Systrade AG

2. Key Holdings

The portfolio is dominated by three major positions, each representing a distinct thematic bet:

• Alpha Metallurgical Resources (AMR) – 34.14%: This is the portfolio's largest holding, valued at $55.97 million. This massive stake indicates a strong conviction in the metallurgical coal sector or specific thermal coal markets. By allocating over a third of the portfolio to AMR, Systrade AG is exposing the fund heavily to commodity price cycles and energy markets.
• Interactive Brokers Group (IBKR) – 19.62%: The second-largest holding, valued at $32.16 million, represents a significant play on the financial services and trading infrastructure sector. This position suggests the manager sees value in the brokerage sector, potentially benefiting from market volatility or increased retail trading volume.
• UBS Group AG – 17.78%: Valued at $29.14 million, this position reinforces the financial tilt of the portfolio. Combined with IBKR, financial services (excluding the "Unknown" category which likely contains foreign equities not categorized by standard GICS) represents a major portion of the fund's core assets.