Capricorn Fund Managers Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZYME	Zymeworks	1,022,840	$26,931	6.5%	$21.81	0.0%	COM	98985Y108
GPCR	STRUCTURE THERAPEUTICS INC	252,600	$17,568	4.2%	$69.55	—	SPONSORED ADS	86366E106
NUVB	Nuvation Bio	1,588,854	$14,236	3.4%	$6.19	0.0%	COM CL A	67080N101
EXAS	Exact Sciences Corp	96,685	$9,819	2.4%	$80.31	0.0%	COM	30063P105
BLFS	BioLife Solutions	378,550	$9,153	2.2%	$26.17	0.0%	COM NEW	09062W204
ALAB	ASTERA LABS ORD	50,000	$8,318	2.0%	$167.29	0.0%	COM	04626A103
SHC	Sotera Health Company	449,900	$7,936	1.9%	$16.54	0.0%	COM	83601L102
EA	Electronic Arts	38,549	$7,877	1.9%	$201.71	0.0%	COM	285512109
NSC	Norfolk Southern Corp	25,000	$7,218	1.7%	$288.62	0.0%	COM	655844108
OS	ONESTREAM INC	380,000	$6,984	1.7%	$19.07	0.0%	CL A	68278B107
TEX	Terex Corp	130,000	$6,939	1.7%	$50.50	0.0%	COM	880779103
HQY	HealthEquity	75,602	$6,926	1.7%	$95.73	0.0%	COM	42226A107
GTLS	Chart Industries	33,383	$6,885	1.7%	$202.64	0.0%	COM	16115Q308
GKOS	Glaukos Corp	60,000	$6,775	1.6%	$95.54	0.0%	COM	377322102
—	CyberArk Software Ltd	14,841	$6,620	1.6%	$446.06	—	SHS	M2682V108
TERN	Terns Pharmaceuticals	151,436	$6,118	1.5%	$23.11	0.0%	COM	880881107
—	DAYFORCE ORD	85,033	$5,881	1.4%	$68.83	0.0%	COM	15677J108
TXNM	TXNM ENERGY ORD	88,529	$5,213	1.3%	$57.71	0.0%	COM	69349H107
KVUE	KENVUE ORD	282,485	$4,873	1.2%	$16.26	0.0%	COM	49177J102
LOAR	LOAR HOLDINGS ORD	70,000	$4,760	1.1%	$72.91	0.0%	COM SHS	53947R105
WBD	Warner Bros Discovery	163,668	$4,717	1.1%	$23.37	0.0%	COM SER A	934423104
PFE	Pfizer	165,569	$4,123	1.0%	$25.03	0.0%	COM	717081103
APP	Applovin Corp	6,000	$4,043	1.0%	$630.10	0.0%	COM CL A	03831W108
CFLT	Confluent	130,391	$3,943	1.0%	$24.55	0.0%	CLASS A COM	20717M103
—	Hillenbrand	122,961	$3,900	0.9%	$31.72	—	COM	431571108
MDGL	Madrigal Pharmaceuticals	6,600	$3,843	0.9%	$510.76	0.0%	COM	558868105
BTSG	BRIGHTSPRING HEALTH SVCS INC	100,000	$3,745	0.9%	$33.54	0.0%	COM	10950A106
KGS	KODIAK GAS SVCS INC	100,000	$3,740	0.9%	$35.36	0.0%	COM	50012A108
CWAN	Clearwater Analytics Holdings	124,611	$3,006	0.7%	$20.03	0.0%	CL A	185123106
FOLD	Amicus Therapeutics	210,674	$3,000	0.7%	$9.82	0.0%	COM	03152W109
TDG	TransDigm Group	2,000	$2,660	0.6%	$1310.75	0.0%	COM	893641100
AXTA	Axalta Coating Systems Ltd	80,000	$2,585	0.6%	$29.34	0.0%	COM	G0750C108
CHWY	Chewy	65,948	$2,180	0.5%	$34.72	0.0%	CL A	16679L109
—	Frontier Communications Parent	51,847	$1,974	0.5%	$38.07	—	COM	35909D109
—	CONTEXTLOGIC HOLDINGS ORD	250,000	$1,895	0.5%	$7.58	—	CL A NEW	21077C305
JAZZ	Jazz Pharmaceuticals plc	10,000	$1,700	0.4%	$153.31	0.0%	SHS USD	G50871105
TSHA	Taysha Gene Therapies	300,000	$1,650	0.4%	$4.86	0.0%	COM SHS	877619106
DIS	Walt Disney Company (The)	10,332	$1,175	0.3%	$109.53	0.0%	COM	254687106
CCEP	Coca-Cola Europacific Partners	12,600	$1,143	0.3%	$89.63	0.0%	SHS	G25839104
EVMN	EVOMMUNE ORD	60,000	$1,027	0.2%	$18.78	0.0%	COM SHS	30054Y107
DNLI	Denali Therapeutics	62,197	$1,027	0.2%	$16.88	0.0%	COM	24823R105
KVYO	KLAVIYO INC	20,000	$649	0.2%	$28.01	0.0%	COM SER A	49845K101
BETA	BETA TECHNOLOGIES CL A ORD	20,000	$564	0.1%	$29.84	0.0%	COM SHS CL A	086921103
BORR	Borr Drilling Limited	110,000	$443	0.1%	$3.31	0.0%	SHS	G1466R173
TGNA	TEGNA	12,435	$241	0.1%	$19.76	0.0%	COM	87901J105
ASC	ARDMORE SHIPPING Corp	14,000	$148	0.0%	$11.89	0.0%	COM	Y0207T100
TALO	Talos Energy	12,500	$138	0.0%	$10.46	0.0%	COM	87484T108

