WASHINGTON STATE INVESTMENT BOARD

Key Holdings

The portfolio is dominated by FTAI Aviation Ltd (FTAI), which constitutes 82.26% of the total value, or approximately $238.30 million. Despite being the largest position, the board reduced its stake in FTAI by 10.6% during the quarter, selling off roughly $54.53 million in value. This reduction leaves the fund with 1.43 million shares. The second holding, FTAI Infrastructure Inc (FIP), accounts for the remaining 17.74% ($51.39 million), comprising 11.79 million shares. This position remained unchanged during the quarter. The heavy weighting toward FTAI Aviation implies that the fund's performance is inextricably linked to the specific fortunes of that single entity, representing a significant idiosyncratic risk profile.