Rheos Capital Works Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	Applied Materials, Inc.	240,000	$62	4.0%	$239.49	0.0%	COM	038222105
TSLA	Tesla Inc.	85,000	$38	2.5%	$443.29	0.0%	COM	88160R101
HOOD	Robinhood Markets Inc.	175,000	$20	1.3%	$130.05	0.0%	CL A	770700102
STX	Seagate Technology Holdings Public L imited Co.	70,000	$19	1.2%	$258.92	0.0%	COM	G7997R103
—	Pfizer Inc.	750,000	$19	1.2%	$0.02	—	COM	US7170811
—	Lam Research Corp.	99,500	$17	1.1%	$0.17	—	COM	512807108
—	JPMorgan Chase & Co.	35,000	$11	0.7%	$0.32	—	COM	US46625H1
—	Honeywell International Inc.	50,000	$10	0.6%	$0.20	—	COM	US4385161
ORCL	Oracle Corp.	50,000	$10	0.6%	$238.05	0.0%	COM	68389X105
—	Centrus Energy Corp.	40,000	$10	0.6%	$0.24	—	CL A	US15643U1
INTC	Intel Corp.	250,000	$9	0.6%	$37.76	0.0%	COM	458140100
BABA	Alibaba Group Holding Limited	60,000	$9	0.6%	$0.15	—	SPONSORED ADR	01609W102
—	Birkenstock Holding PLC	150,000	$6	0.4%	$0.04	—	COM	JE00BS44B
ACN	Accenture plc.	20,000	$5	0.3%	$254.06	0.0%	CL A	G1151C101
GE	General Electric Co.	15,000	$5	0.3%	$300.80	0.0%	COM	369604301
ASML	ASML Holding N.V.	4,100	$4	0.3%	$1.07	—	SPONSORED ADR	N07059210
—	Solstice Advanced Materials Inc.	87,500	$4	0.3%	$0.05	—	COM	US83443Q1
—	Capri Holdings Limited	100,000	$2	0.2%	$0.02	—	COM	VGG1890L1
—	Archer Aviation Inc.	200,000	$2	0.1%	$0.01	—	CL A	US03945R1

Increased Positions (12)

META Meta Platforms, Inc. 9.0%

Value ($000) $141 (+585.4%) Shares 213,500 (+662.5%) Est. Cost $677.28 Unrealized -1.5%

CAT Caterpillar Inc. 3.6%

Value ($000) $56 (+66.4%) Shares 97,000 (+38.6%) Est. Cost $461.61 Unrealized +20.3%

RACE Ferrari NV 5.5%

Value ($000) $85 (-18.5%) Shares 230,200 (+7.0%) Est. Cost $374.76 Unrealized +6.8%

GOOG Alphabet Inc. 2.7%

Value ($000) $42 (+65.7%) Shares 135,000 (+28.6%) Est. Cost $226.91 Unrealized +26.2%

JOBY Joby Aviation, Inc 3.0%

Value ($000) $47 (+18.6%) Shares 3,545,000 (+45.0%) Est. Cost $9.73 Unrealized +57.7%

INSP Inspire Medical Systems, Inc. 0.7%

Value ($000) $11 (+178.5%) Shares 117,400 (+124.0%) Est. Cost $164.16 Unrealized -41.7%

KLAC KLA Corp. 1.1%

Value ($000) $17 (+31.4%) Shares 14,000 (+16.7%) Est. Cost $964.86 Unrealized +21.5%

AVAV AeroVironment Inc. 2.2%

Value ($000) $34 (-10.4%) Shares 140,000 (+16.7%) Est. Cost $266.66 Unrealized +17.9%

BIDU Baidu Inc. 2.9%

Value ($000) $46 (+8.4%) Shares 352,000 (+9.3%) Est. Cost $0.13 Unrealized —

XP XP Inc. 0.5%

Value ($000) $8 (+45.2%) Shares 500,000 (+66.7%) Est. Cost $17.80 Unrealized -1.1%

NFLX Netflix Inc. 0.5%

Value ($000) $7 (-21.8%) Shares 75,000 (+900.0%) Est. Cost $105.74 Unrealized +2.0%

