Palisades Discloses Top 30 Warrant Positions

Today, we are excited to publish our new investor presentation, and with it a step up in what we share. We’ve disclosed our top 20 warrant positions for some time; this presentation opens up the top 30. It’s live on the website now.

Most of that list is simply our largest holdings by in-the-money value. A handful are there for a different reason — companies where we hold a substantial stake and where, in our view, the potential is significant even though it has yet to be reflected in the share price.

Those 30 names represent 9% of the 334 companies in our portfolio and about 20% of the warrants we hold by count. They account for more than 80% of the portfolio’s in-the-money value — Pareto’s 80/20 rule to a T.

What makes that worth reading twice is how early it is. Just 37% of our warrants are currently in the money – many of them marginally – while the remaining 63% carry no intrinsic value today. So the top 30 isn’t a fixed list — it’s where the value sits in the opening stages of this bull market, and the composition has already shifted more than once.

Other figures in the presentation reward a closer look — in particular the holdings breakdown on pages 30 and 31, where we size our portfolio holdings by the number of companies in which we hold a significant position of 1% ownership or more.

We hold 1% or more of 194 companies. Within that group, 140 are at 2% or more, 103 at 3% or more, and 62 sit above 4% — each figure a subset of the one before it, the same portfolio measured at progressively higher ownership thresholds.

The point is that these are not token stakes. Positions of that size are large enough that when a portfolio company re-rates, it registers at the Palisades level rather than disappearing into a rounding error.

The presentation also breaks the portfolio down by commodity and sets out our warrant duration profile. We hope you enjoy the new look and content. Here is a link to the new presentation.

Sincerely,

The Palisades Team