Silver Heights Capital Management Inc

Key Holdings

The sole holding in the portfolio is Iridium Communications Inc. (IRDM), representing 100% of the total value at $90.61 million. The position consists of 5.19 million shares. While the fund exited three other major positions, it actually increased its exposure to IRDM by 22.7% during the quarter, adding approximately $36.95 million to the stake. This suggests that the capital raised from selling other positions was partially reallocated into Iridium, rather than simply being returned to investors or held as cash. The decision to hold only Iridium implies that the firm views this specific satellite communications company as possessing a risk-reward profile superior to all other available opportunities, including the high-flying industrial and consumer cyclical stocks it previously held.