Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SIMO	Silicon Motion Technology Corp	117,623	$39.21M	12.7%	$333.33	—	SPONSORED ADS	82706C108
QCOM	Qualcomm Inc	108,429	$20.04M	6.5%	$184.79	—	COM	747525103
FRMI	Fermi Inc	2,158,749	$19.77M	6.4%	$9.16	—	COM	314911108
ARM	Arm Holdings Plc	43,515	$15.43M	5.0%	$354.57	—	SPONSORED ADS	042068205
MU	Micron Technology Inc	13,000	$15.01M	4.8%	$1154.29	—	COM	595112103
MXL	MaxLinear Inc	107,581	$13.77M	4.4%	$128.03	—	COM	57776J100
EVC	Entravision Communications Corp	522,902	$6.819M	2.2%	$13.04	—	COM	29382R107
—	Cerebras Systems Inc	21,000	$4.641M	1.5%	$221.00	—	COM	15674D103
SNDK	Sandisk Corp	1,740	$3.956M	1.3%	$2273.73	—	COM	80004C200
STX	Seagate Technology Holdings PLC	3,750	$3.619M	1.2%	$965.00	—	COM	G7997R103
—	AXT Inc	50,000	$3.604M	1.2%	$72.08	—	COM	05459C108
VST	Vistra Corp ⚠	18,409	$2.92M	0.9%	$144.68	—	COM	92840M102
RXT	Rackspace Technology Inc	404,985	$2.645M	0.9%	$6.53	—	COM	750102105
WOLF	Wolfspeed Inc	51,128	$2.467M	0.8%	$48.25	—	COM	97785W106
TE	T1 Energy Inc	200,000	$1.896M	0.6%	$9.48	—	COM	35834F104
ASML	ASML Holding NV	900	$1.79M	0.6%	$1989.44	—	SPONSORED ADS	N07059210
INBX	Inhibrx Biosciences Inc	16,612	$1.574M	0.5%	$94.75	—	COM	45720N103
IREN	IREN Ltd	24,000	$1.098M	0.4%	$45.73	—	COM	Q4982L109
FNMA	Federal National Mortgage Association	79,000	$514K	0.2%	$6.51	—	COM	313586109
FMCC	Federal Home Loan Mortgage Corp	75,915	$454K	0.1%	$5.98	—	COM	313400301
STRZ	Starz Entertainment Corp	12,738	$368K	0.1%	$28.86	—	COM	855919106

Increased Positions (1)

— Intel Corp 8.3%

Value $25.64M (+404.0%) Shares 183,653 (+59.3%) Est. Cost $79.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Intel Corp	183,653 (+59.3%)	$25.64M (+404.0%)	8.3%	$79.67	—	COM	458110100

Exited Positions (8)

