PSquared Asset Management AG

Concurrent with the reduction in size is a complete overhaul of the portfolio's composition. The number of holdings was trimmed from a broader list to a concentrated basket of 6 securities. The firm executed a "clean sweep" strategy, liquidating 7 previous positions and initiating 5 new ones. The portfolio is currently highly concentrated, with the top three holdings accounting for approximately 78.25% of the total value. This suggests a shift from a diversified approach to a high-conviction, selectivity-driven strategy.

Key Holdings

The portfolio is dominated by Solaris Res Inc, which comprises 44.88% of the total value ($25.04 million). Despite the massive portfolio turnover, this position remained largely stable, with only a marginal reduction of 0.2% (or approximately $7,000). This indicates that Solaris Res is likely a "core" position or a survivor of the firm's previous strategy that they continue to hold with conviction.