Telemark Asset Management, LLC

The other side of the ledger sharpens that read. Telemark exited EQT and Range Resources, two of Appalachia's largest natural-gas producers, and also sold First Solar and Shoals Technologies, both solar-equipment names. The combination — out of gas E&P and solar hardware, into oilfield services — suggests a shift away from commodity-price and renewables-buildout exposure and toward the picks-and-shovels layer of energy production, a theme that sits naturally alongside Telemark's existing uranium (Cameco) and nuclear-components (BWX Technologies) holdings.

Inside positions that survived, conviction was selective rather than uniform. Palantir's share count doubled outright, a $11.5 million addition that's the single clearest "more, not less" signal in the filing. Clean Harbors grew 25% ($9.9 million). But Cameco, the No. 2 holding at 9% of assets, was trimmed 10% even as it remained a top position — and Nvidia, the largest holding, saw its share count untouched while its dollar value fell 6.5% on a stock pullback, dragging its portfolio weight down from 11.2% to 9.7%. Trimble was cut a third, Shopify a third, and Meta a quarter — three of the fund's technology holdings scaled back in the same quarter that oilfield services scaled up.