DNCA FINANCE Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	552,889	$107,104	6.1%	$190.39	0.0%	ORD	G0593M107
FER	FERROVIAL SE	574,068	$36,657	2.1%	$69.51	0.0%	ORD SHS	N3168P101
QGEN	QIAGEN NV	759,564	$30,408	1.7%	$50.32	0.0%	ORD SHARES	N72482156
LIN	LINDE PLC	22,114	$10,963	0.6%	$460.00	0.0%	SHS	G54950103
FPS	FORGENT POWER SOLUTIONS INC	328,000	$9,601	0.5%	$29.27	—	COM SHS CL A	34631F102
ETN	EATON CORP PLC	26,236	$9,384	0.5%	$353.63	0.0%	SHS	G29183103
NU	NU HLDGS LTD	544,000	$7,817	0.4%	$17.34	0.0%	ORD SHS CL A	G6683N103
SHOP	SHOPIFY INC	55,000	$6,524	0.4%	$136.45	0.0%	CL A SUB VTG SHS	82509L107
TXN	TEXAS INSTRS INC	24,600	$4,776	0.3%	$206.27	0.0%	COM	882508104
T	AT&T INC	150,000	$4,349	0.2%	$25.75	0.0%	COM	00206R102
BSX	BOSTON SCIENTIFIC CORP	61,000	$3,828	0.2%	$85.82	0.0%	COM	101137107
OKTA	OKTA INC	44,000	$3,463	0.2%	$86.19	0.0%	CL A	679295105
PONY	PONY AI INC	187,500	$1,770	0.1%	$9.44	—	SPONSORED ADS	732908108
—	STRATEGY INC	650,000	$716	0.0%	$1.10	—	NOTE 0.625% 9/1	594972AQ4
PLD	PROLOGIS INC.	4,405	$582	0.0%	$129.05	0.0%	COM	74340W103
—	MARA HOLDINGS INC	650,000	$576	0.0%	$0.89	—	NOTE 3/0	565788AF3
—	SEAGATE HDD CAYMAN	120,000	$539	0.0%	$4.49	—	NOTE 3.500% 6/0	81180WBL4
—	GUARDANT HEALTH INC	350,000	$356	0.0%	$1.02	—	NOTE 11/1	40131MAB5

Increased Positions (30)

CRH CRH PLC 5.3%

Value ($000) $93,219 (+31.5%) Shares 901,831 (+64.5%) Est. Cost $96.77 Unrealized +28.5%

NFLX NETFLIX INC. 2.6%

Value ($000) $45,489 (+78.7%) Shares 473,109 (+74.3%) Est. Cost $96.21 Unrealized -12.9%

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.7%

Value ($000) $30,555 (+53.0%) Shares 90,414 (+37.6%) Est. Cost $277.37 Unrealized —

MDLN MEDLINE INC 0.6%

Value ($000) $11,125 (+381.6%) Shares 250,000 (+354.5%) Est. Cost $44.27 Unrealized +1.3%

DE DEERE & CO 1.3%

Value ($000) $23,292 (+51.9%) Shares 41,349 (+25.6%) Est. Cost $418.39 Unrealized +31.8%

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $14,651 (+66.4%) Shares 58,470 (+7.6%) Est. Cost $127.64 Unrealized +56.6%

RACE FERRARI N V 4.7%

Value ($000) $82,048 (-5.4%) Shares 246,402 (+6.3%) Est. Cost $405.76 Unrealized -12.1%

HWM HOWMET AEROSPACE INC 0.9%

Value ($000) $16,469 (+39.7%) Shares 71,462 (+24.3%) Est. Cost $200.02 Unrealized +13.3%

AVGO BROADCOM INC 2.7%

Value ($000) $47,401 (-8.9%) Shares 153,150 (+1.8%) Est. Cost $177.01 Unrealized +88.8%

WAB WABTEC 0.4%

Value ($000) $6,238 (+222.6%) Shares 24,960 (+175.5%) Est. Cost $209.73 Unrealized +13.9%

ITUB ITAU UNIBANCO HLDG S A 0.8%

Value ($000) $14,558 (+39.5%) Shares 1,737,271 (+19.2%) Est. Cost $7.36 Unrealized —

MU MICRON TECHNOLOGY INC 0.9%

Value ($000) $16,267 (+32.7%) Shares 48,150 (+12.1%) Est. Cost $138.71 Unrealized +179.0%

TMO THERMO FISHER SCIENTIFIC INC 0.4%

Value ($000) $7,046 (+130.7%) Shares 14,335 (+172.0%) Est. Cost $571.81 Unrealized +0.5%

