Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SLP	SIMULATIONS PLUS ORD	673,172	$12.41M	15.6%	$18.43	$18.36	+0.4%	COM	829214105
GNK	GENCO SHIPPING TRADING ORD	174,750	$4.571M	5.8%	$26.16	$26.03	+0.5%	COM	Y2685T131
BLFS	BIOLIFE SOLUTIONS ORD	76,232	$2.962M	3.7%	$38.85	$33.80	+14.9%	COM	09062W204
SNOW	SNOWFLAKE ORD	8,700	$2.954M	3.7%	$339.56	$308.95	+9.9%	Class A	833445109
ELE	ELEMENTAL ROYALTY ORD	64,984	$1.247M	1.6%	$19.19	$18.97	+0.7%	COM	28620K106
MIDD	MIDDLEBY ORD	10,063	$1.042M	1.3%	$103.58	$123.48	-16.1%	COM	596278101
UTZ	UTZ BRANDS CL A ORD	46,429	$662K	0.8%	$14.25	$12.87	+10.7%	Class A	918090101
APTV	APTIV ORD	6,128	$264K	0.3%	$43.02	$50.55	-14.9%	COM	G3265R107
WMS	ADVANCED DRAINAGE SYSTEMS ORD	2,067	$262K	0.3%	$126.71	$139.81	-9.4%	COM	00790R104
TRMB	TRIMBLE ORD	3,886	$222K	0.3%	$57.11	$56.79	+0.6%	COM	896239100
MWH	SOLV ENERGY CL A ORD	7,570	$182K	0.2%	$24.02	$27.63	-13.1%	Class A	78475V103
CNM	CORE AND MAIN CL A ORD	4,324	$179K	0.2%	$41.48	$44.04	-5.8%	Class A	21874C102
AME	AMETEK ORD	673	$167K	0.2%	$247.73	$241.48	+2.6%	COM	031100100
VGNT	VERSIGENT ORD	3,455	$155K	0.2%	$44.94	$44.55	+0.9%	COM	G9600F104
ENS	ENERSYS ORD	581	$107K	0.1%	$183.53	$189.36	-3.1%	COM	29275Y102
ENPH	ENPHASE ENERGY ORD	2,255	$74,392	0.1%	$32.99	$38.51	-14.3%	COM	29355A107
DDOG	DATADOG CL A ORD	200	$54,770	0.1%	$273.85	$247.32	+10.7%	Class A	23804L103
FRVO	FERVO ENERGY CL A ORD	3,349	$45,513	0.1%	$13.59	$20.24	-32.9%	Class A	31556C106
SBLK	STAR BULK CARRIERS ORD	100	$2,936	0.0%	$29.36	$28.96	+1.4%	COM	Y8162K204
BANR	BANNER ORD	4	$268	0.0%	$67.00	$70.19	-4.5%	COM	06652V208

Increased Positions (1)

SHLS SHOALS TECHNOLOGIES GROUP CL A ORD 0.1%

Value $71,482 (+2835.6%) Shares 8,825 (+3487.4%) Share Price $8.10 Est. Cost/Share $8.37 Unrealized @ Report Date -3.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SHLS	SHOALS TECHNOLOGIES GROUP CL A ORD	8,825 (+3487.4%)	$71,482 (+2835.6%)	0.1%	$8.10	$8.37	-3.2%	Class A	82489W107

Exited Positions (20)

ESPR ESPERION THERAPEUTICS ORD 44.4%

Value $35.26M Shares 11,158,150 Share Price $3.16 Est. Cost/Share $2.80 Unrealized @ Report Date +13.7%

— SAPIENS INTERNATIONAL ORD 9.5%

Value $7.555M Shares 173,884 Share Price $43.45 Est. Cost/Share $43.45 Unrealized @ Report Date —

LIN LINDE ORD 2.7%

Value $2.11M Shares 4,066 Share Price $518.94 * Est. Cost/Share $434.75 Unrealized @ Report Date +9.2%

WTRG ESSENTIAL UTILITIES ORD 2.2%

Value $1.71M Shares 44,644 Share Price $38.31 * Est. Cost/Share $39.02 Unrealized @ Report Date +0.4%

JCI JOHNSON CONTROLS INTERNATIONAL ORD 1.9%

Value $1.49M Shares 10,196 Share Price $146.11 Est. Cost/Share $129.19 Unrealized @ Report Date +15.1%

QXO QXO ORD 1.5%

Value $1.218M Shares 70,478 Share Price $17.28 * Est. Cost/Share $18.61 Unrealized @ Report Date -37.2%

