Castalian Partners, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (3 quarters reported)

$351M $7.36M

Q4 24 Q1 25 Q2 25

$197M in Q4 2024 → $7.36M now. Hover for any quarter.

Holdings

As reported for the quarter ended June 30, 2025. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
NR Natural Resource Partners L	100.0%	Trimmed 50%	77,081	$7.36M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 2 quarters.

quarter ended June 30, 2025 · filed August 12, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Exited	−1,500,000	−$299M	—
NR Natural Resource Partners L	Exited	−98,900	−$10.3M	—
CI Chart Inds Inc	Exited	−70,000	−$10.1M	—
NR Natural Resource Partners L	Trimmed	−76,000	−$7.26M	100.0%
MS Madden Steven Ltd	Exited	−257,700	−$6.87M	—
Amentum Holdings Inc	Exited	−304,500	−$5.54M	—
NR Natural Resource Partners L	Exited	−13,500	−$1.4M	—
SA Science Applications Intl Co	Exited	−7,100	−$797K	—
Ncr Atleos Corporation	Exited	−20,000	−$528K	—

quarter ended March 31, 2025 · filed May 15, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+1,500,000	+$299M	85.3%
Amentum Holdings Inc	Exited	−2,982,700	−$62.7M	—
Amentum Holdings Inc	Trimmed	−695,500	−$12.7M	1.6%
NR Natural Resource Partners L	New	+98,900	+$10.3M	2.9%
MP Medical Pptys Trust Inc	Exited	−2,600,000	−$10.3M	—
CI Chart Inds Inc	New	+70,000	+$10.1M	2.9%
Talen Energy Corp	Exited	−41,500	−$8.36M	—
MS Madden Steven Ltd	New	+257,700	+$6.87M	2.0%
Net Lease Office Properties	Exited	−203,791	−$6.36M	—
BF Bv Finl Inc	Exited	−354,500	−$6.1M	—

Showing the 10 largest of 31 changes.

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