Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	5,371,080	$345M	1.2%	—	—	COM	115236101
RYAN	RYAN SPECIALTY HOLDINGS INC	6,307,845	$238M	0.8%	—	—	CL A	78351F107
NAMS	NEWAMSTERDAM PHARMA COMPANY	1,747,627	$59.23M	0.2%	—	—	ORDINARY SHARES	N62509109
UNH	UNITEDHEALTH GROUP INC	134,216	$55.78M	0.2%	—	—	COM	91324P102
—	QXO INC	569,445	$27.75M	0.1%	—	—	5.50 DEP PFD	82846H504
CLBT	CELLEBRITE DI LTD	1,707,749	$24.93M	0.1%	—	—	ORDINARY SHARES	M2197Q107
GENI	GENIUS SPORTS LIMITED	3,767,572	$22.83M	0.1%	—	—	SHARES CL A	G3934V109
SATS	ECHOSTAR CORP	214,394	$21.76M	0.1%	—	—	CL A	278768106
HWM	HOWMET AEROSPACE INC	60,402	$16.24M	0.1%	—	—	COM	443201108
BRK/B	BERKSHIRE HATHAWAY INC DEL	31,869	$15.95M	0.1%	—	—	CL B NEW	084670702
WSE	WISE GROUP PLC	730,105	$8.696M	0.0%	—	—	ORD SHS CLASS A	G9723Y105
FUTU	FUTU HLDGS LTD	88,375	$8.284M	0.0%	—	—	SPON ADS CL A	36118L106

Increased Positions (43)

BKNG BOOKING HOLDINGS INC 4.4%

Value $1.282B (+312.7%) Shares 7,191,572 (+9648.4%) Est. Cost — Unrealized —

INSM INSMED INC 2.2%

Value $648M (+111.6%) Shares 6,076,487 (+224.5%) Est. Cost — Unrealized —

SHEL SHELL PLC 2.4%

Value $686M (+79.3%) Shares 8,847,436 (+115.1%) Est. Cost — Unrealized —

AAL AMERICAN AIRLINES GROUP INC 1.0%

Value $292M (+1136.8%) Shares 16,139,385 (+635.1%) Est. Cost — Unrealized —

CPAY CORPAY INC 6.2%

Value $1.802B (+15.9%) Shares 5,408,507 (+1.2%) Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 1.4%

Value $408M (+129.2%) Shares 5,353,562 (+207.0%) Est. Cost — Unrealized —

HDB HDFC BANK LTD 0.8%

Value $244M (+448.6%) Shares 9,446,886 (+428.4%) Est. Cost — Unrealized —

MSI MOTOROLA SOLUTIONS INC 3.4%

Value $992M (+22.3%) Shares 2,389,623 (+27.8%) Est. Cost — Unrealized —

IQV IQVIA HLDGS INC 0.7%

Value $213M (+471.6%) Shares 1,101,165 (+404.5%) Est. Cost — Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 2.1%

Value $598M (+35.5%) Shares 1,987,407 (+48.9%) Est. Cost — Unrealized —

ENB ENBRIDGE INC 0.8%

Value $235M (+160.1%) Shares 4,342,664 (+159.8%) Est. Cost — Unrealized —

RRC RANGE RES CORP 0.9%

Value $249M (+103.6%) Shares 6,694,822 (+147.3%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 1.7%

Value $490M (+34.5%) Shares 2,450,522 (+17.3%) Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 1.1%

