Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
V	Visa Inc	92,000	$31.56M	1.7%	$343.09	—	—	COM CL A	92826C839
HCA	HCA Healthcare Inc	32,129	$12.53M	0.7%	$389.89	—	—	COM	40412C101
NTES	NetEase Inc	49,829	$6.385M	0.4%	$128.14	—	—	SPONSORED ADS	64110W102
CNR	Core Natural Resources Inc	70,246	$5.621M	0.3%	$80.02	—	—	COM SHS	218937100
ASYS	Amtech Systems Inc	237,503	$5.482M	0.3%	$23.08	—	—	COM PAR $0.01N	032332504
LAR	Lithium Argentina AG	493,871	$4.084M	0.2%	$8.27	—	—	COM SHS	H5012F103
REA	Rare Earths Americas Inc	230,041	$3.515M	0.2%	$15.28	—	—	COMMON STOCK	75381A108
CENX	Century Aluminum Co	57,343	$2.638M	0.1%	$46.01	—	—	COM	156431108
BLZE	Backblaze Inc	163,076	$2.586M	0.1%	$15.86	—	—	COM CL A	05637B105
CDNA	CareDx Inc	79,185	$2.257M	0.1%	$28.50	—	—	COM	14167L103
PDFS	PDF Solutions Inc	30,460	$2.156M	0.1%	$70.79	—	—	COM	693282105
EGO	Eldorado Gold Corp	57,163	$1.777M	0.1%	$31.09	—	—	COM	284902509
MOG/A	Moog Inc	4,000	$1.695M	0.1%	$423.84	—	—	CL A	615394202
VRSN	VeriSign Inc	6,729	$1.693M	0.1%	$251.56	—	—	COM	92343E102
FROG	JFrog Ltd	14,604	$1.327M	0.1%	$90.88	—	—	ORD SHS	M6191J100
XLK	State Street Technology Select	6,482	$1.235M	0.1%	$190.52	—	—	ST STR TECHN ETF	81369Y803
BAND	Bandwidth Inc	17,586	$1.113M	0.1%	$63.30	—	—	COM CL A	05988J103
XLY	State Street Consumer Discreti	8,553	$1.003M	0.1%	$117.28	—	—	ST STR DISCR ETF	81369Y407
OKTA	Okta Inc	7,178	$979K	0.1%	$136.45	—	—	CL A	679295105
SSRM	SSR Mining Inc	34,528	$976K	0.1%	$28.28	—	—	COM	784730103
DY	Dycom Industries Inc	1,871	$946K	0.1%	$505.59	—	—	COM	267475101
SIMO	Silicon Motion Technology Corp	2,806	$935K	0.1%	$333.33	—	—	SPONSORED ADR	82706C108
XLF	State Street Financial Select	16,655	$893K	0.0%	$53.61	—	—	ST STR FINL ETF	81369Y605
DDOG	Datadog Inc	3,429	$893K	0.0%	$260.36	—	—	CL A COM	23804L103
VIK	Viking Holdings Ltd	8,482	$888K	0.0%	$104.67	—	—	ORD SHS	G93A5A101
TRGP	Targa Resources Corp	3,251	$872K	0.0%	$268.14	—	—	COM	87612G101
FSLR	First Solar Inc	3,538	$835K	0.0%	$235.96	—	—	COM	336433107
CECO	CECO Environmental Corp	9,195	$834K	0.0%	$90.74	—	—	COM	125141101
APLD	Applied Digital Corp	20,907	$780K	0.0%	$37.30	—	—	COM NEW	038169207
WYFI	Whitefiber Inc	19,727	$766K	0.0%	$38.85	—	—	SHS	G96115103
HOOD	Robinhood Markets Inc	7,621	$764K	0.0%	$100.28	—	—	COM CL A	770700102
AEHR	Aehr Test Systems	7,933	$762K	0.0%	$96.06	—	—	COM	00760J108
VICR	Vicor Corp	1,726	$656K	0.0%	$379.78	—	—	COM	925815102
RSP	Invesco S&P 500 Equal Weight E	3,034	$646K	0.0%	$212.77	—	—	S&P500 EQL WGT	46137V357
SEI	Solaris Energy Infrastructure	7,507	$604K	0.0%	$80.46	—	—	COM CL A	83418M103
GTLB	Gitlab Inc	19,270	$588K	0.0%	$30.53	—	—	CLASS A COM	37637K108
PENG	Penguin Solutions Inc	7,427	$565K	0.0%	$76.01	—	—	COM	706915105
ICHR	Ichor Holdings Ltd	4,436	$498K	0.0%	$112.28	—	—	SHS	G4740B105
DPC	DPC Holdings PLC	10,000	$491K	0.0%	$49.06	—	—	ORDINARY SHARES	G2R11M108
MXL	MaxLinear Inc	3,714	$476K	0.0%	$128.03	—	—	COM	57776J100
MTSI	MACOM Technology Solutions Hol	1,250	$475K	0.0%	$380.37	—	—	COM	55405Y100
HIVE	Hive Digital Technologies Ltd	130,620	$475K	0.0%	$3.64	—	—	COM NEW	433921103
ONTO	Onto Innovation Inc	1,232	$466K	0.0%	$378.45	—	—	COM	683344105
WIX	Wix.com Ltd	10,000	$454K	0.0%	$45.37	—	—	SHS	M98068105
AMKR	Amkor Technology Inc	5,092	$439K	0.0%	$86.23	—	—	COM	031652100
AGX	Argan Inc	500	$399K	0.0%	$798.55	—	—	COM	04010E109
VIAV	Viavi Solutions Inc	7,025	$335K	0.0%	$47.75	—	—	COM	925550105
ASAN	Asana Inc	42,465	$297K	0.0%	$7.00	—	—	CL A	04342Y104
HUT	Hut 8 Corp	2,408	$278K	0.0%	$115.45	—	—	COM	44812J104
AKAM	Akamai Technologies Inc	2,205	$261K	0.0%	$118.21	—	—	COM	00971T101
RIOT	Riot Platforms Inc	9,308	$255K	0.0%	$27.38	—	—	COM	767292105
RKLB	Rocket Lab Corp	2,342	$238K	0.0%	$101.65	—	—	COM	773121108

