Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EWY	ISHARES INC	212,188	$42.84M	7.7%	—	—	MSCI STH KOR ETF	464286772
MU	MICRON TECHNOLOGY INC	36,780	$42.45M	7.6%	—	—	COM	595112103
AMAT	APPLIED MATLS INC	47,750	$34.52M	6.2%	—	—	COM	038222105
FLEX	FLEX LTD	198,909	$32.24M	5.8%	—	—	ORD	Y2573F102
AMD	ADVANCED MICRO DEVICES INC	52,015	$30.22M	5.4%	—	—	COM	007903107
ON	ON SEMICONDUCTOR CORP	217,800	$20.59M	3.7%	—	—	COM	682189105
SMH	VANECK ETF TRUST	30,700	$20.14M	3.6%	—	—	SEMICONDUCTR ETF	92189F676
NBIS	NEBIUS GROUP N.V.	55,200	$15.24M	2.7%	—	—	SHS CLASS A	N97284108
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	82,748	$6.444M	1.2%	—	—	CL A	499049104
BAP	CREDICORP LTD	10,175	$3.964M	0.7%	—	—	COM	G2519Y108
ETN	EATON CORP PLC	4,112	$1.752M	0.3%	—	—	SHS	G29183103
NU	NU HLDGS LTD	125,000	$1.67M	0.3%	—	—	ORD SHS CL A	G6683N103
ARHS	ARHAUS INC	128,234	$1.08M	0.2%	—	—	COM CL A	04035M102
WING	WINGSTOP INC	6,040	$1.047M	0.2%	—	—	COM	974155103
NXT	NEXTPOWER INC	7,302	$870K	0.2%	—	—	CLASS A COM	65290E101
AEO	AMERICAN EAGLE OUTFITTERS IN	28,055	$483K	0.1%	—	—	COM	02553E106
RVLV	REVOLVE GROUP INC	17,520	$401K	0.1%	—	—	CL A	76156B107
FPS	FORGENT POWER SOLUTIONS INC	4,156	$232K	0.0%	—	—	COM SHS CL A	34631F102

Increased Positions (14)

TSM TAIWAN SEMICONDUCTOR MANUFAC 6.7%

Value $37.46M (+1979.4%) Shares 78,430 (+1371.5%) Est. Cost — Unrealized —

CAT CATERPILLAR INC 6.2%

Value $34.93M (+198.8%) Shares 32,800 (+98.8%) Est. Cost — Unrealized —

ASML ASML HLDG NV 3.5%

Value $19.81M (+338.5%) Shares 9,956 (+191.1%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.8%

Value $15.47M (+664.3%) Shares 77,300 (+566.2%) Est. Cost — Unrealized —

AS AMER SPORTS INC 1.9%

Value $10.82M (+1463.5%) Shares 319,815 (+1421.0%) Est. Cost — Unrealized —

WULF TERAWULF INC 3.4%

Value $18.82M (+83.0%) Shares 761,887 (+6.9%) Est. Cost — Unrealized —

GNRC GENERAC HLDGS INC 1.4%

Value $7.637M (+756.0%) Shares 26,083 (+471.0%) Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 3.7%

Value $20.7M (+31.7%) Shares 1,443,620 (+32.3%) Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS INC 0.6%

Value $3.602M (+56.4%) Shares 20,211 (+3594.9%) Est. Cost — Unrealized —

SKYW SKYWEST INC 0.5%

Value $2.586M (+84.5%) Shares 26,039 (+70.6%) Est. Cost — Unrealized —

PWR QUANTA SVCS INC 0.3%

Value $1.799M (+139.6%) Shares 2,499 (+82.7%) Est. Cost — Unrealized —

TPR TAPESTRY INC 0.2%

Value $1.314M (+144.0%) Shares 8,975 (+135.3%) Est. Cost — Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.4%

