Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	518,000	$337M	13.2%	—	—	PUT	78462F103
CEG	CONSTELLATION ENERGY CORP	320,000	$89.36M	3.5%	$47.25	+537.3%	CALL	21037T109
DOW	DOW HLDGS INC	1,917,631	$79.87M	3.1%	$29.05	0.0%	COM	260557103
NRG	NRG ENERGY INC	406,835	$59.45M	2.3%	$158.48	0.0%	COM NEW	629377508
XLU	SELECT SECTOR SPDR TR	1,240,257	$56.92M	2.2%	$45.89	—	STATE STREET UTI	81369Y886
FDX	FEDEX CORP	159,165	$56.69M	2.2%	$338.93	0.0%	COM	31428X106
CHRW	C H ROBINSON WORLDWIDE IN	341,356	$56.69M	2.2%	$181.31	0.0%	COM NEW	12541W209
ALB	ALBEMARLE CORP	222,307	$39.91M	1.6%	$171.25	0.0%	COM	012653101
AES	AES CORP	1,598,292	$22.52M	0.9%	$15.14	0.0%	COM	00130H105
MWH	SOLV ENERGY INC	721,298	$21.66M	0.8%	$30.03	—	COM SHS CL A	78475V103
ENPH	ENPHASE ENERGY INC	488,852	$18.48M	0.7%	$41.25	0.0%	COM	29355A107
NPKI	NPK INTERNATIONAL INC	1,099,943	$15.94M	0.6%	$13.81	0.0%	COM SHS	651718504
FPS	FORGENT POWER SOLUTIONS INC	528,663	$15.47M	0.6%	$29.27	—	COM SHS CL A	34631F102

Increased Positions (7)

FE FIRSTENERGY CORP 5.9%

Value $152M (+130.0%) Shares 2,991,914 (+103.2%) Est. Cost $46.42 Unrealized +1.4%

NEE NEXTERA ENERGY INC 7.4%

Value $189M (+33.5%) Shares 2,040,030 (+15.4%) Est. Cost $71.19 Unrealized +22.4%

GDS GDS HLDGS LTD 1.2%

Value $31.47M (+755.0%) Shares 780,979 (+640.6%) Est. Cost $38.71 Unrealized —

PCG PG&E CORP 2.4%

Value $61.17M (+60.7%) Shares 3,481,382 (+47.0%) Est. Cost $14.96 Unrealized +9.5%

KEYS KEYSIGHT TECHNOLOGIES INC 1.8%

Value $46.6M (+42.4%) Shares 165,026 (+2.5%) Est. Cost $186.60 Unrealized +22.3%

CGNX COGNEX CORP 1.7%

Value $43.53M (+41.8%) Shares 888,614 (+4.2%) Est. Cost $31.08 Unrealized +43.1%

TE T1 ENERGY INC 1.0%

Value $26.03M (+11.3%) Shares 5,929,585 (+69.4%) Est. Cost $5.71 Unrealized +32.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FE	FIRSTENERGY CORP	2,991,914 (+103.2%)	$152M (+130.0%)	5.9%	$46.42	+1.4%	COM	337932107
NEE	NEXTERA ENERGY INC	2,040,030 (+15.4%)	$189M (+33.5%)	7.4%	$71.19	+22.4%	COM	65339F101
GDS	GDS HLDGS LTD	780,979 (+640.6%)	$31.47M (+755.0%)	1.2%	$38.71	—	SPONSORED ADS	36165L108
PCG	PG&E CORP	3,481,382 (+47.0%)	$61.17M (+60.7%)	2.4%	$14.96	+9.5%	COM	69331C108
KEYS	KEYSIGHT TECHNOLOGIES INC	165,026 (+2.5%)	$46.6M (+42.4%)	1.8%	$186.60	+22.3%	COM	49338L103
CGNX	COGNEX CORP	888,614 (+4.2%)	$43.53M (+41.8%)	1.7%	$31.08	+43.1%	COM	192422103
TE	T1 ENERGY INC	5,929,585 (+69.4%)	$26.03M (+11.3%)	1.0%	$5.71	+32.8%	COM NEW	35834F104

Exited Positions (7)

