Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPCX	SPACE EXPLORATION TECHN CORP	94,699	$14.29M	9.9%	$150.86	$138.41	+9.0%	COM CL A	84615Q103
SKHY	SK HYNIX INC	75,338	$13.87M	9.6%	$184.15	$165.41	+11.3%	ADR	78392B206
CGON	CG ONCOLOGY INC	27,173	$1.926M	1.3%	$70.89	$73.48	-3.5%	COM	156944100
HNGE	HINGE HEALTH INC	16,391	$1.594M	1.1%	$97.24	$87.66	+10.9%	COM CL A	433313103
NAVN	NAVAN INC	39,004	$819K	0.6%	$20.99	$25.74	-18.4%	COM CL A	639193101
BSP	BENDING SPOONS SPA	22,294	$743K	0.5%	$33.32	$38.09	-12.5%	COM	T19377109
INIO	INNIO NV	39,108	$709K	0.5%	$18.13	$24.94	-27.3%	COM	N52A8C105
QNT	QUANTINUUM INC	10,067	$484K	0.3%	$48.06	$56.64	-15.1%	COM CL A	74768A104
JMKE	JERSEY MIKES SUBS INC	15,632	$263K	0.2%	$16.82	$21.18	-20.6%	COM CL A	47668J102

Increased Positions (9)

ALAB ASTERA LABS INC 12.1%

Value $17.5M (-21.7%) Shares 49,171 (+6.3%) Share Price $355.97 Est. Cost/Share $102.75 Unrealized @ Report Date +246.4%

NTSK NETSKOPE INC 1.1%

Value $1.598M (+151.2%) Shares 91,635 (+57.6%) Share Price $17.44 Est. Cost/Share $15.56 Unrealized @ Report Date +12.1%

FPS FORGENT POWER SOLUTIONS 1.9%

Value $2.682M (-26.3%) Shares 71,633 (+9.9%) Share Price $37.44 Est. Cost/Share $38.21 Unrealized @ Report Date -2.0%

BETA BETA TECHNOLOGIES INC 0.7%

Value $959K (+239.4%) Shares 43,404 (+157.3%) Share Price $22.10 Est. Cost/Share $24.06 Unrealized @ Report Date -8.2%

BLLN BILLIONTOONE INC 0.6%

Value $798K (+180.2%) Shares 7,495 (+215.8%) Share Price $106.44 Est. Cost/Share $108.16 Unrealized @ Report Date -1.6%

VG VENTURE GLOBAL INC 0.8%

Value $1.198M (+40.5%) Shares 94,759 (+23.7%) Share Price $12.64 Est. Cost/Share $13.85 Unrealized @ Report Date -8.7%

ARXS ARXIS INC 0.9%

Value $1.256M (+23.2%) Shares 25,426 (+15.1%) Share Price $49.39 Est. Cost/Share $40.49 Unrealized @ Report Date +22.0%

JAN JANUS LIVING INC 0.6%

Value $815K (+20.1%) Shares 27,511 (+16.4%) Share Price $29.63 Est. Cost/Share $28.87 Unrealized @ Report Date —

CBC CENTRAL BANCOMPANY 0.3%

Value $363K (+19.9%) Shares 11,609 (+16.6%) Share Price $31.25 Est. Cost/Share $25.43 Unrealized @ Report Date +22.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ALAB	ASTERA LABS INC	49,171 (+6.3%)	$17.5M (-21.7%)	12.1%	$355.97	$102.75	+246.4%	COM	04626A103
NTSK	NETSKOPE INC	91,635 (+57.6%)	$1.598M (+151.2%)	1.1%	$17.44	$15.56	+12.1%	COM CL A	64119N608
FPS	FORGENT POWER SOLUTIONS	71,633 (+9.9%)	$2.682M (-26.3%)	1.9%	$37.44	$38.21	-2.0%	COM CL A	34631F102
BETA	BETA TECHNOLOGIES INC	43,404 (+157.3%)	$959K (+239.4%)	0.7%	$22.10	$24.06	-8.2%	COM CL A	086921103
BLLN	BILLIONTOONE INC	7,495 (+215.8%)	$798K (+180.2%)	0.6%	$106.44	$108.16	-1.6%	COM CL A	090168105
VG	VENTURE GLOBAL INC	94,759 (+23.7%)	$1.198M (+40.5%)	0.8%	$12.64	$13.85	-8.7%	COM CL A	92333F101
ARXS	ARXIS INC	25,426 (+15.1%)	$1.256M (+23.2%)	0.9%	$49.39	$40.49	+22.0%	COM CL A	04339D105
JAN	JANUS LIVING INC	27,511 (+16.4%)	$815K (+20.1%)	0.6%	$29.63	$28.87	—	COM CL A	471024109
CBC	CENTRAL BANCOMPANY	11,609 (+16.6%)	$363K (+19.9%)	0.3%	$31.25	$25.43	+22.9%	COM	152413100