Value $2.054M (-15.4%) Shares 16,686 (+8.1%) Est. Cost — Unrealized —

AMT AMERICAN TOWER CORP 1.6%

Value $9.209M (+0.9%) Shares 56,298 (+6.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	78,430 (+1371.5%)	$37.46M (+1979.4%)	6.7%	—	—	SPONSORED ADS	874039100
CAT	CATERPILLAR INC	32,800 (+98.8%)	$34.93M (+198.8%)	6.2%	—	—	COM	149123101
ASML	ASML HLDG NV	9,956 (+191.1%)	$19.81M (+338.5%)	3.5%	—	—	N Y REGISTRY SHS	N07059210
NVDA	NVIDIA CORPORATION	77,300 (+566.2%)	$15.47M (+664.3%)	2.8%	—	—	COM	67066G104
AS	AMER SPORTS INC	319,815 (+1421.0%)	$10.82M (+1463.5%)	1.9%	—	—	COM SHS	G0260P102
WULF	TERAWULF INC	761,887 (+6.9%)	$18.82M (+83.0%)	3.4%	—	—	COM	88080T104
GNRC	GENERAC HLDGS INC	26,083 (+471.0%)	$7.637M (+756.0%)	1.4%	—	—	COM	368736104
PUMP	PROPETRO HLDG CORP	1,443,620 (+32.3%)	$20.7M (+31.7%)	3.7%	—	—	COM	74347M108
BKNG	BOOKING HOLDINGS INC	20,211 (+3594.9%)	$3.602M (+56.4%)	0.6%	—	—	COM	09857L108
SKYW	SKYWEST INC	26,039 (+70.6%)	$2.586M (+84.5%)	0.5%	—	—	COM	830879102
PWR	QUANTA SVCS INC	2,499 (+82.7%)	$1.799M (+139.6%)	0.3%	—	—	COM	74762E102
TPR	TAPESTRY INC	8,975 (+135.3%)	$1.314M (+144.0%)	0.2%	—	—	COM	876030107
ICE	INTERCONTINENTAL EXCHANGE IN	16,686 (+8.1%)	$2.054M (-15.4%)	0.4%	—	—	COM	45866F104
AMT	AMERICAN TOWER CORP	56,298 (+6.4%)	$9.209M (+0.9%)	1.6%	—	—	COM	03027X100

Exited Positions (7)

ADI ANALOG DEVICES INC 0.9%

Value $4.931M Shares 15,500 Est. Cost — Unrealized —

EME EMCOR GROUP INC 0.8%

Value $4.528M Shares 6,133 Est. Cost — Unrealized —

ZTS ZOETIS INC 0.7%

Value $4.111M Shares 34,773 Est. Cost — Unrealized —

NFLX NETFLIX INC. 0.5%

Value $2.971M Shares 30,895 Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.3%

Value $1.779M Shares 3,619 Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.3%

Value $1.76M Shares 6,120 Est. Cost — Unrealized —

FLUT FLUTTER ENTMT PLC 0.1%

Value $323K Shares 3,165 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADI	ANALOG DEVICES INC	15,500	$4.931M	0.9%	—	—	—	032654105
EME	EMCOR GROUP INC	6,133	$4.528M	0.8%	—	—	—	29084Q100
ZTS	ZOETIS INC	34,773	$4.111M	0.7%	—	—	—	98978V103
NFLX	NETFLIX INC.	30,895	$2.971M	0.5%	—	—	—	64110L106
TMO	THERMO FISHER SCIENTIFIC INC	3,619	$1.779M	0.3%	—	—	—	883556102
GOOGL	ALPHABET INC	6,120	$1.76M	0.3%	—	—	—	02079K305
FLUT	FLUTTER ENTMT PLC	3,165	$323K	0.1%	—	—	—	G3643J108

Decreased Positions (21)

FIX COMFORT SYS USA INC 0.2%

Value $1.001M (-93.9%) Shares 505 (-95.7%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 1.9%

Value $10.37M (-35.6%) Shares 8,830 (-52.2%) Est. Cost — Unrealized —

VRSN VERISIGN INC 0.4%

Value $2.412M (-52.9%) Shares 9,587 (-53.5%) Est. Cost — Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.5%

Value $2.922M (-46.1%) Shares 33,721 (-51.1%) Est. Cost — Unrealized —

TJX TJX COS INC NEW 0.1%

Value $717K (-76.5%) Shares 4,735 (-75.2%) Est. Cost — Unrealized —

NKE NIKE INC 0.3%

Value $1.43M (-60.6%) Shares 34,827 (-49.3%) Est. Cost — Unrealized —

LOW LOWES COS INC 0.4%

Value $2.499M (-44.0%) Shares 11,332 (-40.0%) Est. Cost — Unrealized —

CASY CASEYS GEN STORES INC 0.3%

Value $1.942M (-49.4%) Shares 2,444 (-53.7%) Est. Cost — Unrealized —

TXN TEXAS INSTRS INC 1.2%

Value $6.796M (+38.4%) Shares 22,800 (-9.9%) Est. Cost — Unrealized —

ALC ALCON AG 0.9%

Value $5.254M (-26.1%) Shares 78,298 (-17.0%) Est. Cost — Unrealized —

MSI MOTOROLA SOLUTIONS INC 0.8%

Value $4.333M (-29.8%) Shares 10,433 (-26.6%) Est. Cost — Unrealized —

UNP UNION PAC CORP 0.5%

Value $2.599M (-41.1%) Shares 9,555 (-47.5%) Est. Cost — Unrealized —

CPAY CORPAY INC 0.3%

Value $1.927M (-48.4%) Shares 5,783 (-54.9%) Est. Cost — Unrealized —

SBUX STARBUCKS CORP 0.5%

Value $2.741M (-35.1%) Shares 26,827 (-43.1%) Est. Cost — Unrealized —

HD HOME DEPOT INC 0.5%

Value $2.813M (-33.1%) Shares 7,976 (-37.6%) Est. Cost — Unrealized —

V VISA INC 0.9%

Value $5.252M (-19.4%) Shares 15,308 (-29.0%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 0.9%

