Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TER	TERADYNE INC	1,872,876	$555M	4.4%	$265.87	0.0%	COM	880770102
GLW	CORNING INC	3,718,147	$506M	4.0%	$111.68	0.0%	COM	219350105
MTZ	MASTEC INC	1,531,050	$493M	3.9%	$250.19	0.0%	COM	576323109
USFD	US FOODS HLDG CORP	3,795,998	$350M	2.8%	$86.62	0.0%	COM	912008109
PFGC	PERFORMANCE FOOD GROUP CO	3,978,158	$341M	2.7%	$94.03	0.0%	COM	71377A103
MCK	MCKESSON CORP	392,224	$339M	2.7%	$875.46	0.0%	COM	58155Q103
CIEN	CIENA CORP	809,522	$314M	2.5%	$270.92	0.0%	COM NEW	171779309
WULF	TERAWULF INC	19,921,430	$287M	2.3%	$14.58	0.0%	COM	88080T104
HUT	HUT 8 CORP	6,078,951	$285M	2.3%	$56.58	0.0%	COM	44812J104
AGX	ARGAN INC	393,134	$214M	1.7%	$370.57	0.0%	COM	04010E109
GOOGL	ALPHABET INC	187,561	$53.94M	0.4%	$323.29	0.0%	CAP STK CL A	02079K305

Increased Positions (13)

CRS CARPENTER TECHNOLOGY CORP 5.7%

Value $717M (+73.3%) Shares 1,817,940 (+38.5%) Est. Cost $314.10 Unrealized +11.2%

ASML ASML HLDG NV 6.9%

Value $865M (+33.7%) Shares 655,148 (+8.3%) Est. Cost $1089.06 Unrealized —

CLH CLEAN HARBORS INC 4.0%

Value $503M (+55.7%) Shares 1,754,950 (+27.3%) Est. Cost $235.94 Unrealized +11.6%

ENTG ENTEGRIS INC 2.9%

Value $365M (+41.9%) Shares 3,115,054 (+2.0%) Est. Cost $87.38 Unrealized +35.4%

TLN TALEN ENERGY CORP 4.6%

Value $580M (+19.8%) Shares 1,817,947 (+40.7%) Est. Cost $238.72 Unrealized +54.2%

VST VISTRA CORP 7.4%

Value $930M (+10.6%) Shares 6,187,585 (+18.7%) Est. Cost $100.57 Unrealized +62.3%

THC TENET HEALTHCARE CORP 3.4%

Value $426M (+20.0%) Shares 2,258,717 (+26.4%) Est. Cost $202.95 Unrealized +1.6%

APP APPLOVIN CORP 4.6%

Value $583M (+10.9%) Shares 1,464,923 (+87.7%) Est. Cost $315.33 Unrealized +60.8%

NU NU HLDGS LTD 4.4%

Value $546M (+10.1%) Shares 38,011,225 (+28.3%) Est. Cost $14.93 Unrealized +16.1%

SPOT SPOTIFY TECHNOLOGY S A 0.3%

Value $33.38M (+223.7%) Shares 68,844 (+287.6%) Est. Cost $530.29 Unrealized -6.2%

V VISA INC 0.2%

Value $28.04M (+425.4%) Shares 92,775 (+509.7%) Est. Cost $331.01 Unrealized -0.6%

TDG TRANSDIGM GROUP INC 0.3%

Value $41.35M (+61.7%) Shares 35,677 (+85.5%) Est. Cost $1334.17 Unrealized +2.1%

