To Infinity and Beyond

$INFINITY This rebalance reduces single-name risk after RKLB’s strong run while keeping it as the portfolio anchor. RKLB’s fundamentals still look strong: record Q1 revenue, large backlog, and major Neutron/Electron contract momentum. But at nearly 30% of the portfolio, the position had become too concentrated, and the stock’s recent rerating leaves less obvious upside versus several peers. Cutting it to 20% locks in gains without exiting the core thesis. The freed capital primarily goes to KRMN, which has the best current mix of profitability, backlog, raised guidance, defense demand, and analyst upside. KRMN’s Q1 showed strong revenue growth, positive net income, backlog above $1B, and improved FY2026 guidance. RDW also deserves a higher weight because revenue growth, record backlog, strong book-to-bill, improved liquidity, and reaffirmed 2026 guidance suggest better execution visibility. Increasing VOYG and YSS moderately. VOYG has an improving backlog, raised guidance, and Starlab/NASA milestone progress. YSS has strong 2025 growth, sizable backlog, and large 2026 revenue guidance. Reducing a few positions modestly. ASTS remains a high-upside satellite connectivity play, but the recent earnings miss and dependence on launch timing make a 13%+ weight too aggressive. PL is executing well, with strong revenue growth and backlog, but valuation already reflects much of the improvement. LUNR has major revenue upside and strong 2026 guidance, but also near-term earnings/event risk, so it should remain large but not oversized. This keeps $INFINITY aggressive and space/defense-focused, but shifts some capital away from highly rerated or milestone-dependent names and toward companies with stronger backlog conversion, defense exposure, profitability, or clearer near-term revenue visibility.