Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	MICROSOFT CORP	14,064	$8.19M	5.7%	$582.36 *	$462.46	+10.9%	STOCK	594918104
UBER	UBER TECHNOLOGIES INC	85,958	$6.687M	4.6%	$77.79 *	$73.13	-6.3%	STOCK	90353T100
CCC	CCC INTELLIGENT SOLUTIONS HOLD	306,918	$2.321M	1.6%	$7.56 *	$6.58	+1.3%	STOCK	12510Q100
BIRK	BIRKENSTOCK HOLDING PLC	61,407	$2.26M	1.6%	$36.80 *	$37.53	-13.6%	STOCK	M2029K104
SNPS	SYNOPSYS INC	3,226	$1.593M	1.1%	$493.84 *	$407.79	+6.7%	STOCK	871607107
DT	DYNATRACE INC	8,796	$577K	0.4%	$65.56 *	$49.42	+16.8%	STOCK	268150109
NOW	SERVICENOW INC	165	$25,103	0.0%	$152.14 *	$122.89	+9.1%	STOCK	81762P102
MDB	MONGODB INC	53	$20,975	0.0%	$395.75 *	$377.56	-7.7%	STOCK	60937P106

Increased Positions (3)

DB DEUTSCHE BANK AG 16.8%

Value $24.21M (+26.5%) Shares 669,180 (+18.4%) Share Price $36.18 Est. Cost/Share $33.20 Unrealized @ Report Date +8.1%

CRH CRH PLC 7.6%

Value $11.02M (+30.5%) Shares 117,165 (+69.8%) Share Price $94.01 * Est. Cost/Share $97.78 Unrealized @ Report Date -15.3%

FER FERROVIAL SE 16.2%

Value $23.35M (-7.5%) Shares 432,823 (+17.6%) Share Price $53.95 Est. Cost/Share $54.92 Unrealized @ Report Date -1.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DB	DEUTSCHE BANK AG	669,180 (+18.4%)	$24.21M (+26.5%)	16.8%	$36.18	$33.20	+8.1%	STOCK	D18190898
CRH	CRH PLC	117,165 (+69.8%)	$11.02M (+30.5%)	7.6%	$94.01 *	$97.78	-15.3%	STOCK	G25508105
FER	FERROVIAL SE	432,823 (+17.6%)	$23.35M (-7.5%)	16.2%	$53.95	$54.92	-1.5%	STOCK	N3168P101

Exited Positions (16)

DDOG DATADOG INC 8.4%

Value $12.12M Shares 40,740 Share Price $297.58 * Est. Cost/Share $123.46 Unrealized @ Report Date +121.8%

PANW PALO ALTO NETWORKS INC 7.4%

Value $10.68M Shares 27,400 Share Price $389.77 Est. Cost/Share $228.90 Unrealized @ Report Date +73.6%

DASH DOORDASH INC 7.4%

Value $10.66M Shares 50,522 Share Price $210.91 * Est. Cost/Share $200.13 Unrealized @ Report Date -8.3%

AMZN AMAZON.COM INC 7.2%

Value $10.43M Shares 38,276 Share Price $272.41 * Est. Cost/Share $225.22 Unrealized @ Report Date +10.6%

FIG FIGMA INC 6.2%

Value $8.903M Shares 430,581 Share Price $20.68 Est. Cost/Share $20.12 Unrealized @ Report Date +4.5%

UBS UBS GROUP AG 5.7%

Value $8.276M Shares 180,748 Share Price $45.79 * Est. Cost/Share $38.41 Unrealized @ Report Date +25.3%

TTWO TAKE-TWO INTERACTIVE SOFTWARE 5.7%

Value $8.214M Shares 28,748 Share Price $285.72 * Est. Cost/Share $220.65 Unrealized @ Report Date -6.0%

AMRZ AMRIZE LTD 4.4%

Value $6.348M Shares 129,703 Share Price $48.94 * Est. Cost/Share $57.34 Unrealized @ Report Date -34.8%

ZS ZSCALER INC 3.2%

Value $4.673M Shares 28,963 Share Price $161.33 * Est. Cost/Share $139.42 Unrealized @ Report Date +43.0%

CRWD CROWDSTRIKE HOLDINGS INC 3.2%

Value $4.545M Shares 5,211 Share Price $872.24 * Est. Cost/Share $423.68 Unrealized @ Report Date -37.5%

GWRE GUIDEWIRE SOFTWARE INC 3.0%

Value $4.274M Shares 30,390 Share Price $140.64 Est. Cost/Share $133.97 Unrealized @ Report Date +6.4%

CRM SALESFORCE INC 3.0%

Value $4.269M Shares 23,841 Share Price $179.06 * Est. Cost/Share $175.84 Unrealized @ Report Date +30.6%

TTE TOTALENERGIES SE 0.1%

Value $164K Shares 2,115 Share Price $77.76 * Est. Cost/Share $72.56 Unrealized @ Report Date +17.8%

LOGI LOGITECH INTERNATIONAL SA 0.1%

Value $125K Shares 1,441 Share Price $86.57 * Est. Cost/Share $103.19 Unrealized @ Report Date -2.1%

ACN ACCENTURE PLC 0.1%

Value $105K Shares 736 Share Price $142.20 * Est. Cost/Share $233.00 Unrealized @ Report Date -21.3%

