Westchester Capital Management, LLC

Key Holdings

The portfolio is characterized by a high degree of concentration in its top names, with the first three positions accounting for approximately 27.4% of the total assets.

• Mr. Cooper Group Inc (07WA): This is the largest holding, comprising 10.05% of the portfolio ($155.18M). The firm significantly increased its stake by 47.7% (adding $80.82M), demonstrating strong conviction in the financial services sector, specifically in the mortgage origination and servicing space.
• CyberArk Software Ltd: A new position and the second-largest holding, representing 8.70% of the portfolio ($134.32M). This substantial allocation of nearly 278,000 shares suggests a tactical pivot towards cybersecurity, likely viewing the sector as a defensive growth play given the current macro environment.
• SPDR S&P 500 ETF (SPY): The third-largest holding at 8.63% ($133.24M). While the firm reduced this position by 20.0%, it remains a core liquidity and beta management tool.
• Chart Industries (GTLS): Another major new entry in the industrials sector, accounting for 7.12% ($109.95M). This indicates a strategic bet on the energy and industrial gas supply chain.