Core Insights - Bill Ackman's Pershing Square Capital Management significantly increased its stake in Uber, making it the largest holding in the portfolio, while also adding to positions in Brookfield and Google Class A shares, and completely exiting Nike [1][3][5]. Group 1: Major Portfolio Adjustments - Ackman increased his holdings in Uber Technologies by over 30.3 million shares, valued at $2.21 billion, which now constitutes 18.5% of the portfolio [3]. - The stake in Brookfield was raised by 17.52%, adding 6.11 million shares for a total of 41.05 million shares, valued at approximately $2.15 billion, making it the second-largest holding at 18.01% [6]. - Google Class A shares saw an increase of 451,000 shares, a rise of 11.33%, bringing the total to 4.438 million shares valued at around $686 million [6]. Group 2: Significant Exits and Reductions - Ackman completely exited his position in Nike, selling 18.769 million shares [5]. - The stake in Hilton Worldwide Holdings was reduced by 2.4398 million shares, a decrease of 44.84% [7]. - Ackman also reduced his holdings in Google Class C shares by 1.2236 million shares, a reduction of 16.21% [7].

Group 1 - Hedge fund manager David Tepper has reduced his stake in Alibaba but still maintains significant exposure to Chinese tech stocks, with three out of his top five holdings being Chinese companies [1][2] - As of Q1 2025, Tepper's portfolio consists of 38 stocks, with Alibaba being the largest holding at 14.56%, followed by Pinduoduo at 6.17%, Amazon at 5.7%, JD.com at 3.95%, and Meta Platforms at 3.78% [2] Group 2 - Tepper has made notable reductions in his portfolio, including a decrease of 2.61 million shares in Alibaba, resulting in a 22.06% reduction and a portfolio impact of -3.43%. He also reduced his Microsoft holdings by 460,000 shares, leading to a 47.42% decrease and a portfolio impact of -3% [7] - The fund increased its positions in eight stocks, most significantly in Uber, acquiring an additional 1.7 million shares, which raised the total to 3.2 million shares, a 113.33% increase with a portfolio impact of 1.48% and a total value of $233 million [9] - Additionally, Tepper increased his Meta holdings by 60,000 shares to 550,000 shares, a 12.24% increase with a total value of $317 million [10] Group 3 - Tepper completely exited six stocks in Q1 2025, notably selling all 1.2 million shares of AMD, which had a portfolio impact of -2.24%, and also cleared out 350,000 shares of FedEx, impacting the portfolio by -1.52% [11] - The fund initiated positions in four new stocks, with Deutsche Bank being the most significant, acquiring 3.75 million shares, representing 1.07% of the portfolio with a total value of $89.36 million [12] - Other new positions include L3Harris Technologies with 300,000 shares (0.75% of the portfolio, valued at $62.79 million) and Broadcom with 130,000 shares (0.26% of the portfolio, valued at $21.77 million) [12]

Group 1 - Billionaire investor Soros Fund Management has heavily invested in satellite manufacturer AST SpaceMobile Inc. and Nvidia, while selling shares in rapidly growing AMD and other large tech companies [1] - The fund has also disclosed new investments in JPMorgan and Bitcoin miner Cipher Mining Inc. [1]

Financial Data and Key Metrics Changes - For Q1 2025, Logan Ridge generated $4.6 million in investment income, a decrease of $800,000 or $0.29 per share compared to $5.4 million in Q4 2024 [10] - Operating expenses for Q1 2025 were $3.7 million, a decrease of $200,000 or $0.08 per share from the previous quarter [11] - Net investment income for Q1 2025 was $900,000 or $0.35 per share, down from $1.5 million or $0.50 per share in Q4 2024 [11] - The net asset value (NAV) as of Q1 2025 was $78.8 million, a decrease of $6.3 million or 7.4% from $85.1 million in Q4 2024 [12] Business Line Data and Key Metrics Changes - The fair value of Logan's portfolio as of Q1 2025 was approximately $169.6 million, down from $172.3 million in the prior quarter [6] - The company deployed approximately $15.1 million into new and existing investments, with repayments and sales totaling approximately $12.5 million, resulting in a net deployment of approximately $2.7 million for the quarter [8] - The debt investment portfolio represented 86.6% of the total portfolio at fair value, with a weighted average annualized yield of approximately 10.7% [8] Market Data and Key Metrics Changes - As of Q1 2025, 70.1% of the company's investment portfolio at fair value was invested in assets originated by the BC Partners Credit platform, up from 66.7% at the end of the last quarter [8] - The equity portfolio was reduced to 12% from 10.8% of the portfolio on a cost and fair value basis, reflecting the exit of the second largest non-yielding equity position [9] Company Strategy and Development Direction - The company is focused on rotating out of its legacy equity portfolio, which has been reduced to 10.8% of the portfolio at fair value, down from 13.8% in the prior quarter [4] - The merger with Fort McMurray is expected to provide increased scale, improved liquidity, and enhanced operational efficiencies, strengthening the company's ability to deliver greater value to shareholders [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning to grow earnings and increase long-term shareholder value despite market volatility and geopolitical uncertainties [4] - The management team highlighted the importance of the merger with Fort McMurray as a significant milestone in the company's long-term strategy [5] Other Important Information - As of Q1 2025, the company had $5.1 million in cash and cash equivalents, along with $31.5 million of unused borrowing capacity available for new investments [12] Q&A Session Summary Question: Will the pending merger with Portman entail a full valuation review of Logan's investments? - Yes, a new NAV for both Portman and Logan will be established within 48 hours of share issuance [16] Question: How will the valuation review be conducted? - The review will be consistent with existing practices, involving third-party marks and internal models [17] Question: What is the prospect for recovering non-accruals? - The largest non-accrual asset is Sequoia, with limited expectations for recovery [23] Question: Are any BC loans in non-accrual status? - Yes, there are three loans in non-accrual status, including one BC name [26] Question: What is the discount to par for the BC sourced book? - Specific numbers will be provided later, but most of the BC sourced book is performing well [28]