Increased Positions (22)

SCHW Charles Schwab Corp/The 6.7%

Value $122M (+265.5%) Shares 1,323,509 (+272.3%) Share Price $92.27 Est. Cost/Share — Unrealized @ Report Date —

DIS Walt Disney Co/The 4.2%

Value $75.99M (+242.4%) Shares 789,542 (+242.8%) Share Price $96.25 Est. Cost/Share — Unrealized @ Report Date —

SHAZ SharonAI Holdings Inc 2.5%

Value $45.29M (+884.4%) Shares 534,963 (+164.3%) Share Price $84.66 Est. Cost/Share — Unrealized @ Report Date —

APO Apollo Global Management Inc 9.2%

Value $166M (+17.4%) Shares 1,403,295 (+10.5%) Share Price $118.31 Est. Cost/Share — Unrealized @ Report Date —

WFC Wells Fargo & Co 3.8%

Value $68.71M (+30.1%) Shares 831,402 (+25.3%) Share Price $82.64 Est. Cost/Share — Unrealized @ Report Date —

SNY Sanofi SA 6.3%

Value $113M (-7.7%) Shares 2,653,974 (+4.3%) Share Price $42.66 Est. Cost/Share — Unrealized @ Report Date —

MP MP Materials Corp 0.5%

Value $9.4M (+717.9%) Shares 167,836 (+604.7%) Share Price $56.01 Est. Cost/Share — Unrealized @ Report Date —

HBM Hudbay Minerals Inc 1.2%

Value $21.34M (+40.1%) Shares 904,055 (+24.0%) Share Price $23.61 Est. Cost/Share — Unrealized @ Report Date —

DAVE Dave Inc 0.3%

Value $4.613M (+788.9%) Shares 12,381 (+315.3%) Share Price $372.59 Est. Cost/Share — Unrealized @ Report Date —

UBER Uber Technologies Inc 0.5%

Value $8.524M (+67.5%) Shares 118,123 (+67.0%) Share Price $72.16 Est. Cost/Share — Unrealized @ Report Date —

SEZL Sezzle Inc 0.2%

Value $3.052M (+1115.4%) Shares 17,780 (+348.2%) Share Price $171.63 Est. Cost/Share — Unrealized @ Report Date —

SNDK Sandisk Corp 0.1%

Value $2.274M (+374.0%) Shares 1,000 (+32.5%) Share Price $2273.73 Est. Cost/Share — Unrealized @ Report Date —

VNET Vnet Group Inc 0.3%

Value $4.85M (+56.7%) Shares 603,266 (+63.5%) Share Price $8.04 Est. Cost/Share — Unrealized @ Report Date —

TW Tradeweb Markets Inc 0.6%

Value $10.88M (-13.0%) Shares 109,205 (+2.7%) Share Price $99.66 Est. Cost/Share — Unrealized @ Report Date —

SQM Sociedad Quimica y Minera de C 0.1%

Value $1.865M (+621.7%) Shares 25,191 (+688.9%) Share Price $74.04 Est. Cost/Share — Unrealized @ Report Date —

HCC Warrior Met Coal Inc 0.1%

Value $2.325M (+181.8%) Shares 28,651 (+223.5%) Share Price $81.16 Est. Cost/Share — Unrealized @ Report Date —

CIFR Cipher Digital Inc 0.1%

Value $1.98M (+168.9%) Shares 80,806 (+41.3%) Share Price $24.50 Est. Cost/Share — Unrealized @ Report Date —

ALB Albemarle Corp 0.5%

Value $9.562M (+12.3%) Shares 70,814 (+49.3%) Share Price $135.03 Est. Cost/Share — Unrealized @ Report Date —

