a concentration in high-conviction names, with the top 10 positions accounting for approximately 42% of the total portfolio value.

• NextEra Energy (NEE): This is the dominant holding, comprising 9.18% of the portfolio ($207.68M). Despite the "Exited Positions" list showing previous sales of NEE, the fund maintained or re-established a massive position, suggesting a strong long-term conviction in the utilities/renewables sector.
• SPDR Gold Trust (GLD): The second-largest holding at 6.27% ($141.88M) indicates a defensive posture. The significant allocation to gold suggests the fund is hedging against inflation or market volatility.
• The Boeing Company (BA): A new top-tier position representing 4.91% ($111.01M). This sizable new stake implies a view that the aerospace giant is undervalued or poised for a turnaround following recent industry headwinds.
• KKR & Co. Inc. (KKR): Despite reducing the stake by 22.2%, KKR remains a major financial services holding at 4.15% ($93.75M), reflecting continued exposure to alternative asset management.
• Southern Co. (SO): The utility sector is clearly a favorite, with Southern Co. (and its listed variants) appearing prominently, accounting for nearly 8% of the portfolio when aggregated.