Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	288,880	$86.05M	7.6%	—	—	COM	573874104
QCOM	QUALCOMM INC	303,691	$56.12M	5.0%	—	—	COM	747525103
CVX	CHEVRON CORPORATION	317,400	$52.61M	4.6%	—	—	COM	166764100
CLS	CELESTICA INC	108,000	$39.4M	3.5%	—	—	COM	15101Q207
AVGO	BROADCOM INC	99,160	$37.46M	3.3%	—	—	COM	11135F101
CIEN	CIENA CORP	34,720	$17.03M	1.5%	—	—	COM NEW	171779309
NOK	NOKIA CORP	1,215,920	$16.15M	1.4%	—	—	SPONSORED ADR	654902204
XE	X-ENERGY INC	636,000	$11.68M	1.0%	—	—	COM CL A	98386P102
AXTI	AXT INC	140,000	$10.09M	0.9%	—	—	COM	00246W103
SITM	SITIME CORP	12,500	$9.319M	0.8%	—	—	COM	82982T106
KLIC	KULICKE & SOFFA INDS INC	62,786	$8.398M	0.7%	—	—	COM	501242101
BWXT	BWX TECHNOLOGIES INC	40,000	$7.786M	0.7%	—	—	COM	05605H100
SMCI	SUPER MICRO COMPUTER INC	238,300	$6.989M	0.6%	—	—	COM NEW	86800U302
ONTO	ONTO INNOVATION INC	17,500	$6.623M	0.6%	—	—	COM	683344105
INIO	INNIO NV	159,132	$6.294M	0.6%	—	—	ORDINARY SHARES	N52A8C105
SMTC	SEMTECH CORP	37,100	$6.005M	0.5%	—	—	COM	816850101
POET	POET TECHNOLOGIES INC	540,000	$5.551M	0.5%	—	—	COM NEW	73044W302
BIDU	BAIDU INC	26,200	$2.994M	0.3%	—	—	SPON ADR REP A	056752108
SDRL	SEADRILL LTD	61,600	$2.33M	0.2%	—	—	COM	G7997W102
RIG	TRANSOCEAN LTD	445,100	$2.177M	0.2%	—	—	REGISTERED SHS	H8817H100
VAL	VALARIS LTD	29,800	$2.163M	0.2%	—	—	CL A	G9460G101
—	SUPER MICRO COMPUTER INC	20,000	$1.039M	0.1%	—	—	7 DEP CM SR A WI	86800U500
UMC	UNITED MICROELECTRONICS CORP	17,270	$470K	0.0%	—	—	SPON ADR NEW	910873405
—	ORACLE CORP	10,000	$450K	0.0%	—	—	6.5 DEP CUM SR D	68389X204

Increased Positions (6)

TSM TAIWAN SEMICONDUCTOR MANUFAC 19.1%

Value $216M (+293.4%) Shares 452,800 (+178.4%) Est. Cost — Unrealized —

AMD ADVANCED MICRO DEVICES INC 8.8%

Value $99.39M (+204.6%) Shares 171,100 (+6.7%) Est. Cost — Unrealized —

LITE LUMENTUM HLDGS INC 8.1%

Value $91.78M (+138.6%) Shares 106,960 (+95.4%) Est. Cost — Unrealized —

GLW CORNING INC 6.6%

Value $75.14M (+104.4%) Shares 294,169 (+8.8%) Est. Cost — Unrealized —

BKR BAKER HUGHES COMPANY 2.9%

Value $32.41M (+8.8%) Shares 583,995 (+19.6%) Est. Cost — Unrealized —

TCOM TRIP COM GROUP LTD 1.0%

Value $10.93M (+17.0%) Shares 274,227 (+46.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	452,800 (+178.4%)	$216M (+293.4%)	19.1%	—	—	SPONSORED ADS	874039100
AMD	ADVANCED MICRO DEVICES INC	171,100 (+6.7%)	$99.39M (+204.6%)	8.8%	—	—	COM	007903107
LITE	LUMENTUM HLDGS INC	106,960 (+95.4%)	$91.78M (+138.6%)	8.1%	—	—	COM	55024U109
GLW	CORNING INC	294,169 (+8.8%)	$75.14M (+104.4%)	6.6%	—	—	COM	219350105
BKR	BAKER HUGHES COMPANY	583,995 (+19.6%)	$32.41M (+8.8%)	2.9%	—	—	CL A	05722G100
TCOM	TRIP COM GROUP LTD	274,227 (+46.3%)	$10.93M (+17.0%)	1.0%	—	—	ADS	89677Q107

