Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TXN	TEXAS INSTRS INC	2,670,225	$518M	7.7%	$206.27	0.0%	COM	882508104
RIG	TRANSOCEAN LTD	30,062,100	$199M	3.0%	$5.16	0.0%	REGISTERED SHS	H8817H100
SAIA	SAIA INC	308,000	$108M	1.6%	$372.09	0.0%	COM	78709Y105
WOLF	WOLFSPEED INC	4,438,156	$68.45M	1.0%	$18.27	0.0%	COMMON STOCK	97785W106
SEDG	SOLAREDGE TECHNOLOGIES INC	736,700	$37.61M	0.6%	$34.76	0.0%	COM	83417M104
ENPH	ENPHASE ENERGY INC	909,900	$34.4M	0.5%	$41.25	0.0%	COM	29355A107
SNAP	SNAP INC	7,287,400	$33.52M	0.5%	$6.59	0.0%	CL A	83304A106
TE	T1 ENERGY INC	6,287,300	$27.6M	0.4%	$7.59	0.0%	COM NEW	35834F104
XPO	XPO INC	100,600	$19.57M	0.3%	$170.37	0.0%	COM	983793100
SW	SMURFIT WESTROCK PLC	186,684	$7.439M	0.1%	$43.99	0.0%	SHS	G8267P108

Increased Positions (15)

Q QNITY ELECTRONICS INC 4.3%

Value $287M (+83.5%) Shares 2,489,700 (+29.9%) Est. Cost $88.66 Unrealized +14.2%

U UNITY SOFTWARE INC 3.7%

Value $249M (-31.3%) Shares 11,349,752 (+38.4%) Est. Cost $25.26 Unrealized +29.4%

UAL UNITED AIRLS HLDGS INC 4.3%

Value $287M (+35.6%) Shares 3,113,052 (+64.7%) Est. Cost $85.46 Unrealized +30.7%

STM STMICROELECTRONICS N V 3.1%

Value $212M (+54.5%) Shares 6,125,400 (+16.0%) Est. Cost $27.13 Unrealized —

NUE NUCOR CORP 5.1%

Value $345M (+27.2%) Shares 2,041,470 (+22.7%) Est. Cost $148.10 Unrealized +20.5%

NOK NOKIA CORP 4.3%

Value $288M (+32.2%) Shares 35,838,802 (+6.4%) Est. Cost $4.58 Unrealized —

GFS GLOBALFOUNDRIES INC 3.3%

Value $224M (+32.3%) Shares 5,042,300 (+3.8%) Est. Cost $35.91 Unrealized +21.4%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 3.9%

Value $266M (+18.7%) Shares 4,618,200 (+7.8%) Est. Cost $47.56 Unrealized +21.7%

IP INTERNATIONAL PAPER CO 1.8%

Value $121M (+18.9%) Shares 3,379,676 (+31.1%) Est. Cost $49.95 Unrealized -12.3%

COIN COINBASE GLOBAL INC 0.7%

Value $45.99M (-19.3%) Shares 263,379 (+4.5%) Est. Cost $232.35 Unrealized -13.7%

FIGR FIGURE TECHNOLOGY SOLUTIO 1.0%

Value $67.97M (-10.2%) Shares 2,002,100 (+8.0%) Est. Cost $40.69 Unrealized +21.3%

