Imperial Petroleum Inc./Marshall Islands

• PA Pendelhaven Asset Management B.V. Investor’s Letter ↗ ARAR Fund retained and expanded SK Hynix, arguing that its booked HBM capacity and technology lead make its earnings more durable than lower-tier memory suppliers. The portfolio also expanded Chinese education and lending positions while monitoring APR-cap risks, Senegal licensing delays for Thor Explorations, and freight-rate support for Imperial Petroleum. Q2 2026 SKHY $729BFINV $694MQFIN $664M +4

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