DC Investments Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDY	STATE STR SPDR S&P MIDCAP 40	30,673	$18,918	7.2%	$616.76	—	UTSER1 S&PDCRP	78467Y107
INTU	INTUIT	9,803	$4,239	1.6%	$497.56	0.0%	COM	461202103
META	META PLATFORMS INC	5,950	$3,404	1.3%	$655.57	0.0%	CL A	30303M102
PLMR	PALOMAR HLDGS INC	11,507	$1,375	0.5%	$126.87	0.0%	COM	69753M105
AFG	AMERICAN FINANCIAL GROUP INC	10,721	$1,369	0.5%	$129.10	0.0%	COM	025932104
ORI	OLD REP INTL CORP	33,426	$1,334	0.5%	$41.57	0.0%	COM	680223104
WRB	BERKLEY W R CORP	19,958	$1,323	0.5%	$69.44	0.0%	COM	084423102
RLI	RLI CORP	22,978	$1,311	0.5%	$60.14	0.0%	COM	749607107
SKWD	SKYWARD SPECIALTY INS GROUP	29,987	$1,310	0.5%	$45.72	0.0%	COM	830940102
KNSL	KINSALE CAP GROUP INC	3,688	$1,260	0.5%	$393.44	0.0%	COM	49714P108
CSCO	CISCO SYS INC	6,032	$468	0.2%	$77.91	0.0%	COM	17275R102
SWKS	SKYWORKS SOLUTIONS INC	8,163	$437	0.2%	$59.98	0.0%	COM	83088M102
TXN	TEXAS INSTRS INC	2,234	$434	0.2%	$206.27	0.0%	COM	882508104
OMC	OMNICOM GROUP INC	4,247	$320	0.1%	$76.54	0.0%	COM	681919106
T	AT&T INC	10,727	$311	0.1%	$25.75	0.0%	COM	00206R102
VZ	VERIZON COMMUNICATIONS INC	6,184	$310	0.1%	$43.82	0.0%	COM	92343V104
LYB	LYONDELLBASELL INDUSTRIES NV	3,726	$300	0.1%	$52.41	0.0%	SHS - A -	N53745100
BBY	BEST BUY INC	4,619	$297	0.1%	$66.96	0.0%	COM	086516101
DRI	DARDEN RESTAURANTS INC	1,471	$288	0.1%	$207.41	0.0%	COM	237194105
CMCSA	COMCAST CORP NEW	9,456	$271	0.1%	$29.82	0.0%	CL A	20030N101
HD	HOME DEPOT INC	819	$269	0.1%	$376.98	0.0%	COM	437076102
F	FORD MTR CO	22,867	$264	0.1%	$13.74	0.0%	COM	345370860
LMT	LOCKHEED MARTIN CORP	376	$227	0.1%	$600.88	0.0%	COM	539830109
FAST	FASTENAL CO	4,883	$227	0.1%	$44.27	0.0%	COM	311900104
SNA	SNAP ON INC	616	$224	0.1%	$371.29	0.0%	COM	833034101
PAYX	PAYCHEX INC	2,349	$216	0.1%	$101.98	0.0%	COM	704326107
WSO	WATSCO INC	567	$206	0.1%	$392.19	0.0%	COM	942622200
PRU	PRUDENTIAL FINL INC	2,057	$201	0.1%	$107.39	0.0%	COM	744320102
TROW	PRICE T ROWE GROUP INC	2,222	$200	0.1%	$101.21	0.0%	COM	74144T108
PFE	PFIZER INC	7,128	$200	0.1%	$26.18	0.0%	COM	717081103

Increased Positions (1)

VT VANGUARD INTL EQUITY INDEX F 46.9%

Value ($000) $122,427 (+4.2%) Shares 885,102 (+6.3%) Est. Cost $126.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VT	VANGUARD INTL EQUITY INDEX F	885,102 (+6.3%)	$122,427 (+4.2%)	46.9%	$126.11	—	TT WRLD ST ETF	922042742

Exited Positions (2)

AMRZ AMRIZE LTD 1.7%

Value ($000) $4,337 Shares 80,197 Est. Cost $50.88 Unrealized +12.2%

SNPS SYNOPSYS INC 0.1%

Value ($000) $230 Shares 489 Est. Cost $565.30 Unrealized -16.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMRZ	AMRIZE LTD	80,197	$4,337	1.7%	$50.88	+12.2%	—	H2927K103
SNPS	SYNOPSYS INC	489	$230	0.1%	$565.30	-16.6%	—	871607107

