A&Q Technology Fund LLC
Schedule of Portfolio Investments
(Unaudited)
March 31, 2024
Investment Fund (a) | Geographic Focus | Cost | Fair Value | % of Members’ Capital | Initial Acquisition Date | Redemption Frequency (b) | Redemption Notice Period (c) | First Available Redemption Date | Dollar Amount of Fair Value for First Available Redemption | |||||||||||||||||||||||||||||
Equity Hedged | ||||||||||||||||||||||||||||||||||||||
Alta Park Fund Onshore, LP | US/Canada | $ | 12,037,466 | $ | 14,144,879 | 10.72 % | 7/1/2019 | Quarterly | 45 days | 3/31/2024 | $ | 14,144,879 | ||||||||||||||||||||||||||
Averill Partners L.P. | US/Canada | 8,273,973 | 12,330,542 | 9.35 | 4/1/2021 | Quarterly | 60 days | 3/31/2024 | (d) | $ | 3,082,636 | |||||||||||||||||||||||||||
Biomedical Value Fund, L.P. | US/Canada | 13,177,260 | 20,562,771 | 15.59 | 3/1/2019 | Quarterly | 120 days | 3/31/2024 | $ | 20,562,771 | ||||||||||||||||||||||||||||
Cadian Fund, L.P. | US/Canada | 10,500,000 | 12,628,021 | 9.57 | 12/1/2022 | Quarterly | 60 days | 3/31/2024 | (d) | $ | 3,157,005 | |||||||||||||||||||||||||||
G2 Investment Partners QP, L.P. | US/Canada | 5,108,908 | 12,227,242 | 9.27 | 5/1/2014 | Monthly | 60 days | 3/31/2024 | (e) | $ | 6,113,621 | |||||||||||||||||||||||||||
Jericho Capital Partners L.P. | US/Canada | 4,696,723 | 18,264,214 | 13.85 | 5/1/2011 | Quarterly | 60 days | 3/31/2024 | $ | 18,264,214 | ||||||||||||||||||||||||||||
PFM Healthcare Fund, L.P. | US/Canada | 14,000,000 | 16,182,981 | 12.27 | 9/1/2022 | Quarterly | 45 days | 3/31/2024 | $ | 16,182,981 | ||||||||||||||||||||||||||||
Visium Balanced Fund, L.P. | US/Canada | — | — | 0.00 | 1/1/2010 | N/A | N/A | N/A | (f) | N/A | ||||||||||||||||||||||||||||
Woodline Fund LP | Global | 13,532,384 | 23,308,401 | 17.67 | 8/1/2019 | Quarterly | 60 days | 3/31/2024 | (d) | $ | 5,827,100 | |||||||||||||||||||||||||||
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Equity Hedged Subtotal | 81,326,714 | 129,649,051 | 98.29 | |||||||||||||||||||||||||||||||||||
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Total Investment Funds | $ | 81,326,714 | $ | 129,649,051 | 98.29 % | |||||||||||||||||||||||||||||||||
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Cash | Shares | Cost | Fair Value | % of Members’ Capital | ||||||||||||||||||||||||||||||||||
UBS Select Treasury Institutional Fund, 5.21% (g) | 410,094 | $ | 410,094 | $ | 410,094 | 0.31 % | ||||||||||||||||||||||||||||||||
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Total Cash Equivalents | 410,094 | $ | 410,094 | $ | 410,094 | 0.31 % | ||||||||||||||||||||||||||||||||
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Total Investments and Cash Equivalents | $ | 81,736,808 | $ | 130,059,145 | 98.60 % | |||||||||||||||||||||||||||||||||
Other Assets less Liabilities | 1,841,861 | 1.40 | ||||||||||||||||||||||||||||||||||||
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Net Assets | $ | 131,901,006 | 100.00 % | |||||||||||||||||||||||||||||||||||
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(a) | Each Investment Fund noted within the Schedule of Portfolio Investments is non-income producing. |
(b) | Available frequency of redemptions after the initial lock-up period, if any. Different tranches may have varying liquidity terms. |
(c) | Unless otherwise noted, the redemption notice periods are shown in calendar days. |
(d) | The Investment Fund is subject to an investor level gate of 25%. |
(e) | The Investment Fund is subject to an investor level gate of 50% during any 90-day period, without a penalty. |
(f) | The Investment Fund is in liquidation. In addition to any redemption proceeds that may have already been received, the Fund will continue to receive proceeds periodically as the Investment Fund liquidates its underlying investments. |
(g) | Investment in affiliate. The Fund holds shares in UBS Select Treasury Institutional Fund, which is registered under the Investment Company Act of 1940, as amended, and advised by UBS Asset Management (Americas) Inc. The rate shown is the current yield as of March 31, 2024. The audited financial statements of this entity can be found at www.sec.gov. |
Complete information about the Investment Funds’ underlying investments is not readily available.
The Fund’s valuation procedures require evaluation of all relevant factors available at the time the Fund values its portfolio. These relevant factors include the individual Investment Funds’ compliance with fair value measurements, price transparency and valuation procedures in place, and subscription and redemption activity.
A&Q Technology Fund LLC
Schedule of Portfolio Investments (continued)
(Unaudited)
March 31, 2024
Portfolio Valuation
Net asset value of the Fund is determined by the Fund’s administrator, under the oversight of the Adviser, as of the close of business at the end of any fiscal period in accordance with the valuation principles or as may be determined from time to time pursuant to policies established by the Board of Directors.
The investments within the scope of ASC 820, for which fair value is measured using NAV as a practical expedient, should not be categorized within the fair value hierarchy. The total fair value of the investments in Investment Funds valued using NAV as a practical expedient is $129,649,051. Additional disclosures, including liquidity terms and conditions of the underlying investments, are included in the Schedule of Portfolio Investments.
The Investment Funds in the equity hedged strategy (total fair value of $129,649,051) generally utilize fundamental analysis to invest in publicly traded equities through both long and short positions seeking to capture perceived security mispricing. Portfolio construction is driven primarily by bottom-up fundamental research; top-down analysis may also be applied. As of March 31, 2024, the Investment Funds in the equity hedged strategy had $60,494,206 representing 47% of the value of the investments in this category, subject to an investor level gate. An Investment Fund representing less than 1% of the value of investments in this category is held in side pockets or in liquidation; therefore, the redemption notice period is no longer effective for this investment and the liquidation of assets is uncertain.
Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents. The Fund had no unfunded capital commitments as of March 31, 2024.
Please refer to the December 31, 2023 financial statements for full disclosure on the Fund’s portfolio valuation methodology.