Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLF	SELECT SECTOR SPDR TR	4,296,245	$231M	10.4%	$53.70	—	ST STR FINL ETF	81369Y605
AVGO	BROADCOM INC	368,813	$138M	6.3%	$374.85	—	COM	11135F101
VALE	VALE S A	4,555,833	$69.75M	3.2%	$15.31	—	SPONSORED ADS	91912E105
LRCX	LAM RESEARCH CORP	133,172	$49.83M	2.3%	$374.18	—	COM NEW	512807306
COST	COSTCO WHOLESALE CORPORATION	50,000	$48.05M	2.2%	$961.09	—	COM	22160K105
SNDK	SANDISK CORP	21,112	$47.29M	2.1%	$2240.00	—	COM	80004C200
C	CITIGROUP INC	300,000	$43.08M	1.9%	$143.59	—	COM NEW	172967424
INTC	INTEL CORP	300,000	$39.49M	1.8%	$131.65	—	COM	458140100
APH	AMPHENOL CORP	220,000	$35.81M	1.6%	$162.78	—	CL A	032095101
MS	MORGAN STANLEY	161,268	$34.19M	1.5%	$212.03	—	COM NEW	617446448
JPM	JPMORGAN CHASE & CO	100,000	$33.34M	1.5%	$333.45	—	COM	46625H100
QCOM	QUALCOMM INC	157,270	$29.68M	1.3%	$188.72	—	COM	747525103
AMAT	APPLIED MATLS INC	50,000	$29.45M	1.3%	$588.97	—	COM	038222105
TXN	TEXAS INSTRS INC	80,000	$24.25M	1.1%	$303.11	—	COM	882508104
HCA	HCA HEALTHCARE INC	52,786	$20.95M	0.9%	$396.93	—	COM	40412C101
ECL	ECOLAB INC	73,520	$20.13M	0.9%	$273.87	—	COM	278865100
DELL	DELL TECHNOLOGIES INC	40,786	$16.48M	0.7%	$404.08	—	CL C	24703L202

Increased Positions (5)

GOOG ALPHABET INC 5.4%

Value $120M (+610.0%) Shares 340,404 (+532.2%) Est. Cost $342.56 Unrealized —

GS GOLDMAN SACHS GROUP INC 9.9%

Value $218M (+59.8%) Shares 202,017 (+27.5%) Est. Cost $964.41 Unrealized —

IBN ICICI BANK LIMITED 4.0%

Value $87.74M (+151.8%) Shares 3,098,060 (+169.4%) Est. Cost $29.05 Unrealized —

IVV ISHARES TR 13.5%

Value $298M (+20.5%) Shares 400,032 (+9.7%) Est. Cost $683.41 Unrealized —

AAPL APPLE INC 7.6%

Value $169M (+17.1%) Shares 575,000 (+9.4%) Est. Cost $270.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	340,404 (+532.2%)	$120M (+610.0%)	5.4%	$342.56	—	CAP STK CL C	02079K107
GS	GOLDMAN SACHS GROUP INC	202,017 (+27.5%)	$218M (+59.8%)	9.9%	$964.41	—	COM	38141G104
IBN	ICICI BANK LIMITED	3,098,060 (+169.4%)	$87.74M (+151.8%)	4.0%	$29.05	—	ADR	45104G104
IVV	ISHARES TR	400,032 (+9.7%)	$298M (+20.5%)	13.5%	$683.41	—	CORE S&P500 ETF	464287200
AAPL	APPLE INC	575,000 (+9.4%)	$169M (+17.1%)	7.6%	$270.47	—	COM	037833100

Exited Positions (17)

MSFT MICROSOFT CORP 11.4%

Value $253M Shares 520,000 Est. Cost $405.08 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 8.9%

Value $196M Shares 397,000 Est. Cost $461.73 Unrealized —

NFLX NETFLIX INC 6.3%

Value $139M Shares 1,280,556 Est. Cost $106.77 Unrealized —

ISRG INTUITIVE SURGICAL INC 4.2%

Value $91.93M Shares 171,000 Est. Cost $535.71 Unrealized —

BAC BANK AMERICA CORP 2.5%

Value $54.57M Shares 1,006,820 Est. Cost $52.67 Unrealized —

AMD ADVANCED MICRO DEVICES INC 2.3%

Value $51.81M Shares 199,500 Est. Cost $128.19 Unrealized —

BSX BOSTON SCIENTIFIC CORP 2.3%

Value $50.15M Shares 500,000 Est. Cost $98.04 Unrealized —

WFC WELLS FARGO CO NEW 1.8%

Value $38.96M Shares 460,031 Est. Cost $86.63 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 1.7%