Decreased Positions (9)

EQT EQT CORP 1.4%

Value ($000) $3,588 (-31.8%) Shares 56,375 (-42.5%) Est. Cost $38.00 Unrealized +45.5%

GPOR GULFPORT ENERGY CORP 1.4%

Value ($000) $3,745 (-26.4%) Shares 17,701 (-27.6%) Est. Cost $168.70 Unrealized +15.4%

EXE EXPAND ENERGY CORPORATION 1.4%

Value ($000) $3,720 (-26.2%) Shares 33,887 (-25.8%) Est. Cost $90.05 Unrealized +17.5%

AR ANTERO RESOURCES CORP 1.4%

Value ($000) $3,560 (-19.8%) Shares 83,872 (-34.9%) Est. Cost $34.05 Unrealized -0.8%

DVN DEVON ENERGY CORP NEW 0.9%

Value ($000) $2,221 (-24.8%) Shares 44,128 (-45.3%) Est. Cost $34.60 Unrealized +16.3%

CNX CNX RES CORP 0.8%

Value ($000) $2,043 (-22.5%) Shares 53,009 (-26.1%) Est. Cost $30.56 Unrealized +23.7%

CTRA COTERRA ENERGY INC 0.8%

Value ($000) $2,217 (-18.1%) Shares 63,092 (-38.7%) Est. Cost $20.48 Unrealized +38.3%

RRC RANGE RES CORP 0.8%

Value ($000) $2,186 (-16.6%) Shares 48,383 (-34.9%) Est. Cost $38.37 Unrealized -5.8%

PR PERMIAN RESOURCES CORP 0.9%

Value ($000) $2,273 (-12.8%) Shares 106,611 (-42.6%) Est. Cost $14.25 Unrealized +10.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQT	EQT CORP	56,375 (-42.5%)	$3,588 (-31.8%)	1.4%	$38.00	+45.5%	COM	26884L109
GPOR	GULFPORT ENERGY CORP	17,701 (-27.6%)	$3,745 (-26.4%)	1.4%	$168.70	+15.4%	COMMON SHARES	402635502
EXE	EXPAND ENERGY CORPORATION	33,887 (-25.8%)	$3,720 (-26.2%)	1.4%	$90.05	+17.5%	COM	165167735
AR	ANTERO RESOURCES CORP	83,872 (-34.9%)	$3,560 (-19.8%)	1.4%	$34.05	-0.8%	COM	03674X106
DVN	DEVON ENERGY CORP NEW	44,128 (-45.3%)	$2,221 (-24.8%)	0.9%	$34.60	+16.3%	COM	25179M103
CNX	CNX RES CORP	53,009 (-26.1%)	$2,043 (-22.5%)	0.8%	$30.56	+23.7%	COM	12653C108
CTRA	COTERRA ENERGY INC	63,092 (-38.7%)	$2,217 (-18.1%)	0.8%	$20.48	+38.3%	COM	127097103
RRC	RANGE RES CORP	48,383 (-34.9%)	$2,186 (-16.6%)	0.8%	$38.37	-5.8%	COM	75281A109
PR	PERMIAN RESOURCES CORP	106,611 (-42.6%)	$2,273 (-12.8%)	0.9%	$14.25	+10.8%	CLASS A COM	71424F105

Unchanged Positions (36)

ASML ASML HLDG NV 4.4%

Value ($000) $11,607 Shares 8,788 Est. Cost $817.85 Unrealized —

MRNA MODERNA INC 1.3%

Value ($000) $3,486 Shares 68,624 Est. Cost $35.49 Unrealized +21.0%

PDM PIEDMONT REALTY TRUST INC 1.9%

Value ($000) $4,892 Shares 744,654 Est. Cost $8.47 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.7%

