Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	350,000	$14.28M	3.6%	—	—	COM SHS	06849F108
LRCX	LAM RESEARCH CORP	55,000	$11.75M	3.0%	—	—	COM NEW	512807306
UBER	UBER TECHNOLOGIES INC	150,000	$10.79M	2.7%	—	—	COM	90353T100
FCX	FREEPORT MCMORAN INC	175,000	$10.29M	2.6%	—	—	CL B	35671D857
VLO	VALERO ENERGY CORP	40,000	$9.883M	2.5%	—	—	COM	91913Y100
CRS	CARPENTER TECHNOLOGY CORP	25,000	$9.854M	2.5%	—	—	COM	144285103
FLUT	FLUTTER ENTMT PLC	75,000	$7.646M	1.9%	—	—	SHS	G3643J108
ALAB	ASTERA LABS INC	60,000	$6.576M	1.7%	—	—	COM	04626A103
INDV	INDIVIOR PHARMCEUTICALS INC	200,000	$6.096M	1.6%	—	—	COM	45579U109
SNAP	SNAP INC	1,200,000	$5.52M	1.4%	—	—	CL A	83304A106
GLXY	GALAXY DIGITAL INC.	160,000	$2.952M	0.8%	—	—	CL A	36317J209

Increased Positions (8)

— SPDR S&P 500 ETF TR 27.5%

Value $108M (+58.1%) Shares 150,000 (+50.0%) Est. Cost — Unrealized —

MTZ MASTEC INC 5.7%

Value $22.52M (+285.8%) Shares 70,000 (+160.6%) Est. Cost — Unrealized —

— BIRKENSTOCK HOLDING PLC 5.5%

Value $21.5M (+144.9%) Shares 600,000 (+179.6%) Est. Cost — Unrealized —

— CITIZENS INC 3.5%

Value $13.69M (+57.5%) Shares 2,535,000 (+40.8%) Est. Cost — Unrealized —

COHR COHERENT CORP 3.3%

Value $13.1M (+57.7%) Shares 55,000 (+22.2%) Est. Cost — Unrealized —

— QXO INC 4.5%

Value $17.48M (+20.8%) Shares 900,000 (+20.0%) Est. Cost — Unrealized —

TPB TURNING PT BRANDS INC 3.3%

Value $13.02M (+20.1%) Shares 150,000 (+50.0%) Est. Cost — Unrealized —

ONON ON HLDG AG 2.8%

Value $11.06M (-4.8%) Shares 325,000 (+30.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	150,000 (+50.0%)	$108M (+58.1%)	27.5%	—	—	PUT	78462F953
MTZ	MASTEC INC	70,000 (+160.6%)	$22.52M (+285.8%)	5.7%	—	—	COM	576323109
—	BIRKENSTOCK HOLDING PLC	600,000 (+179.6%)	$21.5M (+144.9%)	5.5%	—	—	COM SHS	M20295104
—	CITIZENS INC	2,535,000 (+40.8%)	$13.69M (+57.5%)	3.5%	—	—	PUT	174740950
COHR	COHERENT CORP	55,000 (+22.2%)	$13.1M (+57.7%)	3.3%	—	—	COM	19247G107
—	QXO INC	900,000 (+20.0%)	$17.48M (+20.8%)	4.5%	—	—	COM NEW	82846G405
TPB	TURNING PT BRANDS INC	150,000 (+50.0%)	$13.02M (+20.1%)	3.3%	—	—	COM	90041L105
ONON	ON HLDG AG	325,000 (+30.0%)	$11.06M (-4.8%)	2.8%	—	—	NAMEN AKT A	H5919C104

Exited Positions (20)

— NVIDIA CORPORATION 9.5%

Value $37.3M Shares 200,000 Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG 6.5%