ARM ARM Holdings PLC 1.3%

Value ($000) $20 (-7.3%) Shares 179,600 (+20.1%) Est. Cost $0.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	Meta Platforms, Inc.	213,500 (+662.5%)	$141 (+585.4%)	9.0%	$677.28	-1.5%	CL A	30303M102
CAT	Caterpillar Inc.	97,000 (+38.6%)	$56 (+66.4%)	3.6%	$461.61	+20.3%	COM	149123101
RACE	Ferrari NV	230,200 (+7.0%)	$85 (-18.5%)	5.5%	$374.76	+6.8%	COM	N3167Y103
GOOG	Alphabet Inc.	135,000 (+28.6%)	$42 (+65.7%)	2.7%	$226.91	+26.2%	CL C	02079K107
JOBY	Joby Aviation, Inc	3,545,000 (+45.0%)	$47 (+18.6%)	3.0%	$9.73	+57.7%	COM	G65163100
INSP	Inspire Medical Systems, Inc.	117,400 (+124.0%)	$11 (+178.5%)	0.7%	$164.16	-41.7%	COM	457730109
KLAC	KLA Corp.	14,000 (+16.7%)	$17 (+31.4%)	1.1%	$964.86	+21.5%	COM	482480100
AVAV	AeroVironment Inc.	140,000 (+16.7%)	$34 (-10.4%)	2.2%	$266.66	+17.9%	COM	008073108
BIDU	Baidu Inc.	352,000 (+9.3%)	$46 (+8.4%)	2.9%	$0.13	—	SPONSORED ADR	056752108
XP	XP Inc.	500,000 (+66.7%)	$8 (+45.2%)	0.5%	$17.80	-1.1%	CL A	G98239109
NFLX	Netflix Inc.	75,000 (+900.0%)	$7 (-21.8%)	0.5%	$105.74	+2.0%	COM	64110L106
ARM	ARM Holdings PLC	179,600 (+20.1%)	$20 (-7.3%)	1.3%	$0.15	—	COM	042068205

Exited Positions (14)

