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PENG

Penguin Solutions

Portfolio weight

Not currently held

This position has been exited. The analysis below is kept as a record of the reasoning at the time and is not maintained as current research. See the Decision Log for the full decision history.

Exited on dilution and risk/reward

This was always a speculative photonics position. Dilution concerns and a valuation that got harder to defend weakened the risk and reward, and I closed it rather than let a speculative holding grow into a thesis the fundamentals did not support.