Increased Positions (16)

GH Guardant Health 2.7%

Value ($000) $11,009 (+386.8%) Shares 107,787 (+197.8%) Est. Cost $77.68 Unrealized +15.2%

ROIV Roivant Sciences Ltd 2.3%

Value ($000) $9,667 (+221.9%) Shares 445,500 (+124.4%) Est. Cost $16.45 Unrealized +19.9%

WAY WAYSTAR HOLDING ORD 5.8%

Value ($000) $24,178 (+26.2%) Shares 738,263 (+46.2%) Est. Cost $36.61 Unrealized -2.7%

RNA Avidity Biosciences 1.2%

Value ($000) $4,938 (+949.4%) Shares 68,463 (+533.9%) Est. Cost $60.78 Unrealized +6.3%

APO Apollo Global Management 1.0%

Value ($000) $4,298 (+142.4%) Shares 29,693 (+123.1%) Est. Cost $136.23 Unrealized -2.7%

AMZN Amazon.com 2.7%

Value ($000) $10,999 (+12.8%) Shares 47,650 (+7.3%) Est. Cost $199.98 Unrealized +14.4%

KARO Karooooo Ltd 2.6%

Value ($000) $10,833 (+11.1%) Shares 238,078 (+39.4%) Est. Cost $43.71 Unrealized +7.2%

V VISA 1.9%

Value ($000) $7,941 (+15.5%) Shares 22,644 (+12.4%) Est. Cost $257.83 Unrealized +32.0%

LUXE LUXEXPERIENCE ADS REP ORD 1.5%

Value ($000) $6,303 (+10.2%) Shares 754,909 (+12.2%) Est. Cost $7.29 Unrealized —

BAC Bank of America Corp 0.3%

Value ($000) $1,401 (+23.9%) Shares 25,465 (+16.2%) Est. Cost $48.95 Unrealized +7.6%

MSFT Microsoft Corp 3.3%

Value ($000) $13,896 (-1.8%) Shares 28,733 (+5.2%) Est. Cost $426.45 Unrealized +17.4%

SCHW Charles Schwab Corp (The) 0.4%

Value ($000) $1,549 (+19.2%) Shares 15,506 (+13.9%) Est. Cost $78.14 Unrealized +21.2%

