WOLVERINE ASSET MANAGEMENT LLC

2. Key Holdings

The portfolio is characterized by a high-conviction approach to specific growth and technology names, with several positions standing out due to their sheer size:

• Alibaba Group (BABA): This is the dominant position in the portfolio, comprising 4.03% ($397.67M) of total assets. Wolverine significantly increased its exposure to the Chinese tech giant, adding $230.16M (+64.8%). This indicates a strong bullish contrarian or recovery thesis on Chinese equities.
• Bloom Energy Corp (BE): Holding the second-largest spot at 3.95% ($389.65M), this demonstrates a heavy bet on the energy transition and fuel cell technology.
• Iren Limited (IREN): A data center and Bitcoin mining firm, IREN represents 2.50% of the portfolio and was a major recipient of new capital, with an increase of $182.88M (+19.1%).
• Strategy Inc (STRATEGY): Interestingly, "Strategy Inc" appears multiple times in the holdings list (entries #4, #12, and #30), aggregating to roughly 4.66% of the portfolio. The filing lists a new position of $236.1M in this name, suggesting a complex accumulation or aggregation of shares (potentially related to a corporate action or reclassification, though listed as a distinct "New Position").
• NVIDIA (NVDA): The AI giant holds a 2.18% weighting ($215.59M). Wolverine increased this stake by 32.5% ($77.78M), aligning with the broader institutional trend of maintaining exposure to AI infrastructure leaders.