RIVULET CAPITAL, LLC

Key Holdings

The portfolio is dominated by high-quality, large-cap companies with strong competitive moats, primarily in the technology and financial sectors.

• Canadian Pacific Kansas City (CP): Representing 17.07% of the portfolio ($89.81M), this is the largest holding. Despite a 10.1% reduction in shares during the quarter, CP remains the anchor position, reflecting a continued belief in the industrial and rail logistics thesis.
• Workday Inc (WDAY): This is the second-largest holding at 16.62% ($87.42M). The reduction of 7.8% suggests minor profit-taking or rebalancing, but maintaining a double-digit allocation indicates strong confidence in the enterprise software sector.
• SBA Communications (SBAC): The only position to see an increase in stake (+12.3%), SBAC occupies 13.27% of the portfolio. This highlights a constructive view on the real estate investment trust (REIT) and telecommunications infrastructure sector.
• SomniGroup International (SGI): A notable outlier as a smaller-cap name within the Consumer Cyclical sector, SGI makes up 12.66% of the portfolio. However, the firm reduced this stake by 42.2%, suggesting a de-risking of this particular position.
• Mastercard (MA): Maintaining a 12.59% allocation, Mastercard underscores the firm's preference for "moat-heavy" financial payments processors.