Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	4,320,000 (+98.2%)	$900M (+78.9%)	15.2%	$175.64	+29.1%	COM	023135106
UBER	UBER TECHNOLOGIES INC	6,332,720 (+242.3%)	$456M (+201.3%)	7.7%	$72.23	+9.0%	COM	90353T100
VST	VISTRA CORP	2,022,332 (+114.0%)	$304M (+99.4%)	5.1%	$139.54	+16.9%	COM	92840M102
MU	MICRON TECHNOLOGY INC	1,665,000 (+11.0%)	$563M (+31.4%)	9.5%	$200.46	+93.1%	COM	595112103
EWY	ISHARES INC	2,400,000 (+28.0%)	$295M (+62.0%)	5.0%	$102.86	—	MSCI STH KOR ETF	464286772
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,327,500 (+17.5%)	$449M (+30.6%)	7.6%	$223.99	—	SPONSORED ADS	874039100
NRG	NRG ENERGY INC	1,734,442 (+5.8%)	$253M (-2.9%)	4.3%	$89.75	+76.6%	COM NEW	629377508
BIDU	BAIDU INC	692,100 (+20.4%)	$77.11M (+2.6%)	1.3%	$119.55	—	SPON ADR REP A	056752108

Exited Positions (9)

AAL AMERICAN AIRLS GROUP INC 3.7%

Value $217M Shares 14,150,000 Est. Cost $12.72 Unrealized +14.5%

OC OWENS CORNING NEW 1.8%

Value $106M Shares 950,000 Est. Cost $122.36 Unrealized +2.7%

MHK MOHAWK INDS INC 1.2%

Value $73.78M Shares 675,000 Est. Cost $115.11 Unrealized +7.3%

MU MICRON TECHNOLOGY INC 1.2%

Value $71.35M Shares 250,000 Est. Cost $200.46 Unrealized +93.1%

IQV IQVIA HLDGS INC 1.1%

Value $63.11M Shares 280,000 Est. Cost $150.55 Unrealized +39.6%

UAL UNITED AIRLS HLDGS INC 0.9%

Value $52M Shares 465,000 Est. Cost $73.67 Unrealized +51.6%

FXI ISHARES TR 0.7%

Value $41.64M Shares 1,087,500 Est. Cost $26.58 Unrealized —

DAL DELTA AIR LINES INC DEL 0.6%

Value $32.97M Shares 475,000 Est. Cost $46.00 Unrealized +51.8%

GT GOODYEAR TIRE & RUBR CO 0.4%

Value $21.9M Shares 2,500,000 Est. Cost $9.60 Unrealized -3.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAL	AMERICAN AIRLS GROUP INC	14,150,000	$217M	3.7%	$12.72	+14.5%	—	02376R102
OC	OWENS CORNING NEW	950,000	$106M	1.8%	$122.36	+2.7%	—	690742101
MHK	MOHAWK INDS INC	675,000	$73.78M	1.2%	$115.11	+7.3%	—	608190104
MU	MICRON TECHNOLOGY INC	250,000	$71.35M	1.2%	$200.46	+93.1%	CALL	595112103
IQV	IQVIA HLDGS INC	280,000	$63.11M	1.1%	$150.55	+39.6%	—	46266C105
UAL	UNITED AIRLS HLDGS INC	465,000	$52M	0.9%	$73.67	+51.6%	—	910047109
FXI	ISHARES TR	1,087,500	$41.64M	0.7%	$26.58	—	—	464287184
DAL	DELTA AIR LINES INC DEL	475,000	$32.97M	0.6%	$46.00	+51.8%	—	247361702
GT	GOODYEAR TIRE & RUBR CO	2,500,000	$21.9M	0.4%	$9.60	-3.1%	—	382550101

Decreased Positions (22)

BABA ALIBABA GROUP HLDG LTD 7.3%

Value $435M (-42.3%) Shares 3,465,000 (-32.6%) Est. Cost $77.72 Unrealized —

MSFT MICROSOFT CORP 0.6%

Value $33.32M (-86.2%) Shares 90,000 (-82.0%) Est. Cost $313.26 Unrealized +38.7%

WHR WHIRLPOOL CORP 1.8%

Value $105M (-62.7%) Shares 1,950,000 (-50.1%) Est. Cost $91.35 Unrealized -8.7%

META META PLATFORMS INC 4.2%

Value $250M (-36.9%) Shares 436,500 (-27.3%) Est. Cost $427.59 Unrealized +53.3%

QCOM QUALCOMM INC 1.1%

Value $64.21M (-67.2%) Shares 498,613 (-56.5%) Est. Cost $143.46 Unrealized +7.3%

KWEB KRANESHARES TRUST 0.5%

Value $30.7M (-81.0%) Shares 1,080,000 (-77.3%) Est. Cost $33.85 Unrealized —

DB DEUTSCHE BK AG 0.1%

Value $7.672M (-93.7%) Shares 257,616 (-91.8%) Est. Cost $20.76 Unrealized +83.2%

PDD PDD HOLDINGS INC 1.5%

Value $91.96M (-54.3%) Shares 900,000 (-49.3%) Est. Cost $123.20 Unrealized —

JD JD.COM INC 0.7%

Value $38.59M (-67.7%) Shares 1,305,000 (-68.6%) Est. Cost $33.10 Unrealized —

GOOG ALPHABET INC 8.4%

Value $497M (-11.4%) Shares 1,732,700 (-3.0%) Est. Cost $153.94 Unrealized +110.3%

NVDA NVIDIA CORPORATION 4.3%

Value $257M (-19.1%) Shares 1,471,500 (-13.4%) Est. Cost $119.74 Unrealized +55.9%