Exited Positions (24)

EWY ISHARES INC 6.3%

Value $71.25M Shares 579,200 Est. Cost — Unrealized —

GOOGL ALPHABET INC 3.8%

Value $42.62M Shares 148,200 Est. Cost — Unrealized —

META META PLATFORMS INC 3.4%

Value $38.65M Shares 67,560 Est. Cost — Unrealized —

LIN LINDE PLC 2.7%

Value $30.19M Shares 60,900 Est. Cost — Unrealized —

DASH DOORDASH INC 2.4%

Value $27.24M Shares 181,440 Est. Cost — Unrealized —

RBLX ROBLOX CORP 1.6%

Value $17.92M Shares 316,900 Est. Cost — Unrealized —

ARM ARM HOLDINGS PLC 1.4%

Value $16.25M Shares 107,400 Est. Cost — Unrealized —

MKSI MKS INC. 1.4%

Value $15.74M Shares 68,500 Est. Cost — Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 1.4%

Value $15.48M Shares 203,200 Est. Cost — Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 1.3%

Value $14.17M Shares 50,200 Est. Cost — Unrealized —

COHR COHERENT CORP 1.1%

Value $11.91M Shares 50,000 Est. Cost — Unrealized —

WAB WABTEC 0.9%

Value $10.44M Shares 41,794 Est. Cost — Unrealized —

RMBS RAMBUS INC DEL 0.9%

Value $10.32M Shares 120,000 Est. Cost — Unrealized —

HAL HALLIBURTON CO 0.7%

Value $7.798M Shares 200,000 Est. Cost — Unrealized —

PH PARKER-HANNIFIN CORP 0.7%

Value $7.52M Shares 8,400 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.6%

Value $7.238M Shares 41,500 Est. Cost — Unrealized —

U UNITY SOFTWARE INC 0.6%

Value $7.215M Shares 328,865 Est. Cost — Unrealized —

NDAQ NASDAQ INC 0.4%

Value $4.839M Shares 57,000 Est. Cost — Unrealized —

AEIS ADVANCED ENERGY INDS 0.3%

Value $3.374M Shares 10,456 Est. Cost — Unrealized —

FICO FAIR ISAAC CORP 0.3%

Value $3.203M Shares 3,000 Est. Cost — Unrealized —

ENTG ENTEGRIS INC 0.1%

Value $1.172M Shares 10,000 Est. Cost — Unrealized —

GOOG ALPHABET INC 0.0%

Value $229K Shares 800 Est. Cost — Unrealized —

FTAI FTAI AVIATION LTD 0.0%

Value $203K Shares 830 Est. Cost — Unrealized —

VNET VNET GROUP INC 0.0%

Value $91,451 Shares 10,900 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EWY	ISHARES INC	579,200	$71.25M	6.3%	—	—	—	464286772
GOOGL	ALPHABET INC	148,200	$42.62M	3.8%	—	—	—	02079K305
META	META PLATFORMS INC	67,560	$38.65M	3.4%	—	—	—	30303M102
LIN	LINDE PLC	60,900	$30.19M	2.7%	—	—	—	G54950103
DASH	DOORDASH INC	181,440	$27.24M	2.4%	—	—	—	25809K105
RBLX	ROBLOX CORP	316,900	$17.92M	1.6%	—	—	—	771049103
ARM	ARM HOLDINGS PLC	107,400	$16.25M	1.4%	—	—	—	042068205
MKSI	MKS INC.	68,500	$15.74M	1.4%	—	—	—	55306N104
SOLS	SOLSTICE ADVANCED MATLS INC	203,200	$15.48M	1.4%	—	—	—	83443Q103
KEYS	KEYSIGHT TECHNOLOGIES INC	50,200	$14.17M	1.3%	—	—	—	49338L103
COHR	COHERENT CORP	50,000	$11.91M	1.1%	—	—	—	19247G107
WAB	WABTEC	41,794	$10.44M	0.9%	—	—	—	929740108
RMBS	RAMBUS INC DEL	120,000	$10.32M	0.9%	—	—	—	750917106
HAL	HALLIBURTON CO	200,000	$7.798M	0.7%	—	—	—	406216101
PH	PARKER-HANNIFIN CORP	8,400	$7.52M	0.7%	—	—	—	701094104
NVDA	NVIDIA CORPORATION	41,500	$7.238M	0.6%	—	—	—	67066G104
U	UNITY SOFTWARE INC	328,865	$7.215M	0.6%	—	—	—	91332U101
NDAQ	NASDAQ INC	57,000	$4.839M	0.4%	—	—	—	631103108
AEIS	ADVANCED ENERGY INDS	10,456	$3.374M	0.3%	—	—	—	007973100
FICO	FAIR ISAAC CORP	3,000	$3.203M	0.3%	—	—	—	303250104
ENTG	ENTEGRIS INC	10,000	$1.172M	0.1%	—	—	—	29362U104
GOOG	ALPHABET INC	800	$229K	0.0%	—	—	—	02079K107
FTAI	FTAI AVIATION LTD	830	$203K	0.0%	—	—	—	G3730V105
VNET	VNET GROUP INC	10,900	$91,451	0.0%	—	—	—	90138A103