TJX TJX COS INC NEW 3.4%

Value ($000) $53 Shares 370,000 Est. Cost $119.49 Unrealized +23.6%

CRCL CIRCLE INTERNET GROUP INC 2.6%

Value ($000) $40 Shares 302,000 Est. Cost $162.11 Unrealized -36.2%

LYFT LYFT INC 1.9%

Value ($000) $30 Shares 1,350,000 Est. Cost $14.01 Unrealized +48.4%

RCL ROYAL CARIBBEAN GROUP 1.7%

Value ($000) $26 Shares 80,000 Est. Cost $332.02 Unrealized -15.2%

MNDY MONDAY COM LTD 1.5%

Value ($000) $23 Shares 120,000 Est. Cost $272.39 Unrealized -38.2%

PANW PALO ALTO NETWORKS INC 0.8%

Value ($000) $12 Shares 57,700 Est. Cost $159.83 Unrealized +26.2%

BWA BORGWARNER INC 0.7%

Value ($000) $11 Shares 258,100 Est. Cost $36.05 Unrealized +21.2%

RTX RTX CORPORATION 0.7%

Value ($000) $11 Shares 66,000 Est. Cost $98.06 Unrealized +76.8%

CLS CELESTICA INC 0.6%

Value ($000) $10 Shares 40,000 Est. Cost $201.61 Unrealized +49.5%

SPOT SPOTIFY TECHNOLOGY S A 0.6%

Value ($000) $9 Shares 13,000 Est. Cost $641.84 Unrealized -2.6%

LHX L3HARRIS TECHNOLOGIES INC 0.5%

Value ($000) $7 Shares 23,200 Est. Cost $199.72 Unrealized +44.4%

SCI SERVICE CORP INTL 0.5%

Value ($000) $7 Shares 85,000 Est. Cost $60.52 Unrealized +32.2%

KHC KRAFT HEINZ CO 0.3%

Value ($000) $5 Shares 177,000 Est. Cost $28.34 Unrealized -13.1%

ESAB ESAB CORPORATION 0.2%

Value ($000) $3 Shares 27,966 Est. Cost $47.67 Unrealized +139.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TJX	TJX COS INC NEW	370,000	$53	3.4%	$119.49	+23.6%	—	872540109
CRCL	CIRCLE INTERNET GROUP INC	302,000	$40	2.6%	$162.11	-36.2%	—	172573107
LYFT	LYFT INC	1,350,000	$30	1.9%	$14.01	+48.4%	—	55087P104
RCL	ROYAL CARIBBEAN GROUP	80,000	$26	1.7%	$332.02	-15.2%	—	V7780T103
MNDY	MONDAY COM LTD	120,000	$23	1.5%	$272.39	-38.2%	—	M7S64H106
PANW	PALO ALTO NETWORKS INC	57,700	$12	0.8%	$159.83	+26.2%	—	697435105
BWA	BORGWARNER INC	258,100	$11	0.7%	$36.05	+21.2%	—	099724106
RTX	RTX CORPORATION	66,000	$11	0.7%	$98.06	+76.8%	—	75513E101
CLS	CELESTICA INC	40,000	$10	0.6%	$201.61	+49.5%	—	15101Q207
SPOT	SPOTIFY TECHNOLOGY S A	13,000	$9	0.6%	$641.84	-2.6%	—	L8681T102
LHX	L3HARRIS TECHNOLOGIES INC	23,200	$7	0.5%	$199.72	+44.4%	—	502431109
SCI	SERVICE CORP INTL	85,000	$7	0.5%	$60.52	+32.2%	—	817565104
KHC	KRAFT HEINZ CO	177,000	$5	0.3%	$28.34	-13.1%	—	500754106
ESAB	ESAB CORPORATION	27,966	$3	0.2%	$47.67	+139.9%	—	29605J106

Decreased Positions (22)

AMZN Amazon.com Inc. 1.8%

Value ($000) $28 (-68.7%) Shares 122,800 (-70.3%) Est. Cost $160.37 Unrealized +42.7%

APP Applovin Corp. 0.2%

Value ($000) $3 (-94.7%) Shares 5,000 (-94.3%) Est. Cost $461.14 Unrealized +36.6%

BA The Boeing Co. 2.9%

Value ($000) $46 (-51.3%) Shares 211,400 (-51.6%) Est. Cost $214.41 Unrealized -4.1%

AMD Advanced Micro Devices Inc. 1.2%

Value ($000) $19 (-56.9%) Shares 88,000 (-67.4%) Est. Cost $108.87 Unrealized +106.3%

HSY The Hershey Co. 1.4%

Value ($000) $23 (-46.1%) Shares 124,000 (-44.6%) Est. Cost $182.68 Unrealized -0.3%

SNOW Snowflake Inc. 1.8%

Value ($000) $29 (-38.5%) Shares 131,000 (-36.7%) Est. Cost $198.01 Unrealized +23.3%

NVDA NVIDIA Corp. 3.4%

Value ($000) $52 (-23.2%) Shares 281,300 (-23.2%) Est. Cost $160.40 Unrealized +16.0%

NTNX Nutanix Inc. 1.6%

Value ($000) $24 (-39.5%) Shares 470,000 (-13.0%) Est. Cost $69.48 Unrealized -12.1%

MSFT Microsoft Corp. 2.6%

Value ($000) $41 (-26.1%) Shares 85,300 (-20.9%) Est. Cost $302.34 Unrealized +65.6%

TER Teradyne, Inc. 0.8%

Value ($000) $12 (-49.4%) Shares 63,000 (-64.0%) Est. Cost $109.09 Unrealized +57.2%

CNH CNH Industrial NV 1.0%

Value ($000) $15 (-42.4%) Shares 1,620,000 (-32.2%) Est. Cost $12.30 Unrealized -18.8%

MP MP Materials Corp. 0.6%

Value ($000) $9 (-53.6%) Shares 185,000 (-38.3%) Est. Cost $25.52 Unrealized +148.4%

GS Goldman Sachs Group, Inc. 0.9%

Value ($000) $14 (-43.9%) Shares 15,500 (-49.2%) Est. Cost $659.13 Unrealized +23.4%

CSCO Cisco Systems, Inc. 0.8%

Value ($000) $12 (-46.3%) Shares 155,000 (-52.3%) Est. Cost $49.98 Unrealized +47.6%

TDG TransDigm Group Inc. 0.7%

Value ($000) $11 (-42.8%) Shares 8,500 (-43.3%) Est. Cost $1196.15 Unrealized +9.6%

