PPM AMERICA INC/IL

Key Holdings

The portfolio is dominated by two primary positions that account for over 70% of the total assets.

1. USHY (iShares Broad USD High Yield Corporate Bond ETF): This is the largest holding, comprising 46.87% of the portfolio ($8.58M). This position was established during the quarter and represents a massive bet on high-yield fixed income. It provides income generation and diversification away from pure equity exposure.
2. MPLX LP (MPLX LP): Representing 23.80% of the portfolio ($4.36M), this midstream energy/industrial master limited partnership is the second-largest holding. With no change in share count (87K shares) during the quarter, the value appreciation here was likely driven by market performance or the price of the underlying asset.
3. Sangoma Technologies: This is the third-largest position, accounting for 18.59% of the portfolio ($3.40M). The substantial holding of 689K shares suggests strong conviction in this specific technology name, which was held steady from the previous quarter.