R Squared Ltd

Key Holdings

The top holdings list reveals a mix of turnaround plays, industrial stalwarts, and technology giants.

• Frontier Communications (FYBR) is the largest holding at $5.48M (2.56%). The manager significantly increased this position by 75.4% during the quarter, adding $2.42M. This indicates a strong conviction in the telecommunications company's restructuring efforts or operational turnaround.
• Linde PLC holds the second spot at $4.42M (2.06%). As a global industrial gas leader, it provides defensive stability and industrial exposure. The stake was increased by nearly 80%, reinforcing the manager's view on the industrial sector's resilience.
• Top Tier Tech & Finance: New positions in BlackRock (BLK) ($3.51M), Electronic Arts (EA) ($3.49M), and Microsoft (MSFT) ($2.00M) immediately entered the top ten. This demonstrates a decisive move to establish exposure to leading financial infrastructure and secular technology trends.
• NVIDIA (NVDA) remains a top holding at $2.22M, though it was one of the few positions to see a minor reduction of 3.8%. This suggests the manager is taking profits or trimming high-flying names to rebalance after the sector's run-up.