Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	135,006	$233M	1.0%	$2066.46	0.0%	COM	58733R102
LITE	LUMENTUM HLDGS INC	136,800	$96.14M	0.4%	$467.14	0.0%	COM	55024U109
EQPT	EQUIPMENTSHARE COM INC	4,579,646	$93.29M	0.4%	$20.37	—	COM CL A	29445S100
INTC	INTEL CORP	1,638,700	$72.32M	0.3%	$46.43	0.0%	COM	458140100
RVI	ROBINHOOD VENTURES FD I	400,000	$10.62M	0.0%	$26.54	—	COM SHS	770701100
PAYP	PAYPAY CORP	400,000	$8.536M	0.0%	$21.34	—	SPONSORED ADS	70450C101
XNDU	XANADU QUANTUM TECHNOLO LTD	500,000	$3.83M	0.0%	$7.66	—	SUB VTG B	98390R102

Increased Positions (8)

TSM TAIWAN SEMICONDUCTOR MANUFAC 8.2%

Value $1.881B (+66.1%) Shares 5,565,074 (+49.4%) Est. Cost $195.43 Unrealized —

AMAT APPLIED MATLS INC 2.5%

Value $566M (+146.2%) Shares 1,656,900 (+85.1%) Est. Cost $264.36 Unrealized +23.5%

AVGO BROADCOM INC 4.9%

Value $1.11B (+11.5%) Shares 3,584,814 (+24.7%) Est. Cost $210.24 Unrealized +58.9%

Z ZILLOW GROUP INC 1.3%

Value $305M (-26.2%) Shares 7,368,957 (+21.7%) Est. Cost $71.72 Unrealized -18.1%

META META PLATFORMS INC 7.7%

Value $1.766B (-2.7%) Shares 3,086,864 (+12.2%) Est. Cost $219.22 Unrealized +199.0%

NVDA NVIDIA CORPORATION 9.2%

Value $2.095B (+2.0%) Shares 12,011,752 (+9.1%) Est. Cost $107.40 Unrealized +73.8%

SPOT SPOTIFY TECHNOLOGY S A 3.4%

Value $767M (+4.6%) Shares 1,580,761 (+25.3%) Est. Cost $441.62 Unrealized +12.6%

CPNG COUPANG INC 2.9%

Value $653M (+5.4%) Shares 34,595,407 (+31.7%) Est. Cost $24.64 Unrealized -19.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	5,565,074 (+49.4%)	$1.881B (+66.1%)	8.2%	$195.43	—	SPONSORED ADS	874039100
AMAT	APPLIED MATLS INC	1,656,900 (+85.1%)	$566M (+146.2%)	2.5%	$264.36	+23.5%	COM	038222105
AVGO	BROADCOM INC	3,584,814 (+24.7%)	$1.11B (+11.5%)	4.9%	$210.24	+58.9%	COM	11135F101
Z	ZILLOW GROUP INC	7,368,957 (+21.7%)	$305M (-26.2%)	1.3%	$71.72	-18.1%	CL C CAP STK	98954M200
META	META PLATFORMS INC	3,086,864 (+12.2%)	$1.766B (-2.7%)	7.7%	$219.22	+199.0%	CL A	30303M102
NVDA	NVIDIA CORPORATION	12,011,752 (+9.1%)	$2.095B (+2.0%)	9.2%	$107.40	+73.8%	COM	67066G104
SPOT	SPOTIFY TECHNOLOGY S A	1,580,761 (+25.3%)	$767M (+4.6%)	3.4%	$441.62	+12.6%	SHS	L8681T102
CPNG	COUPANG INC	34,595,407 (+31.7%)	$653M (+5.4%)	2.9%	$24.64	-19.4%	CL A	22266T109

Exited Positions (7)

