SOUTHEASTERN ASSET MANAGEMENT INC/TN/

2. Key Holdings

The portfolio is anchored by a heavy weighting in CNX Resources Corp (CNX), which occupies the top position at $152.65 million, representing 15.46% of the portfolio. This significant allocation underscores a strong conviction in the energy sector, specifically natural gas. The second and third largest holdings, IAC Inc (IAC) at 9.55% and FedEx Corp (FDX) at 8.94%, respectively, demonstrate a tilt toward undervalued or turnaround situations within technology and industrials.

Other notable concentrations include Regeneron Pharmaceuticals (REGN) at 8.24% and Avantor Inc (AVTR) at 6.51%. The presence of smaller-capitalization or less liquid names such as ACM Research (ACMR) and SharkNinja in the top ten further reinforces the manager's willingness to look beyond large-cap indexes for value. The portfolio's top five holdings alone comprise nearly 49% of the total assets, indicating that performance will be heavily dependent on the specific outcomes of these select investments.