Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A.

Despite the substantial increase in assets under management (AUM), the fund maintains a relatively concentrated strategy, holding 37 positions. The portfolio exhibits a high conviction approach, with the top 10 holdings accounting for approximately 78% of the total value. The massive expansion in capital was accompanied by high turnover, with the manager initiating 25 new positions and exiting 1, suggesting a complete overhaul of the investment strategy during this quarter.

2. Key Holdings