Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CNC	CENTENE CORP DEL	80,000	$4.97M	2.8%	$62.12	$65.30	-4.9%	COM	15135B101
RVTY	REVVITY INC	30,000	$4.587M	2.6%	$152.89	$123.01	+24.3%	COM	714046109
BRKR	BRUKER CORP	65,000	$4.209M	2.4%	$64.75	$58.95	+9.8%	COM	116794108
MDT	MEDTRONIC PLC	45,000	$3.883M	2.2%	$86.29	$88.13	-2.1%	SHS	G5960L103
RGEN	REPLIGEN CORP	20,000	$3.845M	2.2%	$192.23	$162.63	+18.2%	COM	759916109
CI	THE CIGNA GROUP	13,203	$3.589M	2.1%	$271.83	$281.79	-3.5%	COM	125523100
AVTR	AVANTOR INC	175,000	$2.634M	1.5%	$15.05	$13.42	+12.2%	COM	05352A100
BNTX	BIONTECH SE	22,000	$2.163M	1.2%	$98.30	$97.09	+1.2%	SPONSORED ADS	09075V102
MRNA	MODERNA INC	10,000	$1.926M	1.1%	$192.57	$107.77	+78.7%	COM	60770K107
ARGX	ARGENX SE	2,000	$1.918M	1.1%	$958.91	$940.37	+2.0%	SPONSORED ADR	04016X101
MDGL	MADRIGAL PHARMACEUTICALS INC	2,500	$1.26M	0.7%	$503.96	$528.49	-4.6%	COM	558868105
TWST	TWIST BIOSCIENCE CORP	1,128	$218K	0.1%	$193.24	$123.53	+56.4%	COM	90184D100

Increased Positions (14)

XBI SPDR SERIES TRUST 16.2%

Value $28.38M (+48.1%) Shares 180,000 (+20.0%) Share Price $157.68 Est. Cost/Share $106.71 Unrealized @ Report Date +47.8%

ELV ELEVANCE HEALTH INC 3.1%

Value $5.443M (+271.8%) Shares 14,000 (+180.0%) Share Price $388.82 Est. Cost/Share $373.95 Unrealized @ Report Date +4.0%

EHC ENCOMPASS HEALTH CORP 2.8%

Value $4.86M (+234.9%) Shares 40,000 (+166.7%) Share Price $121.49 Est. Cost/Share $107.02 Unrealized @ Report Date +13.5%

ABT ABBOTT LABORATORIES 3.1%

Value $5.436M (+111.8%) Shares 55,000 (+120.0%) Share Price $98.83 Est. Cost/Share $106.20 Unrealized @ Report Date -6.9%

UNH UNITEDHEALTH GROUP INC 3.1%

Value $5.506M (+103.5%) Shares 15,000 (+50.0%) Share Price $367.08 Est. Cost/Share $423.70 Unrealized @ Report Date -13.4%

ABBV ABBVIE INC 3.3%

Value $5.755M (+76.4%) Shares 22,000 (+46.7%) Share Price $261.59 Est. Cost/Share $219.26 Unrealized @ Report Date +19.3%

EW EDWARDS LIFESCIENCES CORP 2.2%

Value $3.884M (+142.5%) Shares 45,000 (+125.0%) Share Price $86.32 Est. Cost/Share $85.85 Unrealized @ Report Date +0.6%

MCK MCKESSON CORP 3.2%

Value $5.55M (+60.4%) Shares 6,500 (+62.5%) Share Price $853.81 Est. Cost/Share $611.86 Unrealized @ Report Date +39.5%

TMO THERMO FISHER SCIENTIFIC INC 3.3%

Value $5.738M (+45.9%) Shares 8,500 (+6.3%) Share Price $675.05 Est. Cost/Share $472.38 Unrealized @ Report Date +42.9%

DHR DANAHER CORP DEL 3.2%

Value $5.539M (+46.1%) Shares 25,000 (+25.0%) Share Price $221.55 Est. Cost/Share $186.51 Unrealized @ Report Date +18.8%

JNJ JOHNSON & JOHNSON 3.6%

Value $6.354M (+30.0%) Shares 24,000 (+20.0%) Share Price $264.74 Est. Cost/Share $238.09 Unrealized @ Report Date +11.2%

VRTX VERTEX PHARMACEUTICALS INC 3.1%

Value $5.49M (+22.9%) Shares 10,500 (+5.0%) Share Price $522.81 Est. Cost/Share $422.40 Unrealized @ Report Date +23.8%

COR CENCORA INC 3.1%

Value $5.404M (+14.7%) Shares 18,000 (+20.0%) Share Price $300.25 Est. Cost/Share $242.83 Unrealized @ Report Date +23.6%

