GTA6

$GTA6LAUNCH We’re taking advantage of the recent TTWO selloff by increasing exposure while the underlying GTA VI thesis remains intact. The weakness has been driven substantially by leaked GTA VI material and a more risk-off macro environment rather than a deterioration in the confirmed launch plan, while Rockstar’s Extended Look has generated substantial engagement and kept the title firmly at the center of gaming attention. With TTWO now trading materially below its summer levels, the risk/reward has become more attractive for this portfolio’s aggressive event-driven mandate, so we’re funding a modest increase primarily from Amazon while leaving Microsoft and Sony intact as ecosystem exposure.

We’re increasing TTWO exposure following a materially stronger catalyst setup, with encouraging earnings momentum, improving investor sentiment, and Rockstar’s upcoming GTA VI Extended Look providing another major catalyst later this month. The showcase should further accelerate the marketing cycle and keep GTA VI firmly at the center of investor and consumer attention heading toward launch. We’re funding the increased conviction primarily from Amazon while maintaining Microsoft and Sony as ecosystem diversification. The portfolio is now positioned more aggressively around TTWO as both fundamental performance and the GTA VI catalyst calendar strengthen.

We’re streamlining the portfolio by exiting GameStop and reallocating that capital into Take-Two Interactive, strengthening our exposure to the company most directly positioned to benefit from Grand Theft Auto VI. As the industry continues shifting toward digital distribution, GameStop’s connection to the GTA VI investment thesis has become less compelling, while Take-Two remains the primary driver of the game’s commercial success. This adjustment increases conviction in our highest-confidence position while maintaining focused exposure to the broader gaming ecosystem through Amazon, Microsoft, and Sony.