INTC INTEL CORP 0.4%

Value ($000) $7,608 (+87.4%) Shares 172,400 (+56.7%) Est. Cost $32.26 Unrealized +43.9%

AMZN AMAZON COM INC 2.8%

Value ($000) $48,985 (-5.9%) Shares 235,200 (+4.3%) Est. Cost $204.87 Unrealized +10.7%

NVDA NVIDIA CORPORATION 4.5%

Value ($000) $78,851 (-3.1%) Shares 452,126 (+3.6%) Est. Cost $108.34 Unrealized +72.3%

AMD ADVANCED MICRO DEVICES INC 1.1%

Value ($000) $18,939 (+14.7%) Shares 93,100 (+20.8%) Est. Cost $167.11 Unrealized +32.7%

DXCM DEXCOM INC 0.3%

Value ($000) $4,710 (+51.0%) Shares 75,000 (+59.6%) Est. Cost $66.99 Unrealized +5.9%

SYK STRYKER CORPORATION 0.4%

Value ($000) $7,006 (+26.8%) Shares 21,320 (+35.6%) Est. Cost $341.57 Unrealized +6.8%

KLAR KLARNA GROUP PLC 0.1%

Value ($000) $2,245 (-33.6%) Shares 171,500 (+46.6%) Est. Cost $33.29 Unrealized -29.5%

— AKAMAI TECHNOLOGIES INC 0.1%

Value ($000) $1,088 (+338.5%) Shares 950,000 (+280.0%) Est. Cost $1.10 Unrealized —

SNOW SNOWFLAKE INC 0.3%

Value ($000) $5,852 (-12.4%) Shares 38,800 (+27.4%) Est. Cost $171.70 Unrealized +13.3%

GEV GE VERNOVA INC 0.1%

Value ($000) $1,785 (+47.6%) Shares 2,045 (+10.5%) Est. Cost $621.24 Unrealized +18.6%

— FLUOR CORP 0.0%

Value ($000) $558 (+143.3%) Shares 450,000 (+125.0%) Est. Cost $1.23 Unrealized —

— NIO INC 0.0%

Value ($000) $348 (+111.3%) Shares 360,000 (+100.0%) Est. Cost $1.01 Unrealized —

— DATADOG INC 0.1%

Value ($000) $1,036 (+18.8%) Shares 1,070,000 (+23.0%) Est. Cost $1.00 Unrealized —

GOOG ALPHABET INC 0.0%

Value ($000) $261 (+148.7%) Shares 880 (+162.7%) Est. Cost $309.46 Unrealized +4.6%

— RIVIAN AUTOMOTIVE INC 0.1%

Value ($000) $1,654 (+8.3%) Shares 1,700,000 (+25.9%) Est. Cost $0.92 Unrealized —

FSLR FIRST SOLAR INC 0.1%

Value ($000) $1,361 (+2.2%) Shares 6,900 (+35.3%) Est. Cost $221.02 Unrealized +7.3%

