Sycale Advisors (NY) LLC

Key Holdings

The portfolio is anchored by a substantial position in the SPDR S&P 500 ETF Trust (SPY), which constitutes 34.86% of the total portfolio value ($128.11M). This is the firm's largest position and saw a significant increase of 32.6% during the quarter, suggesting a strategic decision to increase beta exposure to the broader U.S. equity market.

Outside of the index fund, the firm favors specific idiosyncratic plays. Verra Mobility Corp (8.08%) and Burford Capital Ltd (6.58%) represent the largest active equity bets. Financial services and financial technology are prominent, with Intercontinental Exchange (ICE) (6.21%), Nelnet (NNI) (5.03%), and SLM Corp (SLM) (4.67) all featuring in the top ten. Additionally, the firm holds a 1.39% position in the iShares Bitcoin Trust (IBIT), which was aggressively increased by 228.3%, signaling a growing appetite for digital asset exposure. Notably, the portfolio also contains smaller, high-conviction positions in consumer-facing companies like MercadoLibre and Spotify, both of which saw stake increases of over 30%.