Value $37.35M Shares 200,105 Est. Cost $181.03 Unrealized —

BLK BLACKROCK INC 1.0%

Value $21.44M Shares 20,000 Est. Cost $1089.41 Unrealized —

HDB HDFC BANK LTD 0.9%

Value $19.36M Shares 541,500 Est. Cost $35.76 Unrealized —

BK BANK NEW YORK MELLON CORP 0.8%

Value $18.46M Shares 169,545 Est. Cost $110.50 Unrealized —

BA BOEING CO 0.8%

Value $18.11M Shares 81,208 Est. Cost $205.66 Unrealized —

CSGP COSTAR GROUP INC 0.5%

Value $11.78M Shares 150,857 Est. Cost $70.84 Unrealized —

RTX RTX CORPORATION 0.5%

Value $11.28M Shares 65,361 Est. Cost $173.32 Unrealized —

CCL CARNIVAL CORP 0.5%

Value $10.13M Shares 344,450 Est. Cost $27.88 Unrealized —

CBRE CBRE GROUP INC 0.4%

Value $9.392M Shares 61,500 Est. Cost $157.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	520,000	$253M	11.4%	$405.08	—	—	594918104
BRK/B	BERKSHIRE HATHAWAY INC DEL	397,000	$196M	8.9%	$461.73	—	—	084670702
NFLX	NETFLIX INC	1,280,556	$139M	6.3%	$106.77	—	—	64110L106
ISRG	INTUITIVE SURGICAL INC	171,000	$91.93M	4.2%	$535.71	—	—	46120E602
BAC	BANK AMERICA CORP	1,006,820	$54.57M	2.5%	$52.67	—	—	060505104
AMD	ADVANCED MICRO DEVICES INC	199,500	$51.81M	2.3%	$128.19	—	—	007903107
BSX	BOSTON SCIENTIFIC CORP	500,000	$50.15M	2.3%	$98.04	—	—	101137107
WFC	WELLS FARGO CO NEW	460,031	$38.96M	1.8%	$86.63	—	—	949746101
PLTR	PALANTIR TECHNOLOGIES INC	200,105	$37.35M	1.7%	$181.03	—	—	69608A108
BLK	BLACKROCK INC	20,000	$21.44M	1.0%	$1089.41	—	—	09290D101
HDB	HDFC BANK LTD	541,500	$19.36M	0.9%	$35.76	—	—	40415F101
BK	BANK NEW YORK MELLON CORP	169,545	$18.46M	0.8%	$110.50	—	—	064058100
BA	BOEING CO	81,208	$18.11M	0.8%	$205.66	—	—	097023105
CSGP	COSTAR GROUP INC	150,857	$11.78M	0.5%	$70.84	—	—	22160N109
RTX	RTX CORPORATION	65,361	$11.28M	0.5%	$173.32	—	—	75513E101
CCL	CARNIVAL CORP	344,450	$10.13M	0.5%	$27.88	—	—	143658300
CBRE	CBRE GROUP INC	61,500	$9.392M	0.4%	$157.23	—	—	12504L109

Decreased Positions (4)

NVDA NVIDIA CORPORATION 12.4%

Value $274M (-40.8%) Shares 1,369,863 (-45.3%) Est. Cost $186.13 Unrealized —

GOOGL ALPHABET INC 4.3%

Value $94.91M (-55.0%) Shares 271,250 (-61.3%) Est. Cost $323.29 Unrealized —

AMZN AMAZON COM INC 1.5%

Value $34.24M (-75.6%) Shares 147,600 (-75.0%) Est. Cost $208.64 Unrealized —

TSLA TESLA INC 0.2%

Value $5.071M (-88.2%) Shares 12,531 (-87.1%) Est. Cost $321.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	1,369,863 (-45.3%)	$274M (-40.8%)	12.4%	$186.13	—	COM	67066G104
GOOGL	ALPHABET INC	271,250 (-61.3%)	$94.91M (-55.0%)	4.3%	$323.29	—	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	147,600 (-75.0%)	$34.24M (-75.6%)	1.5%	$208.64	—	COM	023135106
TSLA	TESLA INC	12,531 (-87.1%)	$5.071M (-88.2%)	0.2%	$321.74	—	COM	88160R101