Vision One Management Partners, LP

2. Key Holdings

The current portfolio is dominated by four distinct positions, with the top two accounting for over 70% of the total value.

• INGEVITY CORP (NGVT): This is the largest holding, comprising 41.04% of the portfolio ($25.27M). Despite the overall portfolio contraction, this was the only position where capital was added (+$5.71M). This indicates a strong conviction bias toward Ingevity, suggesting the firm views it as undervalued or possessing a specific catalyst that justifies increasing exposure even while reducing overall AUM.
• CAESARS ENTERTAINMENT INC (CZR): Representing 29.12% of the portfolio ($17.93M), this position provides significant exposure to the consumer cyclical sector. The large stake in a gaming and hospitality entity implies a tolerance for volatility and a potential view on the recovery or resilience of the leisure and entertainment economy.
• VESTIS CORPORATION (VSTS): Making up 16.63% of the portfolio ($10.24M), this position saw a substantial reduction of 37.1%. This reduction suggests a rotation out of this name, possibly to fund the increase in NGVT or to realize losses for tax purposes, given the overall portfolio shrinkage.
• TEGNA INC (TGNA): The smallest position at 13.22% ($8.14M) was also reduced by 33.2%. This indicates a continued but lessening commitment to the communication services sector.