— NUTANIX INC 0.1%

Value ($000) $1,137 (+2.4%) Shares 1,250,000 (+8.7%) Est. Cost $0.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRH	CRH PLC	901,831 (+64.5%)	$93,219 (+31.5%)	5.3%	$96.77	+28.5%	ORD	G25508105
NFLX	NETFLIX INC.	473,109 (+74.3%)	$45,489 (+78.7%)	2.6%	$96.21	-12.9%	COM	64110L106
TSM	TAIWAN SEMICONDUCTOR MANUFAC	90,414 (+37.6%)	$30,555 (+53.0%)	1.7%	$277.37	—	SPONSORED ADS	874039100
MDLN	MEDLINE INC	250,000 (+354.5%)	$11,125 (+381.6%)	0.6%	$44.27	+1.3%	COM CL A	58507V107
DE	DEERE & CO	41,349 (+25.6%)	$23,292 (+51.9%)	1.3%	$418.39	+31.8%	COM	244199105
VRT	VERTIV HOLDINGS CO	58,470 (+7.6%)	$14,651 (+66.4%)	0.8%	$127.64	+56.6%	COM CL A	92537N108
RACE	FERRARI N V	246,402 (+6.3%)	$82,048 (-5.4%)	4.7%	$405.76	-12.1%	COM	N3167Y103
HWM	HOWMET AEROSPACE INC	71,462 (+24.3%)	$16,469 (+39.7%)	0.9%	$200.02	+13.3%	COM	443201108
AVGO	BROADCOM INC	153,150 (+1.8%)	$47,401 (-8.9%)	2.7%	$177.01	+88.8%	COM	11135F101
WAB	WABTEC	24,960 (+175.5%)	$6,238 (+222.6%)	0.4%	$209.73	+13.9%	COM	929740108
ITUB	ITAU UNIBANCO HLDG S A	1,737,271 (+19.2%)	$14,558 (+39.5%)	0.8%	$7.36	—	SPON ADR REP PFD	465562106
MU	MICRON TECHNOLOGY INC	48,150 (+12.1%)	$16,267 (+32.7%)	0.9%	$138.71	+179.0%	COM	595112103
TMO	THERMO FISHER SCIENTIFIC INC	14,335 (+172.0%)	$7,046 (+130.7%)	0.4%	$571.81	+0.5%	COM	883556102
INTC	INTEL CORP	172,400 (+56.7%)	$7,608 (+87.4%)	0.4%	$32.26	+43.9%	COM	458140100
AMZN	AMAZON COM INC	235,200 (+4.3%)	$48,985 (-5.9%)	2.8%	$204.87	+10.7%	COM	023135106
NVDA	NVIDIA CORPORATION	452,126 (+3.6%)	$78,851 (-3.1%)	4.5%	$108.34	+72.3%	COM	67066G104
AMD	ADVANCED MICRO DEVICES INC	93,100 (+20.8%)	$18,939 (+14.7%)	1.1%	$167.11	+32.7%	COM	007903107
DXCM	DEXCOM INC	75,000 (+59.6%)	$4,710 (+51.0%)	0.3%	$66.99	+5.9%	COM	252131107
SYK	STRYKER CORPORATION	21,320 (+35.6%)	$7,006 (+26.8%)	0.4%	$341.57	+6.8%	COM	863667101
KLAR	KLARNA GROUP PLC	171,500 (+46.6%)	$2,245 (-33.6%)	0.1%	$33.29	-29.5%	SHS	G5279N105
—	AKAMAI TECHNOLOGIES INC	950,000 (+280.0%)	$1,088 (+338.5%)	0.1%	$1.10	—	NOTE 1.125% 2/1	00971TAN1
SNOW	SNOWFLAKE INC	38,800 (+27.4%)	$5,852 (-12.4%)	0.3%	$171.70	+13.3%	COM SHS	833445109
GEV	GE VERNOVA INC	2,045 (+10.5%)	$1,785 (+47.6%)	0.1%	$621.24	+18.6%	COM	36828A101
—	FLUOR CORP	450,000 (+125.0%)	$558 (+143.3%)	0.0%	$1.23	—	NOTE 1.125% 8/1	343412AJ1
—	NIO INC	360,000 (+100.0%)	$348 (+111.3%)	0.0%	$1.01	—	NOTE 4.625%10/1	62914VAK2
—	DATADOG INC	1,070,000 (+23.0%)	$1,036 (+18.8%)	0.1%	$1.00	—	NOTE 12/0	23804LAD5
GOOG	ALPHABET INC	880 (+162.7%)	$261 (+148.7%)	0.0%	$309.46	+4.6%	CAP STK CL C	02079K107
—	RIVIAN AUTOMOTIVE INC	1,700,000 (+25.9%)	$1,654 (+8.3%)	0.1%	$0.92	—	NOTE 3.625%10/1	76954AAD5
FSLR	FIRST SOLAR INC	6,900 (+35.3%)	$1,361 (+2.2%)	0.1%	$221.02	+7.3%	COM	336433107
—	NUTANIX INC	1,250,000 (+8.7%)	$1,137 (+2.4%)	0.1%	$0.96	—	NOTE 0.500%12/1	67059NAK4

Exited Positions (21)