WY WEYERHAEUSER REIT 1.5%

Value $1.218M Shares 50,866 Share Price $23.94 Est. Cost/Share $25.68 Unrealized @ Report Date —

SW SMURFIT WESTROCK ORD 1.1%

Value $904K Shares 19,546 Share Price $46.26 * Est. Cost/Share $38.67 Unrealized @ Report Date +14.0%

SSTK SHUTTERSTOCK ORD 1.1%

Value $866K Shares 62,086 Share Price $13.95 * Est. Cost/Share $15.75 Unrealized @ Report Date -73.2%

GRC GORMAN RUPP ORD 0.8%

Value $606K Shares 6,604 Share Price $91.74 * Est. Cost/Share $59.12 Unrealized @ Report Date +26.0%

AYI ACUITY ORD 0.5%

Value $434K Shares 1,152 Share Price $376.66 * Est. Cost/Share $284.17 Unrealized @ Report Date +9.0%

TTEK TETRA TECH ORD 0.5%

Value $399K Shares 13,810 Share Price $28.89 * Est. Cost/Share $29.35 Unrealized @ Report Date +12.3%

MSTR STRATEGY CL A ORD 0.3%

Value $256K Shares 582,400 Share Price $0.44 Est. Cost/Share — Unrealized @ Report Date —

ONTO ONTO INNOVATION ORD 0.3%

Value $227K Shares 600 Share Price $378.45 * Est. Cost/Share $282.99 Unrealized @ Report Date +8.8%

WTS WATTS INDUSTRIES CL A ORD 0.2%

Value $159K Shares 406 Share Price $391.45 * Est. Cost/Share $272.64 Unrealized @ Report Date +29.9%

— ACHILLES THERAPEUTICS ADS 0.1%

Value $91,029 Shares 61,506 Share Price $1.48 Est. Cost/Share $1.48 Unrealized @ Report Date —

HBM HUDBAY MINERALS ORD 0.0%

Value $3,068 Shares 130 Share Price $23.60 * Est. Cost/Share $25.29 Unrealized @ Report Date +5.5%

DFH DREAM FINDERS HOMES CL A ORD 0.0%

Value $35 Shares 2 Share Price $17.50 * Est. Cost/Share $14.70 Unrealized @ Report Date -27.2%

— STERLING BANCORP ORD 0.0%

Value $0 Shares 384,252 Share Price $0.00 Est. Cost/Share — Unrealized @ Report Date —

— AVADEL PHARMACEUTICALS CVR (ALKERMES PLC merger) 0.0%

Value $0 Shares 2,585,970 Share Price $0.00 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ESPR	ESPERION THERAPEUTICS ORD	11,158,150	$35.26M	44.4%	$3.16	$2.80	+13.7%	—	29664W105
—	SAPIENS INTERNATIONAL ORD	173,884	$7.555M	9.5%	$43.45	$43.45	—	—	G7T16G103
LIN	LINDE ORD	4,066	$2.11M	2.7%	$518.94 *	$434.75	+9.2%	—	G54950103
WTRG	ESSENTIAL UTILITIES ORD	44,644	$1.71M	2.2%	$38.31 *	$39.02	+0.4%	—	29670G102
JCI	JOHNSON CONTROLS INTERNATIONAL ORD	10,196	$1.49M	1.9%	$146.11	$129.19	+15.1%	—	G51502105
QXO	QXO ORD	70,478	$1.218M	1.5%	$17.28 *	$18.61	-37.2%	—	82846H405
WY	WEYERHAEUSER REIT	50,866	$1.218M	1.5%	$23.94	$25.68	—	—	962166104
SW	SMURFIT WESTROCK ORD	19,546	$904K	1.1%	$46.26 *	$38.67	+14.0%	—	G8267P108
SSTK	SHUTTERSTOCK ORD	62,086	$866K	1.1%	$13.95 *	$15.75	-73.2%	—	825690100
GRC	GORMAN RUPP ORD	6,604	$606K	0.8%	$91.74 *	$59.12	+26.0%	—	383082104
AYI	ACUITY ORD	1,152	$434K	0.5%	$376.66 *	$284.17	+9.0%	—	00508Y102
TTEK	TETRA TECH ORD	13,810	$399K	0.5%	$28.89 *	$29.35	+12.3%	—	88162G103
MSTR	STRATEGY CL A ORD	582,400	$256K	0.3%	$0.44	—	—	CALL	594972408
ONTO	ONTO INNOVATION ORD	600	$227K	0.3%	$378.45 *	$282.99	+8.8%	—	683344105
WTS	WATTS INDUSTRIES CL A ORD	406	$159K	0.2%	$391.45 *	$272.64	+29.9%	—	942749102
—	ACHILLES THERAPEUTICS ADS	61,506	$91,029	0.1%	$1.48	$1.48	—	—	00449L102
HBM	HUDBAY MINERALS ORD	130	$3,068	0.0%	$23.60 *	$25.29	+5.5%	—	443628102
DFH	DREAM FINDERS HOMES CL A ORD	2	$35	0.0%	$17.50 *	$14.70	-27.2%	—	26154D100
—	STERLING BANCORP ORD	384,252	$0	0.0%	$0.00	—	—	—	85917W102
—	AVADEL PHARMACEUTICALS CVR (ALKERMES PLC merger)	2,585,970	$0	0.0%	$0.00	—	—	—	G29CVR019

