Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	Applied Materials Inc	599,538	$433M	13.8%	—	—	COM	038222105
MOD	Modine Manufacturing Co	463,437	$124M	3.9%	—	—	COM	607828100
HON	Honeywell International Inc	329,840	$73.85M	2.3%	—	—	COM	438516205
HONA	Honeywell Aerospace Inc	332,058	$73.41M	2.3%	—	—	COM	43849R105
ALB	Albemarle Corp	122,267	$16.51M	0.5%	—	—	COM	012653101

Increased Positions (10)

GOOGL Alphabet Inc 4.3%

Value $137M (+310.1%) Shares 382,963 (+230.0%) Est. Cost — Unrealized —

STX Seagate Technology Holdings PL 3.3%

Value $105M (+249.1%) Shares 109,222 (+41.7%) Est. Cost — Unrealized —

AVGO Broadcom Inc 6.4%

Value $200M (+47.3%) Shares 530,478 (+20.7%) Est. Cost — Unrealized —

NVDA NVIDIA Corp 10.3%

Value $325M (+18.2%) Shares 1,624,430 (+3.0%) Est. Cost — Unrealized —

QXO QXO Inc 2.6%

Value $83.19M (+132.3%) Shares 4,814,003 (+161.1%) Est. Cost — Unrealized —

LLY Eli Lilly & Co 3.4%

Value $108M (+33.1%) Shares 89,985 (+2.0%) Est. Cost — Unrealized —

APP AppLovin Corp 2.7%

Value $84.34M (+42.1%) Shares 163,694 (+9.8%) Est. Cost — Unrealized —

NEM Newmont Corp 2.3%

Value $73.62M (-11.3%) Shares 788,273 (+2.8%) Est. Cost — Unrealized —

ARES Ares Management Corp 0.7%

Value $21.67M (+6.6%) Shares 194,657 (+4.5%) Est. Cost — Unrealized —

SCHW Charles Schwab Corp/The 1.0%

Value $31.59M (+0.9%) Shares 342,398 (+2.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc	382,963 (+230.0%)	$137M (+310.1%)	4.3%	—	—	CAP STK CL A	02079K305
STX	Seagate Technology Holdings PL	109,222 (+41.7%)	$105M (+249.1%)	3.3%	—	—	ORD SHS	G7997R103
AVGO	Broadcom Inc	530,478 (+20.7%)	$200M (+47.3%)	6.4%	—	—	COM	11135F101
NVDA	NVIDIA Corp	1,624,430 (+3.0%)	$325M (+18.2%)	10.3%	—	—	COM	67066G104
QXO	QXO Inc	4,814,003 (+161.1%)	$83.19M (+132.3%)	2.6%	—	—	COM NEW	82846H405
LLY	Eli Lilly & Co	89,985 (+2.0%)	$108M (+33.1%)	3.4%	—	—	COM	532457108
APP	AppLovin Corp	163,694 (+9.8%)	$84.34M (+42.1%)	2.7%	—	—	COM CL A	03831W108
NEM	Newmont Corp	788,273 (+2.8%)	$73.62M (-11.3%)	2.3%	—	—	COM	651639106
ARES	Ares Management Corp	194,657 (+4.5%)	$21.67M (+6.6%)	0.7%	—	—	CL A COM STK	03990B101
SCHW	Charles Schwab Corp/The	342,398 (+2.8%)	$31.59M (+0.9%)	1.0%	—	—	COM	808513105

Exited Positions (4)

TSM Taiwan Semiconductor Manufacturing Co Ltd 4.4%

Value $138M Shares 408,679 Est. Cost — Unrealized —

HON Honeywell International Inc 3.1%

Value $97.09M Shares 429,551 Est. Cost — Unrealized —

FLUT Flutter Entertainment PLC 0.5%

Value $15.52M Shares 152,275 Est. Cost — Unrealized —

PM Philip Morris International Inc 0.1%

Value $3.009M Shares 18,201 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semiconductor Manufacturing Co Ltd	408,679	$138M	4.4%	—	—	—	874039100
HON	Honeywell International Inc	429,551	$97.09M	3.1%	—	—	—	438516106
FLUT	Flutter Entertainment PLC	152,275	$15.52M	0.5%	—	—	—	G3643J108
PM	Philip Morris International Inc	18,201	$3.009M	0.1%	—	—	—	718172109