— QIAGEN NV 1.8%

Value ($000) $31,570 Shares 691,821 Est. Cost $47.33 Unrealized —

MMM 3M CO 1.0%

Value ($000) $17,779 Shares 111,050 Est. Cost $147.75 Unrealized +11.0%

SGI SOMNIGROUP INTERNATIONAL INC 0.6%

Value ($000) $10,803 Shares 121,000 Est. Cost $85.06 Unrealized +8.1%

ROP ROPER TECHNOLOGIES INC 0.3%

Value ($000) $5,876 Shares 13,200 Est. Cost $548.27 Unrealized -31.0%

ADBE ADOBE INC 0.3%

Value ($000) $5,673 Shares 16,210 Est. Cost $496.63 Unrealized -41.6%

INTU INTUIT 0.3%

Value ($000) $5,200 Shares 7,850 Est. Cost $654.41 Unrealized -24.0%

ACN ACCENTURE PLC IRELAND 0.2%

Value ($000) $4,305 Shares 16,045 Est. Cost $288.25 Unrealized -12.2%

— SPOTIFY USA INC 0.1%

Value ($000) $1,309 Shares 1,150,000 Est. Cost $1.04 Unrealized —

— SNOWFLAKE INC 0.1%

Value ($000) $928 Shares 600,000 Est. Cost $1.57 Unrealized —

— MKS INC. 0.1%

Value ($000) $896 Shares 700,000 Est. Cost $0.99 Unrealized —

MICC MAGNUM ICE CREAM CO NV 0.1%

Value ($000) $882 Shares 55,154 Est. Cost $15.68 Unrealized +7.2%

— TRIP COM GROUP LTD 0.0%

Value ($000) $740 Shares 600,000 Est. Cost $1.11 Unrealized —

— FORD MTR CO 0.0%

Value ($000) $675 Shares 650,000 Est. Cost $1.01 Unrealized —

— JD.COM INC 0.0%

Value ($000) $652 Shares 650,000 Est. Cost $1.04 Unrealized —

— SHIFT4 PMTS INC 0.0%

Value ($000) $618 Shares 640,000 Est. Cost $1.00 Unrealized —

— EXPEDIA GROUP INC 0.0%

Value ($000) $616 Shares 550,000 Est. Cost $0.92 Unrealized —

— DROPBOX INC 0.0%

Value ($000) $596 Shares 600,000 Est. Cost $0.93 Unrealized —

— BENTLEY SYS INC 0.0%

Value ($000) $566 Shares 600,000 Est. Cost $0.90 Unrealized —

— WORKIVA INC 0.0%

Value ($000) $350 Shares 350,000 Est. Cost $0.95 Unrealized —

— H WORLD GROUP LTD 0.0%

Value ($000) $256 Shares 200,000 Est. Cost $1.12 Unrealized —

— WAYFAIR INC 0.0%

Value ($000) $255 Shares 150,000 Est. Cost $1.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	QIAGEN NV	691,821	$31,570	1.8%	$47.33	—	—	N72482206
MMM	3M CO	111,050	$17,779	1.0%	$147.75	+11.0%	—	88579Y101
SGI	SOMNIGROUP INTERNATIONAL INC	121,000	$10,803	0.6%	$85.06	+8.1%	—	88023U101
ROP	ROPER TECHNOLOGIES INC	13,200	$5,876	0.3%	$548.27	-31.0%	—	776696106
ADBE	ADOBE INC	16,210	$5,673	0.3%	$496.63	-41.6%	—	00724F101
INTU	INTUIT	7,850	$5,200	0.3%	$654.41	-24.0%	—	461202103
ACN	ACCENTURE PLC IRELAND	16,045	$4,305	0.2%	$288.25	-12.2%	—	G1151C101
—	SPOTIFY USA INC	1,150,000	$1,309	0.1%	$1.04	—	—	84921RAB6
—	SNOWFLAKE INC	600,000	$928	0.1%	$1.57	—	—	833445AD1
—	MKS INC.	700,000	$896	0.1%	$0.99	—	—	55306NAB0
MICC	MAGNUM ICE CREAM CO NV	55,154	$882	0.1%	$15.68	+7.2%	—	N5505D105
—	TRIP COM GROUP LTD	600,000	$740	0.0%	$1.11	—	—	89677QAB3
—	FORD MTR CO	650,000	$675	0.0%	$1.01	—	—	345370CZ1
—	JD.COM INC	650,000	$652	0.0%	$1.04	—	—	47215PAJ5
—	SHIFT4 PMTS INC	640,000	$618	0.0%	$1.00	—	—	82452JAD1
—	EXPEDIA GROUP INC	550,000	$616	0.0%	$0.92	—	—	30212PBE4
—	DROPBOX INC	600,000	$596	0.0%	$0.93	—	—	26210CAC8
—	BENTLEY SYS INC	600,000	$566	0.0%	$0.90	—	—	08265TAD1
—	WORKIVA INC	350,000	$350	0.0%	$0.95	—	—	98139AAD7
—	H WORLD GROUP LTD	200,000	$256	0.0%	$1.12	—	—	44332NAB2
—	WAYFAIR INC	150,000	$255	0.0%	$1.14	—	—	94419LAP6

Decreased Positions (44)

V VISA INC 2.3%

Value ($000) $39,412 (-41.8%) Shares 130,400 (-32.5%) Est. Cost $287.09 Unrealized +14.7%

MSFT MICROSOFT CORP 3.5%

Value ($000) $60,375 (-30.7%) Shares 163,100 (-9.5%) Est. Cost $430.12 Unrealized +1.0%

JPM JPMORGAN CHASE & CO 0.3%

Value ($000) $5,883 (-76.2%) Shares 20,000 (-73.9%) Est. Cost $192.54 Unrealized +61.7%

