CLOVERFIELDS CAPITAL GROUP, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VMC	VULCAN MATLS CO	18,681	$5,087	1.6%	$306.77	0.0%	COM	929160109
BN	BROOKFIELD CORP	124,362	$5,033	1.6%	$46.68	0.0%	CL A LTD VT SH	11271J107
ON	ON SEMICONDUCTOR CORP	54,831	$3,395	1.1%	$64.12	0.0%	COM	682189105
GPK	GRAPHIC PACKAGING HLDG CO	328,786	$3,268	1.1%	$14.10	0.0%	COM	388689101
FER	FERROVIAL SE	23,783	$1,547	0.5%	$69.51	0.0%	ORD SHS	N3168P101
JHX	JAMES HARDIE INDS PLC	79,842	$1,512	0.5%	$23.75	0.0%	ORD SHS	G4253H101
KSPI	KASPI KZ JSC	17,890	$1,325	0.4%	$74.07	—	SPONSORED ADS	48581R205
NBIS	NEBIUS GROUP N.V.	11,881	$1,233	0.4%	$96.40	0.0%	SHS CLASS A	N97284108
CLH	CLEAN HARBORS INC	3,218	$923	0.3%	$263.20	0.0%	COM	184496107
NXE	NEXGEN ENERGY LTD	70,902	$822	0.3%	$11.89	0.0%	COM	65340P106

Increased Positions (24)

VST VISTRA CORP 2.0%

Value ($000) $6,074 (+401.8%) Shares 40,402 (+438.5%) Est. Cost $163.15 Unrealized +0.0%

PBR PETROLEO BRASILEIRO S A 1.6%

Value ($000) $5,000 (+86.1%) Shares 240,984 (+6.3%) Est. Cost $13.75 Unrealized —

MSFT MICROSOFT CORP 2.1%

Value ($000) $6,501 (-21.5%) Shares 17,561 (+2.5%) Est. Cost $303.92 Unrealized +43.0%

NFLX NETFLIX INC. 2.4%

Value ($000) $7,347 (+25.6%) Shares 76,408 (+22.4%) Est. Cost $97.90 Unrealized -14.4%

CPNG COUPANG INC 1.2%

Value ($000) $3,723 (+31.4%) Shares 197,196 (+64.2%) Est. Cost $19.56 Unrealized +1.5%

FISV FISERV INC 1.5%

Value ($000) $4,507 (-15.8%) Shares 80,774 (+1.4%) Est. Cost $101.44 Unrealized -37.0%

AA ALCOA CORP 0.4%

Value ($000) $1,335 (+59.0%) Shares 20,123 (+27.4%) Est. Cost $36.40 Unrealized +67.8%

MA MASTERCARD INCORPORATED 1.6%

Value ($000) $4,863 (-8.2%) Shares 9,733 (+4.9%) Est. Cost $366.58 Unrealized +47.0%

RIO RIO TINTO PLC 0.4%

Value ($000) $1,286 (+49.0%) Shares 13,783 (+27.8%) Est. Cost $73.67 Unrealized —

LNG CHENIERE ENERGY INC 0.4%

Value ($000) $1,268 (+49.0%) Shares 4,469 (+2.0%) Est. Cost $164.84 Unrealized +27.3%

SPGI S&P GLOBAL INC 1.6%

Value ($000) $5,048 (+8.9%) Shares 11,868 (+33.8%) Est. Cost $408.96 Unrealized +18.7%

BABA ALIBABA GROUP HLDG LTD 0.9%

Value ($000) $2,628 (-13.2%) Shares 20,945 (+1.4%) Est. Cost $98.52 Unrealized —

IBN ICICI BANK LIMITED 0.6%

Value ($000) $1,735 (+28.3%) Shares 66,986 (+47.7%) Est. Cost $24.45 Unrealized —

FLR FLUOR CORP 0.4%

Value ($000) $1,220 (+42.2%) Shares 26,155 (+20.8%) Est. Cost $44.70 Unrealized +4.7%

ITUB ITAU UNIBANCO HLDG S A 0.7%

Value ($000) $2,158 (+18.4%) Shares 257,526 (+1.1%) Est. Cost $7.17 Unrealized —

GOOG ALPHABET INC 2.5%

Value ($000) $7,666 (+4.1%) Shares 26,724 (+13.9%) Est. Cost $136.51 Unrealized +137.1%

