Snow Phipps Group, LLC

Key Holdings

The portfolio is entirely composed of Velocity Financial Inc (VEL), which accounts for 100% of the total value at $242.23 million. The position consists of 13.35 million shares. This absolute dominance implies that Snow Phipps views Velocity Financial as a standalone opportunity capable of driving the fund's returns, independent of other market sectors. With no other holdings to offset potential volatility, the fund's performance is now directly correlated with the price action of Velocity Financial. The fact that the position remained unchanged in share count during a quarter where the portfolio value dropped suggests the decline in value was market-driven rather than a result of the manager selling shares.