BN Brookfield Corp 0.3%

Value ($000) $1,290 (+17.6%) Shares 28,112 (+75.7%) Est. Cost $40.81 Unrealized +11.6%

IBIT ISHARES BITCOIN ETF 0.4%

Value ($000) $1,718 (-3.9%) Shares 34,601 (+25.9%) Est. Cost $53.01 Unrealized —

UBER Uber Technologies 0.3%

Value ($000) $1,376 (+3.9%) Shares 16,843 (+24.6%) Est. Cost $76.70 Unrealized +17.4%

BUR Burford Capital Limited 0.3%

Value ($000) $1,204 (+0.7%) Shares 135,000 (+35.0%) Est. Cost $12.33 Unrealized -20.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GH	Guardant Health	107,787 (+197.8%)	$11,009 (+386.8%)	2.7%	$77.68	+15.2%	COM	40131M109
ROIV	Roivant Sciences Ltd	445,500 (+124.4%)	$9,667 (+221.9%)	2.3%	$16.45	+19.9%	SHS	G76279101
WAY	WAYSTAR HOLDING ORD	738,263 (+46.2%)	$24,178 (+26.2%)	5.8%	$36.61	-2.7%	COM	946784105
RNA	Avidity Biosciences	68,463 (+533.9%)	$4,938 (+949.4%)	1.2%	$60.78	+6.3%	COM	05370A108
APO	Apollo Global Management	29,693 (+123.1%)	$4,298 (+142.4%)	1.0%	$136.23	-2.7%	COM	03769M106
AMZN	Amazon.com	47,650 (+7.3%)	$10,999 (+12.8%)	2.7%	$199.98	+14.4%	COM	023135106
KARO	Karooooo Ltd	238,078 (+39.4%)	$10,833 (+11.1%)	2.6%	$43.71	+7.2%	ORD SHS	Y4600W108
V	VISA	22,644 (+12.4%)	$7,941 (+15.5%)	1.9%	$257.83	+32.0%	COM CL A	92826C839
LUXE	LUXEXPERIENCE ADS REP ORD	754,909 (+12.2%)	$6,303 (+10.2%)	1.5%	$7.29	—	ADS	55406W103
BAC	Bank of America Corp	25,465 (+16.2%)	$1,401 (+23.9%)	0.3%	$48.95	+7.6%	COM	060505104
MSFT	Microsoft Corp	28,733 (+5.2%)	$13,896 (-1.8%)	3.3%	$426.45	+17.4%	COM	594918104
SCHW	Charles Schwab Corp (The)	15,506 (+13.9%)	$1,549 (+19.2%)	0.4%	$78.14	+21.2%	COM	808513105
BN	Brookfield Corp	28,112 (+75.7%)	$1,290 (+17.6%)	0.3%	$40.81	+11.6%	CL A LTD VT SH	11271J107
IBIT	ISHARES BITCOIN ETF	34,601 (+25.9%)	$1,718 (-3.9%)	0.4%	$53.01	—	SHS BEN INT	46438F101
UBER	Uber Technologies	16,843 (+24.6%)	$1,376 (+3.9%)	0.3%	$76.70	+17.4%	COM	90353T100
BUR	Burford Capital Limited	135,000 (+35.0%)	$1,204 (+0.7%)	0.3%	$12.33	-20.6%	ORD SHS	G17977110

Exited Positions (24)