CLF CLEVELAND-CLIFFS INC NEW 0.2%

Value ($000) $525 (-34.3%) Shares 62,094 (+3.3%) Est. Cost $12.08 Unrealized +6.4%

MELI MERCADOLIBRE INC 0.6%

Value ($000) $1,907 (+16.6%) Shares 1,103 (+35.8%) Est. Cost $1697.63 Unrealized +21.7%

QUAL ISHARES TR 0.5%

Value ($000) $1,459 (+20.8%) Shares 7,604 (+25.1%) Est. Cost $155.28 Unrealized —

FTV FORTIVE CORP 0.5%

Value ($000) $1,454 (+18.0%) Shares 26,311 (+17.8%) Est. Cost $52.70 Unrealized +6.6%

BTI BRITISH AMERN TOB PLC 1.2%

Value ($000) $3,814 (+4.6%) Shares 65,234 (+1.3%) Est. Cost $35.72 Unrealized —

G GENPACT LIMITED 0.4%

Value ($000) $1,249 (-9.1%) Shares 33,537 (+14.2%) Est. Cost $39.56 Unrealized +7.7%

YUMC YUM CHINA HLDGS INC 0.9%

Value ($000) $2,781 (+3.6%) Shares 57,020 (+1.4%) Est. Cost $48.69 Unrealized +5.9%

PHG KONINKLIJKE PHILIPS N V 0.6%

Value ($000) $1,944 (+2.4%) Shares 70,940 (+1.2%) Est. Cost $25.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VST	VISTRA CORP	40,402 (+438.5%)	$6,074 (+401.8%)	2.0%	$163.15	+0.0%	COM	92840M102
PBR	PETROLEO BRASILEIRO S A	240,984 (+6.3%)	$5,000 (+86.1%)	1.6%	$13.75	—	SPONSORED ADR	71654V408
MSFT	MICROSOFT CORP	17,561 (+2.5%)	$6,501 (-21.5%)	2.1%	$303.92	+43.0%	COM	594918104
NFLX	NETFLIX INC.	76,408 (+22.4%)	$7,347 (+25.6%)	2.4%	$97.90	-14.4%	COM	64110L106
CPNG	COUPANG INC	197,196 (+64.2%)	$3,723 (+31.4%)	1.2%	$19.56	+1.5%	CL A	22266T109
FISV	FISERV INC	80,774 (+1.4%)	$4,507 (-15.8%)	1.5%	$101.44	-37.0%	COM	337738108
AA	ALCOA CORP	20,123 (+27.4%)	$1,335 (+59.0%)	0.4%	$36.40	+67.8%	COM	013872106
MA	MASTERCARD INCORPORATED	9,733 (+4.9%)	$4,863 (-8.2%)	1.6%	$366.58	+47.0%	CL A	57636Q104
RIO	RIO TINTO PLC	13,783 (+27.8%)	$1,286 (+49.0%)	0.4%	$73.67	—	SPONSORED ADR	767204100
LNG	CHENIERE ENERGY INC	4,469 (+2.0%)	$1,268 (+49.0%)	0.4%	$164.84	+27.3%	COM NEW	16411R208
SPGI	S&P GLOBAL INC	11,868 (+33.8%)	$5,048 (+8.9%)	1.6%	$408.96	+18.7%	COM	78409V104
BABA	ALIBABA GROUP HLDG LTD	20,945 (+1.4%)	$2,628 (-13.2%)	0.9%	$98.52	—	SPONSORED ADS	01609W102
IBN	ICICI BANK LIMITED	66,986 (+47.7%)	$1,735 (+28.3%)	0.6%	$24.45	—	ADR	45104G104
FLR	FLUOR CORP	26,155 (+20.8%)	$1,220 (+42.2%)	0.4%	$44.70	+4.7%	COM	343412102
ITUB	ITAU UNIBANCO HLDG S A	257,526 (+1.1%)	$2,158 (+18.4%)	0.7%	$7.17	—	SPON ADR REP PFD	465562106
GOOG	ALPHABET INC	26,724 (+13.9%)	$7,666 (+4.1%)	2.5%	$136.51	+137.1%	CAP STK CL C	02079K107
CLF	CLEVELAND-CLIFFS INC NEW	62,094 (+3.3%)	$525 (-34.3%)	0.2%	$12.08	+6.4%	COM	185899101
MELI	MERCADOLIBRE INC	1,103 (+35.8%)	$1,907 (+16.6%)	0.6%	$1697.63	+21.7%	COM	58733R102
QUAL	ISHARES TR	7,604 (+25.1%)	$1,459 (+20.8%)	0.5%	$155.28	—	MSCI USA QLT FCT	46432F339
FTV	FORTIVE CORP	26,311 (+17.8%)	$1,454 (+18.0%)	0.5%	$52.70	+6.6%	COM	34959J108
BTI	BRITISH AMERN TOB PLC	65,234 (+1.3%)	$3,814 (+4.6%)	1.2%	$35.72	—	SPONSORED ADR	110448107
G	GENPACT LIMITED	33,537 (+14.2%)	$1,249 (-9.1%)	0.4%	$39.56	+7.7%	SHS	G3922B107
YUMC	YUM CHINA HLDGS INC	57,020 (+1.4%)	$2,781 (+3.6%)	0.9%	$48.69	+5.9%	COM	98850P109
PHG	KONINKLIJKE PHILIPS N V	70,940 (+1.2%)	$1,944 (+2.4%)	0.6%	$25.25	—	NY REGIS SHS NEW	500472303