LMT Lockheed Martin Corp. 1.3%

Value ($000) $21 (-28.1%) Shares 43,200 (-25.8%) Est. Cost $444.96 Unrealized +7.0%

SHOP Shopify Inc. 1.4%

Value ($000) $22 (-20.5%) Shares 138,000 (-26.6%) Est. Cost $135.57 Unrealized +18.4%

MDGL Madrigal Pharmaceuticals, Inc. 1.0%

Value ($000) $15 (-23.0%) Shares 26,215 (-39.3%) Est. Cost $235.62 Unrealized +116.8%

AAPL Apple Inc. 2.3%

Value ($000) $37 (-10.5%) Shares 134,500 (-16.2%) Est. Cost $222.76 Unrealized +20.5%

BX Blackstone Inc. 0.7%

Value ($000) $11 (-22.3%) Shares 68,500 (-13.8%) Est. Cost $110.22 Unrealized +37.4%

WDC Western Digital Corporation 1.4%

Value ($000) $22 (-6.7%) Shares 130,000 (-35.0%) Est. Cost $50.87 Unrealized +197.9%

AVGO Broadcom Inc. 2.4%

Value ($000) $37 (-3.6%) Shares 107,500 (-8.1%) Est. Cost $183.34 Unrealized +94.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com Inc.	122,800 (-70.3%)	$28 (-68.7%)	1.8%	$160.37	+42.7%	COM	023135106
APP	Applovin Corp.	5,000 (-94.3%)	$3 (-94.7%)	0.2%	$461.14	+36.6%	CL A	03831W108
BA	The Boeing Co.	211,400 (-51.6%)	$46 (-51.3%)	2.9%	$214.41	-4.1%	COM	097023105
AMD	Advanced Micro Devices Inc.	88,000 (-67.4%)	$19 (-56.9%)	1.2%	$108.87	+106.3%	COM	007903107
HSY	The Hershey Co.	124,000 (-44.6%)	$23 (-46.1%)	1.4%	$182.68	-0.3%	COM	427866108
SNOW	Snowflake Inc.	131,000 (-36.7%)	$29 (-38.5%)	1.8%	$198.01	+23.3%	CL A	833445109
NVDA	NVIDIA Corp.	281,300 (-23.2%)	$52 (-23.2%)	3.4%	$160.40	+16.0%	COM	67066G104
NTNX	Nutanix Inc.	470,000 (-13.0%)	$24 (-39.5%)	1.6%	$69.48	-12.1%	CL A	67059N108
MSFT	Microsoft Corp.	85,300 (-20.9%)	$41 (-26.1%)	2.6%	$302.34	+65.6%	COM	594918104
TER	Teradyne, Inc.	63,000 (-64.0%)	$12 (-49.4%)	0.8%	$109.09	+57.2%	COM	880770102
CNH	CNH Industrial NV	1,620,000 (-32.2%)	$15 (-42.4%)	1.0%	$12.30	-18.8%	CL A	N20944109
MP	MP Materials Corp.	185,000 (-38.3%)	$9 (-53.6%)	0.6%	$25.52	+148.4%	COM	553368101
GS	Goldman Sachs Group, Inc.	15,500 (-49.2%)	$14 (-43.9%)	0.9%	$659.13	+23.4%	COM	38141G104
CSCO	Cisco Systems, Inc.	155,000 (-52.3%)	$12 (-46.3%)	0.8%	$49.98	+47.6%	COM	17275R102
TDG	TransDigm Group Inc.	8,500 (-43.3%)	$11 (-42.8%)	0.7%	$1196.15	+9.6%	COM	893641100
LMT	Lockheed Martin Corp.	43,200 (-25.8%)	$21 (-28.1%)	1.3%	$444.96	+7.0%	COM	539830109
SHOP	Shopify Inc.	138,000 (-26.6%)	$22 (-20.5%)	1.4%	$135.57	+18.4%	CL A	82509L107
MDGL	Madrigal Pharmaceuticals, Inc.	26,215 (-39.3%)	$15 (-23.0%)	1.0%	$235.62	+116.8%	COM	558868105
AAPL	Apple Inc.	134,500 (-16.2%)	$37 (-10.5%)	2.3%	$222.76	+20.5%	COM	037833100
BX	Blackstone Inc.	68,500 (-13.8%)	$11 (-22.3%)	0.7%	$110.22	+37.4%	COM	09260D107
WDC	Western Digital Corporation	130,000 (-35.0%)	$22 (-6.7%)	1.4%	$50.87	+197.9%	COM	958102105
AVGO	Broadcom Inc.	107,500 (-8.1%)	$37 (-3.6%)	2.4%	$183.34	+94.7%	COM	11135F101