DAL DELTA AIR LINES INC 2.9%

Value $197M (-2.9%) Shares 2,966,548 (+1.3%) Est. Cost $53.31 Unrealized +31.0%

WHR WHIRLPOOL CORP 0.5%

Value $35.71M (+14.1%) Shares 662,300 (+52.7%) Est. Cost $88.87 Unrealized -6.2%

AER AERCAP HOLDINGS NV 2.0%

Value $134M (-0.9%) Shares 974,544 (+3.9%) Est. Cost $66.15 Unrealized +120.4%

PSKY PARAMOUNT SKYDANCE CORP 1.0%

Value $67.77M (-0.7%) Shares 7,512,784 (+47.5%) Est. Cost $13.49 Unrealized -15.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
Q	QNITY ELECTRONICS INC	2,489,700 (+29.9%)	$287M (+83.5%)	4.3%	$88.66	+14.2%	COMMON STOCK	74743L100
U	UNITY SOFTWARE INC	11,349,752 (+38.4%)	$249M (-31.3%)	3.7%	$25.26	+29.4%	COM	91332U101
UAL	UNITED AIRLS HLDGS INC	3,113,052 (+64.7%)	$287M (+35.6%)	4.3%	$85.46	+30.7%	COM	910047109
STM	STMICROELECTRONICS N V	6,125,400 (+16.0%)	$212M (+54.5%)	3.1%	$27.13	—	NY REGISTRY	861012102
NUE	NUCOR CORP	2,041,470 (+22.7%)	$345M (+27.2%)	5.1%	$148.10	+20.5%	COM	670346105
NOK	NOKIA CORP	35,838,802 (+6.4%)	$288M (+32.2%)	4.3%	$4.58	—	SPONSORED ADR	654902204
GFS	GLOBALFOUNDRIES INC	5,042,300 (+3.8%)	$224M (+32.3%)	3.3%	$35.91	+21.4%	ORDINARY SHARES	G39387108
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	4,618,200 (+7.8%)	$266M (+18.7%)	3.9%	$47.56	+21.7%	CL A	499049104
IP	INTERNATIONAL PAPER CO	3,379,676 (+31.1%)	$121M (+18.9%)	1.8%	$49.95	-12.3%	COM	460146103
COIN	COINBASE GLOBAL INC	263,379 (+4.5%)	$45.99M (-19.3%)	0.7%	$232.35	-13.7%	COM CL A	19260Q107
FIGR	FIGURE TECHNOLOGY SOLUTIO	2,002,100 (+8.0%)	$67.97M (-10.2%)	1.0%	$40.69	+21.3%	COM CL A	349381103
DAL	DELTA AIR LINES INC	2,966,548 (+1.3%)	$197M (-2.9%)	2.9%	$53.31	+31.0%	COM NEW	247361702
WHR	WHIRLPOOL CORP	662,300 (+52.7%)	$35.71M (+14.1%)	0.5%	$88.87	-6.2%	COM	963320106
AER	AERCAP HOLDINGS NV	974,544 (+3.9%)	$134M (-0.9%)	2.0%	$66.15	+120.4%	SHS	N00985106
PSKY	PARAMOUNT SKYDANCE CORP	7,512,784 (+47.5%)	$67.77M (-0.7%)	1.0%	$13.49	-15.8%	COM CL B	69932A204

Exited Positions (17)