HLT HILTON WORLDWIDE HLDGS INC 0.2%

Value $27.14M (+63.4%) Shares 89,249 (+54.4%) Est. Cost $283.78 Unrealized +7.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRS	CARPENTER TECHNOLOGY CORP	1,817,940 (+38.5%)	$717M (+73.3%)	5.7%	$314.10	+11.2%	COM	144285103
ASML	ASML HLDG NV	655,148 (+8.3%)	$865M (+33.7%)	6.9%	$1089.06	—	N Y REGISTRY SHS	N07059210
CLH	CLEAN HARBORS INC	1,754,950 (+27.3%)	$503M (+55.7%)	4.0%	$235.94	+11.6%	COM	184496107
ENTG	ENTEGRIS INC	3,115,054 (+2.0%)	$365M (+41.9%)	2.9%	$87.38	+35.4%	COM	29362U104
TLN	TALEN ENERGY CORP	1,817,947 (+40.7%)	$580M (+19.8%)	4.6%	$238.72	+54.2%	COM	87422Q109
VST	VISTRA CORP	6,187,585 (+18.7%)	$930M (+10.6%)	7.4%	$100.57	+62.3%	COM	92840M102
THC	TENET HEALTHCARE CORP	2,258,717 (+26.4%)	$426M (+20.0%)	3.4%	$202.95	+1.6%	COM NEW	88033G407
APP	APPLOVIN CORP	1,464,923 (+87.7%)	$583M (+10.9%)	4.6%	$315.33	+60.8%	COM CL A	03831W108
NU	NU HLDGS LTD	38,011,225 (+28.3%)	$546M (+10.1%)	4.4%	$14.93	+16.1%	ORD SHS CL A	G6683N103
SPOT	SPOTIFY TECHNOLOGY S A	68,844 (+287.6%)	$33.38M (+223.7%)	0.3%	$530.29	-6.2%	SHS	L8681T102
V	VISA INC	92,775 (+509.7%)	$28.04M (+425.4%)	0.2%	$331.01	-0.6%	COM CL A	92826C839
TDG	TRANSDIGM GROUP INC	35,677 (+85.5%)	$41.35M (+61.7%)	0.3%	$1334.17	+2.1%	COM	893641100
HLT	HILTON WORLDWIDE HLDGS INC	89,249 (+54.4%)	$27.14M (+63.4%)	0.2%	$283.78	+7.5%	COM	43300A203

Exited Positions (7)

AVGO BROADCOM INC 4.8%

Value $599M Shares 1,730,216 Est. Cost $311.09 Unrealized +7.4%

MSFT MICROSOFT CORP 4.8%

Value $597M Shares 1,234,125 Est. Cost $218.10 Unrealized +99.3%

DASH DOORDASH INC 4.6%

Value $573M Shares 2,529,879 Est. Cost $234.56 Unrealized -16.2%

AMZN AMAZON COM INC 4.4%

Value $557M Shares 2,414,520 Est. Cost $149.80 Unrealized +51.4%

PM PHILIP MORRIS INTL INC 3.4%

Value $424M Shares 2,643,579 Est. Cost $123.55 Unrealized +42.4%

WING WINGSTOP INC 3.0%

Value $380M Shares 1,595,258 Est. Cost $306.59 Unrealized -13.7%

AFRM AFFIRM HLDGS INC 2.3%

Value $284M Shares 3,817,170 Est. Cost $71.97 Unrealized -10.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	1,730,216	$599M	4.8%	$311.09	+7.4%	—	11135F101
MSFT	MICROSOFT CORP	1,234,125	$597M	4.8%	$218.10	+99.3%	—	594918104
DASH	DOORDASH INC	2,529,879	$573M	4.6%	$234.56	-16.2%	—	25809K105
AMZN	AMAZON COM INC	2,414,520	$557M	4.4%	$149.80	+51.4%	—	023135106
PM	PHILIP MORRIS INTL INC	2,643,579	$424M	3.4%	$123.55	+42.4%	—	718172109
WING	WINGSTOP INC	1,595,258	$380M	3.0%	$306.59	-13.7%	—	974155103
AFRM	AFFIRM HLDGS INC	3,817,170	$284M	2.3%	$71.97	-10.1%	—	00827B106

Decreased Positions (11)

KKR KKR & CO INC 0.1%

Value $16.59M (-97.4%) Shares 179,308 (-96.4%) Est. Cost $82.41 Unrealized +39.3%