Decreased Positions (32)

T AT&T ORD 40.5%

Value $32.15M (-44.3%) Shares 1,033,000 (-47.5%) Share Price $31.12 * Est. Cost/Share $25.67 Unrealized @ Report Date -5.0%

ALMS ALUMIS ORD 1.9%

Value $1.484M (-86.5%) Shares 200,773 (-48.6%) Share Price $7.39 Est. Cost/Share $14.13 Unrealized @ Report Date -47.7%

WAB WABTEC ORD 1.0%

Value $793K (-76.4%) Shares 2,763 (-77.8%) Share Price $287.18 Est. Cost/Share $198.94 Unrealized @ Report Date +44.4%

SPY STATE STREET SPDR S&P 500 TRUST ETF 2.1%

Value $1.666M (-51.0%) Shares 1,378,500 (-54.2%) Share Price $1.21 Est. Cost/Share — Unrealized @ Report Date —

ROK ROCKWELL AUTOMAT ORD 0.6%

Value $441K (-77.5%) Shares 1,014 (-74.4%) Share Price $435.33 Est. Cost/Share $435.04 Unrealized @ Report Date +0.1%

NEE NEXTERA ENERGY ORD 0.5%

Value $366K (-80.3%) Shares 4,827 (-77.1%) Share Price $75.74 Est. Cost/Share $90.46 Unrealized @ Report Date -16.3%

CTVA CORTEVA ORD 0.6%

Value $445K (-76.3%) Shares 5,737 (-74.1%) Share Price $77.65 Est. Cost/Share $69.32 Unrealized @ Report Date +12.0%

FERG FERGUSON ENTERPRISES ORD 0.9%

Value $684K (-64.4%) Shares 3,072 (-62.1%) Share Price $222.62 Est. Cost/Share $242.87 Unrealized @ Report Date -8.3%

OC OWENS CORNING ORD 0.9%

Value $691K (-64.2%) Shares 5,923 (-51.2%) Share Price $116.74 Est. Cost/Share $144.88 Unrealized @ Report Date -19.4%

MTZ MASTEC ORD 0.3%

Value $247K (-82.4%) Shares 1,155 (-65.7%) Share Price $213.62 Est. Cost/Share $277.46 Unrealized @ Report Date -23.0%

ZWS ZURN ELKAY WATER SOLUTIONS ORD 0.2%

Value $160K (-87.2%) Shares 3,437 (-86.1%) Share Price $46.47 Est. Cost/Share $48.90 Unrealized @ Report Date -5.0%

WCN WASTE CONNECTIONS ORD 0.8%

Value $648K (-62.6%) Shares 4,210 (-59.5%) Share Price $153.93 Est. Cost/Share $158.28 Unrealized @ Report Date -2.8%

RNA ATRIUM THERAPEUTICS ORD 0.6%

Value $483K (-68.3%) Shares 58,382 (-48.5%) Share Price $8.28 Est. Cost/Share $13.06 Unrealized @ Report Date -36.6%

NVT NVENT ELECTRIC ORD 1.1%

Value $853K (-54.9%) Shares 5,320 (-52.3%) Share Price $160.37 Est. Cost/Share $72.96 Unrealized @ Report Date +119.8%

RSG REPUBLIC SERVICES ORD 1.1%

Value $866K (-52.7%) Shares 4,126 (-52.0%) Share Price $209.87 Est. Cost/Share $198.08 Unrealized @ Report Date +6.0%

DAR DARLING INGREDIENTS ORD 1.1%

Value $886K (-49.5%) Shares 14,595 (-54.6%) Share Price $60.71 Est. Cost/Share $43.65 Unrealized @ Report Date +39.1%

