Vennlight Capital Management, LP

Key Holdings

The portfolio is characterized by a heavy weighting in the "Power" theme, ranging from traditional utilities to emerging nuclear and cryptocurrency energy solutions. The largest position is HCM II ACQUISITION CORP (14.54%), a Special Purpose Acquisition Company (SPAC), which suggests a focus on merger arbitrage or specific pre-IPO opportunities.

The remaining top holdings are heavily skewed toward energy infrastructure. SMR (NuScale Power Corp) represents the second-largest holding at 12.27%, indicating a strong bet on Small Modular Reactors (SMR) and nuclear technology. Traditional utility giants dominate the rest of the top tier: PCG (PG&E Corp) (10.77%), TLN (Talen Energy) (9.70%), AES Corp (8.97%), and VST (Vistra Corp) (7.00%). Notably, Talen Energy and Vistra have been frequent market favorites due to their connections to power generation for data centers and AI infrastructure.