Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPCX	SPACE EXPLORATION TECHN CORP	3,000,000	$513M	13.5%	—	—	CLASS A COM STK	84615Q103
HEI/A	HEICO CORP NEW	475,566	$123M	3.2%	—	—	CL A	422806208
AUR	AURORA INNOVATION INC	15,447,541	$105M	2.8%	—	—	CLASS A COM	051774107
MAIR	MADISON AIR SOLUTIONS CORP	2,630,403	$103M	2.7%	—	—	COM SHS CL A	55658T105
WAT	WATERS CORP	193,146	$72.44M	1.9%	—	—	COM	941848103
WULF	TERAWULF INC	2,646,914	$65.38M	1.7%	—	—	COM	88080T104
DPC	DPC HOLDINGS PLC	970,793	$47.63M	1.3%	—	—	ORDINARY SHARES	G2R11M108
FRVO	FERVO ENERGY CO	908,500	$26.56M	0.7%	—	—	CL A COM	31556C106

Increased Positions (4)

TKO TKO GROUP HOLDINGS INC 13.2%

Value $502M (+31.3%) Shares 2,492,185 (+31.5%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 7.1%

Value $270M (+47.4%) Shares 784,110 (+37.3%) Est. Cost — Unrealized —

FERG FERGUSON ENTERPRISES INC 3.2%

Value $122M (+113.7%) Shares 515,420 (+110.0%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.9%

Value $110M (+19.3%) Shares 550,888 (+4.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TKO	TKO GROUP HOLDINGS INC	2,492,185 (+31.5%)	$502M (+31.3%)	13.2%	—	—	CL A	87256C101
SHW	SHERWIN WILLIAMS CO	784,110 (+37.3%)	$270M (+47.4%)	7.1%	—	—	COM	824348106
FERG	FERGUSON ENTERPRISES INC	515,420 (+110.0%)	$122M (+113.7%)	3.2%	—	—	COMMON STOCK NEW	31488V107
NVDA	NVIDIA CORPORATION	550,888 (+4.0%)	$110M (+19.3%)	2.9%	—	—	COM	67066G104

Exited Positions (4)

AMAT APPLIED MATLS INC 4.3%

Value $165M Shares 483,240 Est. Cost — Unrealized —

MOD MODINE MFG CO 3.7%

Value $140M Shares 646,333 Est. Cost — Unrealized —

CBRE CBRE GROUP INC 1.4%

Value $54.21M Shares 400,221 Est. Cost — Unrealized —

BE BLOOM ENERGY CORP 0.3%

Value $12.23M Shares 90,257 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	483,240	$165M	4.3%	—	—	—	038222105
MOD	MODINE MFG CO	646,333	$140M	3.7%	—	—	—	607828100
CBRE	CBRE GROUP INC	400,221	$54.21M	1.4%	—	—	—	12504L109
BE	BLOOM ENERGY CORP	90,257	$12.23M	0.3%	—	—	—	093712107

Decreased Positions (9)

WDC WESTERN DIGITAL CORP 3.7%

Value $140M (+87.9%) Shares 219,231 (-20.4%) Est. Cost — Unrealized —

GLW CORNING INC 5.2%

Value $196M (+42.5%) Shares 766,265 (-24.2%) Est. Cost — Unrealized —

TOST TOAST INC 3.2%

Value $122M (-29.2%) Shares 4,389,160 (-32.6%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 6.3%

Value $238M (+23.4%) Shares 498,690 (-12.7%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 1.9%

Value $73.48M (-33.2%) Shares 160,032 (-29.5%) Est. Cost — Unrealized —

CRS CARPENTER TECHNOLOGY CORP 2.8%

Value $106M (+41.9%) Shares 171,170 (-9.3%) Est. Cost — Unrealized —

GE GE AEROSPACE 4.6%

Value $174M (+7.5%) Shares 464,647 (-18.4%) Est. Cost — Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 5.0%

Value $191M (-5.8%) Shares 2,158,232 (-19.0%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 3.3%

Value $125M (+6.0%) Shares 523,428 (-7.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WDC	WESTERN DIGITAL CORP	219,231 (-20.4%)	$140M (+87.9%)	3.7%	—	—	COM	958102105
GLW	CORNING INC	766,265 (-24.2%)	$196M (+42.5%)	5.2%	—	—	COM	219350105
TOST	TOAST INC	4,389,160 (-32.6%)	$122M (-29.2%)	3.2%	—	—	CL A	888787108
TSM	TAIWAN SEMICONDUCTOR MANUFAC	498,690 (-12.7%)	$238M (+23.4%)	6.3%	—	—	SPONSORED ADS	874039100
SPOT	SPOTIFY TECHNOLOGY S A	160,032 (-29.5%)	$73.48M (-33.2%)	1.9%	—	—	SHS	L8681T102
CRS	CARPENTER TECHNOLOGY CORP	171,170 (-9.3%)	$106M (+41.9%)	2.8%	—	—	COM	144285103
GE	GE AEROSPACE	464,647 (-18.4%)	$174M (+7.5%)	4.6%	—	—	COM NEW	369604301
SOLS	SOLSTICE ADVANCED MATLS INC	2,158,232 (-19.0%)	$191M (-5.8%)	5.0%	—	—	COM SHS	83443Q103
AMZN	AMAZON COM INC	523,428 (-7.4%)	$125M (+6.0%)	3.3%	—	—	COM	023135106

Unchanged Positions (6)

PCOR PROCORE TECHNOLOGIES INC 2.4%

Value $90.1M Shares 2,218,026 Est. Cost — Unrealized —

GOOG ALPHABET INC 2.7%

Value $103M Shares 292,804 Est. Cost — Unrealized —

JCI JOHNSON CONTROLS INTERNATION 0.6%

Value $24.08M Shares 164,786 Est. Cost — Unrealized —

WBD WARNER BROS DISCOVERY INC 1.5%

Value $57M Shares 2,138,141 Est. Cost — Unrealized —

CRH CRH PLC 2.5%

Value $94.13M Shares 879,676 Est. Cost — Unrealized —

FIG FIGMA INC 0.2%

Value $6.545M Shares 361,779 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCOR	PROCORE TECHNOLOGIES INC	2,218,026	$90.1M	2.4%	—	—	COM	74275K108
GOOG	ALPHABET INC	292,804	$103M	2.7%	—	—	CAP STK CL C	02079K107
JCI	JOHNSON CONTROLS INTERNATION	164,786	$24.08M	0.6%	—	—	SHS	G51502105
WBD	WARNER BROS DISCOVERY INC	2,138,141	$57M	1.5%	—	—	COM SER A	934423104
CRH	CRH PLC	879,676	$94.13M	2.5%	—	—	ORD	G25508105
FIG	FIGMA INC	361,779	$6.545M	0.2%	—	—	CLASS A COM STK	316841105