Step Capital Management Pte. Ltd.

Key Holdings

The portfolio is dominated by large-cap technology and semiconductor names, with a distinct tilt toward cyclical growth.

• Micron Technology (MU) is the largest position, valued at $54.94 million, representing 25.16% of the portfolio. With 193,000 shares, this indicates an exceptionally strong conviction in the memory semiconductor cycle.
• Advanced Micro Devices (AMD) follows as the second-largest holding at $32.12 million (14.71%). The firm holds 150,000 shares, signaling a bullish stance on the AI and data center infrastructure build-out beyond just NVIDIA.
• Bilibili Inc is a notable outlier among the top three, comprising 11.26% ($24.59 million). This significant allocation to a Chinese internet platform suggests the firm sees specific value or recovery potential in the Asian consumer internet market.
• Coinbase Global (COIN) holds a prominent position at 9.15% ($19.97 million), making it the fourth-largest holding. This aligns with the firm's apparent risk appetite and exposure to the digital asset ecosystem.
• Moderna (MRNA) represents the primary healthcare exposure, accounting for 8.71% ($19.02 million).