VERA VERA THERAPEUTICS CL A ORD 3.2%

Value ($000) $13,097 Shares 450,700 Est. Cost $23.13 Unrealized +53.6%

PHR Phreesia 2.7%

Value ($000) $11,395 Shares 484,500 Est. Cost $27.20 Unrealized -24.1%

IONS Ionis Pharmaceuticals 2.6%

Value ($000) $10,650 Shares 162,800 Est. Cost $48.82 Unrealized +54.2%

SMMT Summit Therapeutics 2.5%

Value ($000) $10,253 Shares 496,266 Est. Cost $24.25 Unrealized -22.4%

— Akero Therapeutics 1.7%

Value ($000) $7,084 Shares 149,200 Est. Cost $47.48 Unrealized —

ABBV ABBVIE 1.6%

Value ($000) $6,839 Shares 29,535 Est. Cost $146.72 Unrealized +55.1%

JNJ Johnson & Johnson 1.6%

Value ($000) $6,816 Shares 36,760 Est. Cost $169.51 Unrealized +16.2%

SN SHARKNINJA ORD 1.5%

Value ($000) $6,189 Shares 60,000 Est. Cost $99.75 Unrealized -1.2%

DOCS Doximity 1.4%

Value ($000) $5,613 Shares 76,738 Est. Cost $65.20 Unrealized -13.9%

BTI British American Tobacco plc 0.8%

Value ($000) $3,450 Shares 65,000 Est. Cost $41.37 Unrealized —

NKE Nike 0.8%

Value ($000) $3,202 Shares 45,920 Est. Cost $73.79 Unrealized -12.0%

SPOT Spotify Technology SA 0.8%

Value ($000) $3,167 Shares 4,537 Est. Cost $699.24 Unrealized -10.6%

RL Ralph Lauren Corp 0.8%

Value ($000) $3,136 Shares 10,000 Est. Cost $245.36 Unrealized +38.6%

ULTA Ulta Beauty 0.7%

Value ($000) $3,007 Shares 5,500 Est. Cost $512.40 Unrealized +7.3%

TPR Tapestry 0.7%

Value ($000) $2,944 Shares 26,000 Est. Cost $63.71 Unrealized +79.0%

COCO Vita Coco Company (The) 0.7%

Value ($000) $2,782 Shares 65,515 Est. Cost $33.40 Unrealized +40.4%

RBLX Roblox Corp 0.7%

Value ($000) $2,716 Shares 19,605 Est. Cost $124.28 Unrealized -14.6%

TJX TJX Companies 0.6%

Value ($000) $2,602 Shares 18,000 Est. Cost $120.47 Unrealized +22.6%

DECK Deckers Outdoor Corp 0.6%

Value ($000) $2,534 Shares 25,000 Est. Cost $171.52 Unrealized -45.4%

FIVE Five Below 0.6%

Value ($000) $2,475 Shares 16,000 Est. Cost $141.49 Unrealized +14.9%

ONON On Holding AG 0.5%

Value ($000) $2,118 Shares 50,000 Est. Cost $50.96 Unrealized -15.4%

LEVI Levi Strauss & Co 0.3%

Value ($000) $1,165 Shares 50,000 Est. Cost $20.94 Unrealized +2.1%

ADT ADT 0.3%

Value ($000) $1,089 Shares 125,000 Est. Cost $8.48 Unrealized -2.5%

CPRI Capri Holdings Limited 0.2%

Value ($000) $996 Shares 50,000 Est. Cost $19.96 Unrealized +15.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VERA	VERA THERAPEUTICS CL A ORD	450,700	$13,097	3.2%	$23.13	+53.6%	—	92337R101
PHR	Phreesia	484,500	$11,395	2.7%	$27.20	-24.1%	—	71944F106
IONS	Ionis Pharmaceuticals	162,800	$10,650	2.6%	$48.82	+54.2%	—	462222100
SMMT	Summit Therapeutics	496,266	$10,253	2.5%	$24.25	-22.4%	—	86627T108
—	Akero Therapeutics	149,200	$7,084	1.7%	$47.48	—	—	00973Y108