STLA STELLANTIS N.V 0.0%

Value ($000) $483 (-97.0%) Shares 69,106 (-95.2%) Est. Cost $12.50 Unrealized —

META META PLATFORMS INC 3.1%

Value ($000) $54,066 (-20.4%) Shares 94,500 (-8.2%) Est. Cost $537.42 Unrealized +22.0%

TTE TOTALENERGIES SE 17.6%

Value ($000) $307,259 (+4.5%) Shares 3,244,946 (-27.9%) Est. Cost $63.23 Unrealized +13.1%

GOOGL ALPHABET INC 4.4%

Value ($000) $77,503 (-12.2%) Shares 269,519 (-4.5%) Est. Cost $187.72 Unrealized +72.2%

SPOT SPOTIFY TECHNOLOGY S A 0.3%

Value ($000) $5,286 (-58.6%) Shares 10,900 (-50.5%) Est. Cost $486.70 Unrealized +2.2%

ADSK AUTODESK INC 0.3%

Value ($000) $5,458 (-56.4%) Shares 22,800 (-46.1%) Est. Cost $296.22 Unrealized -14.3%

APP APPLOVIN CORP 0.2%

Value ($000) $4,338 (-61.2%) Shares 10,900 (-34.3%) Est. Cost $502.87 Unrealized +0.8%

CRM SALESFORCE INC 0.6%

Value ($000) $11,014 (-36.6%) Shares 59,000 (-10.1%) Est. Cost $258.73 Unrealized -16.6%

BKNG BOOKING HOLDINGS INC 0.3%

Value ($000) $6,105 (-50.2%) Shares 1,450 (-36.7%) Est. Cost $5101.41 Unrealized -6.3%

ORCL ORACLE CORP 0.7%

Value ($000) $12,343 (-31.9%) Shares 83,900 (-9.8%) Est. Cost $184.23 Unrealized -7.9%

CRWD CROWDSTRIKE HLDGS INC 0.4%

Value ($000) $6,512 (-46.5%) Shares 16,680 (-35.8%) Est. Cost $366.96 Unrealized +17.5%

GM GENERAL MTRS CO 0.5%

Value ($000) $8,034 (-34.6%) Shares 107,843 (-28.6%) Est. Cost $70.40 Unrealized +16.8%

TOST TOAST INC 0.1%

Value ($000) $1,776 (-68.4%) Shares 67,000 (-57.7%) Est. Cost $33.00 Unrealized -6.0%

PANW PALO ALTO NETWORKS INC 1.0%

Value ($000) $17,098 (-17.9%) Shares 106,648 (-5.7%) Est. Cost $173.30 Unrealized -0.7%

UBER UBER TECHNOLOGIES INC 0.4%

Value ($000) $7,193 (-33.3%) Shares 100,000 (-24.2%) Est. Cost $88.06 Unrealized -10.6%

NOW SERVICENOW INC 0.2%

Value ($000) $3,858 (-47.1%) Shares 36,900 (-22.5%) Est. Cost $169.49 Unrealized -28.5%

DDOG DATADOG INC 0.2%

Value ($000) $3,146 (-51.6%) Shares 26,650 (-44.2%) Est. Cost $129.61 Unrealized -4.4%

DOLE DOLE PLC 0.4%

Value ($000) $6,418 (-32.0%) Shares 449,117 (-28.6%) Est. Cost $11.83 Unrealized +30.2%

GS GOLDMAN SACHS GROUP INC 1.4%

Value ($000) $25,294 (-10.6%) Shares 29,899 (-7.1%) Est. Cost $561.78 Unrealized +66.0%

WMT WALMART INC 3.0%

Value ($000) $52,424 (+5.8%) Shares 421,824 (-5.2%) Est. Cost $90.73 Unrealized +34.5%

TT TRANE TECHNOLOGIES PLC 0.9%

Value ($000) $15,107 (-14.3%) Shares 36,250 (-20.0%) Est. Cost $331.22 Unrealized +27.5%

AMAT APPLIED MATLS INC 0.2%

Value ($000) $3,076 (-43.0%) Shares 9,000 (-57.1%) Est. Cost $182.18 Unrealized +79.3%

VEEV VEEVA SYS INC 0.2%

Value ($000) $3,928 (-34.7%) Shares 22,360 (-17.0%) Est. Cost $222.83 Unrealized -8.5%

DHR DANAHER CORP DEL 0.1%

Value ($000) $891 (-70.1%) Shares 4,700 (-63.8%) Est. Cost $249.31 Unrealized -9.9%

SNPS SYNOPSYS INC 0.2%

Value ($000) $4,262 (-32.5%) Shares 10,750 (-20.1%) Est. Cost $551.57 Unrealized -14.5%

