Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	90,000	$51.49M	2.5%	$655.57	0.0%	CL A	30303M102
GOOGL	ALPHABET INC	175,000	$50.32M	2.4%	$323.29	0.0%	CAP STK CL A	02079K305
GLD	SPDR GOLD TR	95,000	$40.88M	2.0%	$430.29	—	GOLD SHS	78463V107
HUT	HUT 8 CORP	869,563	$40.79M	2.0%	$56.58	0.0%	COM	44812J104
TDG	TRANSDIGM GROUP INC	25,000	$28.97M	1.4%	$1361.54	0.0%	COM	893641100
KLAC	KLA CORP	11,000	$16.2M	0.8%	$1462.03	0.0%	COM NEW	482480100
LRCX	LAM RESEARCH CORP	75,000	$16.02M	0.8%	$225.94	0.0%	COM NEW	512807306
ASML	ASML HLDG NV	12,000	$15.85M	0.8%	$1320.83	—	N Y REGISTRY SHS	N07059210
AVGO	BROADCOM INC	50,000	$15.48M	0.7%	$334.17	0.0%	COM	11135F101
SMH	VANECK ETF TRUST	40,000	$15.34M	0.7%	$383.40	—	SEMICONDUCTR ETF	92189F676

Increased Positions (1)

SPRY ARS PHARMACEUTICALS INC 0.4%

Value $8.03M (+23.9%) Shares 1,000,000 (+79.8%) Est. Cost $9.95 Unrealized +2.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPRY	ARS PHARMACEUTICALS INC	1,000,000 (+79.8%)	$8.03M (+23.9%)	0.4%	$9.95	+2.9%	COM	82835W108

Exited Positions (21)