Exited Positions (9)

ACGL ARCH CAP GROUP LTD 2.0%

Value ($000) $6,076 Shares 63,344 Est. Cost $79.56 Unrealized +20.5%

APO APOLLO GLOBAL MGMT INC 1.7%

Value ($000) $5,184 Shares 35,811 Est. Cost $145.51 Unrealized -8.3%

TMO THERMO FISHER SCIENTIFIC INC 1.6%

Value ($000) $5,079 Shares 8,765 Est. Cost $484.91 Unrealized +18.5%

BAC BANK AMERICA CORP 1.6%

Value ($000) $5,027 Shares 91,399 Est. Cost $42.83 Unrealized +25.3%

ZTS ZOETIS INC 1.5%

Value ($000) $4,595 Shares 36,524 Est. Cost $147.25 Unrealized -14.4%

HDB HDFC BANK LTD 0.6%

Value ($000) $1,886 Shares 51,601 Est. Cost $51.37 Unrealized —

NEE NEXTERA ENERGY INC 0.4%

Value ($000) $1,137 Shares 14,164 Est. Cost $67.99 Unrealized +28.2%

AES AES CORP 0.2%

Value ($000) $506 Shares 35,279 Est. Cost $17.14 Unrealized -11.6%

CVE CENOVUS ENERGY INC 0.2%

Value ($000) $505 Shares 29,854 Est. Cost $17.29 Unrealized +13.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACGL	ARCH CAP GROUP LTD	63,344	$6,076	2.0%	$79.56	+20.5%	—	G0450A105
APO	APOLLO GLOBAL MGMT INC	35,811	$5,184	1.7%	$145.51	-8.3%	—	03769M106
TMO	THERMO FISHER SCIENTIFIC INC	8,765	$5,079	1.6%	$484.91	+18.5%	—	883556102
BAC	BANK AMERICA CORP	91,399	$5,027	1.6%	$42.83	+25.3%	—	060505104
ZTS	ZOETIS INC	36,524	$4,595	1.5%	$147.25	-14.4%	—	98978V103
HDB	HDFC BANK LTD	51,601	$1,886	0.6%	$51.37	—	—	40415F101
NEE	NEXTERA ENERGY INC	14,164	$1,137	0.4%	$67.99	+28.2%	—	65339F101
AES	AES CORP	35,279	$506	0.2%	$17.14	-11.6%	—	00130H105
CVE	CENOVUS ENERGY INC	29,854	$505	0.2%	$17.29	+13.4%	—	15135U109

Decreased Positions (26)

APP APPLOVIN CORP 0.6%

Value ($000) $1,828 (-65.6%) Shares 4,594 (-41.8%) Est. Cost $91.24 Unrealized +455.8%

META META PLATFORMS INC 1.9%

Value ($000) $5,775 (-28.8%) Shares 10,094 (-17.8%) Est. Cost $293.28 Unrealized +123.5%

GLD SPDR GOLD TR 1.8%

Value ($000) $5,463 (-27.6%) Shares 12,697 (-33.3%) Est. Cost $183.45 Unrealized —

