Union Square Park Capital Management, LLC

2. Key Holdings

The most striking feature of the current portfolio is the dominance of the SPDR S&P 500 ETF (SPY), which constitutes 32.23% of the total portfolio value ($61.95M). This represents a significant increase of 26.5% during the quarter, indicating a strategic shift toward passive market exposure or a hedging strategy against volatility in the firm's long/short equity book.

Beyond the index ETF, the firm displays a strong preference for turnaround stories and "special situation" equities:

• LYFT (6.35%): The firm aggressively increased its stake in Lyft by 428.6%, adding $10.56M. This suggests a high-conviction bet on the rideshare company’s operational improvements or valuation recovery.
• PTON (6.09%) and COMP (5.64%): Significant positions in Peloton and Compass indicate a strategy targeting distressed consumer cyclical and real estate names that may be undergoing restructuring or possess hidden asset value.
• RH (5.28%) and PYPL (5.23%): Holdings in RH and PayPal further reinforce the theme of investing in high-quality but out-of-favor growth or consumer discretionary names.