PWR Quanta Services Inc 0.1%

Value $1.132M (+120.0%) Shares 1,572 (+67.8%) Share Price $720.04 Est. Cost/Share — Unrealized @ Report Date —

NBIS Nebius Group NV 0.0%

Value $653K (+214.7%) Shares 2,365 (+18.3%) Share Price $276.17 Est. Cost/Share — Unrealized @ Report Date —

BTG B2Gold Corp 0.8%

Value $14.78M (+1.1%) Shares 3,953,132 (+22.5%) Share Price $3.74 Est. Cost/Share — Unrealized @ Report Date —

META Meta Platforms Inc 0.2%

Value $3.361M (+1.1%) Shares 5,966 (+2.7%) Share Price $563.29 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SCHW	Charles Schwab Corp/The	1,323,509 (+272.3%)	$122M (+265.5%)	6.7%	$92.27	—	—	COM	808513105
DIS	Walt Disney Co/The	789,542 (+242.8%)	$75.99M (+242.4%)	4.2%	$96.25	—	—	COM	254687106
SHAZ	SharonAI Holdings Inc	534,963 (+164.3%)	$45.29M (+884.4%)	2.5%	$84.66	—	—	COM CL A	778920306
APO	Apollo Global Management Inc	1,403,295 (+10.5%)	$166M (+17.4%)	9.2%	$118.31	—	—	COM	03769M106
WFC	Wells Fargo & Co	831,402 (+25.3%)	$68.71M (+30.1%)	3.8%	$82.64	—	—	COM	949746101
SNY	Sanofi SA	2,653,974 (+4.3%)	$113M (-7.7%)	6.3%	$42.66	—	—	SPONSORED ADR	80105N105
MP	MP Materials Corp	167,836 (+604.7%)	$9.4M (+717.9%)	0.5%	$56.01	—	—	COM CL A	553368101
HBM	Hudbay Minerals Inc	904,055 (+24.0%)	$21.34M (+40.1%)	1.2%	$23.61	—	—	COM	443628102
DAVE	Dave Inc	12,381 (+315.3%)	$4.613M (+788.9%)	0.3%	$372.59	—	—	CLASS A COM NEW	23834J201
UBER	Uber Technologies Inc	118,123 (+67.0%)	$8.524M (+67.5%)	0.5%	$72.16	—	—	COM	90353T100
SEZL	Sezzle Inc	17,780 (+348.2%)	$3.052M (+1115.4%)	0.2%	$171.63	—	—	COM	78435P105
SNDK	Sandisk Corp	1,000 (+32.5%)	$2.274M (+374.0%)	0.1%	$2273.73	—	—	COM	80004C200
VNET	Vnet Group Inc	603,266 (+63.5%)	$4.85M (+56.7%)	0.3%	$8.04	—	—	SPONSORED ADS A	90138A103
TW	Tradeweb Markets Inc	109,205 (+2.7%)	$10.88M (-13.0%)	0.6%	$99.66	—	—	CL A	892672106
SQM	Sociedad Quimica y Minera de C	25,191 (+688.9%)	$1.865M (+621.7%)	0.1%	$74.04	—	—	SPON ADR SER B	833635105
HCC	Warrior Met Coal Inc	28,651 (+223.5%)	$2.325M (+181.8%)	0.1%	$81.16	—	—	COM	93627C101
CIFR	Cipher Digital Inc	80,806 (+41.3%)	$1.98M (+168.9%)	0.1%	$24.50	—	—	COM	17253J106
ALB	Albemarle Corp	70,814 (+49.3%)	$9.562M (+12.3%)	0.5%	$135.03	—	—	COM	012653101
PWR	Quanta Services Inc	1,572 (+67.8%)	$1.132M (+120.0%)	0.1%	$720.04	—	—	COM	74762E102
NBIS	Nebius Group NV	2,365 (+18.3%)	$653K (+214.7%)	0.0%	$276.17	—	—	SHS CLASS A	N97284108
BTG	B2Gold Corp	3,953,132 (+22.5%)	$14.78M (+1.1%)	0.8%	$3.74	—	—	COM	11777Q209
META	Meta Platforms Inc	5,966 (+2.7%)	$3.361M (+1.1%)	0.2%	$563.29	—	—	CL A	30303M102

Exited Positions (36)

GOOG Alphabet Inc 2.5%

Value $45.86M Shares 159,857 Share Price $286.86 Est. Cost/Share — Unrealized @ Report Date —

AMZN Amazon.com Inc 1.1%

Value $20.6M Shares 98,911 Share Price $208.27 Est. Cost/Share — Unrealized @ Report Date —

XOM Exxon Mobil Corp 1.1%

Value $19.07M Shares 112,410 Share Price $169.66 Est. Cost/Share — Unrealized @ Report Date —

B Barrick Mining Corp 1.0%

Value $18.58M Shares 455,557 Share Price $40.79 Est. Cost/Share — Unrealized @ Report Date —