FLUT FLUTTER ENTMT PLC 0.5%

Value ($000) $1,574 (-53.3%) Shares 15,437 (-1.5%) Est. Cost $245.37 Unrealized -32.1%

NVDA NVIDIA CORPORATION 2.2%

Value ($000) $6,756 (-20.0%) Shares 38,737 (-14.4%) Est. Cost $100.99 Unrealized +84.8%

ADP AUTOMATIC DATA PROCESSING IN 1.7%

Value ($000) $5,339 (-22.5%) Shares 26,279 (-1.9%) Est. Cost $220.41 Unrealized +9.3%

OTIS OTIS WORLDWIDE CORP 2.2%

Value ($000) $6,865 (-15.1%) Shares 89,064 (-3.7%) Est. Cost $80.84 Unrealized +10.7%

FOUR SHIFT4 PMTS INC 0.8%

Value ($000) $2,386 (-31.3%) Shares 54,564 (-1.1%) Est. Cost $91.50 Unrealized -33.5%

NKE NIKE INC 1.3%

Value ($000) $4,051 (-18.3%) Shares 76,691 (-1.5%) Est. Cost $96.10 Unrealized -33.4%

MCO MOODYS CORP 1.4%

Value ($000) $4,425 (-16.3%) Shares 10,143 (-2.0%) Est. Cost $317.22 Unrealized +54.3%

V VISA INC 1.6%

Value ($000) $4,796 (-14.7%) Shares 15,869 (-1.1%) Est. Cost $228.56 Unrealized +44.0%

UBER UBER TECHNOLOGIES INC 1.7%

Value ($000) $5,382 (-13.3%) Shares 74,825 (-1.5%) Est. Cost $75.42 Unrealized +4.4%

CNR CORE NATURAL RESOURCES INC 1.9%

Value ($000) $5,980 (+16.0%) Shares 57,094 (-2.0%) Est. Cost $84.05 Unrealized +10.4%

NU NU HLDGS LTD 1.3%

Value ($000) $4,082 (-16.0%) Shares 284,043 (-2.2%) Est. Cost $10.63 Unrealized +63.1%

SCHW SCHWAB CHARLES CORP 2.2%

Value ($000) $6,682 (-10.1%) Shares 71,095 (-4.4%) Est. Cost $66.27 Unrealized +51.1%

GE GE AEROSPACE 2.1%

Value ($000) $6,599 (-9.0%) Shares 23,254 (-1.3%) Est. Cost $174.68 Unrealized +82.2%

CVS CVS HEALTH CORP 1.4%

Value ($000) $4,436 (-10.7%) Shares 61,769 (-1.3%) Est. Cost $61.03 Unrealized +27.7%

TDG TRANSDIGM GROUP INC 1.0%

Value ($000) $3,172 (-14.0%) Shares 2,737 (-1.4%) Est. Cost $543.01 Unrealized +150.7%

GEV GE VERNOVA INC 0.7%

Value ($000) $2,283 (+15.2%) Shares 2,615 (-13.8%) Est. Cost $186.39 Unrealized +295.4%

CPAY CORPAY INC 1.5%

Value ($000) $4,784 (-5.4%) Shares 16,440 (-2.2%) Est. Cost $286.94 Unrealized +14.2%

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.4%

Value ($000) $10,613 (-2.5%) Shares 31,405 (-12.3%) Est. Cost $164.73 Unrealized —

NVS NOVARTIS AG 1.1%

Value ($000) $3,496 (+6.9%) Shares 22,888 (-3.6%) Est. Cost $119.41 Unrealized —

SQM SOCIEDAD QUIMICA Y MINERA DE 0.4%

Value ($000) $1,267 (+16.2%) Shares 15,650 (-1.2%) Est. Cost $41.16 Unrealized —

LRCX LAM RESEARCH CORP 1.2%

Value ($000) $3,719 (+4.6%) Shares 17,407 (-16.2%) Est. Cost $76.64 Unrealized +194.8%

HLT HILTON WORLDWIDE HLDGS INC 1.5%

Value ($000) $4,692 (+3.3%) Shares 15,431 (-2.5%) Est. Cost $270.09 Unrealized +13.0%

