The word "holding" is doing a lot of work

A holding company is understood to hold two things: assets, and a thesis. The assets are on the balance sheet. The thesis is the sentence that explains why those particular assets are in one place, and it is the part everybody actually judges you on.

The sentence is usually a lie of a specific and forgivable kind. It is written after the fact, from the assets backwards, and it describes a plan that nobody had at the time. Everybody in the room knows this and nobody says it, because the alternative — admitting that the portfolio is a record of what turned up — sounds like an absence of strategy rather than a description of one.

A thesis written backwards from the portfolio is not a strategy. It is a caption.

So: no thesis here. The structure exists because two things being able to sink each other is a bad property and separating them took an afternoon. What is held is not a sector, a stage or a geography. It is six specific reasons, each of which is written down next to the thing it justifies, and none of which generalises.

That is a weaker claim than the usual one and it has one significant advantage over it. It is checkable. You can read the reason, look at the thing, and decide whether the reason is any good — which is a great deal more than a thesis has ever let anybody do.