SANDERS MORRIS HARRIS LLC

The portfolio currently holds 35 securities, indicating a shift toward a more consolidated, albeit highly concentrated, strategy. The number of holdings decreased significantly compared to the previous quarter (where 45 positions were sold, implying a much larger prior count). The turnover is exceptional, suggesting a complete overhaul of the investment thesis or a substantial capital reallocation (such as a large distribution or redemption) that necessitated a liquidation of legacy assets.

2. Key Holdings

The most striking feature of the current portfolio is its extreme concentration in a single asset. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100, is the dominant position with a value of $37.37 million, accounting for 57.74% of the entire portfolio. This suggests a strong "barbell" or core-satellite approach where the firm seeks broad market exposure—specifically to large-cap technology growth—as its primary anchor.