PM PHILIP MORRIS INTL INC 2.2%

Value ($000) $6,767 (-0.2%) Shares 40,927 (-3.2%) Est. Cost $82.52 Unrealized +113.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	4,594 (-41.8%)	$1,828 (-65.6%)	0.6%	$91.24	+455.8%	COM CL A	03831W108
META	META PLATFORMS INC	10,094 (-17.8%)	$5,775 (-28.8%)	1.9%	$293.28	+123.5%	CL A	30303M102
GLD	SPDR GOLD TR	12,697 (-33.3%)	$5,463 (-27.6%)	1.8%	$183.45	—	GOLD SHS	78463V107
FLUT	FLUTTER ENTMT PLC	15,437 (-1.5%)	$1,574 (-53.3%)	0.5%	$245.37	-32.1%	SHS	G3643J108
NVDA	NVIDIA CORPORATION	38,737 (-14.4%)	$6,756 (-20.0%)	2.2%	$100.99	+84.8%	COM	67066G104
ADP	AUTOMATIC DATA PROCESSING IN	26,279 (-1.9%)	$5,339 (-22.5%)	1.7%	$220.41	+9.3%	COM	053015103
OTIS	OTIS WORLDWIDE CORP	89,064 (-3.7%)	$6,865 (-15.1%)	2.2%	$80.84	+10.7%	COM	68902V107
FOUR	SHIFT4 PMTS INC	54,564 (-1.1%)	$2,386 (-31.3%)	0.8%	$91.50	-33.5%	CL A	82452J109
NKE	NIKE INC	76,691 (-1.5%)	$4,051 (-18.3%)	1.3%	$96.10	-33.4%	CL B	654106103
MCO	MOODYS CORP	10,143 (-2.0%)	$4,425 (-16.3%)	1.4%	$317.22	+54.3%	COM	615369105
V	VISA INC	15,869 (-1.1%)	$4,796 (-14.7%)	1.6%	$228.56	+44.0%	COM CL A	92826C839
UBER	UBER TECHNOLOGIES INC	74,825 (-1.5%)	$5,382 (-13.3%)	1.7%	$75.42	+4.4%	COM	90353T100
CNR	CORE NATURAL RESOURCES INC	57,094 (-2.0%)	$5,980 (+16.0%)	1.9%	$84.05	+10.4%	COM SHS	218937100
NU	NU HLDGS LTD	284,043 (-2.2%)	$4,082 (-16.0%)	1.3%	$10.63	+63.1%	ORD SHS CL A	G6683N103
SCHW	SCHWAB CHARLES CORP	71,095 (-4.4%)	$6,682 (-10.1%)	2.2%	$66.27	+51.1%	COM	808513105
GE	GE AEROSPACE	23,254 (-1.3%)	$6,599 (-9.0%)	2.1%	$174.68	+82.2%	COM NEW	369604301
CVS	CVS HEALTH CORP	61,769 (-1.3%)	$4,436 (-10.7%)	1.4%	$61.03	+27.7%	COM	126650100
TDG	TRANSDIGM GROUP INC	2,737 (-1.4%)	$3,172 (-14.0%)	1.0%	$543.01	+150.7%	COM	893641100
GEV	GE VERNOVA INC	2,615 (-13.8%)	$2,283 (+15.2%)	0.7%	$186.39	+295.4%	COM	36828A101
CPAY	CORPAY INC	16,440 (-2.2%)	$4,784 (-5.4%)	1.5%	$286.94	+14.2%	COM SHS	219948106
TSM	TAIWAN SEMICONDUCTOR MANUFAC	31,405 (-12.3%)	$10,613 (-2.5%)	3.4%	$164.73	—	SPONSORED ADS	874039100
NVS	NOVARTIS AG	22,888 (-3.6%)	$3,496 (+6.9%)	1.1%	$119.41	—	SPONSORED ADR	66987V109
SQM	SOCIEDAD QUIMICA Y MINERA DE	15,650 (-1.2%)	$1,267 (+16.2%)	0.4%	$41.16	—	SPON ADR SER B	833635105
LRCX	LAM RESEARCH CORP	17,407 (-16.2%)	$3,719 (+4.6%)	1.2%	$76.64	+194.8%	COM NEW	512807306
HLT	HILTON WORLDWIDE HLDGS INC	15,431 (-2.5%)	$4,692 (+3.3%)	1.5%	$270.09	+13.0%	COM	43300A203
PM	PHILIP MORRIS INTL INC	40,927 (-3.2%)	$6,767 (-0.2%)	2.2%	$82.52	+113.2%	COM	718172109

