Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HLT	HILTON INC	19,426	$6.42M	5.1%	—	—	COM	43300A203
MTN	VAIL RESORTS	40,724	$5.545M	4.4%	—	—	COM	91879Q109
CSCO	CISCO SYSTEMS INC	44,677	$5.248M	4.2%	—	—	COM	17275R102
TMO	THERMO FISHER SCIENTIFIC INC.	9,127	$4.576M	3.6%	—	—	COM	883556102
COF	CAPITAL ONE FINANCIAL CORP	22,805	$4.575M	3.6%	—	—	COM	14040H105
UNH	UNITEDHEALTH GRP	9,122	$3.791M	3.0%	—	—	COM	91324P102
EQIX	EQUINIX INC	2,998	$3.125M	2.5%	—	—	COM	29444U700
DOCN	DIGITALOCEAN HOLDINGS INC	18,896	$2.967M	2.4%	—	—	COM	25402D102

Increased Positions (5)

CSX CSX CORP 6.1%

Value $7.627M (+99.1%) Shares 160,470 (+72.0%) Est. Cost — Unrealized —

GS GOLDMAN SACHS 6.2%

Value $7.862M (+60.7%) Shares 7,774 (+34.4%) Est. Cost — Unrealized —

V VISA INC-CLASS A SHARES 4.9%

Value $6.211M (+43.6%) Shares 18,104 (+26.5%) Est. Cost — Unrealized —

GOOGL ALPHABET INC CLASS A COMMON STOCK 4.4%

Value $5.481M (+49.3%) Shares 15,336 (+20.1%) Est. Cost — Unrealized —

AMZN AMAZON.COM INC 3.3%

Value $4.117M (+27.6%) Shares 17,272 (+11.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSX	CSX CORP	160,470 (+72.0%)	$7.627M (+99.1%)	6.1%	—	—	COM	126408103
GS	GOLDMAN SACHS	7,774 (+34.4%)	$7.862M (+60.7%)	6.2%	—	—	COM	38141G104
V	VISA INC-CLASS A SHARES	18,104 (+26.5%)	$6.211M (+43.6%)	4.9%	—	—	COM	92826C839
GOOGL	ALPHABET INC CLASS A COMMON STOCK	15,336 (+20.1%)	$5.481M (+49.3%)	4.4%	—	—	COM	02079K305
AMZN	AMAZON.COM INC	17,272 (+11.5%)	$4.117M (+27.6%)	3.3%	—	—	COM	023135106

Exited Positions (7)

BLK BLACKROCK FUNDING INC/DE 5.0%

Value $6.303M Shares 6,554 Est. Cost — Unrealized —

CAT CATERPILLAR INC 4.2%

Value $5.263M Shares 7,429 Est. Cost — Unrealized —

INTC INTEL CORP 3.9%

Value $4.897M Shares 110,962 Est. Cost — Unrealized —

GEV GE VERNOVA LLC 3.3%

Value $4.215M Shares 4,829 Est. Cost — Unrealized —

MSFT MICROSOFT CORPORATION 2.1%

Value $2.671M Shares 7,215 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC -CLASS A 1.6%

Value $2.066M Shares 11,831 Est. Cost — Unrealized —

KLAR KLARNA GROUP PLC 0.6%

Value $807K Shares 57,984 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK FUNDING INC/DE	6,554	$6.303M	5.0%	—	—	—	09290D101
CAT	CATERPILLAR INC	7,429	$5.263M	4.2%	—	—	—	149123101
INTC	INTEL CORP	110,962	$4.897M	3.9%	—	—	—	458140100
GEV	GE VERNOVA LLC	4,829	$4.215M	3.3%	—	—	—	36828A101
MSFT	MICROSOFT CORPORATION	7,215	$2.671M	2.1%	—	—	—	594918104
COIN	COINBASE GLOBAL INC -CLASS A	11,831	$2.066M	1.6%	—	—	—	19260Q107
KLAR	KLARNA GROUP PLC	57,984	$807K	0.6%	—	—	—	G5279N105

Decreased Positions (10)

META META PLATFORMS INC 2.7%

Value $3.393M (-73.6%) Shares 6,023 (-73.2%) Est. Cost — Unrealized —

ASML ASML HOLDING N.V. NEW YORK REGISTRY SHAR 2.3%

Value $2.897M (-72.4%) Shares 1,456 (-81.7%) Est. Cost — Unrealized —

AAPL APPLE INC 4.4%

Value $5.476M (-52.1%) Shares 18,925 (-58.0%) Est. Cost — Unrealized —

TSM TAIWAN SEMI ADR 4.6%

Value $5.849M (-38.9%) Shares 12,248 (-56.8%) Est. Cost — Unrealized —

ADI ANALOG DEVICES 2.2%

Value $2.736M (-56.8%) Shares 6,889 (-65.4%) Est. Cost — Unrealized —

SHOP SHOPIFY INC - CLASS A 2.3%

Value $2.933M (-39.7%) Shares 25,691 (-37.3%) Est. Cost — Unrealized —

AMAT APPLIED MATERIALS 5.9%

Value $7.47M (+33.1%) Shares 10,332 (-37.1%) Est. Cost — Unrealized —

LLY ELI LILLY & CO 3.5%

Value $4.368M (-27.9%) Shares 3,642 (-44.7%) Est. Cost — Unrealized —

GE GENERAL ELECTRIC 7.8%

Value $9.868M (+4.0%) Shares 26,403 (-21.0%) Est. Cost — Unrealized —

NVDA NVIDIA CORP 10.6%

Value $13.35M (-1.0%) Shares 66,733 (-13.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	6,023 (-73.2%)	$3.393M (-73.6%)	2.7%	—	—	COM	30303M102
ASML	ASML HOLDING N.V. NEW YORK REGISTRY SHAR	1,456 (-81.7%)	$2.897M (-72.4%)	2.3%	—	—	COM	N07059210
AAPL	APPLE INC	18,925 (-58.0%)	$5.476M (-52.1%)	4.4%	—	—	COM	037833100
TSM	TAIWAN SEMI ADR	12,248 (-56.8%)	$5.849M (-38.9%)	4.6%	—	—	COM	874039100
ADI	ANALOG DEVICES	6,889 (-65.4%)	$2.736M (-56.8%)	2.2%	—	—	COM	032654105
SHOP	SHOPIFY INC - CLASS A	25,691 (-37.3%)	$2.933M (-39.7%)	2.3%	—	—	COM	82509L107
AMAT	APPLIED MATERIALS	10,332 (-37.1%)	$7.47M (+33.1%)	5.9%	—	—	COM	038222105
LLY	ELI LILLY & CO	3,642 (-44.7%)	$4.368M (-27.9%)	3.5%	—	—	COM	532457108
GE	GENERAL ELECTRIC	26,403 (-21.0%)	$9.868M (+4.0%)	7.8%	—	—	COM	369604301
NVDA	NVIDIA CORP	66,733 (-13.7%)	$13.35M (-1.0%)	10.6%	—	—	COM	67066G104