Note on data quality: the filing shows multiple apparent duplicate entries (for example, Porch Group, Evolent Health, AST SpaceMobile, Luminar/Lumentum appear more than once) and contradictory signals in the “new” vs “exited” lists (e.g., Lumentum appears both as a large exited position and a new/smaller position). The sector mapping in the provided extract is also unreliable (it reports $764.38M as “Unknown” and only $3.67M as “Technology”), so any sector conclusions based solely on the provided sector summary should be treated with caution. Investors should reconcile ticker-level data and price/share fields in the official 13F raw file before making trading decisions.
Key Holdings and Their Significance
- Seagate HDD Cayman ($44.51M, 5.75%): Largest individual holding. At ~5.8% of the portfolio, Seagate is a high‑conviction bet on data storage/hardware. Given its size, performance or corporate action in Seagate will meaningfully affect fund returns.
- AST SpaceMobile (combined entries appear to total ~ $50M if both lines are the same issuer) ($43.58M + $6.52M listed separately): Extremely large allocation to a single small-cap/space-technology name, suggesting either a core thematic holding or a reporting duplicate. This firm is the second-largest reported exposure and materially increases the portfolio’s idiosyncratic risk.
- Western Digital ($34.32M, 4.43%): Another major exposure to storage/hardware, reinforcing a substantive allocation to data storage/semiconductor supply chain equities.
- Tyler Independent School District (odd name on list at $32.04M, 4.14%): Appears significant but could be an odd ticker/mapping; requires reconciliation.
- IAC FinanceCo 2, Inc. ($28.43M, 3.67%): Large allocation to a special-purpose financing / corporate affiliate — indicates interest in corporate-structure or financing instruments.
- Other notable top positions: Porch Group (two entries totaling ~ $42.15M if combined), Ford Motor Company ($27.13M), Coinbase ($26.41M), Evergy ($25.25M), Uber ($24.29M), Live Nation ($22.10M). These reflect a mix of cyclical, fintech/crypto exposure and consumer/experience names.