Value $326M (+58.8%) Shares 5,933,533 (+42.0%) Est. Cost — Unrealized —

RHI ROBERT HALF INC. 1.0%

Value $303M (+58.2%) Shares 9,877,840 (+30.9%) Est. Cost — Unrealized —

DEO DIAGEO PLC 1.3%

Value $384M (+39.4%) Shares 4,777,636 (+29.1%) Est. Cost — Unrealized —

TRU TRANSUNION 0.5%

Value $146M (+260.5%) Shares 2,021,682 (+245.8%) Est. Cost — Unrealized —

ITUB ITAU UNIBANCO HLDG S A 2.3%

Value $664M (+14.4%) Shares 81,301,690 (+17.4%) Est. Cost — Unrealized —

TBBB BBB FOODS INC 1.0%

Value $281M (+40.5%) Shares 6,735,036 (+19.3%) Est. Cost — Unrealized —

EQT EQT CORP 2.9%

Value $835M (+8.3%) Shares 15,706,047 (+29.7%) Est. Cost — Unrealized —

NU NU HLDGS LTD 0.5%

Value $133M (+69.4%) Shares 9,988,142 (+82.2%) Est. Cost — Unrealized —

NEM NEWMONT CORP 1.8%

Value $518M (-7.5%) Shares 5,544,346 (+7.2%) Est. Cost — Unrealized —

DYN DYNE THERAPEUTICS INC 0.5%

Value $156M (+26.9%) Shares 7,006,542 (+3.6%) Est. Cost — Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 0.3%

Value $99.28M (+49.7%) Shares 2,162,403 (+84.7%) Est. Cost — Unrealized —

FSV FIRSTSERVICE CORP NEW 2.0%

Value $575M (+4.2%) Shares 4,044,289 (+1.9%) Est. Cost — Unrealized —

CRC CALIFORNIA RES CORP 0.4%

Value $128M (-15.0%) Shares 2,422,242 (+11.2%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.6%

