TRAN CAPITAL MANAGEMENT, L.P.

Key Holdings

The portfolio is characterized by a top-heavy structure with a strong concentration in mega-cap technology and industrial leaders. The top three positions—NVIDIA (NVDA), Talen Energy (TLN), and Amazon (AMZN)—each account for approximately 7.1% to 7.3% of the portfolio, creating a balanced leadership trio.

• NVIDIA (NVDA) remains the largest holding at $60.95M (7.30%). Despite a reduction of 8.6% (approx. $5.78M) during the quarter, it remains a core anchor, indicating continued belief in the AI infrastructure theme.
• Talen Energy (TLN) is a notable outlier as a utility stock, ranking second at $59.99M (7.19%). This significant stake suggests a specific play on power generation infrastructure, likely driven by the increasing energy demands of data centers and AI.
• Amazon (AMZN) and Microsoft (MSFT) were added as massive new positions, immediately securing the 3rd and 4th spots with allocations of 7.13% and 6.96%, respectively. This aggressive entry highlights a strong pivot toward dominant cloud and AI platform providers.