Potrero Capital Research LLC

2. Key Holdings

The portfolio is top-heavy, with the three largest positions accounting for approximately 60.6% of the total assets under management (AUM).

• SPY (SPDR S&P 500 ETF TR): This is the dominant holding, comprising 38.62% of the portfolio ($199.85M). This is a new position established this quarter. It serves as a significant liquidity buffer and a beta play on the broader US equity market.
• TLN (Talen Energy Corp): The largest active equity position represents 15.33% of the portfolio ($79.33M). Talen Energy, a utilities company, has been a focus area for investors interested in power generation and the intersection of energy and data center infrastructure.
• TAC (Transalta Corp): Another major utilities bet, representing 6.65% of the portfolio ($34.43M). Combined with Talen Energy, the manager has allocated over 22% of the fund to the utilities sector, suggesting a strong conviction thesis on power markets and potentially stable yield or infrastructure growth.
• Seagate Technology: Represents 3.75% of the portfolio, maintaining exposure to the data storage and hardware sector.