GEHC GE HealthCare Technologies Inc 0.9%

Value $16.49M Shares 231,641 Share Price $71.18 Est. Cost/Share — Unrealized @ Report Date —

CVX Chevron Corp 0.8%

Value $14.29M Shares 69,071 Share Price $206.90 Est. Cost/Share — Unrealized @ Report Date —

INSP Inspire Medical Systems Inc 0.4%

Value $7.003M Shares 135,767 Share Price $51.58 Est. Cost/Share — Unrealized @ Report Date —

TGB Taseko Mines Ltd 0.4%

Value $6.45M Shares 1,000,000 Share Price $6.45 Est. Cost/Share — Unrealized @ Report Date —

VALE Vale SA 0.3%

Value $6.219M Shares 390,855 Share Price $15.91 Est. Cost/Share — Unrealized @ Report Date —

COP ConocoPhillips 0.3%

Value $5.862M Shares 44,410 Share Price $132.00 Est. Cost/Share — Unrealized @ Report Date —

CRM Salesforce Inc 0.3%

Value $5.226M Shares 27,995 Share Price $186.67 Est. Cost/Share — Unrealized @ Report Date —

DUOT Duos Technologies Group Inc 0.2%

Value $3.016M Shares 439,680 Share Price $6.86 Est. Cost/Share — Unrealized @ Report Date —

GRAB Grab Holdings Ltd 0.1%

Value $2.67M Shares 729,615 Share Price $3.66 Est. Cost/Share — Unrealized @ Report Date —

GDXJ VanEck Junior Gold Miners ETF 0.1%

Value $2.265M Shares 18,870 Share Price $120.04 Est. Cost/Share — Unrealized @ Report Date —

GDX VanEck Gold Miners ETF/USA 0.1%

Value $1.871M Shares 20,391 Share Price $91.77 Est. Cost/Share — Unrealized @ Report Date —

IAG IAMGOLD Corp 0.1%

Value $1.622M Shares 86,206 Share Price $18.82 Est. Cost/Share — Unrealized @ Report Date —

LITE Lumentum Holdings Inc 0.1%

Value $1.415M Shares 2,013 Share Price $702.76 Est. Cost/Share — Unrealized @ Report Date —

CIEN Ciena Corp 0.1%

Value $1.165M Shares 3,000 Share Price $388.23 Est. Cost/Share — Unrealized @ Report Date —

DVN Devon Energy Corp 0.1%

Value $1.119M Shares 22,230 Share Price $50.32 Est. Cost/Share — Unrealized @ Report Date —

LIF Life360 Inc 0.0%

Value $855K Shares 20,954 Share Price $40.82 Est. Cost/Share — Unrealized @ Report Date —

BORR Borr Drilling Ltd 0.0%

Value $849K Shares 147,068 Share Price $5.77 Est. Cost/Share — Unrealized @ Report Date —

EXC Exelon Corp 0.0%

Value $735K Shares 15,000 Share Price $49.02 Est. Cost/Share — Unrealized @ Report Date —

COHR Coherent Corp 0.0%

Value $715K Shares 3,000 Share Price $238.21 Est. Cost/Share — Unrealized @ Report Date —

PCG PG&E Corp 0.0%

Value $714K Shares 40,618 Share Price $17.57 Est. Cost/Share — Unrealized @ Report Date —

PR Permian Resources Corp 0.0%

Value $682K Shares 31,991 Share Price $21.32 Est. Cost/Share — Unrealized @ Report Date —

XLI State Street Industrial Select 0.0%

Value $598K Shares 3,697 Share Price $161.73 Est. Cost/Share — Unrealized @ Report Date —

FORM FormFactor Inc 0.0%

Value $524K Shares 5,402 Share Price $96.99 Est. Cost/Share — Unrealized @ Report Date —

FN Fabrinet 0.0%

Value $522K Shares 1,000 Share Price $521.52 Est. Cost/Share — Unrealized @ Report Date —

MTDR Matador Resources Co 0.0%

Value $501K Shares 7,934 Share Price $63.18 Est. Cost/Share — Unrealized @ Report Date —

SN SharkNinja Inc 0.0%

Value $443K Shares 4,184 Share Price $105.90 Est. Cost/Share — Unrealized @ Report Date —

MRX Marex Group PLC 0.0%

Value $342K Shares 7,675 Share Price $44.58 Est. Cost/Share — Unrealized @ Report Date —

NHC National HealthCare Corp 0.0%

Value $304K Shares 1,906 Share Price $159.70 Est. Cost/Share — Unrealized @ Report Date —

EOG EOG Resources Inc 0.0%

Value $237K Shares 1,638 Share Price $144.57 Est. Cost/Share — Unrealized @ Report Date —

NU NU Holdings Ltd/Cayman Islands 0.0%

Value $236K Shares 16,390 Share Price $14.37 Est. Cost/Share — Unrealized @ Report Date —

