DEEPWATER ASSET MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRDO	CREDO TECHNOLOGY GROUP HOLDI	73,433	$6,893	4.4%	$131.33	0.0%	ORDINARY SHARES	G25457105
MRVL	MARVELL TECHNOLOGY INC	54,612	$5,409	3.4%	$81.07	0.0%	COM	573874104
RMBS	RAMBUS INC DEL	58,036	$4,993	3.2%	$104.73	0.0%	COM	750917106
SHOP	SHOPIFY INC	37,902	$4,496	2.8%	$136.45	0.0%	CL A SUB VTG SHS	82509L107
NET	CLOUDFLARE INC	7,425	$1,532	1.0%	$182.40	0.0%	CL A COM	18915M107
PCOR	PROCORE TECHNOLOGIES INC	22,771	$1,298	0.8%	$60.28	0.0%	COM	74275K108
TOST	TOAST INC	46,180	$1,224	0.8%	$31.01	0.0%	CL A	888787108

Increased Positions (9)

STRL STERLING INFRASTRUCTURE INC 5.3%

Value ($000) $8,428 (+81.9%) Shares 20,695 (+36.8%) Est. Cost $353.12 Unrealized +6.6%

DDOG DATADOG INC 3.8%

Value ($000) $6,023 (+40.8%) Shares 51,023 (+62.2%) Est. Cost $144.95 Unrealized -14.5%

AXON AXON ENTERPRISE INC 2.4%

Value ($000) $3,844 (-22.9%) Shares 9,051 (+3.2%) Est. Cost $617.65 Unrealized -14.7%

AMZN AMAZON COM INC 0.9%

Value ($000) $1,448 (+99.9%) Shares 6,951 (+121.5%) Est. Cost $227.72 Unrealized -0.4%

SNOW SNOWFLAKE INC 2.6%

Value ($000) $4,174 (-11.7%) Shares 27,674 (+28.5%) Est. Cost $233.10 Unrealized -16.6%

CRWV COREWEAVE INC 0.8%

Value ($000) $1,210 (+53.4%) Shares 15,614 (+41.8%) Est. Cost $98.47 Unrealized -7.1%

AAPL APPLE INC 0.9%

Value ($000) $1,373 (+40.1%) Shares 5,409 (+50.0%) Est. Cost $243.95 Unrealized +7.7%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 2.9%

Value ($000) $4,656 (-7.3%) Shares 23,575 (+20.1%) Est. Cost $224.43 Unrealized +0.2%

VST VISTRA CORP 2.9%

Value ($000) $4,649 (-1.4%) Shares 30,925 (+5.9%) Est. Cost $180.89 Unrealized -9.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STRL	STERLING INFRASTRUCTURE INC	20,695 (+36.8%)	$8,428 (+81.9%)	5.3%	$353.12	+6.6%	COM	859241101
DDOG	DATADOG INC	51,023 (+62.2%)	$6,023 (+40.8%)	3.8%	$144.95	-14.5%	CL A COM	23804L103
AXON	AXON ENTERPRISE INC	9,051 (+3.2%)	$3,844 (-22.9%)	2.4%	$617.65	-14.7%	COM	05464C101
AMZN	AMAZON COM INC	6,951 (+121.5%)	$1,448 (+99.9%)	0.9%	$227.72	-0.4%	COM	023135106
SNOW	SNOWFLAKE INC	27,674 (+28.5%)	$4,174 (-11.7%)	2.6%	$233.10	-16.6%	COM SHS	833445109
CRWV	COREWEAVE INC	15,614 (+41.8%)	$1,210 (+53.4%)	0.8%	$98.47	-7.1%	COM CL A	21873S108
AAPL	APPLE INC	5,409 (+50.0%)	$1,373 (+40.1%)	0.9%	$243.95	+7.7%	COM	037833100
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	23,575 (+20.1%)	$4,656 (-7.3%)	2.9%	$224.43	+0.2%	COM	874054109
VST	VISTRA CORP	30,925 (+5.9%)	$4,649 (-1.4%)	2.9%	$180.89	-9.8%	COM	92840M102

