Praesidium Investment Management Company, LLC

2. Key Holdings

The portfolio is dominated by mid-to-large cap technology companies, with a specific focus on software and cloud infrastructure.

• INTA (Intapp Inc) is the largest holding, comprising 22.48% of the portfolio ($71.29M). Praesidium increased this stake by 26.2% during the quarter, signaling strong conviction in the company’s vertical software strategy for the professional services sector.
• JFROG Ltd follows closely as the second-largest position at 22.32% ($70.80M). Despite a minor reduction of 1.9%, it remains a core holding, suggesting a continued bullish outlook on DevOps and software update management.
• NOW (ServiceNow Inc) represents the "blue chip" anchor of the portfolio at 19.52% ($61.90M). While Praesidium reduced this position by 1.7% (approx. $8.43M), likely for profit-taking or rebalancing, it remains a significant allocation.
• ALKT (Alkami Technology Inc) and Procore Technologies Inc are the fourth and fifth holdings, at 15.80% and 15.03%, respectively. Both positions saw aggressive accumulation, with Procore more than doubling (+116.9%) and Alkami increasing by 30.4%. This indicates a strong appetite for growth in vertical-specific cloud solutions (banking for Alkami, construction for Procore).