High Concentration in Tech & Consumer: Connor Haley's Portfolio Spotlight

Portfolio Overview

Connor Haley, managing director at Alta Fox Capital Management, oversees a portfolio heavily concentrated in specific sectors as of March 31, 2026. The portfolio's holdings demonstrate a clear preference for Technology and Consumer Cyclical stocks, with several positions showing significant changes from the previous period.

Top Holdings Analysis

The portfolio's largest position is XPEL INC (XPEL), representing approximately 22.5% of the portfolio value. This is followed by NCR ATLEOS CORPORATION (NATL) at 18.0% and DAKTRONICS INC (DAKT) at 17.5%. Collectively, these three holdings account for nearly 58% of the portfolio's value, highlighting a significant concentration in just five stocks.

• XPEL INC (XPEL): Consumer Cyclical, 22.5% allocation, saw a 33% increase in shares.
• NCR ATLEOS CORPORATION (NATL): Technology, 18.0% allocation, experienced a nearly 20% decrease in shares.
• DAKTRONICS INC (DAKT): Technology, 17.5% allocation, saw a nearly 10% decrease in shares.
• BRIGHTSPRING HEALTH SVCS INC (BTSG): Healthcare, 16.1% allocation, saw a 100% increase in shares.
• CARGURUS INC (CARG): Consumer Cyclical, 14.3% allocation, saw a 24.6% increase in shares.

Sector Concentration

The portfolio exhibits a strong bias towards Technology and Consumer Cyclical sectors. Technology alone accounts for 40.6% of the portfolio value (NATL, DAKT, TOST), while Consumer Cyclical makes up 36.8% (XPEL, CARG, TRS). Healthcare follows with 16.1% (BTSG), and Industrials and Communication Services round out the allocations with smaller percentages.

Investment Strategy & Recent Changes

Haley's strategy appears focused on capturing significant returns from concentrated positions, particularly in high-growth Technology and cyclical Consumer stocks. Recent changes in holdings reflect this active approach:

• Significant Increases: BRIGHTSPRING HEALTH SVCS (BTSG) and TOAST INC (TOST) both saw a doubling of their share count, indicating confidence in these recent additions.
• Notable Decreases: TRIMAS CORP (TRS) experienced a 60% reduction in shares, while NCR ATLEOS (NATL) and DAKTRONICS (DAKT) both saw nearly 10% reductions, suggesting a rebalancing or profit-taking action.
• Mixed Signals: XPEL saw a substantial 33% increase, aligning with its high allocation, while the decrease in DAKT and NATL warrants further analysis.

Conclusion

Connor Haley's portfolio at Alta Fox Capital Management is characterized by significant concentration in Technology and Consumer Cyclical sectors. The strategy involves holding large positions in select companies, evidenced by the top five holdings accounting for over 58% of the portfolio. Recent activity shows active management, with substantial increases in newer positions (BTSG, TOST) and decreases in existing ones (TRS, DAKT, NATL). This concentrated approach requires careful monitoring of sector performance and individual stock movements.