Exited Positions (14)

CFLT CONFLUENT INC 7.9%

Value ($000) $12,405 Shares 410,221 Est. Cost $24.55 Unrealized +24.2%

CVNA CARVANA CO 7.2%

Value ($000) $11,343 Shares 26,879 Est. Cost $364.96 Unrealized +11.9%

META META PLATFORMS INC 7.0%

Value ($000) $11,007 Shares 16,675 Est. Cost $116.61 Unrealized +462.2%

BROS DUTCH BROS INC 6.9%

Value ($000) $10,965 Shares 179,106 Est. Cost $63.23 Unrealized -10.1%

FRPT FRESHPET INC 6.1%

Value ($000) $9,675 Shares 158,792 Est. Cost $80.10 Unrealized -13.6%

WDAY WORKDAY INC 5.9%

Value ($000) $9,339 Shares 43,483 Est. Cost $231.22 Unrealized -25.3%

NTRA NATERA INC 5.8%

Value ($000) $9,082 Shares 39,645 Est. Cost $208.59 Unrealized +8.3%

FWRG FIRST WATCH RESTAURANT GROUP 5.5%

Value ($000) $8,689 Shares 576,166 Est. Cost $20.10 Unrealized -20.5%

ALAB ASTERA LABS INC 5.4%

Value ($000) $8,556 Shares 51,428 Est. Cost $167.29 Unrealized -5.8%

RBLX ROBLOX CORP 4.3%

Value ($000) $6,713 Shares 82,841 Est. Cost $106.17 Unrealized -32.4%

FSLR FIRST SOLAR INC 4.2%

Value ($000) $6,564 Shares 25,126 Est. Cost $242.08 Unrealized -2.0%

LNG CHENIERE ENERGY INC 3.0%

Value ($000) $4,698 Shares 24,169 Est. Cost $209.99 Unrealized -0.1%

GTLB GITLAB INC 3.0%

Value ($000) $4,662 Shares 124,217 Est. Cost $43.29 Unrealized -24.1%

SE SEA LTD 1.0%

Value ($000) $1,559 Shares 12,219 Est. Cost $148.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CFLT	CONFLUENT INC	410,221	$12,405	7.9%	$24.55	+24.2%	—	20717M103
CVNA	CARVANA CO	26,879	$11,343	7.2%	$364.96	+11.9%	—	146869102
META	META PLATFORMS INC	16,675	$11,007	7.0%	$116.61	+462.2%	—	30303M102
BROS	DUTCH BROS INC	179,106	$10,965	6.9%	$63.23	-10.1%	—	26701L100
FRPT	FRESHPET INC	158,792	$9,675	6.1%	$80.10	-13.6%	—	358039105
WDAY	WORKDAY INC	43,483	$9,339	5.9%	$231.22	-25.3%	—	98138H101
NTRA	NATERA INC	39,645	$9,082	5.8%	$208.59	+8.3%	—	632307104
FWRG	FIRST WATCH RESTAURANT GROUP	576,166	$8,689	5.5%	$20.10	-20.5%	—	33748L101
ALAB	ASTERA LABS INC	51,428	$8,556	5.4%	$167.29	-5.8%	—	04626A103
RBLX	ROBLOX CORP	82,841	$6,713	4.3%	$106.17	-32.4%	—	771049103
FSLR	FIRST SOLAR INC	25,126	$6,564	4.2%	$242.08	-2.0%	—	336433107
LNG	CHENIERE ENERGY INC	24,169	$4,698	3.0%	$209.99	-0.1%	—	16411R208
GTLB	GITLAB INC	124,217	$4,662	3.0%	$43.29	-24.1%	—	37637K108
SE	SEA LTD	12,219	$1,559	1.0%	$148.91	—	—	81141R100

Decreased Positions (20)

