Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPOT	SPOTIFY TECHNOLOGY S A	347,943	$169M	6.6%	—	—	SHS	L8681T102
ADI	ANALOG DEVICES INC	489,145	$156M	6.1%	—	—	COM	032654105
STX	SEAGATE TECHNOLOGY HLDNGS PL	294,000	$115M	4.5%	—	—	ORD SHS	G7997R103
CPNG	COUPANG INC	6,072,037	$115M	4.5%	—	—	CL A	22266T109
AMAT	APPLIED MATLS INC	286,566	$97.95M	3.8%	—	—	COM	038222105
ROKU	ROKU INC	53,189	$5.033M	0.2%	—	—	COM CL A	77543R102

Increased Positions (10)

PRMB PRIMO BRANDS CORPORATION 6.6%

Value $170M (+160.7%) Shares 9,049,878 (+126.4%) Est. Cost — Unrealized —

PTC PTC INC 4.9%

Value $127M (+210.8%) Shares 890,595 (+279.9%) Est. Cost — Unrealized —

HSIC SCHEIN HENRY INC 9.8%

Value $252M (+39.7%) Shares 3,412,667 (+43.2%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 6.6%

Value $170M (+56.9%) Shares 590,615 (+70.8%) Est. Cost — Unrealized —

V VISA INC 8.9%

Value $227M (+35.9%) Shares 751,525 (+57.7%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 5.0%

Value $129M (-15.3%) Shares 677,750 (+2.3%) Est. Cost — Unrealized —

UNP UNION PAC CORP 6.8%

Value $176M (+10.5%) Shares 723,902 (+5.3%) Est. Cost — Unrealized —

PSKY PARAMOUNT SKYDANCE CORP 0.5%

Value $11.71M (+170.5%) Shares 1,298,000 (+301.9%) Est. Cost — Unrealized —

NU NU HLDGS LTD 6.2%

Value $160M (+4.0%) Shares 11,122,403 (+21.2%) Est. Cost — Unrealized —

CVNA CARVANA CO 4.9%

Value $125M (+1.3%) Shares 398,007 (+36.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PRMB	PRIMO BRANDS CORPORATION	9,049,878 (+126.4%)	$170M (+160.7%)	6.6%	—	—	CLASS A COM SHS	741623102
PTC	PTC INC	890,595 (+279.9%)	$127M (+210.8%)	4.9%	—	—	COM	69370C100
HSIC	SCHEIN HENRY INC	3,412,667 (+43.2%)	$252M (+39.7%)	9.8%	—	—	COM	806407102
GOOGL	ALPHABET INC	590,615 (+70.8%)	$170M (+56.9%)	6.6%	—	—	CAP STK CL A	02079K305
V	VISA INC	751,525 (+57.7%)	$227M (+35.9%)	8.9%	—	—	COM CL A	92826C839
DHR	DANAHER CORP DEL	677,750 (+2.3%)	$129M (-15.3%)	5.0%	—	—	COM	235851102
UNP	UNION PAC CORP	723,902 (+5.3%)	$176M (+10.5%)	6.8%	—	—	COM	907818108
PSKY	PARAMOUNT SKYDANCE CORP	1,298,000 (+301.9%)	$11.71M (+170.5%)	0.5%	—	—	COM CL B	69932A204
NU	NU HLDGS LTD	11,122,403 (+21.2%)	$160M (+4.0%)	6.2%	—	—	ORD SHS CL A	G6683N103
CVNA	CARVANA CO	398,007 (+36.0%)	$125M (+1.3%)	4.9%	—	—	CL A	146869102

Exited Positions (12)

