Solel Partners LP

2. Key Holdings

The portfolio is dominated by a few large-cap positions, with the top three holdings accounting for approximately 49.7% of total assets.

• UnitedHealth Group (UNH): Remaining the largest position at $71.31 million (19.38%), UNH is a clear anchor for the portfolio. The firm increased this stake by 10.1% (adding $12.81 million) during a quarter where it was reducing exposure elsewhere, suggesting a strong defensive conviction in the managed care sector despite potential market volatility.
• Brightstar Lottery PLC: Representing 16.04% of the portfolio ($59.00M), this is a significant, non-traditional allocation. The firm reduced this position by 23.7%, yet it remains the second-largest holding, implying a specialized focus on niche or international opportunities that may offer uncorrelated returns.
• Synchrony Financial (SYF): Despite a substantial reduction of 39.0% ($28.36M sold), SYF remains the third-largest holding at 14.27%. This suggests a profit-taking move or a risk-reduction strategy within the financial services sector while maintaining a core exposure to consumer credit.