S Squared Technology, LLC

Key Holdings

The portfolio is characterized by a dominant set of top-tier positions that command significant weight. The largest holding, Symbotic Inc (SYM), represents 12.22% of the portfolio at $18.86 million, followed closely by Kratos Defense & Security (KTOS) at 11.81% ($18.23 million) and Universal Display Corp (OLED) at 9.68% ($14.94 million). The top five positions account for approximately 50.5% of the total portfolio value, demonstrating a high concentration risk but also strong conviction in these specific picks.

Notably, the top positions span different market themes: SYM focuses on warehouse automation and AI, KTOS on defense and unmanned systems, and OLED on display technology. Despite being the top holding, Symbotic saw a reduction of 27.1% in share count during the quarter, potentially indicating profit-taking or portfolio rebalancing. Conversely, positions like Ambarella and IPG Photonics saw significant capital injections, ranking them as the 5th and 7th largest holdings respectively.