Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RIVN	RIVIAN AUTOMOTIVE INC	21,978,400	$381M	5.3%	$17.35	—	—	COM CL A	76954A103
FDXF	FEDEX FGHT HLDG CO INC	2,247,200	$339M	4.7%	$151.00	—	—	COMMON STOCK	314352105
CSX	CSX CORP	4,009,200	$191M	2.6%	$47.53	—	—	COM	126408103
APTV	APTIV PLC	2,650,115	$163M	2.3%	$61.38	—	—	COM SHS	G3265R107
RBLX	ROBLOX CORP	2,746,300	$149M	2.1%	$54.38	—	—	CL A	771049103
AKAM	AKAMAI TECHNOLOGIES INC	1,196,800	$141M	2.0%	$118.21	—	—	COM	00971T101
KMX	CARMAX INC	1,827,700	$96.67M	1.3%	$52.89	—	—	COM	143130102
GDS	GDS HLDGS LTD	1,501,100	$45.08M	0.6%	$30.03	—	—	SPONSORED ADS	36165L108
CRCL	CIRCLE INTERNET GROUP INC	567,300	$35.53M	0.5%	$62.63	—	—	COM CL A	172573107
PURR	HYPERLIQUID STRATEGIES INC	2,719,000	$21.4M	0.3%	$7.87	—	—	COM	44916Y106
UNH	UNITEDHEALTH GROUP INC	28,300	$11.76M	0.2%	$415.63	—	—	COM	91324P102

Increased Positions (12)

UNP UNION PAC CORP 8.7%

Value $626M (+252.3%) Shares 2,302,604 (+214.2%) Share Price $272.00 Est. Cost/Share — Unrealized @ Report Date —

HUM HUMANA INC 5.9%

Value $429M (+438.2%) Shares 1,079,930 (+134.9%) Share Price $397.22 Est. Cost/Share — Unrealized @ Report Date —

U UNITY SOFTWARE INC 6.4%

Value $459M (+84.5%) Shares 16,075,152 (+41.6%) Share Price $28.58 Est. Cost/Share — Unrealized @ Report Date —

UAL UNITED AIRLS HLDGS INC 6.3%

Value $452M (+57.8%) Shares 3,325,452 (+6.8%) Share Price $135.99 Est. Cost/Share — Unrealized @ Report Date —

CLF CLEVELAND-CLIFFS INC NEW 3.7%

Value $267M (+64.1%) Shares 28,410,081 (+47.6%) Share Price $9.39 Est. Cost/Share — Unrealized @ Report Date —

ENPH ENPHASE ENERGY INC 1.8%

Value $127M (+270.3%) Shares 2,587,170 (+184.3%) Share Price $49.24 Est. Cost/Share — Unrealized @ Report Date —

DAL DELTA AIR LINES INC 3.9%

Value $282M (+43.2%) Shares 3,015,048 (+1.6%) Share Price $93.66 Est. Cost/Share — Unrealized @ Report Date —

AAL AMERICAN AIRLINES GROUP INC 2.1%

Value $150M (+115.2%) Shares 8,276,584 (+27.9%) Share Price $18.07 Est. Cost/Share — Unrealized @ Report Date —

FCX FREEPORT MCMORAN INC 3.9%

Value $278M (+36.4%) Shares 4,423,300 (+27.5%) Share Price $62.89 Est. Cost/Share — Unrealized @ Report Date —

IP INTERNATIONAL PAPER CO 2.6%

Value $185M (+53.5%) Shares 4,861,976 (+43.9%) Share Price $38.10 Est. Cost/Share — Unrealized @ Report Date —

JHX JAMES HARDIE INDS PLC 2.2%

Value $158M (+55.1%) Shares 6,021,000 (+12.2%) Share Price $26.18 Est. Cost/Share — Unrealized @ Report Date —