FLUT FLUTTER ENTMT PLC 3.8%

Value $861M Shares 4,003,542 Est. Cost $214.15 Unrealized -22.3%

VEEV VEEVA SYS INC 2.4%

Value $540M Shares 2,420,500 Est. Cost $227.17 Unrealized -10.2%

GRAB GRAB HOLDINGS LIMITED 2.0%

Value $464M Shares 92,923,788 Est. Cost $3.33 Unrealized +34.9%

WDAY WORKDAY INC 0.9%

Value $215M Shares 1,000,000 Est. Cost $185.64 Unrealized -7.0%

ESTC ELASTIC N V 0.6%

Value $128M Shares 1,690,700 Est. Cost $68.17 Unrealized -1.8%

HNGE HINGE HEALTH INC 0.4%

Value $83.88M Shares 1,805,751 Est. Cost $45.80 Unrealized -11.4%

CRCL CIRCLE INTERNET GROUP INC 0.2%

Value $39.65M Shares 500,000 Est. Cost $118.24 Unrealized -41.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	4,003,542	$861M	3.8%	$214.15	-22.3%	—	G3643J108
VEEV	VEEVA SYS INC	2,420,500	$540M	2.4%	$227.17	-10.2%	—	922475108
GRAB	GRAB HOLDINGS LIMITED	92,923,788	$464M	2.0%	$3.33	+34.9%	—	G4124C109
WDAY	WORKDAY INC	1,000,000	$215M	0.9%	$185.64	-7.0%	—	98138H101
ESTC	ELASTIC N V	1,690,700	$128M	0.6%	$68.17	-1.8%	—	N14506104
HNGE	HINGE HEALTH INC	1,805,751	$83.88M	0.4%	$45.80	-11.4%	—	433313103
CRCL	CIRCLE INTERNET GROUP INC	500,000	$39.65M	0.2%	$118.24	-41.0%	—	172573107

Decreased Positions (10)

MSFT MICROSOFT CORP 4.1%

Value $925M (-65.1%) Shares 2,500,000 (-54.4%) Est. Cost $201.04 Unrealized +116.2%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.7%

Value $395M (-73.6%) Shares 2,000,000 (-65.7%) Est. Cost $126.42 Unrealized +78.0%

RDDT REDDIT INC 1.5%

Value $337M (-61.9%) Shares 2,500,000 (-35.0%) Est. Cost $121.40 Unrealized +56.2%

APO APOLLO GLOBAL MGMT INC 1.6%

Value $367M (-59.2%) Shares 3,293,334 (-47.0%) Est. Cost $63.81 Unrealized +109.1%

APP APPLOVIN CORP 1.7%

Value $398M (-54.3%) Shares 1,000,000 (-22.7%) Est. Cost $341.20 Unrealized +48.6%

XYZ BLOCK INC 1.1%

Value $241M (-41.9%) Shares 4,000,000 (-37.2%) Est. Cost $67.60 Unrealized -10.8%

NOW SERVICENOW INC 0.7%

Value $157M (-51.9%) Shares 1,500,000 (-29.5%) Est. Cost $159.29 Unrealized -23.9%

CHYM CHIME FINL INC 0.9%

Value $208M (-41.9%) Shares 11,081,780 (-21.9%) Est. Cost $31.53 Unrealized -23.9%

CSGP COSTAR GROUP INC 0.3%

Value $60.51M (-60.2%) Shares 1,500,000 (-33.6%) Est. Cost $75.52 Unrealized -24.6%

UNH UNITEDHEALTH GROUP INC 0.4%

Value $94.83M (-31.6%) Shares 350,445 (-16.6%) Est. Cost $473.12 Unrealized -34.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	2,500,000 (-54.4%)	$925M (-65.1%)	4.1%	$201.04	+116.2%	COM	594918104
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	2,000,000 (-65.7%)	$395M (-73.6%)	1.7%	$126.42	+78.0%	COM	874054109
RDDT	REDDIT INC	2,500,000 (-35.0%)	$337M (-61.9%)	1.5%	$121.40	+56.2%	CL A	75734B100
APO	APOLLO GLOBAL MGMT INC	3,293,334 (-47.0%)	$367M (-59.2%)	1.6%	$63.81	+109.1%	COM	03769M106
APP	APPLOVIN CORP	1,000,000 (-22.7%)	$398M (-54.3%)	1.7%	$341.20	+48.6%	COM CL A	03831W108
XYZ	BLOCK INC	4,000,000 (-37.2%)	$241M (-41.9%)	1.1%	$67.60	-10.8%	CL A	852234103
NOW	SERVICENOW INC	1,500,000 (-29.5%)	$157M (-51.9%)	0.7%	$159.29	-23.9%	COM	81762P102
CHYM	CHIME FINL INC	11,081,780 (-21.9%)	$208M (-41.9%)	0.9%	$31.53	-23.9%	COM SHS CL A	16935C109
CSGP	COSTAR GROUP INC	1,500,000 (-33.6%)	$60.51M (-60.2%)	0.3%	$75.52	-24.6%	COM	22160N109
UNH	UNITEDHEALTH GROUP INC	350,445 (-16.6%)	$94.83M (-31.6%)	0.4%	$473.12	-34.8%	COM	91324P102