APP APPLOVIN CORP 2.5%

Value ($000) $3,894 (-76.6%) Shares 9,783 (-60.4%) Est. Cost $497.64 Unrealized +1.9%

GLBE GLOBAL E ONLINE LTD 2.8%

Value ($000) $4,449 (-71.1%) Shares 144,199 (-63.2%) Est. Cost $46.61 Unrealized -22.3%

MELI MERCADOLIBRE INC 3.1%

Value ($000) $4,945 (-68.4%) Shares 2,860 (-63.2%) Est. Cost $1673.12 Unrealized +23.5%

TEAM ATLASSIAN CORPORATION 2.7%

Value ($000) $4,209 (-71.5%) Shares 61,676 (-32.3%) Est. Cost $156.92 Unrealized -27.8%

ISRG INTUITIVE SURGICAL INC 3.0%

Value ($000) $4,726 (-66.9%) Shares 10,252 (-59.3%) Est. Cost $532.37 Unrealized -2.1%

NU NU HLDGS LTD 4.8%

Value ($000) $7,567 (-54.7%) Shares 526,566 (-47.2%) Est. Cost $8.44 Unrealized +105.5%

UBER UBER TECHNOLOGIES INC 4.0%

Value ($000) $6,240 (-57.9%) Shares 86,754 (-52.2%) Est. Cost $92.75 Unrealized -15.1%

FOUR SHIFT4 PMTS INC 3.0%

Value ($000) $4,684 (-63.9%) Shares 107,110 (-48.1%) Est. Cost $68.81 Unrealized -11.6%

RBRK RUBRIK INC. 2.7%

Value ($000) $4,334 (-65.4%) Shares 88,506 (-45.9%) Est. Cost $85.31 Unrealized -28.9%

RDDT REDDIT INC 5.6%

Value ($000) $8,849 (-45.1%) Shares 65,719 (-6.3%) Est. Cost $210.30 Unrealized -9.8%

AVAV AEROVIRONMENT INC 2.6%

Value ($000) $4,144 (-40.7%) Shares 22,640 (-21.6%) Est. Cost $314.38 Unrealized -5.7%

MU MICRON TECHNOLOGY INC 0.7%

Value ($000) $1,167 (-43.3%) Shares 3,454 (-52.1%) Est. Cost $114.26 Unrealized +238.7%

MRCY MERCURY SYS INC 2.6%

Value ($000) $4,128 (-16.2%) Shares 56,624 (-16.1%) Est. Cost $74.39 Unrealized +21.8%

VRT VERTIV HOLDINGS CO 3.9%

Value ($000) $6,182 (+10.5%) Shares 24,670 (-28.6%) Est. Cost $90.98 Unrealized +119.7%

ASML ASML HLDG NV 3.2%

Value ($000) $5,013 (+8.2%) Shares 3,795 (-12.4%) Est. Cost $718.15 Unrealized —

NVDA NVIDIA CORPORATION 0.9%

Value ($000) $1,346 (-21.6%) Shares 7,716 (-16.1%) Est. Cost $118.57 Unrealized +57.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.9%

Value ($000) $1,461 (-17.1%) Shares 4,322 (-25.5%) Est. Cost $163.80 Unrealized —

CCJ CAMECO CORP 3.0%

Value ($000) $4,732 (-3.1%) Shares 43,568 (-18.4%) Est. Cost $89.94 Unrealized +29.3%

COHR COHERENT CORP 3.0%

Value ($000) $4,777 (-0.9%) Shares 20,053 (-23.2%) Est. Cost $149.58 Unrealized +42.6%

