Radcliffe Capital Management, L.P.

Key Holdings

The portfolio is characterized by high concentration in its top names, with the top five positions accounting for approximately 36.15% of the total assets.

• Enphase Energy Inc. (ENPH) is the dominant holding, comprising 8.63% of the portfolio. Interestingly, the firm holds Enphase in two distinct lots (ranked #1 and #10), totaling roughly $176 million. This suggests a staggered entry strategy or the management of separate mandates with different cost bases.
• DexCom Inc. (DXCM) represents the second-largest position at 7.33%. As a new position this quarter, this indicates a strong conviction in the medical device and diabetes care space.
• New Mountain Finance Corporation (NMFC) is the third-largest holding at 7.08% and is a notable outlier among the top holdings as a Business Development Company (BDC), providing income and exposure to private credit.
• Teladoc Health Inc (TDOC) and Fiverr International Ltd (FVRR) round out the top five, at 6.71% and 6.40%, respectively. Both positions saw significant increases this quarter, signaling a bullish turnaround thesis on these former high-flying growth stocks.