SPY State Street SPDR S&P 500 ETF 0.0%

Value $234K Shares 360 Share Price $650.34 Est. Cost/Share — Unrealized @ Report Date —

SYM Symbotic Inc 0.0%

Value $213K Shares 4,000 Share Price $53.20 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOG	Alphabet Inc	159,857	$45.86M	2.5%	$286.86	—	—	—	02079K107
AMZN	Amazon.com Inc	98,911	$20.6M	1.1%	$208.27	—	—	—	023135106
XOM	Exxon Mobil Corp	112,410	$19.07M	1.1%	$169.66	—	—	—	30231G102
B	Barrick Mining Corp	455,557	$18.58M	1.0%	$40.79	—	—	—	06849F108
GEHC	GE HealthCare Technologies Inc	231,641	$16.49M	0.9%	$71.18	—	—	—	36266G107
CVX	Chevron Corp	69,071	$14.29M	0.8%	$206.90	—	—	—	166764100
INSP	Inspire Medical Systems Inc	135,767	$7.003M	0.4%	$51.58	—	—	—	457730109
TGB	Taseko Mines Ltd	1,000,000	$6.45M	0.4%	$6.45	—	—	—	876511106
VALE	Vale SA	390,855	$6.219M	0.3%	$15.91	—	—	—	91912E105
COP	ConocoPhillips	44,410	$5.862M	0.3%	$132.00	—	—	—	20825C104
CRM	Salesforce Inc	27,995	$5.226M	0.3%	$186.67	—	—	—	79466L302
DUOT	Duos Technologies Group Inc	439,680	$3.016M	0.2%	$6.86	—	—	—	266042407
GRAB	Grab Holdings Ltd	729,615	$2.67M	0.1%	$3.66	—	—	—	G4124C109
GDXJ	VanEck Junior Gold Miners ETF	18,870	$2.265M	0.1%	$120.04	—	—	—	92189F791
GDX	VanEck Gold Miners ETF/USA	20,391	$1.871M	0.1%	$91.77	—	—	—	92189F106
IAG	IAMGOLD Corp	86,206	$1.622M	0.1%	$18.82	—	—	—	450913108
LITE	Lumentum Holdings Inc	2,013	$1.415M	0.1%	$702.76	—	—	—	55024U109
CIEN	Ciena Corp	3,000	$1.165M	0.1%	$388.23	—	—	—	171779309
DVN	Devon Energy Corp	22,230	$1.119M	0.1%	$50.32	—	—	—	25179M103
LIF	Life360 Inc	20,954	$855K	0.0%	$40.82	—	—	—	532206109
BORR	Borr Drilling Ltd	147,068	$849K	0.0%	$5.77	—	—	—	G1466R173
EXC	Exelon Corp	15,000	$735K	0.0%	$49.02	—	—	—	30161N101
COHR	Coherent Corp	3,000	$715K	0.0%	$238.21	—	—	—	19247G107
PCG	PG&E Corp	40,618	$714K	0.0%	$17.57	—	—	—	69331C108
PR	Permian Resources Corp	31,991	$682K	0.0%	$21.32	—	—	—	71424F105
XLI	State Street Industrial Select	3,697	$598K	0.0%	$161.73	—	—	—	81369Y704
FORM	FormFactor Inc	5,402	$524K	0.0%	$96.99	—	—	—	346375108
FN	Fabrinet	1,000	$522K	0.0%	$521.52	—	—	—	G3323L100
MTDR	Matador Resources Co	7,934	$501K	0.0%	$63.18	—	—	—	576485205
SN	SharkNinja Inc	4,184	$443K	0.0%	$105.90	—	—	—	G8068L108
MRX	Marex Group PLC	7,675	$342K	0.0%	$44.58	—	—	—	G5S37H101
NHC	National HealthCare Corp	1,906	$304K	0.0%	$159.70	—	—	—	635906100
EOG	EOG Resources Inc	1,638	$237K	0.0%	$144.57	—	—	—	26875P101
NU	NU Holdings Ltd/Cayman Islands	16,390	$236K	0.0%	$14.37	—	—	—	G6683N103
SPY	State Street SPDR S&P 500 ETF	360	$234K	0.0%	$650.34	—	—	—	78462F103
SYM	Symbotic Inc	4,000	$213K	0.0%	$53.20	—	—	—	87151X101

Decreased Positions (25)

FCX Freeport-McMoRan Inc 6.0%

Value $109M (-23.8%) Shares 1,733,434 (-28.8%) Share Price $62.89 Est. Cost/Share — Unrealized @ Report Date —

TECK Teck Resources Ltd 5.6%

Value $101M (-22.2%) Shares 1,701,036 (-32.3%) Share Price $59.46 Est. Cost/Share — Unrealized @ Report Date —

CCJ Cameco Corp 0.6%

Value $10.14M (-66.3%) Shares 99,506 (-64.1%) Share Price $101.86 Est. Cost/Share — Unrealized @ Report Date —