Exited Positions (7)

ARM ARM HOLDINGS PLC 10.9%

Value $15.81M Shares 44,595 Share Price $354.57 * Est. Cost/Share $89.81 Unrealized @ Report Date +222.5%

KGS KODIAK GAS SERVICES INC 2.6%

Value $3.779M Shares 50,300 Share Price $75.13 * Est. Cost/Share $67.99 Unrealized @ Report Date -22.1%

CART MAPLEBEAR INC 2.6%

Value $3.699M Shares 78,118 Share Price $47.35 * Est. Cost/Share $37.98 Unrealized @ Report Date +13.5%

APGE APOGEE THERAPEUTICS INC 2.1%

Value $2.978M Shares 22,440 Share Price $132.73 Est. Cost/Share $90.09 Unrealized @ Report Date +49.9%

FLY FIREFLY AEROSPACE INC 0.8%

Value $1.168M Shares 39,723 Share Price $29.40 * Est. Cost/Share $37.41 Unrealized @ Report Date -38.1%

KVYO KLAVIYO INC 0.7%

Value $1.071M Shares 70,905 Share Price $15.10 * Est. Cost/Share $30.30 Unrealized @ Report Date -48.1%

PONY PONY AI INC 0.6%

Value $914K Shares 131,574 Share Price $6.95 * Est. Cost/Share $13.49 Unrealized @ Report Date -51.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARM	ARM HOLDINGS PLC	44,595	$15.81M	10.9%	$354.57 *	$89.81	+222.5%	—	042068205
KGS	KODIAK GAS SERVICES INC	50,300	$3.779M	2.6%	$75.13 *	$67.99	-22.1%	—	50012A108
CART	MAPLEBEAR INC	78,118	$3.699M	2.6%	$47.35 *	$37.98	+13.5%	—	565394103
APGE	APOGEE THERAPEUTICS INC	22,440	$2.978M	2.1%	$132.73	$90.09	+49.9%	—	03770N101
FLY	FIREFLY AEROSPACE INC	39,723	$1.168M	0.8%	$29.40 *	$37.41	-38.1%	—	31816X106
KVYO	KLAVIYO INC	70,905	$1.071M	0.7%	$15.10 *	$30.30	-48.1%	—	49845K101
PONY	PONY AI INC	131,574	$914K	0.6%	$6.95 *	$13.49	-51.5%	—	732908108

Decreased Positions (36)

CRWV COREWEAVE INC 7.1%

Value $10.27M (-38.9%) Shares 117,846 (-30.2%) Share Price $87.12 Est. Cost/Share $102.32 Unrealized @ Report Date -14.9%

RDDT REDDIT INC 5.1%

Value $7.389M (-37.5%) Shares 51,871 (-23.8%) Share Price $142.44 Est. Cost/Share $106.27 Unrealized @ Report Date +34.0%

VIK VIKING HOLDINGS LTD 3.6%

Value $5.237M (-44.6%) Shares 66,857 (-26.0%) Share Price $78.33 Est. Cost/Share $41.37 Unrealized @ Report Date +89.3%

MDLN MEDLINE INC 4.1%

Value $5.877M (-34.9%) Shares 169,355 (-26.0%) Share Price $34.70 Est. Cost/Share $42.84 Unrealized @ Report Date -19.0%

BTSG BRIGHTSPRING HEALTH SERVICES 2.4%

Value $3.512M (-38.0%) Shares 61,893 (-23.8%) Share Price $56.75 Est. Cost/Share $39.03 Unrealized @ Report Date +45.4%

ULS UL SOLUTIONS INC 1.3%

Value $1.901M (-52.3%) Shares 28,975 (-26.0%) Share Price $65.62 Est. Cost/Share $52.11 Unrealized @ Report Date +25.9%