CAH CARDINAL HEALTH INC 3.2%

Value $5.563M (+9.7%) Shares 25,000 (+4.2%) Share Price $222.50 Est. Cost/Share $81.50 Unrealized @ Report Date +173.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XBI	SPDR SERIES TRUST	180,000 (+20.0%)	$28.38M (+48.1%)	16.2%	$157.68	$106.71	+47.8%	ST STR SP BIOT	78464A870
ELV	ELEVANCE HEALTH INC	14,000 (+180.0%)	$5.443M (+271.8%)	3.1%	$388.82	$373.95	+4.0%	COM	036752103
EHC	ENCOMPASS HEALTH CORP	40,000 (+166.7%)	$4.86M (+234.9%)	2.8%	$121.49	$107.02	+13.5%	COM	29261A100
ABT	ABBOTT LABORATORIES	55,000 (+120.0%)	$5.436M (+111.8%)	3.1%	$98.83	$106.20	-6.9%	COM	002824100
UNH	UNITEDHEALTH GROUP INC	15,000 (+50.0%)	$5.506M (+103.5%)	3.1%	$367.08	$423.70	-13.4%	COM	91324P102
ABBV	ABBVIE INC	22,000 (+46.7%)	$5.755M (+76.4%)	3.3%	$261.59	$219.26	+19.3%	COM	00287Y109
EW	EDWARDS LIFESCIENCES CORP	45,000 (+125.0%)	$3.884M (+142.5%)	2.2%	$86.32	$85.85	+0.6%	COM	28176E108
MCK	MCKESSON CORP	6,500 (+62.5%)	$5.55M (+60.4%)	3.2%	$853.81	$611.86	+39.5%	COM	58155Q103
TMO	THERMO FISHER SCIENTIFIC INC	8,500 (+6.3%)	$5.738M (+45.9%)	3.3%	$675.05	$472.38	+42.9%	COM	883556102
DHR	DANAHER CORP DEL	25,000 (+25.0%)	$5.539M (+46.1%)	3.2%	$221.55	$186.51	+18.8%	COM	235851102
JNJ	JOHNSON & JOHNSON	24,000 (+20.0%)	$6.354M (+30.0%)	3.6%	$264.74	$238.09	+11.2%	COM	478160104
VRTX	VERTEX PHARMACEUTICALS INC	10,500 (+5.0%)	$5.49M (+22.9%)	3.1%	$522.81	$422.40	+23.8%	COM	92532F100
COR	CENCORA INC	18,000 (+20.0%)	$5.404M (+14.7%)	3.1%	$300.25	$242.83	+23.6%	COM	03073E105
CAH	CARDINAL HEALTH INC	25,000 (+4.2%)	$5.563M (+9.7%)	3.2%	$222.50	$81.50	+173.0%	COM	14149Y108

Exited Positions (11)

— CALL- BSX 100 @ 75 EXP 04/17/2026 2.9%

Value $5.02M Shares 800 Share Price $6275.00 Est. Cost/Share $6275.00 Unrealized @ Report Date —

ISRG INTUITIVE SURG 2.4%

Value $4.149M Shares 9,000 Share Price $461.00 * Est. Cost/Share $553.02 Unrealized @ Report Date -26.5%

AZN ASTRAZENECA PLC 2.3%

Value $3.944M Shares 20,000 Share Price $197.20 * Est. Cost/Share $191.34 Unrealized @ Report Date -16.3%

BSX BOSTON SCIENTIFIC CORPORATION 2.2%

Value $3.891M Shares 62,000 Share Price $62.76 * Est. Cost/Share $42.40 Unrealized @ Report Date +3.0%

THC TENET HEALTHCARE 2.2%

Value $3.774M Shares 20,000 Share Price $188.70 * Est. Cost/Share $88.82 Unrealized @ Report Date +187.7%

SYK STRYKER CORP 1.9%

Value $3.286M Shares 10,000 Share Price $328.60 * Est. Cost/Share $241.03 Unrealized @ Report Date +14.3%

UHS UNIV HEALTH SVC 1.8%

Value $3.132M Shares 17,500 Share Price $178.97 * Est. Cost/Share $150.82 Unrealized @ Report Date +15.5%

REGN REGENERON PHARMACEUTICALS 1.8%

Value $3.091M Shares 4,000 Share Price $772.75 Est. Cost/Share $765.15 Unrealized @ Report Date -0.9%

GMED GLOBUS MEDICAL 1.5%

Value $2.585M Shares 30,000 Share Price $86.17 * Est. Cost/Share $75.90 Unrealized @ Report Date -1.3%

SNN SMITH & NEPHEW 0.9%

Value $1.589M Shares 50,000 Share Price $31.78 * Est. Cost/Share $26.57 Unrealized @ Report Date +1.5%

