Timelo Investment Management Inc.

2. Key Holdings The portfolio is dominated almost entirely by SPY, the SPDR S&P 500 ETF Trust. With a value of $206.52M, this position represents a massive bet on the broader U.S. equity market. The manager aggressively increased this stake by 342.9%, adding $163.27M in the quarter. This suggests that either new capital inflows were deployed immediately into a liquid vehicle, or the manager shifted from a stock-picking strategy to a beta-generation strategy.

Outside of the SPY position, the portfolio is composed of small-cap and micro-cap names, with the largest being Iren Limited (IREN) at 2.53% ($5.96M) and Ituran Location and Control at 1.87% ($4.39M). Other notable active positions include Profound Med Corp (1.25%) and Peloton Interactive (PTON) (1.24%). The lack of other large-cap individual stocks (e.g., Apple, which was sold) underscores that the manager now views SPY as the primary vehicle for large-cap exposure, preferring to concentrate individual stock risk in smaller, potentially higher-growth or higher-turnover names.