Value ($000) $4,517 Shares 16,692 Est. Cost $298.94 Unrealized +3.3%

MELI MERCADOLIBRE INC 1.6%

Value ($000) $4,049 Shares 2,342 Est. Cost $2031.80 Unrealized +1.7%

DOCN DIGITALOCEAN HLDGS INC 0.5%

Value ($000) $1,193 Shares 13,910 Est. Cost $31.95 Unrealized +81.8%

UBER UBER TECHNOLOGIES INC 1.4%

Value ($000) $3,655 Shares 50,817 Est. Cost $93.52 Unrealized -15.8%

U UNITY SOFTWARE INC 0.2%

Value ($000) $444 Shares 20,250 Est. Cost $22.58 Unrealized +44.7%

AEP AMERICAN ELEC PWR CO INC 0.9%

Value ($000) $2,390 Shares 18,232 Est. Cost $96.07 Unrealized +25.5%

ZS ZSCALER INC 0.2%

Value ($000) $468 Shares 3,338 Est. Cost $135.86 Unrealized +42.3%

EVRG EVERGY INC 0.9%

Value ($000) $2,283 Shares 27,863 Est. Cost $50.61 Unrealized +52.7%

ED CONSOLIDATED EDISON INC 0.8%

Value ($000) $2,099 Shares 18,543 Est. Cost $88.75 Unrealized +18.7%

RBRK RUBRIK INC. 0.2%

Value ($000) $454 Shares 9,263 Est. Cost $68.27 Unrealized -11.2%

GOGO GOGO INC 0.6%

Value ($000) $1,548 Shares 385,140 Est. Cost $13.70 Unrealized -66.7%

EXC EXELON CORP 0.8%

Value ($000) $2,166 Shares 44,187 Est. Cost $34.93 Unrealized +29.2%

NI NISOURCE INC 0.8%

Value ($000) $2,191 Shares 46,961 Est. Cost $28.39 Unrealized +55.0%

OGE OGE ENERGY CORP 0.8%

Value ($000) $1,990 Shares 41,492 Est. Cost $35.91 Unrealized +23.8%

ATO ATMOS ENERGY CORP 0.9%

Value ($000) $2,298 Shares 12,438 Est. Cost $120.85 Unrealized +41.9%

QLYS QUALYS INC 0.2%

Value ($000) $399 Shares 4,539 Est. Cost $126.46 Unrealized -4.6%

POR PORTLAND GEN ELEC CO 0.8%

Value ($000) $2,150 Shares 40,750 Est. Cost $39.62 Unrealized +27.7%

AEE AMEREN CORP 0.8%

Value ($000) $2,086 Shares 18,978 Est. Cost $90.55 Unrealized +15.6%

GEN GEN DIGITAL INC 0.2%

Value ($000) $427 Shares 22,650 Est. Cost $26.99 Unrealized -9.6%

PPL PPL CORP 0.8%

Value ($000) $2,042 Shares 53,464 Est. Cost $27.59 Unrealized +31.3%

CRWD CROWDSTRIKE HLDGS INC 0.3%

Value ($000) $672 Shares 1,721 Est. Cost $136.88 Unrealized +215.0%

MSFT MICROSOFT CORP 0.2%

Value ($000) $423 Shares 1,142 Est. Cost $405.08 Unrealized +7.3%

UTL UNITIL CORP 0.7%

Value ($000) $1,716 Shares 32,855 Est. Cost $55.43 Unrealized -8.9%

ADSK AUTODESK INC 0.2%

Value ($000) $400 Shares 1,671 Est. Cost $284.41 Unrealized -10.8%

PANW PALO ALTO NETWORKS INC 0.2%

Value ($000) $563 Shares 3,513 Est. Cost $184.92 Unrealized -6.9%

TWLO TWILIO INC 0.2%

Value ($000) $557 Shares 4,425 Est. Cost $118.50 Unrealized +2.8%

ES EVERSOURCE ENERGY 0.8%

Value ($000) $2,111 Shares 30,471 Est. Cost $55.38 Unrealized +26.6%

OKTA OKTA INC 0.2%

Value ($000) $582 Shares 7,396 Est. Cost $97.67 Unrealized -11.8%

NET CLOUDFLARE INC 0.4%

Value ($000) $1,141 Shares 5,532 Est. Cost $49.47 Unrealized +268.7%

NWE NORTHWESTERN ENERGY GROUP IN 0.8%

Value ($000) $2,174 Shares 32,976 Est. Cost $46.60 Unrealized +45.5%