Value $184M (-9.7%) Shares 499,941 (+5.5%) Est. Cost — Unrealized —

MCS MARCUS CORP DEL 0.2%

Value $51.36M (+52.4%) Shares 2,189,129 (+11.5%) Est. Cost — Unrealized —

CNX CNX RES CORP 0.1%

Value $30.08M (+127.2%) Shares 886,386 (+158.2%) Est. Cost — Unrealized —

GFI GOLD FIELDS LTD 0.2%

Value $49.48M (-24.5%) Shares 1,473,023 (+2.0%) Est. Cost — Unrealized —

STE STERIS PLC 1.9%

Value $564M (-1.7%) Shares 2,677,710 (+3.3%) Est. Cost — Unrealized —

BAH BOOZ ALLEN HAMILTON HLDG COR 0.1%

Value $34.56M (-20.7%) Shares 569,678 (+2.0%) Est. Cost — Unrealized —

NKE NIKE INC 0.1%

Value $41.7M (-16.7%) Shares 1,015,893 (+7.2%) Est. Cost — Unrealized —

NCMI NATIONAL CINEMEDIA INC 0.1%

Value $35.39M (+27.0%) Shares 9,313,977 (+1.9%) Est. Cost — Unrealized —

EME EMCOR GROUP INC 0.2%

Value $52.09M (+15.4%) Shares 62,764 (+2.7%) Est. Cost — Unrealized —

LOMA LOMA NEGRA C I A S A MTN 14 0.1%

Value $17.64M (+51.3%) Shares 1,540,398 (+46.5%) Est. Cost — Unrealized —

IRS IRSA INVERSIONES Y REP S A 0.0%

Value $13.92M (+71.5%) Shares 901,355 (+80.1%) Est. Cost — Unrealized —

AM ANTERO MIDSTREAM CORP 0.2%

Value $55.06M (+6.7%) Shares 2,420,433 (+7.0%) Est. Cost — Unrealized —

CARG CARGURUS INC 0.3%

Value $82.07M (+3.3%) Shares 2,407,398 (+3.2%) Est. Cost — Unrealized —

FNV FRANCO NEV CORP 0.9%

Value $269M (+0.9%) Shares 1,290,361 (+19.5%) Est. Cost — Unrealized —

KMI KINDER MORGAN INC DEL 1.3%

Value $377M (-0.5%) Shares 11,797,985 (+4.3%) Est. Cost — Unrealized —

BUR BURFORD CAPITAL LIMITED 0.2%

Value $60.16M (+2.2%) Shares 14,673,240 (+12.7%) Est. Cost — Unrealized —

B BARRICK MNG CORP 0.8%

Value $246M (+0.0%) Shares 6,687,005 (+11.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKNG	BOOKING HOLDINGS INC	7,191,572 (+9648.4%)	$1.282B (+312.7%)	4.4%	—	—	COM	09857L108
INSM	INSMED INC	6,076,487 (+224.5%)	$648M (+111.6%)	2.2%	—	—	COM PAR $.01	457669307
SHEL	SHELL PLC	8,847,436 (+115.1%)	$686M (+79.3%)	2.4%	—	—	SPON ADS	780259305
AAL	AMERICAN AIRLINES GROUP INC	16,139,385 (+635.1%)	$292M (+1136.8%)	1.0%	—	—	COM	02376R102
CPAY	CORPAY INC	5,408,507 (+1.2%)	$1.802B (+15.9%)	6.2%	—	—	COM SHS	219948106
PDD	PDD HOLDINGS INC	5,353,562 (+207.0%)	$408M (+129.2%)	1.4%	—	—	SPONSORED ADS	722304102
HDB	HDFC BANK LTD	9,446,886 (+428.4%)	$244M (+448.6%)	0.8%	—	—	SPONSORED ADS	40415F101
MSI	MOTOROLA SOLUTIONS INC	2,389,623 (+27.8%)	$992M (+22.3%)	3.4%	—	—	COM NEW	620076307
IQV	IQVIA HLDGS INC	1,101,165 (+404.5%)	$213M (+471.6%)	0.7%	—	—	COM	46266C105
ALNY	ALNYLAM PHARMACEUTICALS INC	1,987,407 (+48.9%)	$598M (+35.5%)	2.1%	—	—	COM	02043Q107
ENB	ENBRIDGE INC	4,342,664 (+159.8%)	$235M (+160.1%)	0.8%	—	—	COM	29250N105