CVS CVS HEALTH CORP 0.8%

Value $1.436M Shares 20,000 Share Price $71.80 * Est. Cost/Share $76.90 Unrealized @ Report Date +11.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	CALL- BSX 100 @ 75 EXP 04/17/2026	800	$5.02M	2.9%	$6275.00	$6275.00	—	—	99DRG5HW3
ISRG	INTUITIVE SURG	9,000	$4.149M	2.4%	$461.00 *	$553.02	-26.5%	—	46120E602
AZN	ASTRAZENECA PLC	20,000	$3.944M	2.3%	$197.20 *	$191.34	-16.3%	—	G0593M107
BSX	BOSTON SCIENTIFIC CORPORATION	62,000	$3.891M	2.2%	$62.76 *	$42.40	+3.0%	—	101137107
THC	TENET HEALTHCARE	20,000	$3.774M	2.2%	$188.70 *	$88.82	+187.7%	—	88033G407
SYK	STRYKER CORP	10,000	$3.286M	1.9%	$328.60 *	$241.03	+14.3%	—	863667101
UHS	UNIV HEALTH SVC	17,500	$3.132M	1.8%	$178.97 *	$150.82	+15.5%	—	913903100
REGN	REGENERON PHARMACEUTICALS	4,000	$3.091M	1.8%	$772.75	$765.15	-0.9%	—	75886F107
GMED	GLOBUS MEDICAL	30,000	$2.585M	1.5%	$86.17 *	$75.90	-1.3%	—	379577208
SNN	SMITH & NEPHEW	50,000	$1.589M	0.9%	$31.78 *	$26.57	+1.5%	—	83175M205
CVS	CVS HEALTH CORP	20,000	$1.436M	0.8%	$71.80 *	$76.90	+11.4%	—	126650100

Decreased Positions (5)

HUM HUMANA INC 3.9%

Value $6.754M (+94.7%) Shares 17,700 (-11.5%) Share Price $381.57 Est. Cost/Share $283.57 Unrealized @ Report Date +34.6%

MTD METTLER TOLEDO INTERNATIONAL 2.2%

Value $3.777M (+8.9%) Shares 2,500 (-9.1%) Share Price $1510.95 Est. Cost/Share $1396.48 Unrealized @ Report Date +8.2%

LLY ELI LILLY & CO 2.8%

Value $4.894M (+6.4%) Shares 4,230 (-15.4%) Share Price $1157.08 Est. Cost/Share $387.18 Unrealized @ Report Date +198.8%

BIO BIO RAD LABS INC 1.7%

Value $3.022M (+8.4%) Shares 8,000 (-20.0%) Share Price $377.71 Est. Cost/Share $242.70 Unrealized @ Report Date +55.6%

WAT WATERS CORP 2.5%

Value $4.394M (-1.6%) Shares 10,000 (-33.3%) Share Price $439.39 Est. Cost/Share $342.06 Unrealized @ Report Date +28.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HUM	HUMANA INC	17,700 (-11.5%)	$6.754M (+94.7%)	3.9%	$381.57	$283.57	+34.6%	COM	444859102
MTD	METTLER TOLEDO INTERNATIONAL	2,500 (-9.1%)	$3.777M (+8.9%)	2.2%	$1510.95	$1396.48	+8.2%	COM	592688105
LLY	ELI LILLY & CO	4,230 (-15.4%)	$4.894M (+6.4%)	2.8%	$1157.08	$387.18	+198.8%	COM	532457108
BIO	BIO RAD LABS INC	8,000 (-20.0%)	$3.022M (+8.4%)	1.7%	$377.71	$242.70	+55.6%	CL A	090572207
WAT	WATERS CORP	10,000 (-33.3%)	$4.394M (-1.6%)	2.5%	$439.39	$342.06	+28.5%	COM	941848103

Unchanged Positions (4)

A AGILENT TECHNOLOGIES INC 3.0%

Value $5.169M Shares 30,000 Share Price $172.31 Est. Cost/Share $135.79 Unrealized @ Report Date +26.9%

MRK MERCK & CO INC 3.3%

Value $5.812M Shares 40,000 Share Price $145.31 Est. Cost/Share $98.80 Unrealized @ Report Date +47.1%

BIIB BIOGEN INC 1.9%

Value $3.388M Shares 15,000 Share Price $225.88 Est. Cost/Share $163.37 Unrealized @ Report Date +38.3%

GILD GILEAD SCIENCES INC 2.1%

Value $3.726M Shares 25,000 Share Price $149.05 Est. Cost/Share $120.88 Unrealized @ Report Date +23.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
A	AGILENT TECHNOLOGIES INC	30,000	$5.169M	3.0%	$172.31	$135.79	+26.9%	COM	00846U101
MRK	MERCK & CO INC	40,000	$5.812M	3.3%	$145.31	$98.80	+47.1%	COM	58933Y105
BIIB	BIOGEN INC	15,000	$3.388M	1.9%	$225.88	$163.37	+38.3%	COM	09062X103
GILD	GILEAD SCIENCES INC	25,000	$3.726M	2.1%	$149.05	$120.88	+23.3%	COM	375558103