RAMSEY QUANTITATIVE SYSTEMS

The portfolio demonstrates exceptionally low diversification in terms of individual security weights, with the top position commanding over 90% of the total assets. The turnover during this quarter was significant, evidenced by 11 new positions and 1 exit. This suggests a dynamic strategy where the "satellite" positions are actively managed, while the "core" position remains largely stable.

2. Key Holdings

The portfolio is dominated by a single massive position in the SPDR S&P 500 ETF (SPY), which holds a value of $100.64 million. This represents 91.62% of the entire portfolio. The firm slightly reduced this stake by 1.2% (approximately $1.1 million), likely to fund the new positions initiated during the quarter. This overwhelming allocation to SPY indicates that the firm's primary performance engine is passive exposure to the broad U.S. equity market.