NVDA NVIDIA Corp 9.8%

Value $30.35M Shares 174,002 Est. Cost $155.35 Unrealized —

AVGO Broadcom Inc 4.2%

Value $12.94M Shares 41,822 Est. Cost $245.84 Unrealized —

FIGR Figure Technology Solutions Inc 2.7%

Value $8.509M Shares 250,636 Est. Cost $39.14 Unrealized —

APP Applovin Corp 2.3%

Value $7.209M Shares 18,114 Est. Cost $589.24 Unrealized —

SEI Solaris Energy Infrastructure Inc 2.0%

Value $6.219M Shares 110,046 Est. Cost $48.29 Unrealized —

PLTR Palantir Technologies Inc 1.8%

Value $5.489M Shares 37,525 Est. Cost $154.17 Unrealized —

LITE Lumentum Holdings Inc 1.6%

Value $4.822M Shares 6,862 Est. Cost $467.14 Unrealized —

APLD Applied Digital Corp 0.4%

Value $1.187M Shares 50,000 Est. Cost $34.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA Corp	174,002	$30.35M	9.8%	$155.35	—	—	67066G104
AVGO	Broadcom Inc	41,822	$12.94M	4.2%	$245.84	—	—	11135F101
FIGR	Figure Technology Solutions Inc	250,636	$8.509M	2.7%	$39.14	—	—	349381103
APP	Applovin Corp	18,114	$7.209M	2.3%	$589.24	—	—	03831W108
SEI	Solaris Energy Infrastructure Inc	110,046	$6.219M	2.0%	$48.29	—	—	83418M103
PLTR	Palantir Technologies Inc	37,525	$5.489M	1.8%	$154.17	—	—	69608A108
LITE	Lumentum Holdings Inc	6,862	$4.822M	1.6%	$467.14	—	—	55024U109
APLD	Applied Digital Corp	50,000	$1.187M	0.4%	$34.31	—	—	038169207

Decreased Positions (14)