Decreased Positions (11)

LRCX Lam Research Corp 14.0%

Value $441M (+59.8%) Shares 1,017,021 (-21.2%) Est. Cost — Unrealized —

SNDK Sandisk Corp/DE 7.0%

Value $222M (+204.9%) Shares 97,653 (-14.8%) Est. Cost — Unrealized —

MSI Motorola Solutions Inc 1.9%

Value $59.47M (-64.0%) Shares 143,194 (-62.4%) Est. Cost — Unrealized —

VRT Vertiv Holdings Co 4.5%

Value $141M (+23.1%) Shares 420,515 (-7.8%) Est. Cost — Unrealized —

RGEN Repligen Corp 0.8%

Value $24.34M (-48.9%) Shares 178,377 (-55.9%) Est. Cost — Unrealized —

UBER Uber Technologies Inc 1.4%

Value $42.87M (-23.8%) Shares 594,111 (-24.1%) Est. Cost — Unrealized —

DHR Danaher Corp 0.6%

Value $17.51M (-40.0%) Shares 91,913 (-40.3%) Est. Cost — Unrealized —

WM Waste Management Inc 1.1%

Value $35.15M (-24.9%) Shares 157,721 (-22.5%) Est. Cost — Unrealized —

IBKR Interactive Brokers Group Inc 1.8%

Value $58.28M (+21.7%) Shares 669,562 (-6.2%) Est. Cost — Unrealized —

LITE Lumentum Holdings Inc 5.0%

Value $159M (+6.5%) Shares 185,019 (-12.7%) Est. Cost — Unrealized —

APO Apollo Global Management Inc 0.7%

Value $22.63M (-9.1%) Shares 191,268 (-14.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	Lam Research Corp	1,017,021 (-21.2%)	$441M (+59.8%)	14.0%	—	—	COM NEW	512807306
SNDK	Sandisk Corp/DE	97,653 (-14.8%)	$222M (+204.9%)	7.0%	—	—	COM	80004C200
MSI	Motorola Solutions Inc	143,194 (-62.4%)	$59.47M (-64.0%)	1.9%	—	—	COM NEW	620076307
VRT	Vertiv Holdings Co	420,515 (-7.8%)	$141M (+23.1%)	4.5%	—	—	COM CL A	92537N108
RGEN	Repligen Corp	178,377 (-55.9%)	$24.34M (-48.9%)	0.8%	—	—	COM	759916109
UBER	Uber Technologies Inc	594,111 (-24.1%)	$42.87M (-23.8%)	1.4%	—	—	COM	90353T100
DHR	Danaher Corp	91,913 (-40.3%)	$17.51M (-40.0%)	0.6%	—	—	COM	235851102
WM	Waste Management Inc	157,721 (-22.5%)	$35.15M (-24.9%)	1.1%	—	—	COM	94106L109
IBKR	Interactive Brokers Group Inc	669,562 (-6.2%)	$58.28M (+21.7%)	1.8%	—	—	COM CL A	45841N107
LITE	Lumentum Holdings Inc	185,019 (-12.7%)	$159M (+6.5%)	5.0%	—	—	COM	55024U109
APO	Apollo Global Management Inc	191,268 (-14.4%)	$22.63M (-9.1%)	0.7%	—	—	COM	03769M106

Unchanged Positions (1)

FICO Fair Isaac Corp 1.2%

Value $37.81M Shares 31,645 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FICO	Fair Isaac Corp	31,645	$37.81M	1.2%	—	—	COM	303250104