Unchanged Positions (31)

GLNG GOLAR LNG LTD 1.6%

Value ($000) $5,051 Shares 93,348 Est. Cost $22.17 Unrealized +86.4%

SE SEA LTD 0.8%

Value ($000) $2,480 Shares 29,952 Est. Cost $76.85 Unrealized —

TTE TOTALENERGIES SE 1.5%

Value ($000) $4,613 Shares 50,700 Est. Cost $63.23 Unrealized +13.1%

EQT EQT CORP 1.8%

Value ($000) $5,697 Shares 89,522 Est. Cost $55.24 Unrealized +0.1%

AMZN AMAZON COM INC 2.6%

Value ($000) $7,990 Shares 38,364 Est. Cost $140.57 Unrealized +61.4%

ASML ASML HLDG NV 1.3%

Value ($000) $4,039 Shares 3,058 Est. Cost $667.71 Unrealized —

CRH CRH PLC 1.3%

Value ($000) $3,988 Shares 37,937 Est. Cost $82.94 Unrealized +49.9%

PGR PROGRESSIVE CORP 1.4%

Value ($000) $4,280 Shares 21,592 Est. Cost $245.29 Unrealized -15.7%

VRT VERTIV HOLDINGS CO 0.6%

Value ($000) $1,735 Shares 6,925 Est. Cost $59.84 Unrealized +234.0%

KOS KOSMOS ENERGY LTD 0.2%

Value ($000) $756 Shares 271,878 Est. Cost $4.54 Unrealized -68.0%

UBS UBS GROUP AG 0.9%

Value ($000) $2,818 Shares 72,127 Est. Cost $29.74 Unrealized +53.2%

ENB ENBRIDGE INC 1.3%

Value ($000) $4,139 Shares 76,471 Est. Cost $43.96 Unrealized +10.5%

CP CANADIAN PACIFIC KANSAS CITY 2.5%

Value ($000) $7,578 Shares 96,353 Est. Cost $76.58 Unrealized +0.9%

AVGO BROADCOM INC 1.1%

Value ($000) $3,497 Shares 11,300 Est. Cost $357.00 Unrealized -6.4%

XOM EXXON MOBIL CORP 0.5%

Value ($000) $1,409 Shares 8,305 Est. Cost $104.45 Unrealized +32.8%

ALB ALBEMARLE CORP 0.5%

Value ($000) $1,467 Shares 8,169 Est. Cost $94.04 Unrealized +82.1%

KT KT CORP 0.8%

Value ($000) $2,470 Shares 115,163 Est. Cost $13.51 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.8%