CBRS CEREBRAS SYSTEMS INC 1.4%

Value $2.022M (-48.1%) Shares 11,382 (-35.5%) Share Price $177.65 Est. Cost/Share $235.36 Unrealized @ Report Date -24.5%

SARO STANDARDAERO INC 1.3%

Value $1.84M (-47.2%) Shares 86,168 (-26.0%) Share Price $21.35 Est. Cost/Share $28.73 Unrealized @ Report Date -25.7%

AHR AMERICAN HEALTHCARE REIT INC 2.6%

Value $3.693M (-27.3%) Shares 72,054 (-26.0%) Share Price $51.26 Est. Cost/Share $47.79 Unrealized @ Report Date —

LGN LEGENCE CORP 0.8%

Value $1.162M (-53.4%) Shares 21,642 (-26.0%) Share Price $53.68 Est. Cost/Share $55.80 Unrealized @ Report Date -3.8%

AS AMER SPORTS INC 1.3%

Value $1.891M (-40.3%) Shares 69,300 (-26.0%) Share Price $27.29 Est. Cost/Share $26.45 Unrealized @ Report Date +3.2%

KLAR KLARNA GROUP PLC 0.7%

Value $951K (-54.7%) Shares 76,716 (-26.0%) Share Price $12.39 Est. Cost/Share $18.69 Unrealized @ Report Date -33.7%

KSPI JSC KASPI.KZ 2.6%

Value $3.777M (-19.7%) Shares 40,158 (-26.0%) Share Price $94.06 Est. Cost/Share $105.68 Unrealized @ Report Date -11.0%

KRMN KARMAN HOLDINGS INC 0.6%

Value $837K (-51.9%) Shares 25,822 (-26.0%) Share Price $32.42 Est. Cost/Share $70.05 Unrealized @ Report Date -53.7%

EQPT EQUIPMENTSHARE.COM INC 0.2%

Value $300K (-74.8%) Shares 17,286 (-71.5%) Share Price $17.37 Est. Cost/Share $23.19 Unrealized @ Report Date -25.1%

LOAR LOAR HOLDINGS INC 0.7%

Value $1.023M (-43.5%) Shares 16,632 (-26.0%) Share Price $61.52 Est. Cost/Share $75.34 Unrealized @ Report Date -18.3%

MAIR MADISON AIR SOLUTIONS CORP 0.7%

Value $1.069M (-39.7%) Shares 43,446 (-4.5%) Share Price $24.60 Est. Cost/Share $38.98 Unrealized @ Report Date -36.9%

FIGR FIGURE TECHNOLOGY SOLUTIONS 1.1%

Value $1.541M (-30.5%) Shares 53,400 (-26.0%) Share Price $28.85 Est. Cost/Share $34.94 Unrealized @ Report Date -17.4%

TTAN SERVICETITAN INC 1.0%

Value $1.488M (-31.1%) Shares 22,613 (-26.0%) Share Price $65.79 Est. Cost/Share $98.03 Unrealized @ Report Date -32.9%

LINE LINEAGE INC 0.6%

Value $894K (-41.6%) Shares 26,203 (-26.0%) Share Price $34.12 Est. Cost/Share $67.62 Unrealized @ Report Date —

FRVO FERVO ENERGY CO 0.3%

Value $395K (-56.6%) Shares 29,083 (-6.6%) Share Price $13.59 Est. Cost/Share $36.11 Unrealized @ Report Date -62.4%

RBRK RUBRIK INC 4.6%

Value $6.698M (+5.5%) Shares 58,513 (-26.0%) Share Price $114.47 Est. Cost/Share $60.16 Unrealized @ Report Date +90.3%

CAI CARIS LIFE SCIENCES INC 1.0%

Value $1.426M (+27.2%) Shares 46,542 (-26.0%) Share Price $30.63 Est. Cost/Share $22.93 Unrealized @ Report Date +33.6%

MWH SOLV ENERGY INC 0.2%

Value $351K (-44.5%) Shares 14,599 (-21.3%) Share Price $24.02 Est. Cost/Share $32.67 Unrealized @ Report Date -26.5%

PACS PACS GROUP INC 0.5%

Value $712K (-27.9%) Shares 17,142 (-26.0%) Share Price $41.55 Est. Cost/Share $36.65 Unrealized @ Report Date +13.4%

FIG FIGMA INC 1.2%

Value $1.691M (-14.0%) Shares 80,464 (-26.0%) Share Price $21.02 Est. Cost/Share $34.83 Unrealized @ Report Date -39.7%

