Styrax Capital, LP

Key Holdings

The portfolio is dominated by large-cap growth and technology leaders, with the top three positions accounting for nearly 64% of total assets.

• META Platforms (META): Retaining its position as the largest holding, META represents 25.54% of the portfolio ($261.05M). This significant allocation suggests a strong belief in the continued dominance of the digital advertising and social media giant.
• Netflix (NFLX): The second-largest holding, NFLX comprises 23.69% ($242.15M). Combined with META, Communication Services accounts for roughly half of the fund's assets, indicating a heavy bet on the secular shift in digital media consumption.
• Spotify Technology S.A (SPOT): Representing 14.34% ($146.62M), this is a notable contrarian or high-growth play within the audio streaming space.
• Mastercard (MA): As the sole Financial Services holding, MA provides a defensive stability anchor with a 13.49% allocation ($137.86M), offering exposure to global payments infrastructure.
• NVIDIA (NVDA): The fund increased its stake in NVDA by 12.5%, bringing its total value to $135.66M (13.27%). This increase was the only "buy-side" activity among existing positions, reinforcing confidence in the AI semiconductor trade.

Sector Allocation

The portfolio displays a distinct sector tilt, heavily favoring Communication Services, which commands 49.3% of the total portfolio value ($503.21M). This is an aggressive overweight relative to standard benchmark indices, driven almost entirely by META and NFLX.