Unchanged Positions (14)

DHI D.R. Horton, Inc. 3.8%

Value ($000) $59 Shares 410,000 Est. Cost $156.63 Unrealized -2.9%

UBER Uber Technologies Inc. 2.4%

Value ($000) $37 Shares 450,000 Est. Cost $74.25 Unrealized +21.3%

ZS Zscaler Inc. 1.1%

Value ($000) $18 Shares 79,000 Est. Cost $249.30 Unrealized +13.2%

TMO Thermo Fisher Scientific, Inc. 1.9%

Value ($000) $30 Shares 51,000 Est. Cost $562.24 Unrealized +0.5%

OLLI Ollie's Bargain Outlet Holdings Inc. 1.5%

Value ($000) $23 Shares 213,000 Est. Cost $91.84 Unrealized +31.3%

MELI MercadoLibre Inc. 1.2%

Value ($000) $18 Shares 9,000 Est. Cost $2364.29 Unrealized -11.2%

AXP American Express Co. 0.9%

Value ($000) $14 Shares 36,700 Est. Cost $199.32 Unrealized +79.1%

XYL Xylem, Inc. 1.1%

Value ($000) $16 Shares 120,900 Est. Cost $112.29 Unrealized +27.9%

CRNC Cerence Inc. 0.4%

Value ($000) $6 Shares 600,000 Est. Cost $11.28 Unrealized -2.6%

BKR Baker Hughes Co. 0.8%

Value ($000) $13 Shares 290,000 Est. Cost $43.80 Unrealized +8.1%

DHR Danaher Corp. 0.4%

Value ($000) $6 Shares 27,500 Est. Cost $250.27 Unrealized -12.3%

CRWD CrowdStrike Holdings Inc. 0.8%

Value ($000) $12 Shares 25,000 Est. Cost $437.81 Unrealized +16.3%

SNPS Synopsys, Inc. 0.4%

Value ($000) $6 Shares 12,000 Est. Cost $534.04 Unrealized -16.8%

DIS The Walt Disney Co. 1.5%

Value ($000) $23 Shares 200,400 Est. Cost $112.88 Unrealized -3.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D.R. Horton, Inc.	410,000	$59	3.8%	$156.63	-2.9%	COM	23331A109
UBER	Uber Technologies Inc.	450,000	$37	2.4%	$74.25	+21.3%	COM	90353T100
ZS	Zscaler Inc.	79,000	$18	1.1%	$249.30	+13.2%	COM	98980G102
TMO	Thermo Fisher Scientific, Inc.	51,000	$30	1.9%	$562.24	+0.5%	COM	883556102
OLLI	Ollie's Bargain Outlet Holdings Inc.	213,000	$23	1.5%	$91.84	+31.3%	COM	681116109
MELI	MercadoLibre Inc.	9,000	$18	1.2%	$2364.29	-11.2%	COM	58733R102
AXP	American Express Co.	36,700	$14	0.9%	$199.32	+79.1%	COM	025816109
XYL	Xylem, Inc.	120,900	$16	1.1%	$112.29	+27.9%	COM	98419M100
CRNC	Cerence Inc.	600,000	$6	0.4%	$11.28	-2.6%	COM	156727109
BKR	Baker Hughes Co.	290,000	$13	0.8%	$43.80	+8.1%	CL A	05722G100
DHR	Danaher Corp.	27,500	$6	0.4%	$250.27	-12.3%	COM	235851102
CRWD	CrowdStrike Holdings Inc.	25,000	$12	0.8%	$437.81	+16.3%	CL A	22788C105
SNPS	Synopsys, Inc.	12,000	$6	0.4%	$534.04	-16.8%	COM	871607107
DIS	The Walt Disney Co.	200,400	$23	1.5%	$112.88	-3.0%	COM	254687106