PCG PG&E CORP 26.5%

Value $551M Shares 34,300,000 Est. Cost $10.02 Unrealized +63.5%

MSFT MICROSOFT CORP 21.5%

Value $447M Shares 925,000 Est. Cost $436.80 Unrealized -0.5%

BN BROOKFIELD CORP 13.7%

Value $285M Shares 6,200,000 Est. Cost $35.41 Unrealized +31.8%

CASY CASEYS GEN STORES INC 12.1%

Value $251M Shares 455,000 Est. Cost $446.05 Unrealized +41.5%

CSGP COSTAR GROUP INC 10.2%

Value $213M Shares 3,165,000 Est. Cost $76.46 Unrealized -25.6%

RKT ROCKET COS INC 8.8%

Value $184M Shares 9,515,000 Est. Cost $15.82 Unrealized +27.4%

LPLA LPL FINL HLDGS INC 8.7%

Value $182M Shares 510,000 Est. Cost $243.60 Unrealized +46.5%

CMG CHIPOTLE MEXICAN GRILL INC 8.4%

Value $175M Shares 4,725,000 Est. Cost $36.17 Unrealized +7.2%

CEG CONSTELLATION ENERGY CORP 8.1%

Value $168M Shares 475,000 Est. Cost $363.20 Unrealized -17.1%

VST VISTRA CORP 7.8%

Value $162M Shares 1,005,000 Est. Cost $72.76 Unrealized +124.3%

BABA ALIBABA GROUP HLDG LTD 5.8%

Value $121M Shares 825,000 Est. Cost $146.58 Unrealized —

FIX COMFORT SYS USA INC 4.7%

Value $98M Shares 105,000 Est. Cost $453.04 Unrealized +164.0%

SPOT SPOTIFY TECHNOLOGY S A 2.8%

Value $58.07M Shares 100,000 Est. Cost $625.13 Unrealized -20.4%

KVUE KENVUE INC 2.7%

Value $56.06M Shares 3,250,000 Est. Cost $21.31 Unrealized -17.1%

PGR PROGRESSIVE CORP 2.4%

Value $50.1M Shares 220,000 Est. Cost $212.34 Unrealized -2.7%

TMO THERMO FISHER SCIENTIFIC INC 1.4%

Value $28.97M Shares 50,000 Est. Cost $565.16 Unrealized +1.7%

WIX WIX COM LTD 1.1%

Value $23.38M Shares 225,000 Est. Cost $120.92 Unrealized -32.6%

CSX CSX CORP 0.9%

Value $18.13M Shares 500,000 Est. Cost $35.70 Unrealized +7.9%

— PG&E CORP 0.5%

Value $10.28M Shares 10,000,000 Est. Cost $1.09 Unrealized —

— PG&E CORP 0.3%

Value $5.74M Shares 140,000 Est. Cost $49.79 Unrealized —

BHC BAUSCH HEALTH COS INC 0.1%

Value $2.433M Shares 350,000 Est. Cost $6.65 Unrealized -3.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCG	PG&E CORP	34,300,000	$551M	26.5%	$10.02	+63.5%	—	69331C108
MSFT	MICROSOFT CORP	925,000	$447M	21.5%	$436.80	-0.5%	—	594918104
BN	BROOKFIELD CORP	6,200,000	$285M	13.7%	$35.41	+31.8%	—	11271J107
CASY	CASEYS GEN STORES INC	455,000	$251M	12.1%	$446.05	+41.5%	—	147528103
CSGP	COSTAR GROUP INC	3,165,000	$213M	10.2%	$76.46	-25.6%	—	22160N109
RKT	ROCKET COS INC	9,515,000	$184M	8.8%	$15.82	+27.4%	—	77311W101
LPLA	LPL FINL HLDGS INC	510,000	$182M	8.7%	$243.60	+46.5%	—	50212V100
CMG	CHIPOTLE MEXICAN GRILL INC	4,725,000	$175M	8.4%	$36.17	+7.2%	—	169656105
CEG	CONSTELLATION ENERGY CORP	475,000	$168M	8.1%	$363.20	-17.1%	—	21037T109
VST	VISTRA CORP	1,005,000	$162M	7.8%	$72.76	+124.3%	—	92840M102
BABA	ALIBABA GROUP HLDG LTD	825,000	$121M	5.8%	$146.58	—	—	01609W102
FIX	COMFORT SYS USA INC	105,000	$98M	4.7%	$453.04	+164.0%	—	199908104
SPOT	SPOTIFY TECHNOLOGY S A	100,000	$58.07M	2.8%	$625.13	-20.4%	—	L8681T102
KVUE	KENVUE INC	3,250,000	$56.06M	2.7%	$21.31	-17.1%	—	49177J102
PGR	PROGRESSIVE CORP	220,000	$50.1M	2.4%	$212.34	-2.7%	—	743315103
TMO	THERMO FISHER SCIENTIFIC INC	50,000	$28.97M	1.4%	$565.16	+1.7%	—	883556102
WIX	WIX COM LTD	225,000	$23.38M	1.1%	$120.92	-32.6%	—	M98068105
CSX	CSX CORP	500,000	$18.13M	0.9%	$35.70	+7.9%	—	126408103
—	PG&E CORP	10,000,000	$10.28M	0.5%	$1.09	—	—	69331CAL2
—	PG&E CORP	140,000	$5.74M	0.3%	$49.79	—	—	69331C306
BHC	BAUSCH HEALTH COS INC	350,000	$2.433M	0.1%	$6.65	-3.6%	—	071734107

Decreased Positions (16)

NVDA NVIDIA CORPORATION 1.6%

Value $33.14M (-94.0%) Shares 190,000 (-93.6%) Est. Cost $129.13 Unrealized +44.5%

UNP UNION PAC CORP 1.2%

Value $24.26M (-94.2%) Shares 100,000 (-94.5%) Est. Cost $225.30 Unrealized +8.0%

NSC NORFOLK SOUTHN CORP 1.4%

Value $28.7M (-89.8%) Shares 100,000 (-89.7%) Est. Cost $276.03 Unrealized +8.0%

COF CAPITAL ONE FINL CORP 1.2%

Value $25.54M (-90.4%) Shares 140,000 (-87.3%) Est. Cost $177.80 Unrealized +25.6%

LYV LIVE NATION ENTERTAINMENT IN 3.4%

Value $70.92M (-71.1%) Shares 465,000 (-73.0%) Est. Cost $111.75 Unrealized +32.7%

SGI SOMNIGROUP INTERNATIONAL INC 8.1%

Value $168M (-44.7%) Shares 2,270,769 (-33.2%) Est. Cost $79.81 Unrealized +15.2%

CRS CARPENTER TECHNOLOGY CORP 5.9%

Value $122M (-50.6%) Shares 310,000 (-60.5%) Est. Cost $156.44 Unrealized +123.3%

CRH CRH PLC 9.6%

Value $200M (-38.4%) Shares 1,900,000 (-26.9%) Est. Cost $90.56 Unrealized +37.3%

SN SHARKNINJA INC 0.7%

Value $13.82M (-89.7%) Shares 130,509 (-89.1%) Est. Cost $100.39 Unrealized +22.2%

MTZ MASTEC INC 4.9%

Value $103M (-48.8%) Shares 320,000 (-65.4%) Est. Cost $188.90 Unrealized +32.4%

AMZN AMAZON COM INC 19.4%

Value $404M (-19.1%) Shares 1,940,000 (-10.4%) Est. Cost $138.38 Unrealized +63.9%

DHR DANAHER CORP DEL 4.8%

Value $99.54M (-27.5%) Shares 525,000 (-12.5%) Est. Cost $217.33 Unrealized +3.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 4.5%

Value $92.94M (-28.0%) Shares 275,000 (-35.3%) Est. Cost $131.52 Unrealized —

APG API GROUP CORP 3.9%

Value $82.26M (-28.3%) Shares 2,030,000 (-32.3%) Est. Cost $36.98 Unrealized +15.8%