Value ($000) $5,647 Shares 11,784 Est. Cost $334.21 Unrealized +47.7%

CEG CONSTELLATION ENERGY CORP 0.4%

Value ($000) $1,107 Shares 3,965 Est. Cost $257.67 Unrealized +16.9%

RUN SUNRUN INC 0.2%

Value ($000) $750 Shares 55,320 Est. Cost $10.79 Unrealized +77.6%

CNH CNH INDL N V 0.5%

Value ($000) $1,498 Shares 136,220 Est. Cost $11.37 Unrealized +0.3%

TLN TALEN ENERGY CORP 0.5%

Value ($000) $1,394 Shares 4,367 Est. Cost $195.05 Unrealized +88.8%

VALE VALE S A 0.3%

Value ($000) $1,059 Shares 66,583 Est. Cost $13.04 Unrealized —

ETN EATON CORP PLC 0.5%

Value ($000) $1,494 Shares 4,177 Est. Cost $260.68 Unrealized +35.7%

FCX FREEPORT MCMORAN INC 0.4%

Value ($000) $1,197 Shares 20,366 Est. Cost $37.78 Unrealized +61.8%

NEM NEWMONT CORP 0.5%

Value ($000) $1,674 Shares 15,466 Est. Cost $44.25 Unrealized +167.0%

B BARRICK MNG CORP 0.5%

Value ($000) $1,542 Shares 37,797 Est. Cost $19.29 Unrealized +150.4%

AEP AMERICAN ELEC PWR CO INC 0.2%

Value ($000) $728 Shares 5,553 Est. Cost $117.70 Unrealized +2.4%

CCJ CAMECO CORP 0.1%

Value ($000) $249 Shares 2,292 Est. Cost $89.94 Unrealized +29.3%

TECK TECK RESOURCES LTD 0.1%

Value ($000) $445 Shares 8,593 Est. Cost $39.89 Unrealized +37.8%

EXE EXPAND ENERGY CORPORATION 0.5%

Value ($000) $1,451 Shares 13,221 Est. Cost $80.40 Unrealized +31.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLNG	GOLAR LNG LTD	93,348	$5,051	1.6%	$22.17	+86.4%	SHS	G9456A100
SE	SEA LTD	29,952	$2,480	0.8%	$76.85	—	SPONSORD ADS	81141R100
TTE	TOTALENERGIES SE	50,700	$4,613	1.5%	$63.23	+13.1%	ACT	F92124100
EQT	EQT CORP	89,522	$5,697	1.8%	$55.24	+0.1%	COM	26884L109
AMZN	AMAZON COM INC	38,364	$7,990	2.6%	$140.57	+61.4%	COM	023135106
ASML	ASML HLDG NV	3,058	$4,039	1.3%	$667.71	—	N Y REGISTRY SHS	N07059210
CRH	CRH PLC	37,937	$3,988	1.3%	$82.94	+49.9%	ORD	G25508105
PGR	PROGRESSIVE CORP	21,592	$4,280	1.4%	$245.29	-15.7%	COM	743315103
VRT	VERTIV HOLDINGS CO	6,925	$1,735	0.6%	$59.84	+234.0%	COM CL A	92537N108
KOS	KOSMOS ENERGY LTD	271,878	$756	0.2%	$4.54	-68.0%	COM	500688106
UBS	UBS GROUP AG	72,127	$2,818	0.9%	$29.74	+53.2%	SHS	H42097107
ENB	ENBRIDGE INC	76,471	$4,139	1.3%	$43.96	+10.5%	COM	29250N105
CP	CANADIAN PACIFIC KANSAS CITY	96,353	$7,578	2.5%	$76.58	+0.9%	COM	13646K108
AVGO	BROADCOM INC	11,300	$3,497	1.1%	$357.00	-6.4%	COM	11135F101
XOM	EXXON MOBIL CORP	8,305	$1,409	0.5%	$104.45	+32.8%	COM	30231G102
ALB	ALBEMARLE CORP	8,169	$1,467	0.5%	$94.04	+82.1%	COM	012653101
KT	KT CORP	115,163	$2,470	0.8%	$13.51	—	SPONSORED ADR	48268K101
BRK/B	BERKSHIRE HATHAWAY INC DEL	11,784	$5,647	1.8%	$334.21	+47.7%	CL B NEW	084670702
CEG	CONSTELLATION ENERGY CORP	3,965	$1,107	0.4%	$257.67	+16.9%	COM	21037T109
RUN	SUNRUN INC	55,320	$750	0.2%	$10.79	+77.6%	COM	86771W105
CNH	CNH INDL N V	136,220	$1,498	0.5%	$11.37	+0.3%	SHS	N20944109
TLN	TALEN ENERGY CORP	4,367	$1,394	0.5%	$195.05	+88.8%	COM	87422Q109
VALE	VALE S A	66,583	$1,059	0.3%	$13.04	—	SPONSORED ADS	91912E105
ETN	EATON CORP PLC	4,177	$1,494	0.5%	$260.68	+35.7%	SHS	G29183103
FCX	FREEPORT MCMORAN INC	20,366	$1,197	0.4%	$37.78	+61.8%	CL B	35671D857
NEM	NEWMONT CORP	15,466	$1,674	0.5%	$44.25	+167.0%	COM	651639106
B	BARRICK MNG CORP	37,797	$1,542	0.5%	$19.29	+150.4%	COM SHS	06849F108
AEP	AMERICAN ELEC PWR CO INC	5,553	$728	0.2%	$117.70	+2.4%	COM	025537101
CCJ	CAMECO CORP	2,292	$249	0.1%	$89.94	+29.3%	COM	13321L108
TECK	TECK RESOURCES LTD	8,593	$445	0.1%	$39.89	+37.8%	CL B	878742204
EXE	EXPAND ENERGY CORPORATION	13,221	$1,451	0.5%	$80.40	+31.6%	COM	165167735