Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ADVANCED MICRO DEVICES INC	100,000	$58.09M	12.9%	—	—	CALL	007903907
—	DANAHER CORP DEL	200,000	$38.1M	8.5%	—	—	CALL	235851902
RACE	FERRARI N V	60,000	$22.34M	5.0%	—	—	COM	N3167Y103
CIEN	CIENA CORP	40,000	$19.62M	4.4%	—	—	COM NEW	171779309
ONTO	ONTO INNOVATION INC	50,000	$18.92M	4.2%	—	—	COM	683344105
STM	STMICROELECTRONICS NV	250,000	$18.72M	4.2%	—	—	NY REGISTRY	861012102
ENS	ENERSYS	80,000	$18.71M	4.2%	—	—	COM	29275Y102
—	CLOUDFLARE INC	75,000	$18.4M	4.1%	—	—	CALL	18915M907
SPOT	SPOTIFY TECHNOLOGY S A	40,000	$18.37M	4.1%	—	—	SHS	L8681T102
—	INTEL CORP	125,000	$17.45M	3.9%	—	—	CALL	458140900
NVDA	NVIDIA CORPORATION	65,000	$13.01M	2.9%	—	—	COM	67066G104
Q	QNITY ELECTRONICS INC	75,000	$12.25M	2.7%	—	—	COMMON STOCK	74743L100
SNDK	SANDISK CORP	5,000	$11.37M	2.5%	—	—	COM	80004C200
PWR	QUANTA SVCS INC	15,000	$10.8M	2.4%	—	—	COM	74762E102
ENTG	ENTEGRIS INC	60,000	$10.79M	2.4%	—	—	COM	29362U104
AMKR	AMKOR TECHNOLOGY INC	120,000	$10.35M	2.3%	—	—	COM	031652100
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	125,000	$9.734M	2.2%	—	—	CL A	499049104
CBRS	CEREBRAS SYSTEMS INC	40,000	$8.84M	2.0%	—	—	COM CL A	15675D103
HUT	HUT 8 CORP	70,000	$8.081M	1.8%	—	—	COM	44812J104
AMZN	AMAZON COM INC	30,000	$7.15M	1.6%	—	—	COM	023135106
PWRL	POWERLAW CORP	190,000	$2.789M	0.6%	—	—	COM	738922103

Increased Positions (1)

— CITIZENS INC 4.2%

Value $18.71M (+36.7%) Shares 3,260,000 (+28.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CITIZENS INC	3,260,000 (+28.6%)	$18.71M (+36.7%)	4.2%	—	—	PUT	174740950

Exited Positions (17)

— SPDR S&P 500 ETF TR 23.9%

Value $108M Shares 150,000 Est. Cost — Unrealized —

— ISHARES TR 9.3%

Value $41.7M Shares 150,000 Est. Cost — Unrealized —

— BIRKENSTOCK HOLDING PLC 4.8%

Value $21.5M Shares 600,000 Est. Cost — Unrealized —

— QXO INC 3.9%

Value $17.48M Shares 900,000 Est. Cost — Unrealized —

B BARRICK MNG CORP 3.2%

Value $14.28M Shares 350,000 Est. Cost — Unrealized —

COHR COHERENT CORP 2.9%

Value $13.1M Shares 55,000 Est. Cost — Unrealized —

LRCX LAM RESEARCH CORP 2.6%

Value $11.75M Shares 55,000 Est. Cost — Unrealized —

ONON ON HLDG AG 2.5%

Value $11.06M Shares 325,000 Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 2.4%

