Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RTX	RTX CORPORATION	396,500	$76.48M	4.3%	—	—	COM	75513E101
CLF	CLEVELAND-CLIFFS INC NEW	5,243,200	$44.31M	2.5%	—	—	COM	185899101
CLS	CELESTICA INC	123,000	$34.65M	1.9%	—	—	COM	15101Q207
CSTM	CONSTELLIUM SE	1,312,400	$32.26M	1.8%	—	—	CL A SHS	F21107101
SNDK	SANDISK CORP	49,206	$31.26M	1.7%	—	—	COM	80004C200
CENX	CENTURY ALUM CO	531,700	$31.21M	1.7%	—	—	COM	156431108
KLAC	KLA CORP	19,880	$29.27M	1.6%	—	—	COM NEW	482480100
AMAT	APPLIED MATLS INC	82,900	$28.33M	1.6%	—	—	COM	038222105
DDOG	DATADOG INC	155,800	$18.39M	1.0%	—	—	CL A COM	23804L103
GH	GUARDANT HEALTH INC	129,900	$12M	0.7%	—	—	COM	40131M109
RBLX	ROBLOX CORP	179,500	$10.15M	0.6%	—	—	CL A	771049103
RKT	ROCKET COS INC	602,600	$8.587M	0.5%	—	—	COM CL A	77311W101

Increased Positions (15)

SHOP SHOPIFY INC 2.5%

Value $44.72M (+144.5%) Shares 377,026 (+231.8%) Est. Cost — Unrealized —

AMD ADVANCED MICRO DEVICES INC 2.6%

Value $47.03M (+122.1%) Shares 231,200 (+133.8%) Est. Cost — Unrealized —

CRWV COREWEAVE INC 2.3%

Value $41.11M (+162.5%) Shares 530,600 (+142.6%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 1.5%

Value $26.54M (+353.0%) Shares 30,405 (+239.2%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 8.8%

Value $157M (+13.3%) Shares 755,752 (+25.6%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 1.3%

Value $23.37M (+333.7%) Shares 72,913 (+338.4%) Est. Cost — Unrealized —

SE SEA LTD 5.8%

Value $104M (-13.6%) Shares 1,252,156 (+33.1%) Est. Cost — Unrealized —

AVGO BROADCOM INC 6.3%

Value $112M (+14.9%) Shares 361,040 (+28.5%) Est. Cost — Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.5%

Value $26.99M (+62.6%) Shares 308,800 (+145.3%) Est. Cost — Unrealized —

CVNA CARVANA CO 3.0%

Value $54.21M (-14.5%) Shares 172,419 (+14.8%) Est. Cost — Unrealized —

JHX JAMES HARDIE INDS PLC 1.8%

Value $32.43M (+23.1%) Shares 1,712,100 (+34.8%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 2.7%

Value $47.7M (-10.2%) Shares 98,360 (+7.5%) Est. Cost — Unrealized —

NU NU HLDGS LTD 2.0%

Value $36.17M (-6.8%) Shares 2,517,028 (+8.6%) Est. Cost — Unrealized —

ORCL ORACLE CORP 0.4%

Value $6.267M (+67.5%) Shares 42,600 (+121.9%) Est. Cost — Unrealized —

AEO AMERICAN EAGLE OUTFITTERS IN 0.4%

Value $7.538M (-5.7%) Shares 451,400 (+48.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHOP	SHOPIFY INC	377,026 (+231.8%)	$44.72M (+144.5%)	2.5%	—	—	CL A SUB VTG SHS	82509L107
AMD	ADVANCED MICRO DEVICES INC	231,200 (+133.8%)	$47.03M (+122.1%)	2.6%	—	—	COM	007903107
CRWV	COREWEAVE INC	530,600 (+142.6%)	$41.11M (+162.5%)	2.3%	—	—	COM CL A	21873S108
GEV	GE VERNOVA INC	30,405 (+239.2%)	$26.54M (+353.0%)	1.5%	—	—	COM	36828A101
AMZN	AMAZON COM INC	755,752 (+25.6%)	$157M (+13.3%)	8.8%	—	—	COM	023135106
SHW	SHERWIN WILLIAMS CO	72,913 (+338.4%)	$23.37M (+333.7%)	1.3%	—	—	COM	824348106
SE	SEA LTD	1,252,156 (+33.1%)	$104M (-13.6%)	5.8%	—	—	SPONSORD ADS	81141R100
AVGO	BROADCOM INC	361,040 (+28.5%)	$112M (+14.9%)	6.3%	—	—	COM	11135F101
PFSI	PENNYMAC FINL SVCS INC NEW	308,800 (+145.3%)	$26.99M (+62.6%)	1.5%	—	—	COM	70932M107
CVNA	CARVANA CO	172,419 (+14.8%)	$54.21M (-14.5%)	3.0%	—	—	CL A	146869102
JHX	JAMES HARDIE INDS PLC	1,712,100 (+34.8%)	$32.43M (+23.1%)	1.8%	—	—	ORD SHS	G4253H101
SPOT	SPOTIFY TECHNOLOGY S A	98,360 (+7.5%)	$47.7M (-10.2%)	2.7%	—	—	SHS	L8681T102
NU	NU HLDGS LTD	2,517,028 (+8.6%)	$36.17M (-6.8%)	2.0%	—	—	ORD SHS CL A	G6683N103
ORCL	ORACLE CORP	42,600 (+121.9%)	$6.267M (+67.5%)	0.4%	—	—	COM	68389X105
AEO	AMERICAN EAGLE OUTFITTERS IN	451,400 (+48.8%)	$7.538M (-5.7%)	0.4%	—	—	COM	02553E106