CTEV CLARITEV CORPORATION 0.0%

Value $719K (-88.4%) Shares 44,000 (-69.7%) Est. Cost $50.88 Unrealized -48.5%

TDS TELEPHONE & DATA SYS INC 13.3%

Value $278M (+1.5%) Shares 6,600,000 (-1.1%) Est. Cost $24.99 Unrealized +77.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	190,000 (-93.6%)	$33.14M (-94.0%)	1.6%	$129.13	+44.5%	COM	67066G104
UNP	UNION PAC CORP	100,000 (-94.5%)	$24.26M (-94.2%)	1.2%	$225.30	+8.0%	COM	907818108
NSC	NORFOLK SOUTHN CORP	100,000 (-89.7%)	$28.7M (-89.8%)	1.4%	$276.03	+8.0%	COM	655844108
COF	CAPITAL ONE FINL CORP	140,000 (-87.3%)	$25.54M (-90.4%)	1.2%	$177.80	+25.6%	COM	14040H105
LYV	LIVE NATION ENTERTAINMENT IN	465,000 (-73.0%)	$70.92M (-71.1%)	3.4%	$111.75	+32.7%	COM	538034109
SGI	SOMNIGROUP INTERNATIONAL INC	2,270,769 (-33.2%)	$168M (-44.7%)	8.1%	$79.81	+15.2%	COM	88023U101
CRS	CARPENTER TECHNOLOGY CORP	310,000 (-60.5%)	$122M (-50.6%)	5.9%	$156.44	+123.3%	COM	144285103
CRH	CRH PLC	1,900,000 (-26.9%)	$200M (-38.4%)	9.6%	$90.56	+37.3%	ORD	G25508105
SN	SHARKNINJA INC	130,509 (-89.1%)	$13.82M (-89.7%)	0.7%	$100.39	+22.2%	COM SHS	G8068L108
MTZ	MASTEC INC	320,000 (-65.4%)	$103M (-48.8%)	4.9%	$188.90	+32.4%	COM	576323109
AMZN	AMAZON COM INC	1,940,000 (-10.4%)	$404M (-19.1%)	19.4%	$138.38	+63.9%	COM	023135106
DHR	DANAHER CORP DEL	525,000 (-12.5%)	$99.54M (-27.5%)	4.8%	$217.33	+3.4%	COM	235851102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	275,000 (-35.3%)	$92.94M (-28.0%)	4.5%	$131.52	—	SPONSORED ADS	874039100
APG	API GROUP CORP	2,030,000 (-32.3%)	$82.26M (-28.3%)	3.9%	$36.98	+15.8%	COM STK	00187Y100
CTEV	CLARITEV CORPORATION	44,000 (-69.7%)	$719K (-88.4%)	0.0%	$50.88	-48.5%	CL A NEW	62548M209
TDS	TELEPHONE & DATA SYS INC	6,600,000 (-1.1%)	$278M (+1.5%)	13.3%	$24.99	+77.5%	COM NEW	879433829

Unchanged Positions (6)

SRTA STRATA CRITICAL MEDICAL INC 1.0%

Value $20.9M Shares 5,000,000 Est. Cost $4.42 Unrealized +13.7%

FLYX FLYEXCLUSIVE INC 0.1%

Value $2.31M Shares 1,022,000 Est. Cost $5.50 Unrealized -41.3%

HTZWW HERTZ GLOBAL HLDGS INC 0.4%

Value $9.052M Shares 3,970,000 Est. Cost $9.12 Unrealized —

AUR AURORA INNOVATION INC 0.2%

Value $4.254M Shares 1,032,463 Est. Cost $11.09 Unrealized -59.6%

AUROW AURORA INNOVATION INC 0.0%

Value $365K Shares 1,835,000 Est. Cost $2.99 Unrealized —

FLYX/WS FLYEXCLUSIVE INC 0.0%

Value $88,200 Shares 367,499 Est. Cost $0.22 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SRTA	STRATA CRITICAL MEDICAL INC	5,000,000	$20.9M	1.0%	$4.42	+13.7%	CL A COM	092667104
FLYX	FLYEXCLUSIVE INC	1,022,000	$2.31M	0.1%	$5.50	-41.3%	COM CL A	343928107
HTZWW	HERTZ GLOBAL HLDGS INC	3,970,000	$9.052M	0.4%	$9.12	—	*W EXP 06/30/205	42806J148
AUR	AURORA INNOVATION INC	1,032,463	$4.254M	0.2%	$11.09	-59.6%	CLASS A COM	051774107
AUROW	AURORA INNOVATION INC	1,835,000	$365K	0.0%	$2.99	—	*W EXP 11/03/202	051774115
FLYX/WS	FLYEXCLUSIVE INC	367,499	$88,200	0.0%	$0.22	—	*W EXP 99/99/999	343928115