Value $5.081M (-18.8%) Shares 26,675 (-19.1%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.3%

Value $1.421M (-31.5%) Shares 3,763 (-43.9%) Est. Cost — Unrealized —

BE BLOOM ENERGY CORP 0.8%

Value $4.592M (-10.8%) Shares 15,171 (-60.1%) Est. Cost — Unrealized —

META META PLATFORMS INC 0.3%

Value $1.473M (-13.8%) Shares 2,615 (-12.5%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 1.2%

Value $6.991M (-3.1%) Shares 29,330 (-15.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FIX	COMFORT SYS USA INC	505 (-95.7%)	$1.001M (-93.9%)	0.2%	—	—	COM	199908104
GEV	GE VERNOVA INC	8,830 (-52.2%)	$10.37M (-35.6%)	1.9%	—	—	COM	36828A101
VRSN	VERISIGN INC	9,587 (-53.5%)	$2.412M (-52.9%)	0.4%	—	—	COM	92343E102
CP	CANADIAN PACIFIC KANSAS CITY	33,721 (-51.1%)	$2.922M (-46.1%)	0.5%	—	—	COM	13646K108
TJX	TJX COS INC NEW	4,735 (-75.2%)	$717K (-76.5%)	0.1%	—	—	COM	872540109
NKE	NIKE INC	34,827 (-49.3%)	$1.43M (-60.6%)	0.3%	—	—	CL B	654106103
LOW	LOWES COS INC	11,332 (-40.0%)	$2.499M (-44.0%)	0.4%	—	—	COM	548661107
CASY	CASEYS GEN STORES INC	2,444 (-53.7%)	$1.942M (-49.4%)	0.3%	—	—	COM	147528103
TXN	TEXAS INSTRS INC	22,800 (-9.9%)	$6.796M (+38.4%)	1.2%	—	—	COM	882508104
ALC	ALCON AG	78,298 (-17.0%)	$5.254M (-26.1%)	0.9%	—	—	ORD SHS	H01301128
MSI	MOTOROLA SOLUTIONS INC	10,433 (-26.6%)	$4.333M (-29.8%)	0.8%	—	—	COM NEW	620076307
UNP	UNION PAC CORP	9,555 (-47.5%)	$2.599M (-41.1%)	0.5%	—	—	COM	907818108
CPAY	CORPAY INC	5,783 (-54.9%)	$1.927M (-48.4%)	0.3%	—	—	COM SHS	219948106
SBUX	STARBUCKS CORP	26,827 (-43.1%)	$2.741M (-35.1%)	0.5%	—	—	COM	855244109
HD	HOME DEPOT INC	7,976 (-37.6%)	$2.813M (-33.1%)	0.5%	—	—	COM	437076102
V	VISA INC	15,308 (-29.0%)	$5.252M (-19.4%)	0.9%	—	—	COM CL A	92826C839
DHR	DANAHER CORP DEL	26,675 (-19.1%)	$5.081M (-18.8%)	0.9%	—	—	COM	235851102
AVGO	BROADCOM INC	3,763 (-43.9%)	$1.421M (-31.5%)	0.3%	—	—	COM	11135F101
BE	BLOOM ENERGY CORP	15,171 (-60.1%)	$4.592M (-10.8%)	0.8%	—	—	COM CL A	093712107
META	META PLATFORMS INC	2,615 (-12.5%)	$1.473M (-13.8%)	0.3%	—	—	CL A	30303M102
AMZN	AMAZON COM INC	29,330 (-15.3%)	$6.991M (-3.1%)	1.2%	—	—	COM	023135106

Unchanged Positions (5)

PACK RANPAK HOLDINGS CORP 6.1%

Value $33.85M Shares 4,630,292 Est. Cost — Unrealized —

EIKN EIKON THERAPEUTICS INC 1.1%

Value $6.325M Shares 484,672 Est. Cost — Unrealized —

IVV ISHARES TR 0.1%

Value $491K Shares 655 Est. Cost — Unrealized —

GDDY GODADDY INC 0.2%

Value $1.36M Shares 16,024 Est. Cost — Unrealized —

IUSB ISHARES TR 0.1%

Value $297K Shares 6,436 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PACK	RANPAK HOLDINGS CORP	4,630,292	$33.85M	6.1%	—	—	COM CL A	75321W103
EIKN	EIKON THERAPEUTICS INC	484,672	$6.325M	1.1%	—	—	COM	282564103
IVV	ISHARES TR	655	$491K	0.1%	—	—	CORE S&P500 ETF	464287200
GDDY	GODADDY INC	16,024	$1.36M	0.2%	—	—	CL A	380237107
IUSB	ISHARES TR	6,436	$297K	0.1%	—	—	CORE UNIVRSL USD	46434V613