VAS

VR Advisory Services Portfolio holdings

AUM $383M

AUM

$383M

AUM Growth

-$16.7M (-4%)

Cap. Flow

+$44.5M

Cap. Flow % of AUM

11.62%

Top 10 Holdings %Top 10 Hldgs %

90.48%

Holding

33

New

2

Increased

3

Reduced

1

Closed

3

Top Buys

1	HEPS D-Market Electronic Services & Trading HEPS	$27.6M
2	Kaspi.kz JSC KSPI	$11.1M
3	ProPetro Holding PUMP	$8.63M
4	PBF Energy PBF	$2.31M
5	FLDDW Fold Holdings, Inc. Warrant FLDDW	$139K

Top Sells

1

Transportadora de Gas del Sur

$5.17M

Sector Composition

1	Energy	39.17%
2	Technology	23.14%
3	Industrials	11.85%
4	Consumer Discretionary	9.23%
5	Real Estate	7.58%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 Southland Holdings, Inc. Redeemable Warrants, each whole warrant exercisable for shares of common stock at an exercise price of $11.50 per share SLND.WS $7.02M	$12K	0%	75,000	–	–
27	PGYWW 27 Pagaya Technologies Ltd. Warrants PGYWW $11.7M	$9K	0%	66,666	–	–
28	SPWRW 28 Complete Solaria, Inc. Warrants SPWRW $18.4M	$7.5K	0%	37,500	–	–
29	NIOBW 29 NioCorp Developments Ltd. Warrant NIOBW $17.5M	$2.46K	0%	15,356	–	–
30	30 Paysafe Limited Warrants, exercisable for one Common Share of Paysafe Limited at a price of $138.00 per share PSFE.WS $831K	$2.05K	0%	132,285	–	–
31	31 Alibaba BABA $290B	$0	0%	0 -25,000	Closed	–
32	32 NIO NIO $8.09B	$0	0%	0 -150,000	Closed	–
33	NBIS 33 Nebius Group N.V. Class A Ordinary Shares NBIS $12.6B	$0	0%	0 -539,867	Closed	–