Leopold Aschenbrenner - Situational Awareness Partners Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Leopold Aschenbrenner's Situational Awareness Partners portfolio reflects a highly concentrated, high-conviction approach across 20 reported 13F positions. Portfolio returns are primarily driven by a small set of thematic positions in digital infrastructure, energy transition, and related thematic names, with the top five holdings accounting for approximately 88% of total exposure and Bloom Energy alone contributing ~31%. While the portfolio includes 20 positions, economic outcomes are highly concentrated in a narrow set of digital infrastructure, energy transition, and related thematic names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance weighted across industrials, unknown, and financials. The portfolio maintains moderate turnover, consistent with periodic rebalancing rather than a fully static book. Distinctive traits include Moderate Turnover, Highly Concentrated, Economically Concentrated.