SANDLER CAPITAL MANAGEMENT

Taiwan Semiconductor remains the anchor position at $11.7M, though it was trimmed from $13M to $11.7M inside the quarter. Keysight Technologies — the semiconductor and network test-and-measurement equipment company — was increased from $10.1M to $9.3M in absolute terms but grew in shares. That distinction matters: the share count went up while the absolute value went down, which means Keysight's stock was under pressure during the quarter and the manager was buying into weakness inside a name it considers a core thesis. TKO Group Holdings, the WWE/UFC parent, was sold from $9.5M to $6.5M inside the quarter — a 28-percent reduction in a position the manager clearly still owns but at a smaller scale. Madison Square Garden Sports (the arena-and-team-holding company) was increased 20 percent, growing from $5.1M to $5.2M. EastGroup Properties — a net-lease industrial REIT focused on Sun Belt warehouses — was increased to $4.8M. Prologis also increased in shares but fell in absolute value, a pattern consistent with industrial-warehouse REITs facing mark-to-market headwinds.