Spear Holdings RSC Ltd

Spear Holdings RSC's book grew from $567.2 million to $1.0 billion in a single quarter — and the growth wasn't just price appreciation. The fund built a healthcare sector allocation from scratch: UnitedHealth Group ($82.0 million), Danaher ($52.9 million), Eli Lilly ($34.7 million) and Thermo Fisher Scientific ($29.8 million) are all brand-new positions, together nearly $200 million committed to a sector the fund held zero of last quarter. At the same time, two positions that were near-token stakes became major holdings: Taiwan Semiconductor went from 1,823 shares to 240,535 (a 130x increase, $80.7 million in real flow, the single largest move in the book), and Alphabet grew more than 9x (+$59.7 million). A new $66.2 million stake in the iShares China Large-Cap ETF adds a further, distinct geographic bet. On the reduction side, Sherwin-Williams was cut 26.4% (-$24.1 million) and TransUnion was sold entirely (-$52.1 million) — even as Microsoft, still the largest single holding, saw its share of the book roughly halve (from 21.9% to 10.4%) as the portfolio diversified around it.