TFG Asset Management GP Ltd

Key Holdings

The portfolio is dominated by two "mega-positions" that define its performance profile:

• UiPath Inc. (PATH) is the largest holding, comprising 33.84% of the portfolio ($226.79M). The firm increased this stake by 23.5% during the quarter, adding $51.15 million. This suggests a strong conviction in the company's AI and automation growth trajectory.
• Alibaba Group (BABA) is the second-largest position at 26.09% ($174.85M). However, the firm reduced this stake by 5.0% (approx. $47.13M), potentially taking profits or rebalancing risk after a strong run, or adjusting exposure to the Chinese market.

Beyond the top two, the portfolio drops off significantly in position size. The third largest holding, Kolibri Global Energy, represents only 5.84% of the portfolio. Other notable positions include Lyft (3.28%) and Oatly Group (2.75%), alongside smaller stakes in biotech firms such as Autolus Therapeutics and Celdex Therapeutics.