Value $10.79M Shares 150,000 Est. Cost — Unrealized —

FCX FREEPORT MCMORAN INC 2.3%

Value $10.29M Shares 175,000 Est. Cost — Unrealized —

VLO VALERO ENERGY CORP 2.2%

Value $9.883M Shares 40,000 Est. Cost — Unrealized —

CRS CARPENTER TECHNOLOGY CORP 2.2%

Value $9.854M Shares 25,000 Est. Cost — Unrealized —

FLUT FLUTTER ENTMT PLC 1.7%

Value $7.646M Shares 75,000 Est. Cost — Unrealized —

ALAB ASTERA LABS INC 1.5%

Value $6.576M Shares 60,000 Est. Cost — Unrealized —

INDV INDIVIOR PHARMCEUTICALS INC 1.4%

Value $6.096M Shares 200,000 Est. Cost — Unrealized —

SNAP SNAP INC 1.2%

Value $5.52M Shares 1,200,000 Est. Cost — Unrealized —

GLXY GALAXY DIGITAL INC. 0.7%

Value $2.952M Shares 160,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	150,000	$108M	23.9%	—	—	PUT	78462F953
—	ISHARES TR	150,000	$41.7M	9.3%	—	—	PUT	464287955
—	BIRKENSTOCK HOLDING PLC	600,000	$21.5M	4.8%	—	—	—	M20295104
—	QXO INC	900,000	$17.48M	3.9%	—	—	—	82846G405
B	BARRICK MNG CORP	350,000	$14.28M	3.2%	—	—	—	06849F108
COHR	COHERENT CORP	55,000	$13.1M	2.9%	—	—	—	19247G107
LRCX	LAM RESEARCH CORP	55,000	$11.75M	2.6%	—	—	—	512807306
ONON	ON HLDG AG	325,000	$11.06M	2.5%	—	—	—	H5919C104
UBER	UBER TECHNOLOGIES INC	150,000	$10.79M	2.4%	—	—	—	90353T100
FCX	FREEPORT MCMORAN INC	175,000	$10.29M	2.3%	—	—	—	35671D857
VLO	VALERO ENERGY CORP	40,000	$9.883M	2.2%	—	—	—	91913Y100
CRS	CARPENTER TECHNOLOGY CORP	25,000	$9.854M	2.2%	—	—	—	144285103
FLUT	FLUTTER ENTMT PLC	75,000	$7.646M	1.7%	—	—	—	G3643J108
ALAB	ASTERA LABS INC	60,000	$6.576M	1.5%	—	—	—	04626A103
INDV	INDIVIOR PHARMCEUTICALS INC	200,000	$6.096M	1.4%	—	—	—	45579U109
SNAP	SNAP INC	1,200,000	$5.52M	1.2%	—	—	—	83304A106
GLXY	GALAXY DIGITAL INC.	160,000	$2.952M	0.7%	—	—	—	36317J209

Decreased Positions (4)

MU MICRON TECHNOLOGY INC 6.4%

Value $28.86M (+113.5%) Shares 25,000 (-37.5%) Est. Cost — Unrealized —

MTZ MASTEC INC 3.2%

Value $14.56M (-35.3%) Shares 35,000 (-50.0%) Est. Cost — Unrealized —

GLW CORNING INC 3.7%

Value $16.6M (+52.6%) Shares 65,000 (-18.8%) Est. Cost — Unrealized —

— HIGHPEAK ENERGY INC 1.2%

Value $5.242M (-50.1%) Shares 750,000 (-51.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	25,000 (-37.5%)	$28.86M (+113.5%)	6.4%	—	—	COM	595112103
MTZ	MASTEC INC	35,000 (-50.0%)	$14.56M (-35.3%)	3.2%	—	—	COM	576323109
GLW	CORNING INC	65,000 (-18.8%)	$16.6M (+52.6%)	3.7%	—	—	COM	219350105
—	HIGHPEAK ENERGY INC	750,000 (-51.6%)	$5.242M (-50.1%)	1.2%	—	—	PUT	43114Q955

Unchanged Positions (1)

TPB TURNING PT BRANDS INC 2.8%

Value $12.72M Shares 150,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPB	TURNING PT BRANDS INC	150,000	$12.72M	2.8%	—	—	COM	90041L105