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2. Key Holdings

The portfolio is dominated by two primary positions: EQT Corp (EQT) and Net Power Inc Class A.

• EQT Corp (73.37% allocation): EQT is the unequivocal anchor of the portfolio, valued at $103.99 million. This massive allocation to a single natural gas producer signals an aggressive bullish stance on the energy sector, specifically natural gas. Despite a reported reduction of $7.45 million in stake value, the position remains overwhelmingly dominant. This suggests that while the manager may have taken some profits or rebalanced due to market fluctuations, their fundamental conviction in EQT remains unshaken.
• Net Power Inc Class A (21.11% allocation): Net Power is the second-largest holding at $29.91 million. Combined with its associated warrants (holding 2.83%), the Net Power complex represents nearly 24% of the portfolio. This indicates a strong thematic bet on clean energy technology and carbon capture, specifically within the power generation sector.
• Net Power Inc Warrants (2.83% allocation): The inclusion of warrants alongside the common stock suggests a strategy aimed at leveraging upside potential while maintaining a specific risk/reward profile associated with the company's equity.