RRC	RANGE RES CORP	6,694,822 (+147.3%)	$249M (+103.6%)	0.9%	—	—	COM	75281A109
NVDA	NVIDIA CORPORATION	2,450,522 (+17.3%)	$490M (+34.5%)	1.7%	—	—	COM	67066G104
SRRK	SCHOLAR ROCK HLDG CORP	5,933,533 (+42.0%)	$326M (+58.8%)	1.1%	—	—	COM	80706P103
RHI	ROBERT HALF INC.	9,877,840 (+30.9%)	$303M (+58.2%)	1.0%	—	—	COM	770323103
DEO	DIAGEO PLC	4,777,636 (+29.1%)	$384M (+39.4%)	1.3%	—	—	SPON ADR NEW	25243Q205
TRU	TRANSUNION	2,021,682 (+245.8%)	$146M (+260.5%)	0.5%	—	—	COM	89400J107
ITUB	ITAU UNIBANCO HLDG S A	81,301,690 (+17.4%)	$664M (+14.4%)	2.3%	—	—	SPON ADR REP PFD	465562106
TBBB	BBB FOODS INC	6,735,036 (+19.3%)	$281M (+40.5%)	1.0%	—	—	CL A COM	G0896C103
EQT	EQT CORP	15,706,047 (+29.7%)	$835M (+8.3%)	2.9%	—	—	COM	26884L109
NU	NU HLDGS LTD	9,988,142 (+82.2%)	$133M (+69.4%)	0.5%	—	—	ORD SHS CL A	G6683N103
NEM	NEWMONT CORP	5,544,346 (+7.2%)	$518M (-7.5%)	1.8%	—	—	COM	651639106
DYN	DYNE THERAPEUTICS INC	7,006,542 (+3.6%)	$156M (+26.9%)	0.5%	—	—	COM	26818M108
EDU	NEW ORIENTAL ED & TECHNOLOGY	2,162,403 (+84.7%)	$99.28M (+49.7%)	0.3%	—	—	SPON ADR	647581206
FSV	FIRSTSERVICE CORP NEW	4,044,289 (+1.9%)	$575M (+4.2%)	2.0%	—	—	COM	33767E202
CRC	CALIFORNIA RES CORP	2,422,242 (+11.2%)	$128M (-15.0%)	0.4%	—	—	COM STOCK	13057Q305
GLD	SPDR GOLD TR	499,941 (+5.5%)	$184M (-9.7%)	0.6%	—	—	GOLD SHS	78463V107
MCS	MARCUS CORP DEL	2,189,129 (+11.5%)	$51.36M (+52.4%)	0.2%	—	—	COM	566330106
CNX	CNX RES CORP	886,386 (+158.2%)	$30.08M (+127.2%)	0.1%	—	—	COM	12653C108
GFI	GOLD FIELDS LTD	1,473,023 (+2.0%)	$49.48M (-24.5%)	0.2%	—	—	SPONSORED ADR	38059T106
STE	STERIS PLC	2,677,710 (+3.3%)	$564M (-1.7%)	1.9%	—	—	SHS USD	G8473T100
BAH	BOOZ ALLEN HAMILTON HLDG COR	569,678 (+2.0%)	$34.56M (-20.7%)	0.1%	—	—	CL A	099502106
NKE	NIKE INC	1,015,893 (+7.2%)	$41.7M (-16.7%)	0.1%	—	—	CL B	654106103
NCMI	NATIONAL CINEMEDIA INC	9,313,977 (+1.9%)	$35.39M (+27.0%)	0.1%	—	—	COM NEW	635309206
EME	EMCOR GROUP INC	62,764 (+2.7%)	$52.09M (+15.4%)	0.2%	—	—	COM	29084Q100
LOMA	LOMA NEGRA C I A S A MTN 14	1,540,398 (+46.5%)	$17.64M (+51.3%)	0.1%	—	—	SPONSORED ADS	54150E104
IRS	IRSA INVERSIONES Y REP S A	901,355 (+80.1%)	$13.92M (+71.5%)	0.0%	—	—	SPON GDS ECH 10	450047303
AM	ANTERO MIDSTREAM CORP	2,420,433 (+7.0%)	$55.06M (+6.7%)	0.2%	—	—	COM	03676B102
CARG	CARGURUS INC	2,407,398 (+3.2%)	$82.07M (+3.3%)	0.3%	—	—	COM CL A	141788109
FNV	FRANCO NEV CORP	1,290,361 (+19.5%)	$269M (+0.9%)	0.9%	—	—	COM	351858105
KMI	KINDER MORGAN INC DEL	11,797,985 (+4.3%)	$377M (-0.5%)	1.3%	—	—	COM	49456B101
BUR	BURFORD CAPITAL LIMITED	14,673,240 (+12.7%)	$60.16M (+2.2%)	0.2%	—	—	ORD SHS	G17977110
B	BARRICK MNG CORP	6,687,005 (+11.1%)	$246M (+0.0%)	0.8%	—	—	COM SHS	06849F108

