Wallace Capital Management Inc.

The two largest holdings aren't the usual S&P 500 anchors. White Mountains Insurance Group occupies 19.9% of the portfolio — nearly $173 million — as the single largest position, held through an entity that carries no standard exchange ticker in the SEC filing, suggesting an offshore or private-placement vehicle structure. Graham Holdings (the former Washington Post Company) sits at 18.8%, also uncommonly large for a mid-size manager. Together they account for nearly 40% of the fund — an extreme top-two concentration that by Q/Q actually ticked down slightly (both positions were modestly decreased from year-end), which is worth noting: the manager is not adding to concentration at the margin, but nor is there any sign of intent to meaningfully rebalance.

Where energy is being deployed is on two names with event or structural catalysts. IAC — the internet holding company behind Dotdash Meredith, MGM Resorts bet, and a portfolio of digital businesses — was increased by more than a quarter of a million shares, growing in value from $34.6 million to $44.8 million. The 27% share increase is the largest single positional build in the file by percentage. Johnson Outdoors — a $11.6 million position in fishing and marine recreation equipment — was increased 31% in shares (59,000 additional) and is up roughly $3.5 million in value, suggesting the manager sees some combination of seasonal positioning, brand durability, or a beaten-down valuation that is not yet in the consensus view.