STEADFAST CAPITAL MANAGEMENT LP

Despite the reduction in capital, the fund maintains a concentrated portfolio structure, holding 66 positions. However, the turnover was exceptionally high this quarter. The fund executed a massive overhaul of its holdings, with 35 new positions initiated and **35 positions sold completely. This 100% turnover rate in the list of names suggests a pivot in strategy rather than mere portfolio trimming.

2. Key Holdings

The portfolio is top-heavy, with the largest positions commanding significant weight. The top three holdings—Alphabet (GOOGL), Flutter Entertainment, and Planet Fitness (PLNT)—comprise approximately 28.4% of the total portfolio value.