Core Viewpoint - The article emphasizes the importance of reassessing investment portfolios during periods of low market volatility and rapid rotation, suggesting that investors should avoid unnecessary trading and focus on strategic adjustments instead [4][48]. Group 1: Market Conditions - Recent trading volumes in the A-share market have been stagnant, hovering around the trillion mark [4]. - Implied volatility is continuously decreasing, contributing to a sense of boredom in the market [5][6]. - The market is characterized by rapid rotation, where buying often leads to declines and selling leads to gains, creating a challenging environment for investors [8][9]. Group 2: Investment Strategy - Investors are encouraged to rethink their investment portfolios, as many hold onto losing stocks due to a reluctance to acknowledge mistakes [18][19]. - The concept of "sunk cost" is highlighted, where investors often wait to break even before selling, which can lead to further losses [31][32]. - A suggestion is made to treat investments as cash and reassess how to allocate it, rather than being anchored to the original purchase price [44][46]. Group 3: Timing and Market Behavior - The article notes that during periods of low volatility, it is advisable to refrain from making hasty trades and instead prepare for potential future market fluctuations [50][51]. - It is emphasized that both market rises and falls can present opportunities, with rises allowing for profit realization and falls providing chances to buy at lower prices [60][62]. - The importance of focusing on long-term asset growth rather than short-term fluctuations is stressed, as short-term movements are often random [66][68]. Group 4: Strategic Planning - The article advocates for a strategic approach to investment, suggesting that a well-thought-out strategy can lead to better long-term returns without the need for frequent trading [56][58]. - Investors are encouraged to diversify their portfolios to mitigate risks and enhance potential returns [70].

分析师：关税不确定性令美元难以大幅回升 金十数据4月29日讯，美元虽现涨势，但在美国关税政策前景不明朗背景下仍难实现实质性复苏。对美 国可能与其他国家达成贸易协议的乐观情绪略微帮助了美元。月末资金流动引发的投资组合调整也可能 产生利好。但Pepperstone策略师Michael Brown在报告中说，美元仍然 "缺乏吸引力"，美国例外论叙事 已经失效。他表示，美元是受持续贸易不确定性影响最大的资产。 ...

Financial Data and Key Metrics Changes - In 2024, Logan Ridge achieved the highest total investment income and net investment income in its history, amounting to $20.9 million and $4.2 million respectively, with a net investment income per share of $1.56 [6] - For Q4 2024, the company generated $5.4 million in investment income, a $0.3 million increase from Q3 2024 [18] - Net investment income for Q4 was $1.5 million or $0.56 per share, an increase of $0.5 million or $0.19 per share from the previous quarter [20] - The net asset value as of December 31, 2024, was $85.1 million, a decrease of $1.2 million or 1.4% from the prior quarter [20] Business Line Data and Key Metrics Changes - The fair value of Logan's portfolio as of December 31, 2024, was approximately $172.3 million, with exposure to 59 portfolio companies, compared to $75.6 million with the same number of companies in the prior quarter [13] - The debt investment portfolio represented 83.3% of the total portfolio at fair value, with a weighted average annualized yield of approximately 10.7% [15] - The equity portfolio represented 13.4% and 13.8% of the portfolio on a cost and fair value basis respectively as of December 31, 2024 [16] Market Data and Key Metrics Changes - The company ended 2024 with no new non-accruals during Q4, maintaining stability in its investment portfolio [8] - As of December 31, 2024, four debt investments across three portfolio companies were on non-accrual status, with an aggregate amortized cost of $17.2 million and fair value of $7.9 million [16] Company Strategy and Development Direction - The successful sale of the largest equity position, Nth Degree, for $17.5 million was a significant catalyst for the merger with Portman Ridge, which is expected to provide greater scale and improved operating efficiencies [7][9] - The company aims to continue reducing equity exposure and reinvesting proceeds into yield-generating investments [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to deliver meaningful returns to stakeholders, supported by a healthy deployment pipeline and disciplined investment strategy [11] - The board approved a dividend of $0.36 per share for Q4 2024, remaining flat compared to the prior quarter, reflecting strong financial performance [11] Other Important Information - The company successfully amended and extended its revolving credit facility with KeyBanc, reducing financing costs and increasing financial flexibility [8] - As of December 31, 2024, the company had $15 million in cash and cash equivalents, along with $26.2 million of unused borrowing capacity available for new investments [21] Q&A Session Summary Question: Will the Logan portfolio be subsumed into Portman Ridge or will there be further reductions in equity exposure? - Management indicated that the merger will be a straightforward blending of portfolios, with a continued focus on reducing equity exposure [26][28] Question: Will there be significant overlaps in board members post-merger? - All Logan board members will overlap with Portman, with additional members from Portman joining the board [32] Question: Is there consideration for board member compensation to be purely in stock? - Management noted that there has been no discussion on this, and there may be regulatory restrictions preventing stock compensation for executives and board members [35][36]