Exited Positions (6)

AES AES CORP 0.6%

Value $173M Shares 12,247,581 Est. Cost — Unrealized —

KB KB FINL GROUP INC 0.1%

Value $35.96M Shares 360,611 Est. Cost — Unrealized —

SLGN SILGAN HLDGS INC 0.1%

Value $34.93M Shares 900,180 Est. Cost — Unrealized —

FBIN FORTUNE BRANDS INNOVATIONS I 0.1%

Value $30.18M Shares 774,529 Est. Cost — Unrealized —

BIDU BAIDU INC 0.1%

Value $21.25M Shares 190,705 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $16.85M Shares 45,512 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AES	AES CORP	12,247,581	$173M	0.6%	—	—	—	00130H105
KB	KB FINL GROUP INC	360,611	$35.96M	0.1%	—	—	—	48241A105
SLGN	SILGAN HLDGS INC	900,180	$34.93M	0.1%	—	—	—	827048109
FBIN	FORTUNE BRANDS INNOVATIONS I	774,529	$30.18M	0.1%	—	—	—	34964C106
BIDU	BAIDU INC	190,705	$21.25M	0.1%	—	—	—	056752108
MSFT	MICROSOFT CORP	45,512	$16.85M	0.1%	—	—	—	594918104

Decreased Positions (27)

NBIS NEBIUS GROUP N.V. 6.2%

Value $1.794B (+107.9%) Shares 6,494,719 (-21.9%) Est. Cost — Unrealized —

WLK WESTLAKE CORPORATION 0.5%

Value $152M (-75.4%) Shares 2,084,364 (-60.6%) Est. Cost — Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 1.8%

Value $512M (-35.7%) Shares 1,529,788 (-38.1%) Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 0.9%

Value $272M (-50.4%) Shares 5,881,487 (-57.3%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 2.9%

Value $836M (+15.7%) Shares 2,340,624 (-6.9%) Est. Cost — Unrealized —

SE SEA LTD 0.2%

Value $49.19M (-67.8%) Shares 513,300 (-72.2%) Est. Cost — Unrealized —

VALE VALE S A 0.7%

Value $215M (-30.4%) Shares 14,267,945 (-26.3%) Est. Cost — Unrealized —

CX CEMEX SA EURO MTN BE 144A 1.2%

Value $340M (-20.1%) Shares 28,304,697 (-23.8%) Est. Cost — Unrealized —

R RYDER SYS INC 0.3%

Value $81.07M (-44.4%) Shares 307,335 (-56.8%) Est. Cost — Unrealized —

SYNA SYNAPTICS INC 0.6%

Value $177M (+52.1%) Shares 1,422,657 (-14.2%) Est. Cost — Unrealized —

NTES NETEASE COM INC 1.5%

Value $449M (+11.9%) Shares 3,503,491 (-2.3%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 0.5%

Value $160M (-22.7%) Shares 4,547,301 (-6.7%) Est. Cost — Unrealized —

GMAB GENMAB A/S 1.1%

Value $312M (-10.0%) Shares 11,368,161 (-12.0%) Est. Cost — Unrealized —

VIPS VIPSHOP HLDGS LTD 0.2%

Value $47.67M (-41.9%) Shares 3,594,710 (-31.1%) Est. Cost — Unrealized —

MAR MARRIOTT INTL INC NEW 0.1%

Value $22.73M (-53.3%) Shares 61,340 (-58.8%) Est. Cost — Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.2%

Value $45.54M (-33.5%) Shares 405,444 (-22.4%) Est. Cost — Unrealized —

RNR RENAISSANCERE HLDGS LTD 0.6%

Value $172M (-10.8%) Shares 542,301 (-16.4%) Est. Cost — Unrealized —

PTLO PORTILLOS INC 0.1%

Value $19.77M (-47.1%) Shares 4,171,276 (-41.0%) Est. Cost — Unrealized —

DAO YOUDAO INC 0.3%

Value $80.73M (+21.9%) Shares 6,563,497 (-2.6%) Est. Cost — Unrealized —

GNRC GENERAC HLDGS INC 0.2%

Value $53.35M (+30.3%) Shares 182,189 (-13.1%) Est. Cost — Unrealized —

ON ON SEMICONDUCTOR CORP 0.2%

Value $70.06M (+18.9%) Shares 741,034 (-22.1%) Est. Cost — Unrealized —

MICC MAGNUM ICE CREAM CO NV 0.2%

Value $54.19M (-14.8%) Shares 3,112,401 (-26.9%) Est. Cost — Unrealized —

CRSP CRISPR THERAPEUTICS AG 1.0%

Value $297M (+2.3%) Shares 5,449,161 (-10.8%) Est. Cost — Unrealized —

MNSO MINISO GROUP HLDG LTD 0.0%

Value $3.068M (-67.2%) Shares 254,418 (-55.9%) Est. Cost — Unrealized —

BTI BRITISH AMERN TOB PLC 1.6%

Value $456M (+1.2%) Shares 7,385,374 (-4.2%) Est. Cost — Unrealized —

HNRG HALLADOR ENERGY COMPANY 0.1%

Value $29.49M (+2.9%) Shares 1,695,845 (-3.6%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.0%