NUE Nucor Corp 0.1%

Value $2.345M (-88.6%) Shares 10,528 (-91.4%) Share Price $222.75 Est. Cost/Share — Unrealized @ Report Date —

NNE NANO Nuclear Energy Inc 0.2%

Value $3.003M (-85.0%) Shares 142,033 (-85.5%) Share Price $21.14 Est. Cost/Share — Unrealized @ Report Date —

KGC Kinross Gold Corp 0.5%

Value $9.665M (-60.7%) Shares 409,169 (-49.2%) Share Price $23.62 Est. Cost/Share — Unrealized @ Report Date —

AEM Agnico Eagle Mines Ltd 0.2%

Value $3.547M (-80.0%) Shares 22,867 (-73.8%) Share Price $155.13 Est. Cost/Share — Unrealized @ Report Date —

STLD Steel Dynamics Inc 0.0%

Value $740K (-94.8%) Shares 3,225 (-95.9%) Share Price $229.46 Est. Cost/Share — Unrealized @ Report Date —

AA Alcoa Corp 0.6%

Value $11.05M (-53.2%) Shares 211,985 (-40.5%) Share Price $52.14 Est. Cost/Share — Unrealized @ Report Date —

RPRX Royalty Pharma PLC 7.6%

Value $137M (+9.0%) Shares 2,447,879 (-6.7%) Share Price $56.07 Est. Cost/Share — Unrealized @ Report Date —

SCCO Southern Copper Corp 0.2%

Value $3.643M (-66.4%) Shares 20,904 (-66.8%) Share Price $174.26 Est. Cost/Share — Unrealized @ Report Date —

EQX Equinox Gold Corp 0.2%

Value $2.905M (-68.3%) Shares 298,904 (-52.8%) Share Price $9.72 Est. Cost/Share — Unrealized @ Report Date —

DNN Denison Mines Corp 0.2%

Value $2.894M (-60.7%) Shares 945,631 (-54.7%) Share Price $3.06 Est. Cost/Share — Unrealized @ Report Date —

SII Sprott Inc 0.5%

Value $8.981M (-24.2%) Shares 79,934 (-3.5%) Share Price $112.35 Est. Cost/Share — Unrealized @ Report Date —

FIGR Figure Technology Solutions In 0.0%

Value $367K (-84.7%) Shares 11,954 (-83.1%) Share Price $30.71 Est. Cost/Share — Unrealized @ Report Date —

BTU Peabody Energy Corp 0.2%

Value $3.528M (-32.0%) Shares 152,576 (-3.0%) Share Price $23.12 Est. Cost/Share — Unrealized @ Report Date —

FIX Comfort Systems USA Inc 0.0%

Value $775K (-66.1%) Shares 391 (-76.4%) Share Price $1981.95 Est. Cost/Share — Unrealized @ Report Date —

NET Cloudflare Inc 0.0%

Value $389K (-75.2%) Shares 1,584 (-79.1%) Share Price $245.28 Est. Cost/Share — Unrealized @ Report Date —

VRT Vertiv Holdings Co 0.0%

Value $335K (-73.3%) Shares 1,000 (-80.0%) Share Price $334.82 Est. Cost/Share — Unrealized @ Report Date —

BKD Brookdale Senior Living Inc 0.1%

Value $1.304M (-28.0%) Shares 81,045 (-38.8%) Share Price $16.09 Est. Cost/Share — Unrealized @ Report Date —

RIG Transocean Ltd 0.0%

Value $208K (-66.1%) Shares 42,593 (-54.0%) Share Price $4.89 Est. Cost/Share — Unrealized @ Report Date —

LODE Comstock Inc 0.0%

Value $209K (-62.0%) Shares 50,157 (-72.1%) Share Price $4.16 Est. Cost/Share — Unrealized @ Report Date —

STRL Sterling Infrastructure Inc 0.0%

Value $624K (+24.4%) Shares 744 (-39.7%) Share Price $839.36 Est. Cost/Share — Unrealized @ Report Date —

APP AppLovin Corp 0.1%

Value $1.128M (+11.0%) Shares 2,189 (-14.2%) Share Price $515.23 Est. Cost/Share — Unrealized @ Report Date —