ZM ZOOM COMMUNICATIONS INC 0.2%

Value ($000) $454 Shares 5,653 Est. Cost $79.69 Unrealized +10.5%

TCRX TSCAN THERAPEUTICS INC 0.0%

Value ($000) $36 Shares 35,563 Est. Cost $9.27 Unrealized -88.5%

BKH BLACK HILLS CORP 0.8%

Value ($000) $2,075 Shares 29,900 Est. Cost $51.66 Unrealized +39.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASML	ASML HLDG NV	8,788	$11,607	4.4%	$817.85	—	N Y REGISTRY SHS	N07059210
MRNA	MODERNA INC	68,624	$3,486	1.3%	$35.49	+21.0%	COM	60770K107
PDM	PIEDMONT REALTY TRUST INC	744,654	$4,892	1.9%	$8.47	—	COM CL A	720190206
UNH	UNITEDHEALTH GROUP INC	16,692	$4,517	1.7%	$298.94	+3.3%	COM	91324P102
MELI	MERCADOLIBRE INC	2,342	$4,049	1.6%	$2031.80	+1.7%	COM	58733R102
DOCN	DIGITALOCEAN HLDGS INC	13,910	$1,193	0.5%	$31.95	+81.8%	COM	25402D102
UBER	UBER TECHNOLOGIES INC	50,817	$3,655	1.4%	$93.52	-15.8%	COM	90353T100
U	UNITY SOFTWARE INC	20,250	$444	0.2%	$22.58	+44.7%	COM	91332U101
AEP	AMERICAN ELEC PWR CO INC	18,232	$2,390	0.9%	$96.07	+25.5%	COM	025537101
ZS	ZSCALER INC	3,338	$468	0.2%	$135.86	+42.3%	COM	98980G102
EVRG	EVERGY INC	27,863	$2,283	0.9%	$50.61	+52.7%	COM	30034W106
ED	CONSOLIDATED EDISON INC	18,543	$2,099	0.8%	$88.75	+18.7%	COM	209115104
RBRK	RUBRIK INC.	9,263	$454	0.2%	$68.27	-11.2%	CL A	781154109
GOGO	GOGO INC	385,140	$1,548	0.6%	$13.70	-66.7%	COM	38046C109
EXC	EXELON CORP	44,187	$2,166	0.8%	$34.93	+29.2%	COM	30161N101
NI	NISOURCE INC	46,961	$2,191	0.8%	$28.39	+55.0%	COM	65473P105
OGE	OGE ENERGY CORP	41,492	$1,990	0.8%	$35.91	+23.8%	COM	670837103
ATO	ATMOS ENERGY CORP	12,438	$2,298	0.9%	$120.85	+41.9%	COM	049560105
QLYS	QUALYS INC	4,539	$399	0.2%	$126.46	-4.6%	COM	74758T303
POR	PORTLAND GEN ELEC CO	40,750	$2,150	0.8%	$39.62	+27.7%	COM NEW	736508847
AEE	AMEREN CORP	18,978	$2,086	0.8%	$90.55	+15.6%	COM	023608102
GEN	GEN DIGITAL INC	22,650	$427	0.2%	$26.99	-9.6%	COM	668771108
PPL	PPL CORP	53,464	$2,042	0.8%	$27.59	+31.3%	COM	69351T106
CRWD	CROWDSTRIKE HLDGS INC	1,721	$672	0.3%	$136.88	+215.0%	CL A	22788C105
MSFT	MICROSOFT CORP	1,142	$423	0.2%	$405.08	+7.3%	COM	594918104
UTL	UNITIL CORP	32,855	$1,716	0.7%	$55.43	-8.9%	COM	913259107
ADSK	AUTODESK INC	1,671	$400	0.2%	$284.41	-10.8%	COM	052769106
PANW	PALO ALTO NETWORKS INC	3,513	$563	0.2%	$184.92	-6.9%	COM	697435105
TWLO	TWILIO INC	4,425	$557	0.2%	$118.50	+2.8%	CL A	90138F102
ES	EVERSOURCE ENERGY	30,471	$2,111	0.8%	$55.38	+26.6%	COM	30040W108
OKTA	OKTA INC	7,396	$582	0.2%	$97.67	-11.8%	CL A	679295105
NET	CLOUDFLARE INC	5,532	$1,141	0.4%	$49.47	+268.7%	CL A COM	18915M107
NWE	NORTHWESTERN ENERGY GROUP IN	32,976	$2,174	0.8%	$46.60	+45.5%	COM NEW	668074305
ZM	ZOOM COMMUNICATIONS INC	5,653	$454	0.2%	$79.69	+10.5%	CL A	98980L101
TCRX	TSCAN THERAPEUTICS INC	35,563	$36	0.0%	$9.27	-88.5%	COM	89854M101
BKH	BLACK HILLS CORP	29,900	$2,075	0.8%	$51.66	+39.2%	COM	092113109