TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

Portfolio Overview

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA disclosed 4 positions worth $296.8M in its Form 13F-HR for Q1 2026, led by $KRMN (Karman Holdings Inc.) at 52.6% of the equity portfolio, followed by $USAR and $LUNR. During the quarter the fund opened 1 new position and exited 0 — including a new stake in $USAR. The portfolio is most concentrated in Industrials (52.6% of disclosed assets). All figures are sourced directly from TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA’s Form 13F-HR filing with the SEC under CIK 351083.

• 

  Karman Holdings Inc.

  $KRMN

  56.1#1,122

  Quality

  $156.3M1,952,568 sh
• 

  USA Rare Earth, Inc.

  $USAR

  28.1#2,448

  Quality

  $73.5M4,854,970 sh
• 

  Intuitive Machines, Inc.

  $LUNR

  39.2#1,980

  Quality

  $60.3M3,246,424 sh
• 

  Krispy Kreme, Inc.

  $DNUT

  24.9

  Quality

  $6.8M2,009,111 sh

Company	Quality	Value	Shares
Karman Holdings Inc.$KRMN	56.1#1,122	$156.3M	1,952,568
USA Rare Earth, Inc.$USAR	28.1#2,448	$73.5M	4,854,970
Intuitive Machines, Inc.$LUNR	39.2#1,980	$60.3M	3,246,424
Krispy Kreme, Inc.$DNUT	24.9	$6.8M	2,009,111

Showing top 4 of 4 holdings.

Full Holdings — TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA (Q1 2026)

All 4 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$KRMN	Karman Holdings Inc.	$156.3M	52.6%	+0%	56.1
2	$USAR	USA Rare Earth, Inc.	$73.5M	24.8%	NEW	28.1
3	$LUNR	Intuitive Machines, Inc.	$60.3M	20.3%	+0%	39.2
4	$DNUT	Krispy Kreme, Inc.	$6.8M	2.3%	+0%	24.9