SFD SMITHFIELD FOODS INC 0.2%

Value $325K (-42.9%) Shares 17,363 (-26.0%) Share Price $18.72 Est. Cost/Share $22.25 Unrealized @ Report Date -15.9%

LB LANDBRIDGE CO LLC 0.5%

Value $746K (-24.2%) Shares 9,186 (-26.0%) Share Price $81.17 Est. Cost/Share $63.88 Unrealized @ Report Date +27.1%

BIRK BIRKENSTOCK HOLDING PLC 0.4%

Value $648K (-26.5%) Shares 19,987 (-2.4%) Share Price $32.41 Est. Cost/Share $49.85 Unrealized @ Report Date -35.0%

CRCL CIRCLE INTERNET GROUP INC 3.8%

Value $5.548M (-2.9%) Shares 67,515 (-26.0%) Share Price $82.17 Est. Cost/Share $114.28 Unrealized @ Report Date -28.1%

XE X ENERGY INC 0.2%

Value $237K (-39.8%) Shares 16,741 (-22.1%) Share Price $14.18 Est. Cost/Share $25.89 Unrealized @ Report Date -45.2%

TEM TEMPUS AI INC 2.3%

Value $3.323M (+4.6%) Shares 40,575 (-26.0%) Share Price $81.90 Est. Cost/Share $55.52 Unrealized @ Report Date +47.5%

CHYM CHIME FINANCIAL INC 1.8%

Value $2.612M (-3.7%) Shares 98,065 (-26.0%) Share Price $26.64 Est. Cost/Share $20.47 Unrealized @ Report Date +30.1%

INGM INGRAM MICRO HOLDING CORP 0.4%

Value $572K (-7.0%) Shares 21,327 (-4.9%) Share Price $26.81 Est. Cost/Share $28.09 Unrealized @ Report Date -4.5%

BLSH BULLISH INC 0.2%

Value $273K (+10.0%) Shares 7,825 (-26.1%) Share Price $34.89 Est. Cost/Share $61.33 Unrealized @ Report Date -43.1%