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.7%

Value $470M (-49.4%) Shares 1,389,530 (-54.5%) Est. Cost $97.63 Unrealized —

VMC VULCAN MATLS CO 0.3%

Value $39.26M (-91.8%) Shares 144,179 (-91.4%) Est. Cost $285.01 Unrealized +7.6%

APH AMPHENOL CORP 0.2%

Value $28.19M (-92.6%) Shares 223,084 (-92.1%) Est. Cost $109.40 Unrealized +33.8%

BN BROOKFIELD CORP 3.6%

Value $454M (-37.9%) Shares 11,208,969 (-29.6%) Est. Cost $42.12 Unrealized +10.8%

CVNA CARVANA CO 4.4%

Value $552M (-26.5%) Shares 1,754,709 (-1.4%) Est. Cost $221.24 Unrealized +84.6%

COF CAPITAL ONE FINL CORP 3.3%

Value $414M (-25.6%) Shares 2,267,056 (-1.2%) Est. Cost $170.68 Unrealized +30.8%

LPLA LPL FINL HLDGS INC 4.9%

Value $617M (-16.8%) Shares 2,049,967 (-1.2%) Est. Cost $234.02 Unrealized +52.5%

MA MASTERCARD INCORPORATED 0.2%

Value $28.58M (-48.0%) Shares 57,201 (-40.6%) Est. Cost $558.95 Unrealized -3.6%

BKNG BOOKING HOLDINGS INC 0.1%

Value $10.13M (-59.2%) Shares 2,405 (-48.1%) Est. Cost $5094.53 Unrealized -6.1%

BSX BOSTON SCIENTIFIC CORP 0.1%

Value $6.567M (-65.9%) Shares 104,655 (-48.1%) Est. Cost $98.04 Unrealized -12.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KKR	KKR & CO INC	179,308 (-96.4%)	$16.59M (-97.4%)	0.1%	$82.41	+39.3%	COM	48251W104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,389,530 (-54.5%)	$470M (-49.4%)	3.7%	$97.63	—	SPONSORED ADS	874039100
VMC	VULCAN MATLS CO	144,179 (-91.4%)	$39.26M (-91.8%)	0.3%	$285.01	+7.6%	COM	929160109
APH	AMPHENOL CORP	223,084 (-92.1%)	$28.19M (-92.6%)	0.2%	$109.40	+33.8%	CL A	032095101
BN	BROOKFIELD CORP	11,208,969 (-29.6%)	$454M (-37.9%)	3.6%	$42.12	+10.8%	CL A LTD VT SH	11271J107
CVNA	CARVANA CO	1,754,709 (-1.4%)	$552M (-26.5%)	4.4%	$221.24	+84.6%	CL A	146869102
COF	CAPITAL ONE FINL CORP	2,267,056 (-1.2%)	$414M (-25.6%)	3.3%	$170.68	+30.8%	COM	14040H105
LPLA	LPL FINL HLDGS INC	2,049,967 (-1.2%)	$617M (-16.8%)	4.9%	$234.02	+52.5%	COM	50212V100
MA	MASTERCARD INCORPORATED	57,201 (-40.6%)	$28.58M (-48.0%)	0.2%	$558.95	-3.6%	CL A	57636Q104
BKNG	BOOKING HOLDINGS INC	2,405 (-48.1%)	$10.13M (-59.2%)	0.1%	$5094.53	-6.1%	COM	09857L108
BSX	BOSTON SCIENTIFIC CORP	104,655 (-48.1%)	$6.567M (-65.9%)	0.1%	$98.04	-12.5%	COM	101137107

Unchanged Positions (1)

MDLN MEDLINE INC 4.2%

Value $525M Shares 11,789,156 Est. Cost $42.23 Unrealized +6.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MDLN	MEDLINE INC	11,789,156	$525M	4.2%	$42.23	+6.2%	COM CL A	58507V107