Value $1.393M (-18.3%) Shares 2,916 (-42.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBIS	NEBIUS GROUP N.V.	6,494,719 (-21.9%)	$1.794B (+107.9%)	6.2%	—	—	SHS CLASS A	N97284108
WLK	WESTLAKE CORPORATION	2,084,364 (-60.6%)	$152M (-75.4%)	0.5%	—	—	COM	960413102
PRAX	PRAXIS PRECISION MEDICINES I	1,529,788 (-38.1%)	$512M (-35.7%)	1.8%	—	—	COM NEW	74006W207
SW	SMURFIT WESTROCK PLC	5,881,487 (-57.3%)	$272M (-50.4%)	0.9%	—	—	SHS	G8267P108
GOOGL	ALPHABET INC	2,340,624 (-6.9%)	$836M (+15.7%)	2.9%	—	—	CAP STK CL A	02079K305
SE	SEA LTD	513,300 (-72.2%)	$49.19M (-67.8%)	0.2%	—	—	SPONSORD ADS	81141R100
VALE	VALE S A	14,267,945 (-26.3%)	$215M (-30.4%)	0.7%	—	—	SPONSORED ADS	91912E105
CX	CEMEX SA EURO MTN BE 144A	28,304,697 (-23.8%)	$340M (-20.1%)	1.2%	—	—	SPON ADR NEW	151290889
R	RYDER SYS INC	307,335 (-56.8%)	$81.07M (-44.4%)	0.3%	—	—	COM	783549108
SYNA	SYNAPTICS INC	1,422,657 (-14.2%)	$177M (+52.1%)	0.6%	—	—	COM	87157D109
NTES	NETEASE COM INC	3,503,491 (-2.3%)	$449M (+11.9%)	1.5%	—	—	SPONSORED ADS	64110W102
AR	ANTERO RESOURCES CORP	4,547,301 (-6.7%)	$160M (-22.7%)	0.5%	—	—	COM	03674X106
GMAB	GENMAB A/S	11,368,161 (-12.0%)	$312M (-10.0%)	1.1%	—	—	SPONSORED ADS	372303206
VIPS	VIPSHOP HLDGS LTD	3,594,710 (-31.1%)	$47.67M (-41.9%)	0.2%	—	—	SPONSORED ADS A	92763W103
MAR	MARRIOTT INTL INC NEW	61,340 (-58.8%)	$22.73M (-53.3%)	0.1%	—	—	CL A	571903202
WPM	WHEATON PRECIOUS METALS CORP	405,444 (-22.4%)	$45.54M (-33.5%)	0.2%	—	—	COM	962879102
RNR	RENAISSANCERE HLDGS LTD	542,301 (-16.4%)	$172M (-10.8%)	0.6%	—	—	COM	G7496G103
PTLO	PORTILLOS INC	4,171,276 (-41.0%)	$19.77M (-47.1%)	0.1%	—	—	COM CL A	73642K106
DAO	YOUDAO INC	6,563,497 (-2.6%)	$80.73M (+21.9%)	0.3%	—	—	SPONSORED ADS	98741T104
GNRC	GENERAC HLDGS INC	182,189 (-13.1%)	$53.35M (+30.3%)	0.2%	—	—	COM	368736104
ON	ON SEMICONDUCTOR CORP	741,034 (-22.1%)	$70.06M (+18.9%)	0.2%	—	—	COM	682189105
MICC	MAGNUM ICE CREAM CO NV	3,112,401 (-26.9%)	$54.19M (-14.8%)	0.2%	—	—	ORD SHS	N5505D105
CRSP	CRISPR THERAPEUTICS AG	5,449,161 (-10.8%)	$297M (+2.3%)	1.0%	—	—	NAMEN AKT	H17182108
MNSO	MINISO GROUP HLDG LTD	254,418 (-55.9%)	$3.068M (-67.2%)	0.0%	—	—	SPONSORED ADS	66981J102
BTI	BRITISH AMERN TOB PLC	7,385,374 (-4.2%)	$456M (+1.2%)	1.6%	—	—	SPONSORED ADR	110448107
HNRG	HALLADOR ENERGY COMPANY	1,695,845 (-3.6%)	$29.49M (+2.9%)	0.1%	—	—	COM	40609P105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	2,916 (-42.2%)	$1.393M (-18.3%)	0.0%	—	—	SPONSORED ADS	874039100