RIG TRANSOCEAN LTD 2.5%

Value $182M (-8.6%) Shares 37,266,300 (+24.0%) Share Price $4.89 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
UNP	UNION PAC CORP	2,302,604 (+214.2%)	$626M (+252.3%)	8.7%	$272.00	—	—	COM	907818108
HUM	HUMANA INC	1,079,930 (+134.9%)	$429M (+438.2%)	5.9%	$397.22	—	—	COM	444859102
U	UNITY SOFTWARE INC	16,075,152 (+41.6%)	$459M (+84.5%)	6.4%	$28.58	—	—	COM	91332U101
UAL	UNITED AIRLS HLDGS INC	3,325,452 (+6.8%)	$452M (+57.8%)	6.3%	$135.99	—	—	COM	910047109
CLF	CLEVELAND-CLIFFS INC NEW	28,410,081 (+47.6%)	$267M (+64.1%)	3.7%	$9.39	—	—	COM	185899101
ENPH	ENPHASE ENERGY INC	2,587,170 (+184.3%)	$127M (+270.3%)	1.8%	$49.24	—	—	COM	29355A107
DAL	DELTA AIR LINES INC	3,015,048 (+1.6%)	$282M (+43.2%)	3.9%	$93.66	—	—	COM NEW	247361702
AAL	AMERICAN AIRLINES GROUP INC	8,276,584 (+27.9%)	$150M (+115.2%)	2.1%	$18.07	—	—	COM	02376R102
FCX	FREEPORT MCMORAN INC	4,423,300 (+27.5%)	$278M (+36.4%)	3.9%	$62.89	—	—	CL B	35671D857
IP	INTERNATIONAL PAPER CO	4,861,976 (+43.9%)	$185M (+53.5%)	2.6%	$38.10	—	—	COM	460146103
JHX	JAMES HARDIE INDS PLC	6,021,000 (+12.2%)	$158M (+55.1%)	2.2%	$26.18	—	—	ORD SHS	G4253H101
RIG	TRANSOCEAN LTD	37,266,300 (+24.0%)	$182M (-8.6%)	2.5%	$4.89	—	—	REGISTERED SHS	H8817H100

Exited Positions (15)

RKT ROCKET COS INC 4.6%

Value $330M Shares 23,152,887 Share Price $14.25 Est. Cost/Share — Unrealized @ Report Date —

NOK NOKIA CORP 4.0%

Value $288M Shares 35,838,802 Share Price $8.04 Est. Cost/Share — Unrealized @ Report Date —

Q QNITY ELECTRONICS INC 4.0%

Value $287M Shares 2,489,700 Share Price $115.38 Est. Cost/Share — Unrealized @ Report Date —

EQT EQT CORP 3.4%

Value $247M Shares 3,886,288 Share Price $63.64 Est. Cost/Share — Unrealized @ Report Date —

GFS GLOBALFOUNDRIES INC 3.1%

Value $224M Shares 5,042,300 Share Price $44.48 Est. Cost/Share — Unrealized @ Report Date —

AMRZ AMRIZE LTD 2.9%

Value $210M Shares 3,752,947 Share Price $56.02 Est. Cost/Share — Unrealized @ Report Date —

AER AERCAP HOLDINGS NV 1.9%

Value $134M Shares 974,544 Share Price $137.18 Est. Cost/Share — Unrealized @ Report Date —

SAIA SAIA INC 1.5%

Value $108M Shares 308,000 Share Price $351.28 Est. Cost/Share — Unrealized @ Report Date —

TWLO TWILIO INC 1.3%

Value $93.46M Shares 742,810 Share Price $125.82 Est. Cost/Share — Unrealized @ Report Date —

SEDG SOLAREDGE TECHNOLOGIES INC 0.5%

Value $37.61M Shares 736,700 Share Price $51.05 Est. Cost/Share — Unrealized @ Report Date —

TE T1 ENERGY INC 0.4%

Value $27.6M Shares 6,287,300 Share Price $4.39 Est. Cost/Share — Unrealized @ Report Date —

EXE EXPAND ENERGY CORPORATION 0.2%

Value $14.66M Shares 133,555 Share Price $109.78 Est. Cost/Share — Unrealized @ Report Date —