UNH UNITEDHEALTH GROUP INC 0.4%

Value $24.35M (-63.1%) Shares 90,000 (-55.0%) Est. Cost $371.47 Unrealized -16.9%

LYFT LYFT INC 0.6%

Value $35.91M (-51.2%) Shares 2,700,000 (-28.9%) Est. Cost $14.09 Unrealized +19.1%

RTX RTX CORPORATION 1.1%

Value $65.97M (-28.1%) Shares 342,000 (-31.6%) Est. Cost $131.75 Unrealized +49.2%

AMD ADVANCED MICRO DEVICES INC 0.8%

Value $45.04M (-35.3%) Shares 221,400 (-31.9%) Est. Cost $161.38 Unrealized +37.4%

LHX L3HARRIS TECHNOLOGIES INC 1.2%

Value $68.34M (-21.1%) Shares 198,000 (-32.9%) Est. Cost $208.98 Unrealized +64.2%

GLW CORNING INC 2.6%

Value $154M (+11.7%) Shares 1,129,500 (-28.1%) Est. Cost $46.66 Unrealized +139.4%

BALL BALL CORP 0.8%

Value $49.48M (-22.2%) Shares 837,000 (-30.3%) Est. Cost $49.09 Unrealized +22.8%

LRCX LAM RESEARCH CORP 1.4%

Value $81.72M (+12.3%) Shares 382,500 (-10.0%) Est. Cost $85.38 Unrealized +164.6%

ET ENERGY TRANSFER L P 0.5%

Value $30.42M (-15.8%) Shares 1,576,125 (-28.1%) Est. Cost $9.12 Unrealized —

MPLX MPLX LP 0.5%

Value $28.68M (-14.4%) Shares 502,460 (-19.9%) Est. Cost $36.29 Unrealized —

ASML ASML HLDG NV 1.1%

Value $65.38M (-2.2%) Shares 49,500 (-20.8%) Est. Cost $720.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	3,465,000 (-32.6%)	$435M (-42.3%)	7.3%	$77.72	—	SPONSORED ADS	01609W102
MSFT	MICROSOFT CORP	90,000 (-82.0%)	$33.32M (-86.2%)	0.6%	$313.26	+38.7%	COM	594918104
WHR	WHIRLPOOL CORP	1,950,000 (-50.1%)	$105M (-62.7%)	1.8%	$91.35	-8.7%	COM	963320106
META	META PLATFORMS INC	436,500 (-27.3%)	$250M (-36.9%)	4.2%	$427.59	+53.3%	CL A	30303M102
QCOM	QUALCOMM INC	498,613 (-56.5%)	$64.21M (-67.2%)	1.1%	$143.46	+7.3%	COM	747525103
KWEB	KRANESHARES TRUST	1,080,000 (-77.3%)	$30.7M (-81.0%)	0.5%	$33.85	—	CSI CHI INTERNET	500767306
DB	DEUTSCHE BK AG	257,616 (-91.8%)	$7.672M (-93.7%)	0.1%	$20.76	+83.2%	NAMEN AKT	D18190898
PDD	PDD HOLDINGS INC	900,000 (-49.3%)	$91.96M (-54.3%)	1.5%	$123.20	—	SPONSORED ADS	722304102
JD	JD.COM INC	1,305,000 (-68.6%)	$38.59M (-67.7%)	0.7%	$33.10	—	SPON ADS CL A	47215P106
GOOG	ALPHABET INC	1,732,700 (-3.0%)	$497M (-11.4%)	8.4%	$153.94	+110.3%	CAP STK CL C	02079K107
NVDA	NVIDIA CORPORATION	1,471,500 (-13.4%)	$257M (-19.1%)	4.3%	$119.74	+55.9%	COM	67066G104
UNH	UNITEDHEALTH GROUP INC	90,000 (-55.0%)	$24.35M (-63.1%)	0.4%	$371.47	-16.9%	COM	91324P102
LYFT	LYFT INC	2,700,000 (-28.9%)	$35.91M (-51.2%)	0.6%	$14.09	+19.1%	CL A COM	55087P104
RTX	RTX CORPORATION	342,000 (-31.6%)	$65.97M (-28.1%)	1.1%	$131.75	+49.2%	COM	75513E101
AMD	ADVANCED MICRO DEVICES INC	221,400 (-31.9%)	$45.04M (-35.3%)	0.8%	$161.38	+37.4%	COM	007903107
LHX	L3HARRIS TECHNOLOGIES INC	198,000 (-32.9%)	$68.34M (-21.1%)	1.2%	$208.98	+64.2%	COM	502431109
GLW	CORNING INC	1,129,500 (-28.1%)	$154M (+11.7%)	2.6%	$46.66	+139.4%	COM	219350105
BALL	BALL CORP	837,000 (-30.3%)	$49.48M (-22.2%)	0.8%	$49.09	+22.8%	COM	058498106
LRCX	LAM RESEARCH CORP	382,500 (-10.0%)	$81.72M (+12.3%)	1.4%	$85.38	+164.6%	COM NEW	512807306
ET	ENERGY TRANSFER L P	1,576,125 (-28.1%)	$30.42M (-15.8%)	0.5%	$9.12	—	COM UT LTD PTN	29273V100
MPLX	MPLX LP	502,460 (-19.9%)	$28.68M (-14.4%)	0.5%	$36.29	—	COM UNIT REP LTD	55336V100
ASML	ASML HLDG NV	49,500 (-20.8%)	$65.38M (-2.2%)	1.1%	$720.79	—	N Y REGISTRY SHS	N07059210