MMM 3M CO 5.0%

Value $128M Shares 801,662 Est. Cost $101.44 Unrealized +61.6%

EXC EXELON CORP 2.8%

Value $71.71M Shares 1,645,168 Est. Cost $40.63 Unrealized +11.1%

UAL UNITED AIRLS HLDGS INC 1.7%

Value $43.76M Shares 391,337 Est. Cost $96.17 Unrealized +16.1%

CAT CATERPILLAR INC 1.7%

Value $42.83M Shares 74,761 Est. Cost $555.50 Unrealized +23.2%

CVNA CARVANA CO 1.5%

Value $38.35M Shares 90,864 Est. Cost $371.73 Unrealized +9.9%

SGML SIGMA LITHIUM CORPORATION 0.6%

Value $14.68M Shares 1,112,845 Est. Cost $26.83 Unrealized -49.9%

SHLS SHOALS TECHNOLOGIES GROUP IN 0.1%

Value $2.56M Shares 301,216 Est. Cost $4.91 Unrealized +91.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MMM	3M CO	801,662	$128M	5.0%	$101.44	+61.6%	—	88579Y101
EXC	EXELON CORP	1,645,168	$71.71M	2.8%	$40.63	+11.1%	—	30161N101
UAL	UNITED AIRLS HLDGS INC	391,337	$43.76M	1.7%	$96.17	+16.1%	—	910047109
CAT	CATERPILLAR INC	74,761	$42.83M	1.7%	$555.50	+23.2%	—	149123101
CVNA	CARVANA CO	90,864	$38.35M	1.5%	$371.73	+9.9%	—	146869102
SGML	SIGMA LITHIUM CORPORATION	1,112,845	$14.68M	0.6%	$26.83	-49.9%	—	826599102
SHLS	SHOALS TECHNOLOGIES GROUP IN	301,216	$2.56M	0.1%	$4.91	+91.8%	—	82489W107

Decreased Positions (16)

CEG CONSTELLATION ENERGY CORP 2.4%

Value $62.2M (-69.7%) Shares 222,724 (-61.6%) Est. Cost $47.25 Unrealized +537.3%

JCI JOHNSON CONTROLS INTERNATION 2.4%

Value $60.75M (-55.5%) Shares 463,901 (-59.3%) Est. Cost $77.35 Unrealized +63.0%

PWR QUANTA SVCS INC 0.2%

Value $5.165M (-93.2%) Shares 9,408 (-94.8%) Est. Cost $69.74 Unrealized +597.2%

MTZ MASTEC INC 9.0%

Value $229M (+31.2%) Shares 713,013 (-11.4%) Est. Cost $84.22 Unrealized +197.1%

NXT NEXTPOWER INC 0.1%

Value $3.277M (-94.0%) Shares 27,187 (-95.7%) Est. Cost $66.45 Unrealized +63.8%

EOSE EOS ENERGY ENTERPRISES INC 1.0%

Value $26.68M (-62.0%) Shares 5,379,661 (-12.1%) Est. Cost $2.56 Unrealized +441.5%

ARRY ARRAY TECHNOLOGIES INC 0.1%

Value $2.863M (-88.2%) Shares 395,928 (-85.0%) Est. Cost $10.83 Unrealized -1.7%

BA BOEING CO 0.7%

Value $18.64M (-52.7%) Shares 93,653 (-48.4%) Est. Cost $184.28 Unrealized +29.4%

ENVX ENOVIX CORPORATION 0.9%

Value $23.97M (-45.8%) Shares 4,628,317 (-23.6%) Est. Cost $12.57 Unrealized -44.4%

COHR COHERENT CORP 4.2%

Value $108M (+16.6%) Shares 451,953 (-9.6%) Est. Cost $149.58 Unrealized +42.6%

ETR ENTERGY CORP NEW 5.6%

Value $142M (+6.8%) Shares 1,265,320 (-12.1%) Est. Cost $77.79 Unrealized +25.2%

SEDG SOLAREDGE TECHNOLOGIES INC 2.2%

Value $55.07M (+17.5%) Shares 1,078,678 (-33.6%) Est. Cost $23.45 Unrealized +48.2%