SAIL SAILPOINT INC 0.3%

Value $503K (+2.7%) Shares 24,705 (-26.1%) Share Price $20.36 Est. Cost/Share $20.03 Unrealized @ Report Date +1.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CRWV	COREWEAVE INC	117,846 (-30.2%)	$10.27M (-38.9%)	7.1%	$87.12	$102.32	-14.9%	COM CL A	21873S108
RDDT	REDDIT INC	51,871 (-23.8%)	$7.389M (-37.5%)	5.1%	$142.44	$106.27	+34.0%	COM CL A	75734B100
VIK	VIKING HOLDINGS LTD	66,857 (-26.0%)	$5.237M (-44.6%)	3.6%	$78.33	$41.37	+89.3%	COM	G93A5A101
MDLN	MEDLINE INC	169,355 (-26.0%)	$5.877M (-34.9%)	4.1%	$34.70	$42.84	-19.0%	COM CL A	58507V107
BTSG	BRIGHTSPRING HEALTH SERVICES	61,893 (-23.8%)	$3.512M (-38.0%)	2.4%	$56.75	$39.03	+45.4%	COM	10950A106
ULS	UL SOLUTIONS INC	28,975 (-26.0%)	$1.901M (-52.3%)	1.3%	$65.62	$52.11	+25.9%	COM CL A	903731107
CBRS	CEREBRAS SYSTEMS INC	11,382 (-35.5%)	$2.022M (-48.1%)	1.4%	$177.65	$235.36	-24.5%	COM CL A	15675D103
SARO	STANDARDAERO INC	86,168 (-26.0%)	$1.84M (-47.2%)	1.3%	$21.35	$28.73	-25.7%	COM	85423L103
AHR	AMERICAN HEALTHCARE REIT INC	72,054 (-26.0%)	$3.693M (-27.3%)	2.6%	$51.26	$47.79	—	COM	398182303
LGN	LEGENCE CORP	21,642 (-26.0%)	$1.162M (-53.4%)	0.8%	$53.68	$55.80	-3.8%	COM CL A	52476L109
AS	AMER SPORTS INC	69,300 (-26.0%)	$1.891M (-40.3%)	1.3%	$27.29	$26.45	+3.2%	COM	G0260P102
KLAR	KLARNA GROUP PLC	76,716 (-26.0%)	$951K (-54.7%)	0.7%	$12.39	$18.69	-33.7%	COM	G5279N105
KSPI	JSC KASPI.KZ	40,158 (-26.0%)	$3.777M (-19.7%)	2.6%	$94.06	$105.68	-11.0%	ADR	48581R205
KRMN	KARMAN HOLDINGS INC	25,822 (-26.0%)	$837K (-51.9%)	0.6%	$32.42	$70.05	-53.7%	COM	485924104
EQPT	EQUIPMENTSHARE.COM INC	17,286 (-71.5%)	$300K (-74.8%)	0.2%	$17.37	$23.19	-25.1%	COM CL A	29445S100
LOAR	LOAR HOLDINGS INC	16,632 (-26.0%)	$1.023M (-43.5%)	0.7%	$61.52	$75.34	-18.3%	COM	53947R105
MAIR	MADISON AIR SOLUTIONS CORP	43,446 (-4.5%)	$1.069M (-39.7%)	0.7%	$24.60	$38.98	-36.9%	COM CL A	55658T105
FIGR	FIGURE TECHNOLOGY SOLUTIONS	53,400 (-26.0%)	$1.541M (-30.5%)	1.1%	$28.85	$34.94	-17.4%	COM CL A	349381103
TTAN	SERVICETITAN INC	22,613 (-26.0%)	$1.488M (-31.1%)	1.0%	$65.79	$98.03	-32.9%	COM CL A	81764X103
LINE	LINEAGE INC	26,203 (-26.0%)	$894K (-41.6%)	0.6%	$34.12	$67.62	—	COM	53566V106
FRVO	FERVO ENERGY CO	29,083 (-6.6%)	$395K (-56.6%)	0.3%	$13.59	$36.11	-62.4%	COM CL A	31556C106
RBRK	RUBRIK INC	58,513 (-26.0%)	$6.698M (+5.5%)	4.6%	$114.47	$60.16	+90.3%	COM CL A	781154109
CAI	CARIS LIFE SCIENCES INC	46,542 (-26.0%)	$1.426M (+27.2%)	1.0%	$30.63	$22.93	+33.6%	COM	142152107
MWH	SOLV ENERGY INC	14,599 (-21.3%)	$351K (-44.5%)	0.2%	$24.02	$32.67	-26.5%	COM CL A	78475V103
PACS	PACS GROUP INC	17,142 (-26.0%)	$712K (-27.9%)	0.5%	$41.55	$36.65	+13.4%	COM	69380Q107
FIG	FIGMA INC	80,464 (-26.0%)	$1.691M (-14.0%)	1.2%	$21.02	$34.83	-39.7%	COM CL A	316841105
SFD	SMITHFIELD FOODS INC	17,363 (-26.0%)	$325K (-42.9%)	0.2%	$18.72	$22.25	-15.9%	COM	832248207
LB	LANDBRIDGE CO LLC	9,186 (-26.0%)	$746K (-24.2%)	0.5%	$81.17	$63.88	+27.1%	COM CL A	514952100
BIRK	BIRKENSTOCK HOLDING PLC	19,987 (-2.4%)	$648K (-26.5%)	0.4%	$32.41	$49.85	-35.0%	COM	M2029K104
CRCL	CIRCLE INTERNET GROUP INC	67,515 (-26.0%)	$5.548M (-2.9%)	3.8%	$82.17	$114.28	-28.1%	COM	172573107
XE	X ENERGY INC	16,741 (-22.1%)	$237K (-39.8%)	0.2%	$14.18	$25.89	-45.2%	COM	98386P102
TEM	TEMPUS AI INC	40,575 (-26.0%)	$3.323M (+4.6%)	2.3%	$81.90	$55.52	+47.5%	COM CL A	88023B103
CHYM	CHIME FINANCIAL INC	98,065 (-26.0%)	$2.612M (-3.7%)	1.8%	$26.64	$20.47	+30.1%	COM L A	16935C109
INGM	INGRAM MICRO HOLDING CORP	21,327 (-4.9%)	$572K (-7.0%)	0.4%	$26.81	$28.09	-4.5%	COM	457152106
BLSH	BULLISH INC	7,825 (-26.1%)	$273K (+10.0%)	0.2%	$34.89	$61.33	-43.1%	COM	G16910120
SAIL	SAILPOINT INC	24,705 (-26.1%)	$503K (+2.7%)	0.3%	$20.36	$20.03	+1.6%	COM	78781J109