THAMES CAPITAL MANAGEMENT LLC

Key Holdings and Their Significance

• GEV (GE Vernova): $33.47M (6.64%) — largest single exposure. Material position size that likely reflects a sector- or company-specific conviction (industrial/energy transition exposure).
• VRT (Vertiv): $27.00M (5.35%) and HUT (Hut 8): $25.08M (4.97%) — large allocations in technology/infrastructure and crypto-mining/compute infrastructure respectively. These two plus several other mining/crypto-related names indicate a meaningful allocation to digital infrastructure.
• RKT (Rocket Cos): $21.43M (4.25%) and EVR (Evercore): $15.81M (3.13%) — significant exposure to financials/financial services, including both consumer-finance/fintech-type (Rocket) and investment banking/asset management (Evercore).
• Big-cap Tech/Comm: META ($20.17M, 4.00%), NVDA ($16.88M, 3.35%), MA ($19.58M, 3.88%), V ($15.53M, 3.08%), SPOT ($19.46M, 3.86%), GOOGL ($9.89M, 1.96%), NFLX ($11.94M, 2.37%). Thames keeps significant, but not dominant, stakes in large-cap technology and digital advertising/consumer platforms.
• Crypto- and Bitcoin-mining cluster: BITF, CIFR, WULF, BMNR, GLXY, BAKKT — collectively these are a material portion of the portfolio (several positions >$10M). These are higher-volatility, sector-correlated exposures.

Implication: portfolio mixes large-cap technology exposure with sizable positions in smaller, higher-beta names—particularly crypto-mining, payments/fintech, and energy/industrial plays.