Unchanged Positions (15)

RXO RXO INC 3.5%

Value $1.004B Shares 36,397,974 Est. Cost — Unrealized —

BRKR BRUKER CORP 3.7%

Value $1.08B Shares 17,940,076 Est. Cost — Unrealized —

QXO QXO INC 4.4%

Value $1.278B Shares 73,951,325 Est. Cost — Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 1.8%

Value $528M Shares 6,069,270 Est. Cost — Unrealized —

CNK CINEMARK HLDGS INC 1.6%

Value $478M Shares 15,057,911 Est. Cost — Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.2%

Value $68.43M Shares 229,717 Est. Cost — Unrealized —

XPO XPO INC 2.4%

Value $699M Shares 3,402,819 Est. Cost — Unrealized —

EAT BRINKER INTL INC 0.5%

Value $157M Shares 935,796 Est. Cost — Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.2%

Value $70.85M Shares 183,191 Est. Cost — Unrealized —

GXO GXO LOGISTICS INCORPORATED 2.3%

Value $681M Shares 13,424,844 Est. Cost — Unrealized —

IMAX IMAX CORP 0.7%

Value $205M Shares 5,149,555 Est. Cost — Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.1%

Value $29.53M Shares 365,003 Est. Cost — Unrealized —

BWXT BWX TECHNOLOGIES INC 0.2%

Value $57.88M Shares 297,329 Est. Cost — Unrealized —

G GENPACT LIMITED 0.0%

Value $4.806M Shares 174,752 Est. Cost — Unrealized —

DIS DISNEY WALT CO 1.2%

Value $359M Shares 3,734,888 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RXO	RXO INC	36,397,974	$1.004B	3.5%	—	—	COMMON STOCK	74982T103
BRKR	BRUKER CORP	17,940,076	$1.08B	3.7%	—	—	COM	116794108
QXO	QXO INC	73,951,325	$1.278B	4.4%	—	—	COM NEW	82846H405
IBKR	INTERACTIVE BROKERS GROUP IN	6,069,270	$528M	1.8%	—	—	COM CL A	45841N107
CNK	CINEMARK HLDGS INC	15,057,911	$478M	1.6%	—	—	COM	17243V102
MRVL	MARVELL TECHNOLOGY INC	229,717	$68.43M	0.2%	—	—	COM	573874104
XPO	XPO INC	3,402,819	$699M	2.4%	—	—	COM	983793100
EAT	BRINKER INTL INC	935,796	$157M	0.5%	—	—	COM	109641100
ELV	ELEVANCE HEALTH INC FORMERLY	183,191	$70.85M	0.2%	—	—	COM	036752103
GXO	GXO LOGISTICS INCORPORATED	13,424,844	$681M	2.3%	—	—	COMMON STOCK	36262G101
IMAX	IMAX CORP	5,149,555	$205M	0.7%	—	—	COM	45245E109
AU	ANGLOGOLD ASHANTI PLC	365,003	$29.53M	0.1%	—	—	COM SHS	G0378L100
BWXT	BWX TECHNOLOGIES INC	297,329	$57.88M	0.2%	—	—	COM	05605H100
G	GENPACT LIMITED	174,752	$4.806M	0.0%	—	—	SHS	G3922B107
DIS	DISNEY WALT CO	3,734,888	$359M	1.2%	—	—	COM	254687106