Exited Positions (7)

SGI SOMNIGROUP INTERNATIONAL INC 1.2%

Value $22.32M Shares 249,949 Est. Cost — Unrealized —

NFLX NETFLIX INC 1.0%

Value $18.31M Shares 195,250 Est. Cost — Unrealized —

META META PLATFORMS INC 1.0%

Value $17.71M Shares 26,830 Est. Cost — Unrealized —

OWL BLUE OWL CAPITAL INC 0.7%

Value $12.11M Shares 810,548 Est. Cost — Unrealized —

INTU INTUIT 0.7%

Value $11.63M Shares 17,559 Est. Cost — Unrealized —

SNOW SNOWFLAKE INC 0.6%

Value $10.92M Shares 49,800 Est. Cost — Unrealized —

GTM ZOOMINFO TECHNOLOGIES INC 0.6%

Value $10.64M Shares 1,046,480 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SGI	SOMNIGROUP INTERNATIONAL INC	249,949	$22.32M	1.2%	—	—	—	88023U101
NFLX	NETFLIX INC	195,250	$18.31M	1.0%	—	—	—	64110L106
META	META PLATFORMS INC	26,830	$17.71M	1.0%	—	—	—	30303M102
OWL	BLUE OWL CAPITAL INC	810,548	$12.11M	0.7%	—	—	—	09581B103
INTU	INTUIT	17,559	$11.63M	0.7%	—	—	—	461202103
SNOW	SNOWFLAKE INC	49,800	$10.92M	0.6%	—	—	—	833445109
GTM	ZOOMINFO TECHNOLOGIES INC	1,046,480	$10.64M	0.6%	—	—	—	98980F104

Decreased Positions (19)