SITM SiTime Corp 0.0%

Value $281K (-2.5%) Shares 377 (-54.9%) Share Price $745.56 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FCX	Freeport-McMoRan Inc	1,733,434 (-28.8%)	$109M (-23.8%)	6.0%	$62.89	—	—	CL B	35671D857
TECK	Teck Resources Ltd	1,701,036 (-32.3%)	$101M (-22.2%)	5.6%	$59.46	—	—	CL B	878742204
CCJ	Cameco Corp	99,506 (-64.1%)	$10.14M (-66.3%)	0.6%	$101.86	—	—	COM	13321L108
NUE	Nucor Corp	10,528 (-91.4%)	$2.345M (-88.6%)	0.1%	$222.75	—	—	COM	670346105
NNE	NANO Nuclear Energy Inc	142,033 (-85.5%)	$3.003M (-85.0%)	0.2%	$21.14	—	—	COM	63010H108
KGC	Kinross Gold Corp	409,169 (-49.2%)	$9.665M (-60.7%)	0.5%	$23.62	—	—	COM	496902404
AEM	Agnico Eagle Mines Ltd	22,867 (-73.8%)	$3.547M (-80.0%)	0.2%	$155.13	—	—	COM	008474108
STLD	Steel Dynamics Inc	3,225 (-95.9%)	$740K (-94.8%)	0.0%	$229.46	—	—	COM	858119100
AA	Alcoa Corp	211,985 (-40.5%)	$11.05M (-53.2%)	0.6%	$52.14	—	—	COM	013872106
RPRX	Royalty Pharma PLC	2,447,879 (-6.7%)	$137M (+9.0%)	7.6%	$56.07	—	—	SHS CLASS A	G7709Q104
SCCO	Southern Copper Corp	20,904 (-66.8%)	$3.643M (-66.4%)	0.2%	$174.26	—	—	COM	84265V105
EQX	Equinox Gold Corp	298,904 (-52.8%)	$2.905M (-68.3%)	0.2%	$9.72	—	—	COM	29446Y502
DNN	Denison Mines Corp	945,631 (-54.7%)	$2.894M (-60.7%)	0.2%	$3.06	—	—	COM	248356107
SII	Sprott Inc	79,934 (-3.5%)	$8.981M (-24.2%)	0.5%	$112.35	—	—	COM NEW	852066208
FIGR	Figure Technology Solutions In	11,954 (-83.1%)	$367K (-84.7%)	0.0%	$30.71	—	—	COM CL A	349381103
BTU	Peabody Energy Corp	152,576 (-3.0%)	$3.528M (-32.0%)	0.2%	$23.12	—	—	COM	704551100
FIX	Comfort Systems USA Inc	391 (-76.4%)	$775K (-66.1%)	0.0%	$1981.95	—	—	COM	199908104
NET	Cloudflare Inc	1,584 (-79.1%)	$389K (-75.2%)	0.0%	$245.28	—	—	CL A COM	18915M107
VRT	Vertiv Holdings Co	1,000 (-80.0%)	$335K (-73.3%)	0.0%	$334.82	—	—	COM CL A	92537N108
BKD	Brookdale Senior Living Inc	81,045 (-38.8%)	$1.304M (-28.0%)	0.1%	$16.09	—	—	COM	112463104
RIG	Transocean Ltd	42,593 (-54.0%)	$208K (-66.1%)	0.0%	$4.89	—	—	REGISTERED SHS	H8817H100
LODE	Comstock Inc	50,157 (-72.1%)	$209K (-62.0%)	0.0%	$4.16	—	—	COM SHS	205750409
STRL	Sterling Infrastructure Inc	744 (-39.7%)	$624K (+24.4%)	0.0%	$839.36	—	—	COM	859241101
APP	AppLovin Corp	2,189 (-14.2%)	$1.128M (+11.0%)	0.1%	$515.23	—	—	COM CL A	03831W108
SITM	SiTime Corp	377 (-54.9%)	$281K (-2.5%)	0.0%	$745.56	—	—	COM	82982T106

Unchanged Positions (23)

NEM Newmont Corp 10.0%

Value $181M Shares 1,934,538 Share Price $93.40 Est. Cost/Share — Unrealized @ Report Date —

BAC Bank of America Corp 8.3%

Value $150M Shares 2,630,869 Share Price $56.98 Est. Cost/Share — Unrealized @ Report Date —

UNP Union Pacific Corp 4.1%

Value $74.35M Shares 273,350 Share Price $272.00 Est. Cost/Share — Unrealized @ Report Date —

GROY GOLD ROYALTY CORP 0.9%

Value $15.77M Shares 5,712,223 Share Price $2.76 Est. Cost/Share — Unrealized @ Report Date —

TFC Truist Financial Corp 3.3%

Value $59.51M Shares 1,194,516 Share Price $49.82 Est. Cost/Share — Unrealized @ Report Date —

WYNN Wynn Resorts Ltd 4.8%

Value $87.15M Shares 897,646 Share Price $97.09 Est. Cost/Share — Unrealized @ Report Date —

IREN IREN Ltd 0.3%

Value $5.223M Shares 114,207 Share Price $45.73 Est. Cost/Share — Unrealized @ Report Date —

FNV Franco-Nevada Corp 0.3%

Value $4.84M Shares 23,218 Share Price $208.44 Est. Cost/Share — Unrealized @ Report Date —

GWRE Guidewire Software Inc 0.2%

Value $2.824M Shares 22,949 Share Price $123.05 Est. Cost/Share — Unrealized @ Report Date —

VNOM Viper Energy Inc 0.2%

Value $3.186M Shares 75,130 Share Price $42.40 Est. Cost/Share — Unrealized @ Report Date —