ULS UL SOLUTIONS INC 2.4%

Value $61.19M (-9.3%) Shares 713,941 (-16.5%) Est. Cost $67.17 Unrealized +12.9%

FLEX FLEXTRONICS INTL LTD 2.0%

Value $52.29M (-8.7%) Shares 798,774 (-15.8%) Est. Cost $61.77 Unrealized +3.6%

EIX EDISON INTL 1.0%

Value $24.86M (+20.2%) Shares 339,669 (-1.4%) Est. Cost $59.14 Unrealized +9.3%

GEV GE VERNOVA INC 0.5%

Value $12.5M (+20.6%) Shares 14,321 (-9.7%) Est. Cost $165.42 Unrealized +345.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CEG	CONSTELLATION ENERGY CORP	222,724 (-61.6%)	$62.2M (-69.7%)	2.4%	$47.25	+537.3%	COM	21037T109
JCI	JOHNSON CONTROLS INTERNATION	463,901 (-59.3%)	$60.75M (-55.5%)	2.4%	$77.35	+63.0%	SHS	G51502105
PWR	QUANTA SVCS INC	9,408 (-94.8%)	$5.165M (-93.2%)	0.2%	$69.74	+597.2%	COM	74762E102
MTZ	MASTEC INC	713,013 (-11.4%)	$229M (+31.2%)	9.0%	$84.22	+197.1%	COM	576323109
NXT	NEXTPOWER INC	27,187 (-95.7%)	$3.277M (-94.0%)	0.1%	$66.45	+63.8%	CLASS A COM	65290E101
EOSE	EOS ENERGY ENTERPRISES INC	5,379,661 (-12.1%)	$26.68M (-62.0%)	1.0%	$2.56	+441.5%	COM CL A	29415C101
ARRY	ARRAY TECHNOLOGIES INC	395,928 (-85.0%)	$2.863M (-88.2%)	0.1%	$10.83	-1.7%	COM SHS	04271T100
BA	BOEING CO	93,653 (-48.4%)	$18.64M (-52.7%)	0.7%	$184.28	+29.4%	COM	097023105
ENVX	ENOVIX CORPORATION	4,628,317 (-23.6%)	$23.97M (-45.8%)	0.9%	$12.57	-44.4%	COM	293594107
COHR	COHERENT CORP	451,953 (-9.6%)	$108M (+16.6%)	4.2%	$149.58	+42.6%	COM	19247G107
ETR	ENTERGY CORP NEW	1,265,320 (-12.1%)	$142M (+6.8%)	5.6%	$77.79	+25.2%	COM	29364G103
SEDG	SOLAREDGE TECHNOLOGIES INC	1,078,678 (-33.6%)	$55.07M (+17.5%)	2.2%	$23.45	+48.2%	COM	83417M104
ULS	UL SOLUTIONS INC	713,941 (-16.5%)	$61.19M (-9.3%)	2.4%	$67.17	+12.9%	CLASS A COM SHS	903731107
FLEX	FLEXTRONICS INTL LTD	798,774 (-15.8%)	$52.29M (-8.7%)	2.0%	$61.77	+3.6%	ORD	Y2573F102
EIX	EDISON INTL	339,669 (-1.4%)	$24.86M (+20.2%)	1.0%	$59.14	+9.3%	COM	281020107
GEV	GE VERNOVA INC	14,321 (-9.7%)	$12.5M (+20.6%)	0.5%	$165.42	+345.5%	COM	36828A101

Unchanged Positions (10)

WMB WILLIAMS COS INC 3.1%

Value $79.32M Shares 1,089,869 Est. Cost $60.06 Unrealized +10.5%

XEL XCEL ENERGY INC 6.0%

Value $152M Shares 1,918,768 Est. Cost $64.06 Unrealized +20.5%

VRT VERTIV HOLDINGS CO 0.3%

Value $6.752M Shares 26,945 Est. Cost $42.59 Unrealized +369.3%

FTCI FTC SOLAR INC 0.0%

Value $341K Shares 90,201 Est. Cost $9.12 Unrealized +14.3%

OPAL OPAL FUELS INC 0.2%

Value $4.536M Shares 1,800,000 Est. Cost $9.70 Unrealized -75.9%

PONY PONY AI INC 0.0%

Value $475K Shares 50,367 Est. Cost $14.50 Unrealized —

HSAI HESAI GROUP 0.0%

Value $1.16M Shares 60,670 Est. Cost $14.80 Unrealized —

EH EHANG HLDGS LTD 0.0%

Value $332K Shares 34,174 Est. Cost $17.05 Unrealized —

WRD WERIDE INC 0.0%

Value $1.083M Shares 133,867 Est. Cost $9.90 Unrealized —

SES/WS SES AI CORPORATION 0.0%

Value $10,129 Shares 239,752 Est. Cost $2.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	1,089,869	$79.32M	3.1%	$60.06	+10.5%	COM	969457100
XEL	XCEL ENERGY INC	1,918,768	$152M	6.0%	$64.06	+20.5%	COM	98389B100
VRT	VERTIV HOLDINGS CO	26,945	$6.752M	0.3%	$42.59	+369.3%	COM CL A	92537N108
FTCI	FTC SOLAR INC	90,201	$341K	0.0%	$9.12	+14.3%	COM NEW	30320C301
OPAL	OPAL FUELS INC	1,800,000	$4.536M	0.2%	$9.70	-75.9%	CLASS A COM	68347P103
PONY	PONY AI INC	50,367	$475K	0.0%	$14.50	—	SPONSORED ADS	732908108
HSAI	HESAI GROUP	60,670	$1.16M	0.0%	$14.80	—	SPONSORED ADS	428050108
EH	EHANG HLDGS LTD	34,174	$332K	0.0%	$17.05	—	ADS	26853E102
WRD	WERIDE INC	133,867	$1.083M	0.0%	$9.90	—	SPONSORED ADS	950915108
SES/WS	SES AI CORPORATION	239,752	$10,129	0.0%	$2.20	—	*W EXP 12/10/202	78397Q117