Teramo Advisors, LLC

The portfolio is currently characterized by extreme concentration. The top holding, SPY, accounts for 96.55% of the total assets, effectively making the portfolio a proxy for the S&P 500 with minor satellite positions. This structure suggests a shift away from active stock selection toward a passive, core-satellite approach where the "core" dominates the risk and return profile almost entirely.

Key Holdings

The dominant position in the portfolio is the SPDR S&P 500 ETF Trust (SPY), with a market value of approximately $256.48 million. Despite a reduction of 385,000 shares (a 12.5% decrease in stake value), SPY remains the overwhelming driver of performance. The firm holds 385,000 shares, indicating a preference for liquid, large-cap exposure.