STUB STUBHUB HLDGS INC 0.1%

Value $9.105M Shares 1,459,200 Share Price $6.24 Est. Cost/Share — Unrealized @ Report Date —

SW SMURFIT WESTROCK PLC 0.1%

Value $7.439M Shares 186,684 Share Price $39.85 Est. Cost/Share — Unrealized @ Report Date —

LAB STANDARD BIOTOOLS INC 0.0%

Value $1.485M Shares 1,615,000 Share Price $0.92 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RKT	ROCKET COS INC	23,152,887	$330M	4.6%	$14.25	—	—	—	77311W101
NOK	NOKIA CORP	35,838,802	$288M	4.0%	$8.04	—	—	—	654902204
Q	QNITY ELECTRONICS INC	2,489,700	$287M	4.0%	$115.38	—	—	—	74743L100
EQT	EQT CORP	3,886,288	$247M	3.4%	$63.64	—	—	—	26884L109
GFS	GLOBALFOUNDRIES INC	5,042,300	$224M	3.1%	$44.48	—	—	—	G39387108
AMRZ	AMRIZE LTD	3,752,947	$210M	2.9%	$56.02	—	—	—	H2927K103
AER	AERCAP HOLDINGS NV	974,544	$134M	1.9%	$137.18	—	—	—	N00985106
SAIA	SAIA INC	308,000	$108M	1.5%	$351.28	—	—	—	78709Y105
TWLO	TWILIO INC	742,810	$93.46M	1.3%	$125.82	—	—	—	90138F102
SEDG	SOLAREDGE TECHNOLOGIES INC	736,700	$37.61M	0.5%	$51.05	—	—	—	83417M104
TE	T1 ENERGY INC	6,287,300	$27.6M	0.4%	$4.39	—	—	—	35834F104
EXE	EXPAND ENERGY CORPORATION	133,555	$14.66M	0.2%	$109.78	—	—	—	165167735
STUB	STUBHUB HLDGS INC	1,459,200	$9.105M	0.1%	$6.24	—	—	—	86384P109
SW	SMURFIT WESTROCK PLC	186,684	$7.439M	0.1%	$39.85	—	—	—	G8267P108
LAB	STANDARD BIOTOOLS INC	1,615,000	$1.485M	0.0%	$0.92	—	—	—	34385P108

Decreased Positions (7)

TXN TEXAS INSTRS INC 2.0%

Value $148M (-71.5%) Shares 495,521 (-81.4%) Share Price $298.07 Est. Cost/Share — Unrealized @ Report Date —

ON ON SEMICONDUCTOR CORP 1.7%

Value $120M (-75.1%) Shares 1,269,323 (-83.7%) Share Price $94.54 Est. Cost/Share — Unrealized @ Report Date —

HPE HEWLETT PACKARD ENTERPRISE C 4.9%

Value $351M (-36.6%) Shares 7,781,642 (-66.5%) Share Price $45.11 Est. Cost/Share — Unrealized @ Report Date —

STM STMICROELECTRONICS N V 5.4%

Value $392M (+85.4%) Shares 5,239,714 (-14.5%) Share Price $74.89 Est. Cost/Share — Unrealized @ Report Date —

GEV GE VERNOVA INC 0.2%

Value $15.88M (-84.4%) Shares 13,519 (-88.4%) Share Price $1174.86 Est. Cost/Share — Unrealized @ Report Date —

NUE NUCOR CORP 3.9%

Value $280M (-18.8%) Shares 1,258,770 (-38.3%) Share Price $222.75 Est. Cost/Share — Unrealized @ Report Date —