ALC ALCON AG 0.0%

Value $57,353 Shares 919 Share Price $62.41 * Est. Cost/Share $79.79 Unrealized @ Report Date -18.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DDOG	DATADOG INC	40,740	$12.12M	8.4%	$297.58 *	$123.46	+121.8%	—	23804L103
PANW	PALO ALTO NETWORKS INC	27,400	$10.68M	7.4%	$389.77	$228.90	+73.6%	—	697435105
DASH	DOORDASH INC	50,522	$10.66M	7.4%	$210.91 *	$200.13	-8.3%	—	25809K105
AMZN	AMAZON.COM INC	38,276	$10.43M	7.2%	$272.41 *	$225.22	+10.6%	—	023135106
FIG	FIGMA INC	430,581	$8.903M	6.2%	$20.68	$20.12	+4.5%	—	316841105
UBS	UBS GROUP AG	180,748	$8.276M	5.7%	$45.79 *	$38.41	+25.3%	—	H42097107
TTWO	TAKE-TWO INTERACTIVE SOFTWARE	28,748	$8.214M	5.7%	$285.72 *	$220.65	-6.0%	—	874054109
AMRZ	AMRIZE LTD	129,703	$6.348M	4.4%	$48.94 *	$57.34	-34.8%	—	H2927K103
ZS	ZSCALER INC	28,963	$4.673M	3.2%	$161.33 *	$139.42	+43.0%	—	98980G102
CRWD	CROWDSTRIKE HOLDINGS INC	5,211	$4.545M	3.2%	$872.24 *	$423.68	-37.5%	—	22788C105
GWRE	GUIDEWIRE SOFTWARE INC	30,390	$4.274M	3.0%	$140.64	$133.97	+6.4%	—	40171V100
CRM	SALESFORCE INC	23,841	$4.269M	3.0%	$179.06 *	$175.84	+30.6%	—	79466L302
TTE	TOTALENERGIES SE	2,115	$164K	0.1%	$77.76 *	$72.56	+17.8%	—	F92124100
LOGI	LOGITECH INTERNATIONAL SA	1,441	$125K	0.1%	$86.57 *	$103.19	-2.1%	—	H50430232
ACN	ACCENTURE PLC	736	$105K	0.1%	$142.20 *	$233.00	-21.3%	—	G1151C101
ALC	ALCON AG	919	$57,353	0.0%	$62.41 *	$79.79	-18.8%	—	H01301128

Decreased Positions (9)

SW SMURFIT WESTROCK PLC 6.2%

Value $8.939M (-69.7%) Shares 178,512 (-68.0%) Share Price $50.07 * Est. Cost/Share $43.57 Unrealized @ Report Date +1.2%

SNOW SNOWFLAKE INC 0.0%

Value $25,825 (-99.8%) Shares 67 (-99.9%) Share Price $385.45 * Est. Cost/Share $207.53 Unrealized @ Report Date +63.6%

SPOT SPOTIFY TECHNOLOGY SA 8.5%

Value $12.31M (-43.5%) Shares 22,246 (-46.4%) Share Price $553.40 * Est. Cost/Share $498.31 Unrealized @ Report Date -2.2%

AZN ASTRAZENECA PLC 6.4%

Value $9.273M (-47.6%) Shares 66,503 (-39.4%) Share Price $139.44 * Est. Cost/Share $191.34 Unrealized @ Report Date -16.3%

IFF INTERNATIONAL FLAVORS AND FRAGRA 7.7%

Value $11.09M (-34.0%) Shares 116,963 (-36.9%) Share Price $94.79 * Est. Cost/Share $74.43 Unrealized @ Report Date +12.2%

META FACEBOOK INC 4.5%

Value $6.477M (-43.4%) Shares 7,866 (-55.7%) Share Price $823.39 * Est. Cost/Share $640.81 Unrealized @ Report Date +13.2%

SHOP SHOPIFY INC 6.1%

Value $8.786M (-14.0%) Shares 52,180 (-33.4%) Share Price $168.38 * Est. Cost/Share $130.37 Unrealized @ Report Date +13.8%

ABNB AIRBNB INC 4.8%

Value $6.975M (-7.7%) Shares 38,237 (-17.2%) Share Price $182.41 * Est. Cost/Share $136.40 Unrealized @ Report Date +17.8%

INTU INTUIT INC 0.0%

Value $8,450 (-38.4%) Shares 27 (-41.3%) Share Price $312.96 * Est. Cost/Share $490.12 Unrealized @ Report Date -43.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SW	SMURFIT WESTROCK PLC	178,512 (-68.0%)	$8.939M (-69.7%)	6.2%	$50.07 *	$43.57	+1.2%	STOCK	G8267P108
SNOW	SNOWFLAKE INC	67 (-99.9%)	$25,825 (-99.8%)	0.0%	$385.45 *	$207.53	+63.6%	STOCK	833445109
SPOT	SPOTIFY TECHNOLOGY SA	22,246 (-46.4%)	$12.31M (-43.5%)	8.5%	$553.40 *	$498.31	-2.2%	STOCK	L8681T102
AZN	ASTRAZENECA PLC	66,503 (-39.4%)	$9.273M (-47.6%)	6.4%	$139.44 *	$191.34	-16.3%	STOCK	G0593M107
IFF	INTERNATIONAL FLAVORS AND FRAGRA	116,963 (-36.9%)	$11.09M (-34.0%)	7.7%	$94.79 *	$74.43	+12.2%	STOCK	459506101
META	FACEBOOK INC	7,866 (-55.7%)	$6.477M (-43.4%)	4.5%	$823.39 *	$640.81	+13.2%	STOCK	30303M102
SHOP	SHOPIFY INC	52,180 (-33.4%)	$8.786M (-14.0%)	6.1%	$168.38 *	$130.37	+13.8%	STOCK	82509L107
ABNB	AIRBNB INC	38,237 (-17.2%)	$6.975M (-7.7%)	4.8%	$182.41 *	$136.40	+17.8%	STOCK	009066101
INTU	INTUIT INC	27 (-41.3%)	$8,450 (-38.4%)	0.0%	$312.96 *	$490.12	-43.7%	STOCK	461202103