ABBV	ABBVIE	29,535	$6,839	1.6%	$146.72	+55.1%	—	00287Y109
JNJ	Johnson & Johnson	36,760	$6,816	1.6%	$169.51	+16.2%	—	478160104
SN	SHARKNINJA ORD	60,000	$6,189	1.5%	$99.75	-1.2%	—	G8068L108
DOCS	Doximity	76,738	$5,613	1.4%	$65.20	-13.9%	—	26622P107
BTI	British American Tobacco plc	65,000	$3,450	0.8%	$41.37	—	—	110448107
NKE	Nike	45,920	$3,202	0.8%	$73.79	-12.0%	—	654106103
SPOT	Spotify Technology SA	4,537	$3,167	0.8%	$699.24	-10.6%	—	L8681T102
RL	Ralph Lauren Corp	10,000	$3,136	0.8%	$245.36	+38.6%	—	751212101
ULTA	Ulta Beauty	5,500	$3,007	0.7%	$512.40	+7.3%	—	90384S303
TPR	Tapestry	26,000	$2,944	0.7%	$63.71	+79.0%	—	876030107
COCO	Vita Coco Company (The)	65,515	$2,782	0.7%	$33.40	+40.4%	—	92846Q107
RBLX	Roblox Corp	19,605	$2,716	0.7%	$124.28	-14.6%	—	771049103
TJX	TJX Companies	18,000	$2,602	0.6%	$120.47	+22.6%	—	872540109
DECK	Deckers Outdoor Corp	25,000	$2,534	0.6%	$171.52	-45.4%	—	243537107
FIVE	Five Below	16,000	$2,475	0.6%	$141.49	+14.9%	—	33829M101
ONON	On Holding AG	50,000	$2,118	0.5%	$50.96	-15.4%	—	H5919C104
LEVI	Levi Strauss & Co	50,000	$1,165	0.3%	$20.94	+2.1%	—	52736R102
ADT	ADT	125,000	$1,089	0.3%	$8.48	-2.5%	—	00090Q103
CPRI	Capri Holdings Limited	50,000	$996	0.2%	$19.96	+15.9%	—	G1890L107

Decreased Positions (14)

TARS Tarsus Pharmaceuticals 0.4%

Value ($000) $1,800 (-87.4%) Shares 21,982 (-90.8%) Est. Cost $49.23 Unrealized +51.7%

REAL RealReal (The) 1.5%

Value ($000) $6,200 (-51.0%) Shares 392,897 (-67.0%) Est. Cost $4.54 Unrealized +187.6%

META Meta Platforms 1.4%

Value ($000) $5,953 (-37.9%) Shares 9,019 (-30.9%) Est. Cost $466.22 Unrealized +43.1%

PAHC Phibro Animal Health Corp 1.7%

Value ($000) $6,878 (-32.8%) Shares 184,101 (-27.2%) Est. Cost $33.03 Unrealized +23.0%

AS AMER SPORTS ORD 0.2%

Value ($000) $852 (-72.8%) Shares 22,800 (-74.7%) Est. Cost $23.63 Unrealized +45.2%

GOOGL Alphabet Inc - Class A 2.3%

Value ($000) $9,724 (-15.2%) Shares 31,066 (-34.1%) Est. Cost $157.43 Unrealized +81.4%

PEP PepsiCo 0.9%

Value ($000) $3,755 (-27.1%) Shares 26,166 (-28.7%) Est. Cost $135.23 Unrealized +7.9%

PYPL PayPal Holdings 0.3%

Value ($000) $1,177 (-51.3%) Shares 20,162 (-44.1%) Est. Cost $69.73 Unrealized -7.0%

OXY Occidental Petroleum Corp 0.8%

Value ($000) $3,161 (-20.9%) Shares 76,877 (-9.1%) Est. Cost $49.25 Unrealized -15.6%

LIN Linde plc 0.8%

Value ($000) $3,460 (-17.5%) Shares 8,114 (-8.1%) Est. Cost $377.93 Unrealized +13.1%

BRK/B Berkshire Hathaway 1.4%

Value ($000) $5,958 (-8.4%) Shares 11,854 (-8.4%) Est. Cost $334.28 Unrealized +48.8%

CVX Chevron Corp 0.6%

Value ($000) $2,494 (-15.4%) Shares 16,363 (-13.8%) Est. Cost $142.64 Unrealized +6.1%

UNP Union Pacific Corp 0.9%

Value ($000) $3,907 (-9.1%) Shares 16,890 (-7.1%) Est. Cost $219.67 Unrealized +3.5%

