SUMMER ROAD LLC

The Core Concentration

Ocular Therapeutix (OCUL) was 97.9% of the portfolio heading into this quarter — a near-total single-stock bet that by itself already marked this as an outlier filing. The stock has underperformed in dollar terms, with the position declining from $134.9M to $100.6M, but the share count actually increased from 11.1M to 11.9M — meaning Summer Road continued buying into the drawdown. That is a present-tense signal of conviction that is rare at this level of prior concentration: the manager is not de-risking out of a dominant position; they are accumulating through weakness. The 70.8% remaining weight is still massive, but it is a concentration in transition rather than a stable static bet.