Simcoe Capital Management, LLC

Key Holdings

The portfolio exhibits a "barbell" structure, with the top four holdings commanding a substantial majority of assets.

• Top Conviction: United Parks & Resorts Inc (PRKS) remains the largest position at $80.56 million (19.19% of the portfolio), despite a reduction of 28.0% during the quarter. This indicates a continued bullish outlook on the consumer leisure/recovery theme, albeit with some risk management or profit-taking.
• Core Positions: Flex Ltd (FLEX) and WisdomTree Inc (WT) are the second and third largest holdings, comprising 15.72% and 15.62% of the portfolio, respectively. Donnelley Financial Solutions (DFIN) follows closely at 14.55%.
• Concentration Risk: The top four positions alone account for approximately 65% of the total portfolio value. This high concentration implies that Simcoe Capital’s performance is heavily correlated with the specific success of these mid-to-large cap companies.
• Significant Increases: Ingevity Corp (NGVT) saw a massive addition of $24.59 million (+49.4%), bringing its total weight to 12.27% and solidifying its status as a top-five holding.