PCOR PROCORE TECHNOLOGIES INC 0.2%

Value ($000) $3,471 (-29.9%) Shares 60,900 (-10.5%) Est. Cost $69.74 Unrealized -13.6%

XYL XYLEM INC 0.1%

Value ($000) $1,798 (-43.0%) Shares 15,050 (-35.0%) Est. Cost $130.55 Unrealized +4.5%

NDAQ NASDAQ INC 0.2%

Value ($000) $4,359 (-20.6%) Shares 51,350 (-9.2%) Est. Cost $76.27 Unrealized +20.3%

NEE NEXTERA ENERGY INC 0.1%

Value ($000) $1,709 (-38.9%) Shares 18,400 (-47.2%) Est. Cost $69.91 Unrealized +24.7%

— UBER TECHNOLOGIES INC 0.0%

Value ($000) $314 (-76.1%) Shares 260,000 (-74.3%) Est. Cost $1.12 Unrealized —

— AEROVIRONMENT INC 0.3%

Value ($000) $5,154 (-14.1%) Shares 5,250,000 (-4.5%) Est. Cost $1.23 Unrealized —

ZTS ZOETIS INC 0.0%

Value ($000) $543 (-53.1%) Shares 4,595 (-50.1%) Est. Cost $171.00 Unrealized -26.3%

— PARSONS CORP DEL 0.0%

Value ($000) $346 (-55.7%) Shares 350,000 (-53.3%) Est. Cost $1.00 Unrealized —

SXT SENSIENT TECHNOLOGIES CORP 0.0%

Value ($000) $723 (-37.0%) Shares 8,365 (-31.5%) Est. Cost $94.35 Unrealized +1.4%

VLTO VERALTO CORP 0.0%

Value ($000) $567 (-41.8%) Shares 6,410 (-34.3%) Est. Cost $99.65 Unrealized -2.2%

NEM NEWMONT CORP 1.1%

Value ($000) $18,738 (-2.0%) Shares 173,099 (-9.6%) Est. Cost $90.20 Unrealized +31.0%

LLY ELI LILLY & CO 0.1%

Value ($000) $1,775 (-15.5%) Shares 1,930 (-1.3%) Est. Cost $790.93 Unrealized +32.4%

— REPLIGEN CORP 0.0%

Value ($000) $341 (-43.6%) Shares 350,000 (-36.4%) Est. Cost $1.02 Unrealized —

— DROPBOX INC 0.0%

Value ($000) $95 (-62.3%) Shares 100,000 (-60.0%) Est. Cost $0.91 Unrealized —

JCI JOHNSON CONTROLS INTERNATION 0.1%

Value ($000) $1,211 (-11.3%) Shares 9,250 (-18.9%) Est. Cost $70.86 Unrealized +77.9%