META Meta Platforms Inc 0.2%

Value $563K (-98.3%) Shares 1,000 (-98.2%) Est. Cost $592.92 Unrealized —

AMZN Amazon.Com Inc 7.3%

Value $22.47M (-42.6%) Shares 94,288 (-49.8%) Est. Cost $208.96 Unrealized —

QQQ iShares China Large-Cap ETF 0.2%

Value $474K (-95.0%) Shares 15,000 (-50.8%) Est. Cost $319.30 Unrealized —

AMD Advanced Micro Devices Inc 4.4%

Value $13.71M (+152.5%) Shares 23,604 (-11.6%) Est. Cost $224.60 Unrealized —

BE Bloom Energy Corp 5.1%

Value $15.82M (+89.8%) Shares 52,249 (-15.0%) Est. Cost $105.07 Unrealized —

VST Vertiv Holdings Co ⚠ 7.4%

Value $22.87M (-21.6%) Shares 68,319 (-53.8%) Est. Cost $144.68 Unrealized —

BA Boeing Co 0.2%

Value $649K (-89.9%) Shares 3,000 (-90.7%) Est. Cost $216.57 Unrealized —

GOOGL ALPHABET INC 2.4%

Value $7.396M (-26.9%) Shares 20,697 (-41.2%) Est. Cost $301.87 Unrealized —

— Bausch Lomb Corp 2.1%

Value $6.354M (-25.5%) Shares 383,710 (-28.5%) Est. Cost $18.06 Unrealized —

RHLD Resolute Holdings Management Inc 1.5%

Value $4.52M (-30.1%) Shares 31,271 (-21.6%) Est. Cost $197.90 Unrealized —

PUMP ProPetro Holding Corp 1.4%

Value $4.193M (-30.8%) Shares 292,389 (-30.5%) Est. Cost $8.69 Unrealized —

LION Lionsgate Studios Corp 3.6%

Value $11.27M (-11.1%) Shares 735,870 (-44.3%) Est. Cost $6.46 Unrealized —

OCUL Ocular Therapeutix Inc 0.2%

Value $695K (-56.5%) Shares 70,792 (-62.5%) Est. Cost $9.83 Unrealized —

FOUR Shift4 Payments Inc 0.4%

Value $1.219M (-38.9%) Shares 25,053 (-45.1%) Est. Cost $85.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	Meta Platforms Inc	1,000 (-98.2%)	$563K (-98.3%)	0.2%	$592.92	—	CL A	30303M102
AMZN	Amazon.Com Inc	94,288 (-49.8%)	$22.47M (-42.6%)	7.3%	$208.96	—	COM	023135106
QQQ	iShares China Large-Cap ETF	15,000 (-50.8%)	$474K (-95.0%)	0.2%	$319.30	—	ETF	46090E103
AMD	Advanced Micro Devices Inc	23,604 (-11.6%)	$13.71M (+152.5%)	4.4%	$224.60	—	COM	007903107
BE	Bloom Energy Corp	52,249 (-15.0%)	$15.82M (+89.8%)	5.1%	$105.07	—	CL A	093712107
VST	Vertiv Holdings Co ⚠	68,319 (-53.8%)	$22.87M (-21.6%)	7.4%	$144.68	—	COM	92840M102
BA	Boeing Co	3,000 (-90.7%)	$649K (-89.9%)	0.2%	$216.57	—	COM	097023105
GOOGL	ALPHABET INC	20,697 (-41.2%)	$7.396M (-26.9%)	2.4%	$301.87	—	CLA	02079K305
—	Bausch Lomb Corp	383,710 (-28.5%)	$6.354M (-25.5%)	2.1%	$18.06	—	COM	717051076
RHLD	Resolute Holdings Management Inc	31,271 (-21.6%)	$4.52M (-30.1%)	1.5%	$197.90	—	COM	76134H101
PUMP	ProPetro Holding Corp	292,389 (-30.5%)	$4.193M (-30.8%)	1.4%	$8.69	—	COM	74347M108
LION	Lionsgate Studios Corp	735,870 (-44.3%)	$11.27M (-11.1%)	3.6%	$6.46	—	COM	53626N102
OCUL	Ocular Therapeutix Inc	70,792 (-62.5%)	$695K (-56.5%)	0.2%	$9.83	—	COM	67576A100
FOUR	Shift4 Payments Inc	25,053 (-45.1%)	$1.219M (-38.9%)	0.4%	$85.94	—	CL A	82452J109

Unchanged Positions (12)

KEYS Keysight Technologies Inc 0.4%

Value $1.278M Shares 3,650 Est. Cost $141.81 Unrealized —

SOLV Solventum Corp 0.5%

Value $1.543M Shares 20,000 Est. Cost $73.66 Unrealized —

IQV IQVIA Holdings Inc 0.2%

Value $646K Shares 3,342 Est. Cost $199.25 Unrealized —

SBUX Starbucks Corp 0.2%

Value $614K Shares 6,004 Est. Cost $85.80 Unrealized —

MA MasterCard Inc 0.5%

Value $1.592M Shares 3,100 Est. Cost $312.51 Unrealized —

NOW ServiceNow Inc 0.2%

Value $596K Shares 6,000 Est. Cost $159.28 Unrealized —

RTX RTX Corp 0.3%

Value $949K Shares 5,000 Est. Cost $173.32 Unrealized —

TMO Thermo Fisher Scientific Inc 0.3%

Value $777K Shares 1,550 Est. Cost $520.49 Unrealized —

HDB HDFC Bank Ltd 0.1%

Value $336K Shares 13,000 Est. Cost $55.93 Unrealized —

MSFT Microsoft Corp 0.3%

Value $839K Shares 2,250 Est. Cost $492.16 Unrealized —

DHR Danaher Corp 0.3%

Value $1.067M Shares 5,600 Est. Cost $235.90 Unrealized —

VLTO Veralto Corp 0.1%

Value $165K Shares 1,866 Est. Cost $101.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KEYS	Keysight Technologies Inc	3,650	$1.278M	0.4%	$141.81	—	COM	49338L103
SOLV	Solventum Corp	20,000	$1.543M	0.5%	$73.66	—	COM	83444M101
IQV	IQVIA Holdings Inc	3,342	$646K	0.2%	$199.25	—	COM	46266C105
SBUX	Starbucks Corp	6,004	$614K	0.2%	$85.80	—	COM	855244109
MA	MasterCard Inc	3,100	$1.592M	0.5%	$312.51	—	COM	57636Q104
NOW	ServiceNow Inc	6,000	$596K	0.2%	$159.28	—	COM	81762P102
RTX	RTX Corp	5,000	$949K	0.3%	$173.32	—	COM	75513E101
TMO	Thermo Fisher Scientific Inc	1,550	$777K	0.3%	$520.49	—	COM	883556102
HDB	HDFC Bank Ltd	13,000	$336K	0.1%	$55.93	—	SPONSORED ADS	40415F101
MSFT	Microsoft Corp	2,250	$839K	0.3%	$492.16	—	COM	594918104
DHR	Danaher Corp	5,600	$1.067M	0.3%	$235.90	—	COM	235851102
VLTO	Veralto Corp	1,866	$165K	0.1%	$101.01	—	COM	92338C103