Unchanged Positions (29)

SE SEA LTD 5.6%

Value $1.277B Shares 15,415,835 Est. Cost $52.59 Unrealized —

GOOGL ALPHABET INC 13.4%

Value $3.057B Shares 10,631,402 Est. Cost $130.22 Unrealized +148.3%

AMZN AMAZON COM INC 9.1%

Value $2.083B Shares 10,000,000 Est. Cost $157.39 Unrealized +44.1%

GEV GE VERNOVA INC 3.7%

Value $849M Shares 972,994 Est. Cost $363.30 Unrealized +102.8%

LRCX LAM RESEARCH CORP 3.6%

Value $833M Shares 3,900,439 Est. Cost $75.87 Unrealized +197.8%

ZS ZSCALER INC 1.0%

Value $222M Shares 1,579,766 Est. Cost $194.34 Unrealized -0.5%

WLTH WEALTHFRONT CORP 0.6%

Value $140M Shares 15,156,877 Est. Cost $13.20 Unrealized -27.4%

PCOR PROCORE TECHNOLOGIES INC 0.6%

Value $133M Shares 2,339,500 Est. Cost $68.23 Unrealized -11.7%

FWONK LIBERTY MEDIA CORP DEL 1.0%

Value $228M Shares 2,682,000 Est. Cost $68.28 Unrealized —

ZG ZILLOW GROUP INC 0.2%

Value $42.37M Shares 1,023,733 Est. Cost $72.48 Unrealized -19.7%

NU NU HLDGS LTD 0.7%

Value $159M Shares 11,032,555 Est. Cost $10.19 Unrealized +70.1%

BULL WEBULL CORP 0.1%

Value $32.28M Shares 6,724,137 Est. Cost $14.98 Unrealized -52.3%

CPAY CORPAY INC 2.2%

Value $510M Shares 1,752,146 Est. Cost $298.17 Unrealized +9.9%

PONY PONY AI INC 0.1%

Value $27.38M Shares 2,900,000 Est. Cost $14.48 Unrealized —

RERE ATRENEW INC 0.2%

Value $46.11M Shares 9,831,218 Est. Cost $6.91 Unrealized —

NFLX NETFLIX INC. 1.0%

Value $235M Shares 2,439,000 Est. Cost $108.99 Unrealized -23.1%

NTSK NETSKOPE INC 0.0%

Value $4.245M Shares 500,000 Est. Cost $23.79 Unrealized -41.4%

KLAR KLARNA GROUP PLC 0.0%

Value $2.291M Shares 175,000 Est. Cost $42.59 Unrealized -44.9%

DASH DOORDASH INC 0.0%

Value $3.804M Shares 25,337 Est. Cost $84.57 Unrealized +132.6%

UBER UBER TECHNOLOGIES INC 0.0%

Value $10.87M Shares 151,178 Est. Cost $38.75 Unrealized +103.2%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.0%