WM WASTE MGMT INC DEL 0.1%

Value ($000) $1,085 (-9.5%) Shares 4,720 (-13.4%) Est. Cost $211.11 Unrealized +7.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	130,400 (-32.5%)	$39,412 (-41.8%)	2.3%	$287.09	+14.7%	COM CL A	92826C839
MSFT	MICROSOFT CORP	163,100 (-9.5%)	$60,375 (-30.7%)	3.5%	$430.12	+1.0%	COM	594918104
JPM	JPMORGAN CHASE & CO	20,000 (-73.9%)	$5,883 (-76.2%)	0.3%	$192.54	+61.7%	COM	46625H100
STLA	STELLANTIS N.V	69,106 (-95.2%)	$483 (-97.0%)	0.0%	$12.50	—	SHS	N82405106
META	META PLATFORMS INC	94,500 (-8.2%)	$54,066 (-20.4%)	3.1%	$537.42	+22.0%	CL A	30303M102
TTE	TOTALENERGIES SE	3,244,946 (-27.9%)	$307,259 (+4.5%)	17.6%	$63.23	+13.1%	ACT	F92124100
GOOGL	ALPHABET INC	269,519 (-4.5%)	$77,503 (-12.2%)	4.4%	$187.72	+72.2%	CAP STK CL A	02079K305
SPOT	SPOTIFY TECHNOLOGY S A	10,900 (-50.5%)	$5,286 (-58.6%)	0.3%	$486.70	+2.2%	SHS	L8681T102
ADSK	AUTODESK INC	22,800 (-46.1%)	$5,458 (-56.4%)	0.3%	$296.22	-14.3%	COM	052769106
APP	APPLOVIN CORP	10,900 (-34.3%)	$4,338 (-61.2%)	0.2%	$502.87	+0.8%	COM CL A	03831W108
CRM	SALESFORCE INC	59,000 (-10.1%)	$11,014 (-36.6%)	0.6%	$258.73	-16.6%	COM	79466L302
BKNG	BOOKING HOLDINGS INC	1,450 (-36.7%)	$6,105 (-50.2%)	0.3%	$5101.41	-6.3%	COM	09857L108
ORCL	ORACLE CORP	83,900 (-9.8%)	$12,343 (-31.9%)	0.7%	$184.23	-7.9%	COM	68389X105
CRWD	CROWDSTRIKE HLDGS INC	16,680 (-35.8%)	$6,512 (-46.5%)	0.4%	$366.96	+17.5%	CL A	22788C105
GM	GENERAL MTRS CO	107,843 (-28.6%)	$8,034 (-34.6%)	0.5%	$70.40	+16.8%	COM	37045V100
TOST	TOAST INC	67,000 (-57.7%)	$1,776 (-68.4%)	0.1%	$33.00	-6.0%	CL A	888787108
PANW	PALO ALTO NETWORKS INC	106,648 (-5.7%)	$17,098 (-17.9%)	1.0%	$173.30	-0.7%	COM	697435105
UBER	UBER TECHNOLOGIES INC	100,000 (-24.2%)	$7,193 (-33.3%)	0.4%	$88.06	-10.6%	COM	90353T100
NOW	SERVICENOW INC	36,900 (-22.5%)	$3,858 (-47.1%)	0.2%	$169.49	-28.5%	COM	81762P102
DDOG	DATADOG INC	26,650 (-44.2%)	$3,146 (-51.6%)	0.2%	$129.61	-4.4%	CL A COM	23804L103
DOLE	DOLE PLC	449,117 (-28.6%)	$6,418 (-32.0%)	0.4%	$11.83	+30.2%	ORD SHS	G27907107
GS	GOLDMAN SACHS GROUP INC	29,899 (-7.1%)	$25,294 (-10.6%)	1.4%	$561.78	+66.0%	COM	38141G104
WMT	WALMART INC	421,824 (-5.2%)	$52,424 (+5.8%)	3.0%	$90.73	+34.5%	COM	931142103
TT	TRANE TECHNOLOGIES PLC	36,250 (-20.0%)	$15,107 (-14.3%)	0.9%	$331.22	+27.5%	SHS	G8994E103
AMAT	APPLIED MATLS INC	9,000 (-57.1%)	$3,076 (-43.0%)	0.2%	$182.18	+79.3%	COM	038222105
VEEV	VEEVA SYS INC	22,360 (-17.0%)	$3,928 (-34.7%)	0.2%	$222.83	-8.5%	CL A COM	922475108
DHR	DANAHER CORP DEL	4,700 (-63.8%)	$891 (-70.1%)	0.1%	$249.31	-9.9%	COM	235851102
SNPS	SYNOPSYS INC	10,750 (-20.1%)	$4,262 (-32.5%)	0.2%	$551.57	-14.5%	COM	871607107
PCOR	PROCORE TECHNOLOGIES INC	60,900 (-10.5%)	$3,471 (-29.9%)	0.2%	$69.74	-13.6%	COM	74275K108
XYL	XYLEM INC	15,050 (-35.0%)	$1,798 (-43.0%)	0.1%	$130.55	+4.5%	COM	98419M100
NDAQ	NASDAQ INC	51,350 (-9.2%)	$4,359 (-20.6%)	0.2%	$76.27	+20.3%	COM	631103108
NEE	NEXTERA ENERGY INC	18,400 (-47.2%)	$1,709 (-38.9%)	0.1%	$69.91	+24.7%	COM	65339F101
—	UBER TECHNOLOGIES INC	260,000 (-74.3%)	$314 (-76.1%)	0.0%	$1.12	—	NOTE 0.875%12/0	90353TAM2
—	AEROVIRONMENT INC	5,250,000 (-4.5%)	$5,154 (-14.1%)	0.3%	$1.23	—	NOTE 7/1	008073AA6
ZTS	ZOETIS INC	4,595 (-50.1%)	$543 (-53.1%)	0.0%	$171.00	-26.3%	CL A	98978V103
—	PARSONS CORP DEL	350,000 (-53.3%)	$346 (-55.7%)	0.0%	$1.00	—	NOTE 2.625% 3/0	70202LAD4
SXT	SENSIENT TECHNOLOGIES CORP	8,365 (-31.5%)	$723 (-37.0%)	0.0%	$94.35	+1.4%	COM	81725T100
VLTO	VERALTO CORP	6,410 (-34.3%)	$567 (-41.8%)	0.0%	$99.65	-2.2%	COM SHS	92338C103
NEM	NEWMONT CORP	173,099 (-9.6%)	$18,738 (-2.0%)	1.1%	$90.20	+31.0%	COM	651639106
LLY	ELI LILLY & CO	1,930 (-1.3%)	$1,775 (-15.5%)	0.1%	$790.93	+32.4%	COM	532457108
—	REPLIGEN CORP	350,000 (-36.4%)	$341 (-43.6%)	0.0%	$1.02	—	NOTE 1.000%12/1	759916AD1
—	DROPBOX INC	100,000 (-60.0%)	$95 (-62.3%)	0.0%	$0.91	—	NOTE 3/0	26210CAD6
JCI	JOHNSON CONTROLS INTERNATION	9,250 (-18.9%)	$1,211 (-11.3%)	0.1%	$70.86	+77.9%	SHS	G51502105
WM	WASTE MGMT INC DEL	4,720 (-13.4%)	$1,085 (-9.5%)	0.1%	$211.11	+7.1%	COM	94106L109

