Susquehanna Capital Management, LLC

Susquehanna Capital Management, LLC is a market maker — positions are inventory, not bets, specialised in services_media (100% of the long book), running a $99.2M US long book across 1 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: PAYONEER GLOBAL INC.

Over the last 9 quarters its long book ran on average 2.6pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.