QSR Restaurant Brands International 1.1%

Value ($000) $4,441 (-2.3%) Shares 65,089 (-8.2%) Est. Cost $64.48 Unrealized +6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TARS	Tarsus Pharmaceuticals	21,982 (-90.8%)	$1,800 (-87.4%)	0.4%	$49.23	+51.7%	COM	87650L103
REAL	RealReal (The)	392,897 (-67.0%)	$6,200 (-51.0%)	1.5%	$4.54	+187.6%	COM	88339P101
META	Meta Platforms	9,019 (-30.9%)	$5,953 (-37.9%)	1.4%	$466.22	+43.1%	CL A	30303M102
PAHC	Phibro Animal Health Corp	184,101 (-27.2%)	$6,878 (-32.8%)	1.7%	$33.03	+23.0%	CL A COM	71742Q106
AS	AMER SPORTS ORD	22,800 (-74.7%)	$852 (-72.8%)	0.2%	$23.63	+45.2%	COM SHS	G0260P102
GOOGL	Alphabet Inc - Class A	31,066 (-34.1%)	$9,724 (-15.2%)	2.3%	$157.43	+81.4%	CAP STK CL A	02079K305
PEP	PepsiCo	26,166 (-28.7%)	$3,755 (-27.1%)	0.9%	$135.23	+7.9%	COM	713448108
PYPL	PayPal Holdings	20,162 (-44.1%)	$1,177 (-51.3%)	0.3%	$69.73	-7.0%	COM	70450Y103
OXY	Occidental Petroleum Corp	76,877 (-9.1%)	$3,161 (-20.9%)	0.8%	$49.25	-15.6%	COM	674599105
LIN	Linde plc	8,114 (-8.1%)	$3,460 (-17.5%)	0.8%	$377.93	+13.1%	SHS	G54950103
BRK/B	Berkshire Hathaway	11,854 (-8.4%)	$5,958 (-8.4%)	1.4%	$334.28	+48.8%	CL B NEW	084670702
CVX	Chevron Corp	16,363 (-13.8%)	$2,494 (-15.4%)	0.6%	$142.64	+6.1%	COM	166764100
UNP	Union Pacific Corp	16,890 (-7.1%)	$3,907 (-9.1%)	0.9%	$219.67	+3.5%	COM	907818108
QSR	Restaurant Brands International	65,089 (-8.2%)	$4,441 (-2.3%)	1.1%	$64.48	+6.9%	COM	76131D103

Unchanged Positions (5)

WH Wyndham Hotels & Resorts 0.3%

Value ($000) $1,052 Shares 13,920 Est. Cost $83.70 Unrealized -9.9%

KSPI JSC KASPI GLOBAL SPON ADS REP ORD 0.3%

Value ($000) $1,328 Shares 17,000 Est. Cost $128.64 Unrealized —

HYG iShares iBoxx $ High Yield 0.6%

Value ($000) $2,524 Shares 31,308 Est. Cost $81.19 Unrealized —

LQD iShares iBoxx $ Investment Grade 0.3%

Value ($000) $1,261 Shares 11,442 Est. Cost $111.47 Unrealized —

HEPS D MARKET ELECTRONIC SERVICES TRA ADR 0.0%

Value ($000) $72 Shares 29,185 Est. Cost $2.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WH	Wyndham Hotels & Resorts	13,920	$1,052	0.3%	$83.70	-9.9%	COM	98311A105
KSPI	JSC KASPI GLOBAL SPON ADS REP ORD	17,000	$1,328	0.3%	$128.64	—	SPONSORED ADS	48581R205
HYG	iShares iBoxx $ High Yield	31,308	$2,524	0.6%	$81.19	—	IBOXX HI YD ETF	464288513
LQD	iShares iBoxx $ Investment Grade	11,442	$1,261	0.3%	$111.47	—	IBOXX INV CP ETF	464287242
HEPS	D MARKET ELECTRONIC SERVICES TRA ADR	29,185	$72	0.0%	$2.26	—	SPONSORED ADS	23292B104