Unchanged Positions (13)

FLUT FLUTTER ENTMT PLC 0.8%

Value ($000) $14,124 Shares 138,989 Est. Cost $203.31 Unrealized -18.1%

MA MASTERCARD INCORPORATED 1.6%

Value ($000) $27,132 Shares 54,300 Est. Cost $521.39 Unrealized +3.4%

AAPL APPLE INC 2.4%

Value ($000) $41,748 Shares 164,500 Est. Cost $220.20 Unrealized +19.4%

ISRG INTUITIVE SURGICAL INC 0.6%

Value ($000) $11,041 Shares 23,950 Est. Cost $467.84 Unrealized +11.4%

ANET ARISTA NETWORKS INC 0.7%

Value ($000) $12,677 Shares 103,250 Est. Cost $97.17 Unrealized +39.0%

DHI D R HORTON INC 0.8%

Value ($000) $13,810 Shares 100,644 Est. Cost $146.00 Unrealized +6.8%

— AFFIRM HLDGS INC 0.0%

Value ($000) $552 Shares 590,000 Est. Cost $1.11 Unrealized —

— NEXTERA ENERGY CAP HLDGS INC 0.0%

Value ($000) $627 Shares 450,000 Est. Cost $1.16 Unrealized —

— LIBERTY MEDIA CORP DEL 0.0%

Value ($000) $462 Shares 400,000 Est. Cost $1.25 Unrealized —

— GUIDEWIRE SOFTWARE INC 0.0%

Value ($000) $381 Shares 380,000 Est. Cost $1.10 Unrealized —

— HALOZYME THERAPEUTICS INC 0.0%

Value ($000) $812 Shares 630,000 Est. Cost $1.15 Unrealized —

— CLOUDFLARE INC 0.1%

Value ($000) $918 Shares 780,000 Est. Cost $0.92 Unrealized —

— EXACT SCIENCES CORP 0.0%

Value ($000) $467 Shares 450,000 Est. Cost $0.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	138,989	$14,124	0.8%	$203.31	-18.1%	SHS	G3643J108
MA	MASTERCARD INCORPORATED	54,300	$27,132	1.6%	$521.39	+3.4%	CL A	57636Q104
AAPL	APPLE INC	164,500	$41,748	2.4%	$220.20	+19.4%	COM	037833100
ISRG	INTUITIVE SURGICAL INC	23,950	$11,041	0.6%	$467.84	+11.4%	COM NEW	46120E602
ANET	ARISTA NETWORKS INC	103,250	$12,677	0.7%	$97.17	+39.0%	COM SHS	040413205
DHI	D R HORTON INC	100,644	$13,810	0.8%	$146.00	+6.8%	COM	23331A109
—	AFFIRM HLDGS INC	590,000	$552	0.0%	$1.11	—	NOTE 0.750%12/1	00827BAD8
—	NEXTERA ENERGY CAP HLDGS INC	450,000	$627	0.0%	$1.16	—	NOTE 3.000% 3/0	65339KCY4
—	LIBERTY MEDIA CORP DEL	400,000	$462	0.0%	$1.25	—	NOTE 2.250% 8/1	531229AQ5
—	GUIDEWIRE SOFTWARE INC	380,000	$381	0.0%	$1.10	—	NOTE 1.250%11/0	40171VAC4
—	HALOZYME THERAPEUTICS INC	630,000	$812	0.0%	$1.15	—	NOTE 1.000% 8/1	40637HAF6
—	CLOUDFLARE INC	780,000	$918	0.1%	$0.92	—	NOTE 8/1	18915MAC1
—	EXACT SCIENCES CORP	450,000	$467	0.0%	$0.86	—	NOTE 0.375% 3/0	30063PAC9