CLH CLEAN HARBORS INC 5.2%

Value $134M Shares 569,991 Est. Cost — Unrealized —

AYI ACUITY INC 5.2%

Value $133M Shares 370,529 Est. Cost — Unrealized —

META META PLATFORMS INC 4.9%

Value $127M Shares 191,932 Est. Cost — Unrealized —

CRS CARPENTER TECHNOLOGY CORP 4.5%

Value $116M Shares 367,701 Est. Cost — Unrealized —

CMCSA COMCAST CORP NEW 4.1%

Value $104M Shares 3,476,179 Est. Cost — Unrealized —

LUMN LUMEN TECHNOLOGIES INC 3.4%

Value $86.77M Shares 11,167,585 Est. Cost — Unrealized —

CRH CRH PLC 3.3%

Value $84.18M Shares 674,483 Est. Cost — Unrealized —

COF CAPITAL ONE FINL CORP 3.2%

Value $82.5M Shares 340,394 Est. Cost — Unrealized —

INFY INFOSYS LTD 1.9%

Value $48.28M Shares 2,709,445 Est. Cost — Unrealized —

UAL UNITED AIRLS HLDGS INC 1.8%

Value $46.17M Shares 412,889 Est. Cost — Unrealized —

DLTR DOLLAR TREE INC 1.1%

Value $27.52M Shares 223,700 Est. Cost — Unrealized —

PCOR PROCORE TECHNOLOGIES INC 0.7%

Value $18.18M Shares 250,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLH	CLEAN HARBORS INC	569,991	$134M	5.2%	—	—	—	184496107
AYI	ACUITY INC	370,529	$133M	5.2%	—	—	—	00508Y102
META	META PLATFORMS INC	191,932	$127M	4.9%	—	—	—	30303M102
CRS	CARPENTER TECHNOLOGY CORP	367,701	$116M	4.5%	—	—	—	144285103
CMCSA	COMCAST CORP NEW	3,476,179	$104M	4.1%	—	—	—	20030N101
LUMN	LUMEN TECHNOLOGIES INC	11,167,585	$86.77M	3.4%	—	—	—	550241103
CRH	CRH PLC	674,483	$84.18M	3.3%	—	—	—	G25508105
COF	CAPITAL ONE FINL CORP	340,394	$82.5M	3.2%	—	—	—	14040H105
INFY	INFOSYS LTD	2,709,445	$48.28M	1.9%	—	—	—	456788108
UAL	UNITED AIRLS HLDGS INC	412,889	$46.17M	1.8%	—	—	—	910047109
DLTR	DOLLAR TREE INC	223,700	$27.52M	1.1%	—	—	—	256746108
PCOR	PROCORE TECHNOLOGIES INC	250,000	$18.18M	0.7%	—	—	—	74275K108

Decreased Positions (5)

AMZN AMAZON COM INC 1.4%

Value $34.73M (-80.0%) Shares 166,739 (-77.8%) Est. Cost — Unrealized —

CRM SALESFORCE INC 0.8%

Value $21.75M (-80.6%) Shares 116,527 (-72.5%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 1.1%

Value $28.75M (-59.7%) Shares 77,662 (-47.3%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 1.2%

Value $31.86M (-16.3%) Shares 182,688 (-10.5%) Est. Cost — Unrealized —

LIN LINDE PLC 6.8%

Value $175M (+2.2%) Shares 352,942 (-12.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	166,739 (-77.8%)	$34.73M (-80.0%)	1.4%	—	—	COM	023135106
CRM	SALESFORCE INC	116,527 (-72.5%)	$21.75M (-80.6%)	0.8%	—	—	COM	79466L302
MSFT	MICROSOFT CORP	77,662 (-47.3%)	$28.75M (-59.7%)	1.1%	—	—	COM	594918104
NVDA	NVIDIA CORPORATION	182,688 (-10.5%)	$31.86M (-16.3%)	1.2%	—	—	COM	67066G104
LIN	LINDE PLC	352,942 (-12.1%)	$175M (+2.2%)	6.8%	—	—	SHS	G54950103

Unchanged Positions (2)

APP APPLOVIN CORP 2.0%

Value $50.06M Shares 125,779 Est. Cost — Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.8%

Value $19.25M Shares 1,022,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	125,779	$50.06M	2.0%	—	—	COM CL A	03831W108
PRMB	PRIMO BRANDS CORPORATION	1,022,400	$19.25M	0.8%	—	—	CALL	741623102