Value $6.79M Shares 200,000 Est. Cost $38.84 Unrealized +27.1%

FIG FIGMA INC 0.0%

Value $1.268M Shares 60,000 Est. Cost $68.66 Unrealized -58.6%

SHW SHERWIN WILLIAMS CO 0.4%

Value $82.41M Shares 257,083 Est. Cost $355.21 Unrealized +0.0%

ETOR ETORO GROUP LTD 0.0%

Value $2.402M Shares 80,000 Est. Cost $64.04 Unrealized -52.2%

GEMI GEMINI SPACE STA INC 0.0%

Value $309K Shares 70,000 Est. Cost $25.81 Unrealized -66.7%

JD JD.COM INC 0.0%

Value $10.18M Shares 344,309 Est. Cost $32.86 Unrealized —

ARX ACCELERANT HOLDINGS 0.0%

Value $1.002M Shares 75,000 Est. Cost $23.42 Unrealized -44.0%

BLSH BULLISH 0.0%

Value $3.573M Shares 100,000 Est. Cost $61.33 Unrealized -44.2%

MNTN MNTN INC 0.0%

Value $176K Shares 20,000 Est. Cost $23.00 Unrealized -55.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SE	SEA LTD	15,415,835	$1.277B	5.6%	$52.59	—	SPONSORD ADS	81141R100
GOOGL	ALPHABET INC	10,631,402	$3.057B	13.4%	$130.22	+148.3%	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	10,000,000	$2.083B	9.1%	$157.39	+44.1%	COM	023135106
GEV	GE VERNOVA INC	972,994	$849M	3.7%	$363.30	+102.8%	COM	36828A101
LRCX	LAM RESEARCH CORP	3,900,439	$833M	3.6%	$75.87	+197.8%	COM NEW	512807306
ZS	ZSCALER INC	1,579,766	$222M	1.0%	$194.34	-0.5%	COM	98980G102
WLTH	WEALTHFRONT CORP	15,156,877	$140M	0.6%	$13.20	-27.4%	COM	947002101
PCOR	PROCORE TECHNOLOGIES INC	2,339,500	$133M	0.6%	$68.23	-11.7%	COM	74275K108
FWONK	LIBERTY MEDIA CORP DEL	2,682,000	$228M	1.0%	$68.28	—	COM LBTY ONE S C	531229755
ZG	ZILLOW GROUP INC	1,023,733	$42.37M	0.2%	$72.48	-19.7%	CL A	98954M101
NU	NU HLDGS LTD	11,032,555	$159M	0.7%	$10.19	+70.1%	ORD SHS CL A	G6683N103
BULL	WEBULL CORP	6,724,137	$32.28M	0.1%	$14.98	-52.3%	ORD SHS	G9572D103
CPAY	CORPAY INC	1,752,146	$510M	2.2%	$298.17	+9.9%	COM SHS	219948106
PONY	PONY AI INC	2,900,000	$27.38M	0.1%	$14.48	—	SPONSORED ADS	732908108
RERE	ATRENEW INC	9,831,218	$46.11M	0.2%	$6.91	—	SPONSORED ADS	00138L108
NFLX	NETFLIX INC.	2,439,000	$235M	1.0%	$108.99	-23.1%	COM	64110L106
NTSK	NETSKOPE INC	500,000	$4.245M	0.0%	$23.79	-41.4%	CL A	64119N608
KLAR	KLARNA GROUP PLC	175,000	$2.291M	0.0%	$42.59	-44.9%	SHS	G5279N105
DASH	DOORDASH INC	25,337	$3.804M	0.0%	$84.57	+132.6%	CL A	25809K105
UBER	UBER TECHNOLOGIES INC	151,178	$10.87M	0.0%	$38.75	+103.2%	COM	90353T100
FIGR	FIGURE TECHNOLOGY SOLUTIO	200,000	$6.79M	0.0%	$38.84	+27.1%	COM CL A	349381103
FIG	FIGMA INC	60,000	$1.268M	0.0%	$68.66	-58.6%	CLASS A COM STK	316841105
SHW	SHERWIN WILLIAMS CO	257,083	$82.41M	0.4%	$355.21	+0.0%	COM	824348106
ETOR	ETORO GROUP LTD	80,000	$2.402M	0.0%	$64.04	-52.2%	SHS CL A	G32089107
GEMI	GEMINI SPACE STA INC	70,000	$309K	0.0%	$25.81	-66.7%	CL A COM	36866J105
JD	JD.COM INC	344,309	$10.18M	0.0%	$32.86	—	SPON ADS CL A	47215P106
ARX	ACCELERANT HOLDINGS	75,000	$1.002M	0.0%	$23.42	-44.0%	CL A	G00894108
BLSH	BULLISH	100,000	$3.573M	0.0%	$61.33	-44.2%	ORD SHS	G16910120
MNTN	MNTN INC	20,000	$176K	0.0%	$23.00	-55.3%	CL A	55318A108