Decreased Positions (10)

MU MICRON TECHNOLOGY INC 3.2%

Value $36.71M (-58.4%) Shares 31,805 (-87.8%) Est. Cost — Unrealized —

SNDK SANDISK CORP 0.2%

Value $2.74M (-91.8%) Shares 1,205 (-97.7%) Est. Cost — Unrealized —

LRCX LAM RESEARCH CORP 0.0%

Value $260K (-99.1%) Shares 600 (-99.6%) Est. Cost — Unrealized —

AMAT APPLIED MATLS INC 0.0%

Value $289K (-99.0%) Shares 400 (-99.5%) Est. Cost — Unrealized —

INTC INTEL CORP 5.8%

Value $65.53M (+74.2%) Shares 469,340 (-45.0%) Est. Cost — Unrealized —

ASML ASML HLDG NV 0.1%

Value $686K (-97.5%) Shares 345 (-98.4%) Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.7%

Value $8.446M (-63.6%) Shares 88,000 (-52.4%) Est. Cost — Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 0.4%

Value $4.715M (-46.4%) Shares 102,700 (-33.9%) Est. Cost — Unrealized —

SNAP SNAP INC 0.4%

Value $3.998M (-44.6%) Shares 900,500 (-42.6%) Est. Cost — Unrealized —

TER TERADYNE INC 1.4%

Value $15.48M (-1.3%) Shares 32,000 (-39.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	31,805 (-87.8%)	$36.71M (-58.4%)	3.2%	—	—	COM	595112103
SNDK	SANDISK CORP	1,205 (-97.7%)	$2.74M (-91.8%)	0.2%	—	—	COM	80004C200
LRCX	LAM RESEARCH CORP	600 (-99.6%)	$260K (-99.1%)	0.0%	—	—	COM NEW	512807306
AMAT	APPLIED MATLS INC	400 (-99.5%)	$289K (-99.0%)	0.0%	—	—	COM	038222105
INTC	INTEL CORP	469,340 (-45.0%)	$65.53M (+74.2%)	5.8%	—	—	COM	458140100
ASML	ASML HLDG NV	345 (-98.4%)	$686K (-97.5%)	0.1%	—	—	N Y REGISTRY SHS	N07059210
BABA	ALIBABA GROUP HLDG LTD	88,000 (-52.4%)	$8.446M (-63.6%)	0.7%	—	—	SPONSORED ADS	01609W102
EDU	NEW ORIENTAL ED & TECHNOLOGY	102,700 (-33.9%)	$4.715M (-46.4%)	0.4%	—	—	SPON ADR	647581206
SNAP	SNAP INC	900,500 (-42.6%)	$3.998M (-44.6%)	0.4%	—	—	CL A	83304A106
TER	TERADYNE INC	32,000 (-39.5%)	$15.48M (-1.3%)	1.4%	—	—	COM	880770102

Unchanged Positions (4)

HOOD ROBINHOOD MKTS INC 4.5%

Value $51.44M Shares 512,952 Est. Cost — Unrealized —

ROOT ROOT INC 0.8%

Value $8.992M Shares 160,798 Est. Cost — Unrealized —

SLB SLB LIMITED 1.0%

Value $11.62M Shares 250,000 Est. Cost — Unrealized —

DDL DINGDONG CAYMAN LTD 0.0%

Value $63,690 Shares 33,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HOOD	ROBINHOOD MKTS INC	512,952	$51.44M	4.5%	—	—	COM CL A	770700102
ROOT	ROOT INC	160,798	$8.992M	0.8%	—	—	CL A NEW	77664L207
SLB	SLB LIMITED	250,000	$11.62M	1.0%	—	—	COM STK	806857108
DDL	DINGDONG CAYMAN LTD	33,000	$63,690	0.0%	—	—	ADS	25445D101