MSFT MICROSOFT CORP 0.3%

Value $5.805M (-94.6%) Shares 15,681 (-92.9%) Est. Cost — Unrealized —

GOOG ALPHABET INC 0.6%

Value $11.36M (-88.3%) Shares 39,600 (-87.2%) Est. Cost — Unrealized —

DIS DISNEY WALT CO 1.2%

Value $21.49M (-74.3%) Shares 222,973 (-69.7%) Est. Cost — Unrealized —

CRS CARPENTER TECHNOLOGY CORP 1.6%

Value $28.3M (-65.1%) Shares 71,800 (-72.1%) Est. Cost — Unrealized —

NTRA NATERA INC 0.7%

Value $12.16M (-80.6%) Shares 60,800 (-77.8%) Est. Cost — Unrealized —

MDB MONGODB INC 0.5%

Value $9.097M (-83.4%) Shares 37,167 (-71.5%) Est. Cost — Unrealized —

APP APPLOVIN CORP 1.2%

Value $22.24M (-63.0%) Shares 55,886 (-37.4%) Est. Cost — Unrealized —

RDDT REDDIT INC 0.2%

Value $3.307M (-90.8%) Shares 24,560 (-84.3%) Est. Cost — Unrealized —

FERG FERGUSON ENTERPRISES INC 1.3%

Value $22.53M (-58.9%) Shares 96,600 (-60.7%) Est. Cost — Unrealized —

SITE SITEONE LANDSCAPE SUPPLY INC 0.6%

Value $11.19M (-71.9%) Shares 84,101 (-73.7%) Est. Cost — Unrealized —

CPNG COUPANG INC 0.1%

Value $2.326M (-92.4%) Shares 123,200 (-90.5%) Est. Cost — Unrealized —

LPX LOUISIANA PAC CORP 0.5%

Value $9.704M (-73.2%) Shares 133,395 (-70.2%) Est. Cost — Unrealized —

NCNO NCINO INC 0.1%

Value $2.109M (-91.3%) Shares 140,800 (-85.2%) Est. Cost — Unrealized —

DASH DOORDASH INC 1.7%

Value $29.63M (-37.8%) Shares 197,312 (-6.2%) Est. Cost — Unrealized —

WWD WOODWARD INC 3.5%

Value $62.53M (-21.5%) Shares 174,698 (-33.7%) Est. Cost — Unrealized —

FROG JFROG LTD 1.2%

Value $21.15M (-31.0%) Shares 450,629 (-8.1%) Est. Cost — Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 3.1%

Value $55.43M (-6.7%) Shares 727,800 (-40.5%) Est. Cost — Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 1.3%

Value $23.19M (-11.5%) Shares 59,200 (-37.8%) Est. Cost — Unrealized —

AGX ARGAN INC 1.9%

Value $33.77M (-7.9%) Shares 62,000 (-47.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	15,681 (-92.9%)	$5.805M (-94.6%)	0.3%	—	—	COM	594918104
GOOG	ALPHABET INC	39,600 (-87.2%)	$11.36M (-88.3%)	0.6%	—	—	CAP STK CL C	02079K107
DIS	DISNEY WALT CO	222,973 (-69.7%)	$21.49M (-74.3%)	1.2%	—	—	COM	254687106
CRS	CARPENTER TECHNOLOGY CORP	71,800 (-72.1%)	$28.3M (-65.1%)	1.6%	—	—	COM	144285103
NTRA	NATERA INC	60,800 (-77.8%)	$12.16M (-80.6%)	0.7%	—	—	COM	632307104
MDB	MONGODB INC	37,167 (-71.5%)	$9.097M (-83.4%)	0.5%	—	—	CL A	60937P106
APP	APPLOVIN CORP	55,886 (-37.4%)	$22.24M (-63.0%)	1.2%	—	—	COM CL A	03831W108
RDDT	REDDIT INC	24,560 (-84.3%)	$3.307M (-90.8%)	0.2%	—	—	CL A	75734B100
FERG	FERGUSON ENTERPRISES INC	96,600 (-60.7%)	$22.53M (-58.9%)	1.3%	—	—	COMMON STOCK NEW	31488V107
SITE	SITEONE LANDSCAPE SUPPLY INC	84,101 (-73.7%)	$11.19M (-71.9%)	0.6%	—	—	COM	82982L103
CPNG	COUPANG INC	123,200 (-90.5%)	$2.326M (-92.4%)	0.1%	—	—	CL A	22266T109
LPX	LOUISIANA PAC CORP	133,395 (-70.2%)	$9.704M (-73.2%)	0.5%	—	—	COM	546347105
NCNO	NCINO INC	140,800 (-85.2%)	$2.109M (-91.3%)	0.1%	—	—	COM	63947X101
DASH	DOORDASH INC	197,312 (-6.2%)	$29.63M (-37.8%)	1.7%	—	—	CL A	25809K105
WWD	WOODWARD INC	174,698 (-33.7%)	$62.53M (-21.5%)	3.5%	—	—	COM	980745103
FROG	JFROG LTD	450,629 (-8.1%)	$21.15M (-31.0%)	1.2%	—	—	ORD SHS	M6191J100
SOLS	SOLSTICE ADVANCED MATLS INC	727,800 (-40.5%)	$55.43M (-6.7%)	3.1%	—	—	COM SHS	83443Q103
STX	SEAGATE TECHNOLOGY HLDNGS PL	59,200 (-37.8%)	$23.19M (-11.5%)	1.3%	—	—	ORD SHS	G7997R103
AGX	ARGAN INC	62,000 (-47.0%)	$33.77M (-7.9%)	1.9%	—	—	COM	04010E109

Unchanged Positions (3)

NVDA NVIDIA CORPORATION 8.6%

Value $154M Shares 880,725 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 6.6%

Value $118M Shares 348,254 Est. Cost — Unrealized —

TSLA TESLA INC 0.3%

Value $4.702M Shares 12,648 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	880,725	$154M	8.6%	—	—	COM	67066G104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	348,254	$118M	6.6%	—	—	SPONSORED ADS	874039100
TSLA	TESLA INC	12,648	$4.702M	0.3%	—	—	COM	88160R101