RWC Asset Management LLP

Key Holdings

The portfolio is characterized by a few dominant positions that represent outsized bets on specific companies.

• Top Conviction Bets: The two largest positions, Macy’s (M) and HP Inc. (HPQ), are remarkably concentrated, representing 13.30% and 10.88% of the portfolio, respectively. Macy’s is a significant overweight position, valued at $195.5 million, suggesting a deep-value or special-situation thesis on the retailer. HP Inc. ($159.9M) indicates a focus on cash-flow-rich technology hardware.
• Utilities Concentration: Exelon Corp (EXC) is the third-largest holding at 6.02%, reinforcing the portfolio's tilt toward stable, income-generating utilities.
• Diversified Mix: Beyond the top three, the holdings drop off in concentration, ranging from roughly 3% to 2.5%. Notable names include Molson Coors (TAP), Gold Fields (GFI), and Constellation Energy (CEG). This suggests a barbell strategy where the firm holds massive positions in undervalued or distressed plays while diversifying the remaining capital across growth and defensive sectors.