GTLB GITLAB INC 3.3%

Value $224M Shares 5,973,800 Est. Cost $44.59 Unrealized -26.3%

ARWR ARROWHEAD PHARMACEUTICALS IN 2.5%

Value $168M Shares 2,523,500 Est. Cost $28.77 Unrealized +128.5%

GLW CORNING INC 1.1%

Value $76.28M Shares 871,200 Est. Cost $40.86 Unrealized +173.3%

NKE NIKE INC 1.0%

Value $70.49M Shares 1,106,400 Est. Cost $64.91 Unrealized -1.4%

PAAS PAN AMERN SILVER CORP 1.0%

Value $69.13M Shares 1,334,280 Est. Cost $16.80 Unrealized +247.6%

APTV APTIV PLC 1.0%

Value $68.2M Shares 896,277 Est. Cost $75.43 Unrealized +7.3%

AMBA AMBARELLA INC 0.9%

Value $57.69M Shares 814,400 Est. Cost $80.81 Unrealized -16.8%

WDC WESTERN DIGITAL CORP 0.8%

Value $55.35M Shares 321,278 Est. Cost $40.19 Unrealized +525.1%

FISV FISERV INC 0.7%

Value $48.86M Shares 727,400 Est. Cost $83.87 Unrealized -23.7%

NVTS NAVITAS SEMICONDUCTOR CORP 0.3%

Value $20.56M Shares 2,880,200 Est. Cost $9.62 Unrealized -4.0%

LULU LULULEMON ATHLETICA INC 0.3%

Value $18.41M Shares 88,600 Est. Cost $181.15 Unrealized +4.2%

OUST OUSTER INC 0.3%

Value $17.94M Shares 829,000 Est. Cost $27.89 Unrealized -19.4%

CSX CSX CORP 0.3%

Value $17.39M Shares 479,800 Est. Cost $35.70 Unrealized +7.9%

B BARRICK MNG CORP 0.2%

Value $11.48M Shares 263,552 Est. Cost $19.29 Unrealized +150.4%

NEM NEWMONT CORP 0.2%

Value $10.88M Shares 108,936 Est. Cost $43.26 Unrealized +173.1%

NYT NEW YORK TIMES CO 0.1%

Value $9.652M Shares 139,039 Est. Cost $35.57 Unrealized +103.2%

KRE SPDR SERIES TRUST 0.1%

Value $8.425M Shares 130,003 Est. Cost $64.81 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTLB	GITLAB INC	5,973,800	$224M	3.3%	$44.59	-26.3%	—	37637K108
ARWR	ARROWHEAD PHARMACEUTICALS IN	2,523,500	$168M	2.5%	$28.77	+128.5%	—	04280A100
GLW	CORNING INC	871,200	$76.28M	1.1%	$40.86	+173.3%	—	219350105
NKE	NIKE INC	1,106,400	$70.49M	1.0%	$64.91	-1.4%	—	654106103
PAAS	PAN AMERN SILVER CORP	1,334,280	$69.13M	1.0%	$16.80	+247.6%	—	697900108
APTV	APTIV PLC	896,277	$68.2M	1.0%	$75.43	+7.3%	—	G3265R107
AMBA	AMBARELLA INC	814,400	$57.69M	0.9%	$80.81	-16.8%	—	G037AX101
WDC	WESTERN DIGITAL CORP	321,278	$55.35M	0.8%	$40.19	+525.1%	—	958102105
FISV	FISERV INC	727,400	$48.86M	0.7%	$83.87	-23.7%	—	337738108
NVTS	NAVITAS SEMICONDUCTOR CORP	2,880,200	$20.56M	0.3%	$9.62	-4.0%	—	63942X106
LULU	LULULEMON ATHLETICA INC	88,600	$18.41M	0.3%	$181.15	+4.2%	—	550021109
OUST	OUSTER INC	829,000	$17.94M	0.3%	$27.89	-19.4%	—	68989M202
CSX	CSX CORP	479,800	$17.39M	0.3%	$35.70	+7.9%	—	126408103
B	BARRICK MNG CORP	263,552	$11.48M	0.2%	$19.29	+150.4%	—	06849F108
NEM	NEWMONT CORP	108,936	$10.88M	0.2%	$43.26	+173.1%	—	651639106
NYT	NEW YORK TIMES CO	139,039	$9.652M	0.1%	$35.57	+103.2%	—	650111107
KRE	SPDR SERIES TRUST	130,003	$8.425M	0.1%	$64.81	—	—	78464A698

Decreased Positions (13)

RKT ROCKET COS INC 4.9%

Value $330M (-33.7%) Shares 23,152,887 (-9.9%) Est. Cost $17.64 Unrealized +14.2%

HUM HUMANA INC 1.2%

Value $79.71M (-67.3%) Shares 459,700 (-51.8%) Est. Cost $261.32 Unrealized -14.5%

EXE EXPAND ENERGY CORPORATION 0.2%

Value $14.66M (-91.5%) Shares 133,555 (-91.5%) Est. Cost $90.29 Unrealized +17.2%

CLF CLEVELAND-CLIFFS INC NEW 2.4%

Value $163M (-45.4%) Shares 19,243,981 (-14.2%) Est. Cost $12.74 Unrealized +0.9%

TWLO TWILIO INC 1.4%

Value $93.46M (-58.0%) Shares 742,810 (-52.5%) Est. Cost $120.58 Unrealized +1.1%

AMRZ AMRIZE LTD 3.1%

Value $210M (-33.6%) Shares 3,752,947 (-35.9%) Est. Cost $50.99 Unrealized +12.0%

EQT EQT CORP 3.7%

Value $247M (-26.4%) Shares 3,886,288 (-38.0%) Est. Cost $48.11 Unrealized +14.9%

ON ON SEMICONDUCTOR CORP 7.2%

Value $483M (-14.9%) Shares 7,798,800 (-25.6%) Est. Cost $51.30 Unrealized +25.0%

AAL AMERICAN AIRLINES GROUP INC 1.0%

Value $69.51M (-49.8%) Shares 6,471,684 (-28.4%) Est. Cost $12.10 Unrealized +20.4%

FCX FREEPORT MCMORAN INC 3.0%

Value $204M (-22.1%) Shares 3,468,900 (-32.7%) Est. Cost $43.31 Unrealized +41.1%