WPM Wheaton Precious Metals Corp 0.1%

Value $1.691M Shares 15,053 Share Price $112.32 Est. Cost/Share — Unrealized @ Report Date —

OR OR Royalties Inc 0.1%

Value $1.205M Shares 38,102 Share Price $31.63 Est. Cost/Share — Unrealized @ Report Date —

HYMC Hycroft Mining Holding Corp 0.0%

Value $452K Shares 19,298 Share Price $23.40 Est. Cost/Share — Unrealized @ Report Date —

WWD Woodward Inc 0.1%

Value $1.382M Shares 3,249 Share Price $425.44 Est. Cost/Share — Unrealized @ Report Date —

AIR AAR Corp 0.0%

Value $658K Shares 4,604 Share Price $142.93 Est. Cost/Share — Unrealized @ Report Date —

NXE NexGen Energy Ltd 0.0%

Value $430K Shares 45,841 Share Price $9.39 Est. Cost/Share — Unrealized @ Report Date —

SKYT SkyWater Technology Inc 0.0%

Value $337K Shares 9,691 Share Price $34.82 Est. Cost/Share — Unrealized @ Report Date —

FTAI FTAI Aviation Ltd 0.0%

Value $570K Shares 2,107 Share Price $270.53 Est. Cost/Share — Unrealized @ Report Date —

APEI American Public Education Inc 0.0%

Value $394K Shares 7,338 Share Price $53.70 Est. Cost/Share — Unrealized @ Report Date —

ELE Elemental Royalty Corp 0.0%

Value $189K Shares 10,800 Share Price $17.46 Est. Cost/Share — Unrealized @ Report Date —

KRP Kimbell Royalty Partners LP 0.1%

Value $1.642M Shares 113,041 Share Price $14.53 Est. Cost/Share — Unrealized @ Report Date —

RADX Radiopharm Theranostics Ltd 0.0%

Value $168K Shares 40,138 Share Price $4.19 Est. Cost/Share — Unrealized @ Report Date —

TKO TKO Group Holdings Inc 0.1%

Value $1.657M Shares 8,233 Share Price $201.31 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NEM	Newmont Corp	1,934,538	$181M	10.0%	$93.40	—	—	COM	651639106
BAC	Bank of America Corp	2,630,869	$150M	8.3%	$56.98	—	—	COM	060505104
UNP	Union Pacific Corp	273,350	$74.35M	4.1%	$272.00	—	—	COM	907818108
GROY	GOLD ROYALTY CORP	5,712,223	$15.77M	0.9%	$2.76	—	—	COMMON SHARES	38071H106
TFC	Truist Financial Corp	1,194,516	$59.51M	3.3%	$49.82	—	—	COM	89832Q109
WYNN	Wynn Resorts Ltd	897,646	$87.15M	4.8%	$97.09	—	—	COM	983134107
IREN	IREN Ltd	114,207	$5.223M	0.3%	$45.73	—	—	ORDINARY SHARES	Q4982L109
FNV	Franco-Nevada Corp	23,218	$4.84M	0.3%	$208.44	—	—	COM	351858105
GWRE	Guidewire Software Inc	22,949	$2.824M	0.2%	$123.05	—	—	COM	40171V100
VNOM	Viper Energy Inc	75,130	$3.186M	0.2%	$42.40	—	—	CL A	64361Q101
WPM	Wheaton Precious Metals Corp	15,053	$1.691M	0.1%	$112.32	—	—	COM	962879102
OR	OR Royalties Inc	38,102	$1.205M	0.1%	$31.63	—	—	COM SHS	68390D106
HYMC	Hycroft Mining Holding Corp	19,298	$452K	0.0%	$23.40	—	—	CL A NEW	44862P208
WWD	Woodward Inc	3,249	$1.382M	0.1%	$425.44	—	—	COM	980745103
AIR	AAR Corp	4,604	$658K	0.0%	$142.93	—	—	COM	000361105
NXE	NexGen Energy Ltd	45,841	$430K	0.0%	$9.39	—	—	COM	65340P106
SKYT	SkyWater Technology Inc	9,691	$337K	0.0%	$34.82	—	—	COM	83089J108
FTAI	FTAI Aviation Ltd	2,107	$570K	0.0%	$270.53	—	—	SHS	G3730V105
APEI	American Public Education Inc	7,338	$394K	0.0%	$53.70	—	—	COM	02913V103
ELE	Elemental Royalty Corp	10,800	$189K	0.0%	$17.46	—	—	COM NEW	28620K106
KRP	Kimbell Royalty Partners LP	113,041	$1.642M	0.1%	$14.53	—	—	UNIT	49435R102
RADX	Radiopharm Theranostics Ltd	40,138	$168K	0.0%	$4.19	—	—	SPONSORED ADS	75041J101
TKO	TKO Group Holdings Inc	8,233	$1.657M	0.1%	$201.31	—	—	CL A	87256C101