KNX KNIGHT-SWIFT TRANSN HLDGS IN 3.7%

Value $266M (-0.1%) Shares 3,411,000 (-26.1%) Share Price $77.87 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TXN	TEXAS INSTRS INC	495,521 (-81.4%)	$148M (-71.5%)	2.0%	$298.07	—	—	COM	882508104
ON	ON SEMICONDUCTOR CORP	1,269,323 (-83.7%)	$120M (-75.1%)	1.7%	$94.54	—	—	COM	682189105
HPE	HEWLETT PACKARD ENTERPRISE C	7,781,642 (-66.5%)	$351M (-36.6%)	4.9%	$45.11	—	—	COM	42824C109
STM	STMICROELECTRONICS N V	5,239,714 (-14.5%)	$392M (+85.4%)	5.4%	$74.89	—	—	NY REGISTRY	861012102
GEV	GE VERNOVA INC	13,519 (-88.4%)	$15.88M (-84.4%)	0.2%	$1174.86	—	—	COM	36828A101
NUE	NUCOR CORP	1,258,770 (-38.3%)	$280M (-18.8%)	3.9%	$222.75	—	—	COM	670346105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	3,411,000 (-26.1%)	$266M (-0.1%)	3.7%	$77.87	—	—	CL A	499049104

Unchanged Positions (10)

WOLF WOLFSPEED INC 3.0%

Value $214M Shares 4,438,156 Share Price $48.25 Est. Cost/Share — Unrealized @ Report Date —

WHR WHIRLPOOL CORP 0.4%

Value $26.11M Shares 662,300 Share Price $39.42 Est. Cost/Share — Unrealized @ Report Date —

COIN COINBASE GLOBAL INC 0.5%

Value $38.5M Shares 263,379 Share Price $146.19 Est. Cost/Share — Unrealized @ Report Date —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.9%

Value $61.48M Shares 2,002,100 Share Price $30.71 Est. Cost/Share — Unrealized @ Report Date —

PSKY PARAMOUNT SKYDANCE CORP 1.0%

Value $74.08M Shares 7,512,784 Share Price $9.86 Est. Cost/Share — Unrealized @ Report Date —

SNAP SNAP INC 0.4%

Value $32.36M Shares 7,287,400 Share Price $4.44 Est. Cost/Share — Unrealized @ Report Date —

XPO XPO INC 0.3%

Value $20.65M Shares 100,600 Share Price $205.29 Est. Cost/Share — Unrealized @ Report Date —

TVRD TVARDI THERAPEUTICS INC 0.0%

Value $1.338M Shares 704,118 Share Price $1.90 Est. Cost/Share — Unrealized @ Report Date —

NAMS NEWAMSTERDAM PHARMA COMPANY 0.1%

Value $10.81M Shares 319,000 Share Price $33.89 Est. Cost/Share — Unrealized @ Report Date —

AUROW AURORA INNOVATION INC 0.0%

Value $140K Shares 437,500 Share Price $0.32 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WOLF	WOLFSPEED INC	4,438,156	$214M	3.0%	$48.25	—	—	COMMON STOCK	97785W106
WHR	WHIRLPOOL CORP	662,300	$26.11M	0.4%	$39.42	—	—	COM	963320106
COIN	COINBASE GLOBAL INC	263,379	$38.5M	0.5%	$146.19	—	—	COM CL A	19260Q107
FIGR	FIGURE TECHNOLOGY SOLUTIO	2,002,100	$61.48M	0.9%	$30.71	—	—	COM CL A	349381103
PSKY	PARAMOUNT SKYDANCE CORP	7,512,784	$74.08M	1.0%	$9.86	—	—	COM CL B	69932A204
SNAP	SNAP INC	7,287,400	$32.36M	0.4%	$4.44	—	—	CL A	83304A106
XPO	XPO INC	100,600	$20.65M	0.3%	$205.29	—	—	COM	983793100
TVRD	TVARDI THERAPEUTICS INC	704,118	$1.338M	0.0%	$1.90	—	—	COM	140755307
NAMS	NEWAMSTERDAM PHARMA COMPANY	319,000	$10.81M	0.1%	$33.89	—	—	ORDINARY SHARES	N62509109
AUROW	AURORA INNOVATION INC	437,500	$140K	0.0%	$0.32	—	—	*W EXP 11/03/202	051774115