HPE HEWLETT PACKARD ENTERPRISE C 8.2%

Value $554M (-5.5%) Shares 23,254,842 (-4.7%) Est. Cost $19.27 Unrealized +14.5%

GEV GE VERNOVA INC 1.5%

Value $102M (+30.6%) Shares 116,558 (-2.2%) Est. Cost $154.92 Unrealized +375.7%

UNP UNION PAC CORP 2.6%

Value $178M (+2.5%) Shares 732,804 (-2.3%) Est. Cost $223.15 Unrealized +9.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RKT	ROCKET COS INC	23,152,887 (-9.9%)	$330M (-33.7%)	4.9%	$17.64	+14.2%	COM CL A	77311W101
HUM	HUMANA INC	459,700 (-51.8%)	$79.71M (-67.3%)	1.2%	$261.32	-14.5%	COM	444859102
EXE	EXPAND ENERGY CORPORATION	133,555 (-91.5%)	$14.66M (-91.5%)	0.2%	$90.29	+17.2%	COM	165167735
CLF	CLEVELAND-CLIFFS INC NEW	19,243,981 (-14.2%)	$163M (-45.4%)	2.4%	$12.74	+0.9%	COM	185899101
TWLO	TWILIO INC	742,810 (-52.5%)	$93.46M (-58.0%)	1.4%	$120.58	+1.1%	CL A	90138F102
AMRZ	AMRIZE LTD	3,752,947 (-35.9%)	$210M (-33.6%)	3.1%	$50.99	+12.0%	SHS	H2927K103
EQT	EQT CORP	3,886,288 (-38.0%)	$247M (-26.4%)	3.7%	$48.11	+14.9%	COM	26884L109
ON	ON SEMICONDUCTOR CORP	7,798,800 (-25.6%)	$483M (-14.9%)	7.2%	$51.30	+25.0%	COM	682189105
AAL	AMERICAN AIRLINES GROUP INC	6,471,684 (-28.4%)	$69.51M (-49.8%)	1.0%	$12.10	+20.4%	COM	02376R102
FCX	FREEPORT MCMORAN INC	3,468,900 (-32.7%)	$204M (-22.1%)	3.0%	$43.31	+41.1%	CL B	35671D857
HPE	HEWLETT PACKARD ENTERPRISE C	23,254,842 (-4.7%)	$554M (-5.5%)	8.2%	$19.27	+14.5%	COM	42824C109
GEV	GE VERNOVA INC	116,558 (-2.2%)	$102M (+30.6%)	1.5%	$154.92	+375.7%	COM	36828A101
UNP	UNION PAC CORP	732,804 (-2.3%)	$178M (+2.5%)	2.6%	$223.15	+9.0%	COM	907818108

Unchanged Positions (6)

STUB STUBHUB HLDGS INC 0.1%

Value $9.105M Shares 1,459,200 Est. Cost $15.72 Unrealized -23.4%

JHX JAMES HARDIE INDS PLC 1.5%

Value $102M Shares 5,364,500 Est. Cost $21.71 Unrealized +9.4%

NAMS NEWAMSTERDAM PHARMA COMPANY 0.2%

Value $10.21M Shares 319,000 Est. Cost $21.24 Unrealized +58.9%

TVRD TVARDI THERAPEUTICS INC 0.0%

Value $2.239M Shares 704,118 Est. Cost $23.65 Unrealized -82.8%

LAB STANDARD BIOTOOLS INC 0.0%

Value $1.485M Shares 1,615,000 Est. Cost $2.41 Unrealized -44.1%

AUROW AURORA INNOVATION INC 0.0%

Value $87,063 Shares 437,500 Est. Cost $3.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STUB	STUBHUB HLDGS INC	1,459,200	$9.105M	0.1%	$15.72	-23.4%	CL A	86384P109
JHX	JAMES HARDIE INDS PLC	5,364,500	$102M	1.5%	$21.71	+9.4%	ORD SHS	G4253H101
NAMS	NEWAMSTERDAM PHARMA COMPANY	319,000	$10.21M	0.2%	$21.24	+58.9%	ORDINARY SHARES	N62509109
TVRD	TVARDI THERAPEUTICS INC	704,118	$2.239M	0.0%	$23.65	-82.8%	COM	140755307
LAB	STANDARD BIOTOOLS INC	1,615,000	$1.485M	0.0%	$2.41	-44.1%	COM	34385P108
AUROW	AURORA INNOVATION INC	437,500	$87,063	0.0%	$3.11	—	*W EXP 11/03/202	051774115