Value $25.65M Shares 175,000 Est. Cost — Unrealized —

GOOGL ALPHABET INC 5.6%

Value $21.91M Shares 70,000 Est. Cost — Unrealized —

FSLR FIRST SOLAR INC 4.3%

Value $16.98M Shares 65,000 Est. Cost — Unrealized —

SN SHARKNINJA INC 3.1%

Value $12.31M Shares 110,000 Est. Cost — Unrealized —

FCNCA FIRST CTZNS BANCSHARES INC D 3.0%

Value $11.8M Shares 5,500 Est. Cost — Unrealized —

VIK VIKING HOLDINGS LTD 2.7%

Value $10.71M Shares 150,000 Est. Cost — Unrealized —

EXE EXPAND ENERGY CORPORATION 2.5%

Value $9.932M Shares 90,000 Est. Cost — Unrealized —

ACGL ARCH CAPITAL GROUP LTD 2.4%

Value $9.592M Shares 100,000 Est. Cost — Unrealized —

CIEN CIENA CORP 2.4%

Value $9.355M Shares 40,000 Est. Cost — Unrealized —

LITE LUMENTUM HLDGS INC 2.3%

Value $9.215M Shares 25,000 Est. Cost — Unrealized —

CEG CONSTELLATION ENERGY CORP 2.3%

Value $8.832M Shares 25,000 Est. Cost — Unrealized —

ETN EATON CORP PLC 2.0%

Value $7.702M Shares 24,180 Est. Cost — Unrealized —

JLL JONES LANG LASALLE INC 1.7%

Value $6.729M Shares 20,000 Est. Cost — Unrealized —

VST VISTRA CORP 1.4%

Value $5.635M Shares 34,926 Est. Cost — Unrealized —

SNDK SANDISK CORP 1.2%

Value $4.748M Shares 20,000 Est. Cost — Unrealized —

CLS CELESTICA INC 1.1%

Value $4.434M Shares 15,000 Est. Cost — Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDINGS 1.1%

Value $4.317M Shares 30,000 Est. Cost — Unrealized —

VRT VERTIV HOLDINGS CO 0.9%

Value $3.482M Shares 21,493 Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.8%

Value $3.328M Shares 32,346 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	NVIDIA CORPORATION	200,000	$37.3M	9.5%	—	—	CALL	67066G904
BABA	ALIBABA GROUP HLDG	175,000	$25.65M	6.5%	—	—	CALL	01609W102
GOOGL	ALPHABET INC	70,000	$21.91M	5.6%	—	—	—	02079K305
FSLR	FIRST SOLAR INC	65,000	$16.98M	4.3%	—	—	—	336433107
SN	SHARKNINJA INC	110,000	$12.31M	3.1%	—	—	—	G8068L108
FCNCA	FIRST CTZNS BANCSHARES INC D	5,500	$11.8M	3.0%	—	—	—	31946M103
VIK	VIKING HOLDINGS LTD	150,000	$10.71M	2.7%	—	—	—	G93A5A101
EXE	EXPAND ENERGY CORPORATION	90,000	$9.932M	2.5%	—	—	—	165167735
ACGL	ARCH CAPITAL GROUP LTD	100,000	$9.592M	2.4%	—	—	—	G0450A105
CIEN	CIENA CORP	40,000	$9.355M	2.4%	—	—	—	171779309
LITE	LUMENTUM HLDGS INC	25,000	$9.215M	2.3%	—	—	—	55024U109
CEG	CONSTELLATION ENERGY CORP	25,000	$8.832M	2.3%	—	—	—	21037T109
ETN	EATON CORP PLC	24,180	$7.702M	2.0%	—	—	—	G29183103
JLL	JONES LANG LASALLE INC	20,000	$6.729M	1.7%	—	—	—	48020Q107
VST	VISTRA CORP	34,926	$5.635M	1.4%	—	—	—	92840M102
SNDK	SANDISK CORP	20,000	$4.748M	1.2%	—	—	—	80004C200
CLS	CELESTICA INC	15,000	$4.434M	1.1%	—	—	—	15101Q207
CRDO	CREDO TECHNOLOGY GROUP HOLDINGS	30,000	$4.317M	1.1%	—	—	—	G25457105
VRT	VERTIV HOLDINGS CO	21,493	$3.482M	0.9%	—	—	—	92537N108
BLDR	BUILDERS FIRSTSOURCE INC	32,346	$3.328M	0.8%	—	—	—	12008R107

Decreased Positions (3)

— ISHARES TR 10.6%

Value $41.7M (-43.5%) Shares 150,000 (-50.0%) Est. Cost — Unrealized —

— HIGHPEAK ENERGY INC 2.7%

Value $10.51M (+32.4%) Shares 1,550,000 (-7.5%) Est. Cost — Unrealized —

MU MICRON TECHNOLOGY INC 3.4%

Value $13.51M (+5.2%) Shares 40,000 (-11.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	150,000 (-50.0%)	$41.7M (-43.5%)	10.6%	—	—	PUT	464287955
—	HIGHPEAK ENERGY INC	1,550,000 (-7.5%)	$10.51M (+32.4%)	2.7%	—	—	PUT	43114Q955
MU	MICRON TECHNOLOGY INC	40,000 (-11.1%)	$13.51M (+5.2%)	3.4%	—	—	COM	595112103

Unchanged Positions (1)

GLW CORNING INC 2.8%

Value $10.88M Shares 80,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	80,000	$10.88M	2.8%	—	—	COM	219350105