Private Capital Management, LLC

The portfolio remains highly concentrated, holding 83 securities total. The strategy appears to be focused on a high-conviction, active management style with a distinct tilt toward small and mid-cap companies, rather than passive indexing. This is evidenced by the fact that the top 10 holdings account for approximately 59% of the total portfolio value. The fund manager executed a massive turnover this quarter, with 25 new positions initiated and **25 positions sold completely, indicating a substantial shift in strategy or risk management.

2. Key Holdings

The portfolio is dominated by a few specific high-conviction names, with QuinStreet, Inc. (QNST) retaining its position as the largest holding at $64.27 million (10.11% of the portfolio). Despite a reduction of $4.07 million in the stake, QNST remains a core anchor. The second and third largest positions, KKR & Co. Inc. (KKR) at 6.42% and Ligand Pharmaceuticals (LGND) at 6.33%, represent significant bets on the financial services and healthcare sectors, respectively.