LRCX LAM RESEARCH CORP 3.2%

Value ($000) $5,120 (+0.3%) Shares 23,963 (-19.6%) Est. Cost $155.36 Unrealized +45.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	9,783 (-60.4%)	$3,894 (-76.6%)	2.5%	$497.64	+1.9%	COM CL A	03831W108
GLBE	GLOBAL E ONLINE LTD	144,199 (-63.2%)	$4,449 (-71.1%)	2.8%	$46.61	-22.3%	SHS	M5216V106
MELI	MERCADOLIBRE INC	2,860 (-63.2%)	$4,945 (-68.4%)	3.1%	$1673.12	+23.5%	COM	58733R102
TEAM	ATLASSIAN CORPORATION	61,676 (-32.3%)	$4,209 (-71.5%)	2.7%	$156.92	-27.8%	CL A	049468101
ISRG	INTUITIVE SURGICAL INC	10,252 (-59.3%)	$4,726 (-66.9%)	3.0%	$532.37	-2.1%	COM NEW	46120E602
NU	NU HLDGS LTD	526,566 (-47.2%)	$7,567 (-54.7%)	4.8%	$8.44	+105.5%	ORD SHS CL A	G6683N103
UBER	UBER TECHNOLOGIES INC	86,754 (-52.2%)	$6,240 (-57.9%)	4.0%	$92.75	-15.1%	COM	90353T100
FOUR	SHIFT4 PMTS INC	107,110 (-48.1%)	$4,684 (-63.9%)	3.0%	$68.81	-11.6%	CL A	82452J109
RBRK	RUBRIK INC.	88,506 (-45.9%)	$4,334 (-65.4%)	2.7%	$85.31	-28.9%	CL A	781154109
RDDT	REDDIT INC	65,719 (-6.3%)	$8,849 (-45.1%)	5.6%	$210.30	-9.8%	CL A	75734B100
AVAV	AEROVIRONMENT INC	22,640 (-21.6%)	$4,144 (-40.7%)	2.6%	$314.38	-5.7%	COM	008073108
MU	MICRON TECHNOLOGY INC	3,454 (-52.1%)	$1,167 (-43.3%)	0.7%	$114.26	+238.7%	COM	595112103
MRCY	MERCURY SYS INC	56,624 (-16.1%)	$4,128 (-16.2%)	2.6%	$74.39	+21.8%	COM	589378108
VRT	VERTIV HOLDINGS CO	24,670 (-28.6%)	$6,182 (+10.5%)	3.9%	$90.98	+119.7%	COM CL A	92537N108
ASML	ASML HLDG NV	3,795 (-12.4%)	$5,013 (+8.2%)	3.2%	$718.15	—	N Y REGISTRY SHS	N07059210
NVDA	NVIDIA CORPORATION	7,716 (-16.1%)	$1,346 (-21.6%)	0.9%	$118.57	+57.4%	COM	67066G104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	4,322 (-25.5%)	$1,461 (-17.1%)	0.9%	$163.80	—	SPONSORED ADS	874039100
CCJ	CAMECO CORP	43,568 (-18.4%)	$4,732 (-3.1%)	3.0%	$89.94	+29.3%	COM	13321L108
COHR	COHERENT CORP	20,053 (-23.2%)	$4,777 (-0.9%)	3.0%	$149.58	+42.6%	COM	19247G107
LRCX	LAM RESEARCH CORP	23,963 (-19.6%)	$5,120 (+0.3%)	3.2%	$155.36	+45.4%	COM NEW	512807306

Unchanged Positions (3)

SNPS SYNOPSYS INC 0.9%

Value ($000) $1,408 Shares 3,551 Est. Cost $509.11 Unrealized -7.4%

AVGO BROADCOM INC 0.9%

Value ($000) $1,344 Shares 4,342 Est. Cost $158.39 Unrealized +111.0%

GOOG ALPHABET INC 0.9%

Value ($000) $1,479 Shares 5,155 Est. Cost $223.09 Unrealized +45.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	3,551	$1,408	0.9%	$509.11	-7.4%	COM	871607107
AVGO	BROADCOM INC	4,342	$1,344	0.9%	$158.39	+111.0%	COM	11135F101
GOOG	ALPHABET INC	5,155	$1,479	0.9%	$223.09	+45.1%	CAP STK CL C	02079K107