Shellback Capital, LP

The portfolio currently consists of 50 holdings, indicating a focused investment strategy with a roughly equal-weighted bias. The largest position, Ulta Beauty, constitutes 8.39% of the portfolio, and the top ten positions account for approximately 48% of total assets. This suggests a conviction-based approach where the manager concentrates capital on specific high-conviction ideas rather than broad diversification.

2. Key Holdings

The composition of the top holdings reflects a distinct tilt toward consumer discretion and technology-enabled platforms.

• Consumer Cyclical Dominance: Ulta Beauty (ULTA) remains the largest holding at $69.34 million (8.39%), despite an 8.1% reduction. This indicates a continued belief in the beauty retailer's fundamentals despite the position trim. Wayfair (W) and DraftKings (DKNG) are also major top-ten holdings, suggesting the firm is positioning for a recovery in discretionary consumer spending and online engagement.
• Communication & Tech Platforms: Netflix (NFLX) ($44.36M) and Meta (META) ($36.72M) represent significant allocations to the digital advertising and streaming sectors. Notably, Netflix was the largest position increase during the quarter, growing by 85%, signaling strong conviction in its continued subscriber growth and pricing power.
• New Conviction Names: The top ten includes significant new stakes in DoorDash (DASH) ($32.64M) and Oracle (ORCL) ($31.67M). These entries, alongside new positions in Goldman Sachs (GS) and Agilent Technologies (A), suggest a pivot toward established large-cap profitability and infrastructure.