WM WASTE MANAGEMENT ORD 0.2%

Value $187K (-76.1%) Shares 915 (-73.9%) Share Price $203.92 Est. Cost/Share $202.09 Unrealized @ Report Date +0.9%

PEG PUBLIC SERVICE ENTERPRISE GROUP ORD 1.3%

Value $1.018M (-36.8%) Shares 15,121 (-23.8%) Share Price $67.34 Est. Cost/Share $81.61 Unrealized @ Report Date -17.5%

FSLR FIRST SOLAR ORD 0.7%

Value $592K (-49.1%) Shares 3,378 (-31.5%) Share Price $175.16 Est. Cost/Share $234.39 Unrealized @ Report Date -25.3%

NXT NEXTPOWER ORD 0.2%

Value $194K (-60.4%) Shares 2,487 (-39.5%) Share Price $77.93 Est. Cost/Share $123.36 Unrealized @ Report Date -36.8%

ELME ELME ORD 5.9%

Value $4.673M (-5.8%) Shares 2,685,635 (-19.9%) Share Price $1.74 Est. Cost/Share $1.67 Unrealized @ Report Date —

VLTO VERALTO ORD 0.6%

Value $511K (-26.7%) Shares 5,421 (-31.1%) Share Price $94.32 Est. Cost/Share $92.78 Unrealized @ Report Date +1.7%

EWZ ISHARES MSCI BRAZIL ETF 0.5%

Value $361K (+72.0%) Shares 322,500 (-67.8%) Share Price $1.12 Est. Cost/Share — Unrealized @ Report Date —

BSY BENTLEY SYSTEMS CL B ORD 0.2%

Value $187K (-42.6%) Shares 5,857 (-46.3%) Share Price $31.95 Est. Cost/Share $32.52 Unrealized @ Report Date -1.8%

CEG CONSTELLATION ENERGY ORD 0.7%

Value $521K (-18.3%) Shares 2,051 (-20.1%) Share Price $254.02 Est. Cost/Share $281.62 Unrealized @ Report Date -9.8%

IREN IREN ORD 0.0%

Value $24,528 (-55.3%) Shares 600 (-50.0%) Share Price $40.88 Est. Cost/Share $48.57 Unrealized @ Report Date -15.8%

YMM FULL TRUCK ALLNC 20 ADR REP CL A ORD 0.9%

Value $679K (-1.0%) Shares 82,073 (-2.8%) Share Price $8.27 Est. Cost/Share $8.51 Unrealized @ Report Date -2.8%

EE EXCELERATE ENERGY CL A ORD 0.0%

Value $1,189 (-56.5%) Shares 37 (-48.6%) Share Price $32.14 Est. Cost/Share $35.13 Unrealized @ Report Date -8.6%

BKR BAKER HUGHES CL A ORD 0.0%

Value $1,263 (-50.5%) Shares 23 (-50.0%) Share Price $54.91 Est. Cost/Share $60.46 Unrealized @ Report Date -9.2%

CMBT CMB.TECH ORD 0.0%

Value $1,988 (-31.0%) Shares 105 (-49.0%) Share Price $18.93 Est. Cost/Share $13.47 Unrealized @ Report Date +40.5%

BWLP BW LPG ORD 0.0%

Value $2,029 (-28.2%) Shares 81 (-50.0%) Share Price $25.05 Est. Cost/Share $17.68 Unrealized @ Report Date +41.7%

DVN DEVON ENERGY ORD 0.0%

Value $184 (-44.4%) Shares 4 (-50.0%) Share Price $46.00 Est. Cost/Share $46.35 Unrealized @ Report Date -0.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
T	AT&T ORD	1,033,000 (-47.5%)	$32.15M (-44.3%)	40.5%	$31.12 *	$25.67	-5.0%	COM	00206R102
ALMS	ALUMIS ORD	200,773 (-48.6%)	$1.484M (-86.5%)	1.9%	$7.39	$14.13	-47.7%	COM	022307102
WAB	WABTEC ORD	2,763 (-77.8%)	$793K (-76.4%)	1.0%	$287.18	$198.94	+44.4%	COM	929740108
SPY	STATE STREET SPDR S&P 500 TRUST ETF	1,378,500 (-54.2%)	$1.666M (-51.0%)	2.1%	$1.21	—	—	PUT	78462F103
ROK	ROCKWELL AUTOMAT ORD	1,014 (-74.4%)	$441K (-77.5%)	0.6%	$435.33	$435.04	+0.1%	COM	773903109
NEE	NEXTERA ENERGY ORD	4,827 (-77.1%)	$366K (-80.3%)	0.5%	$75.74	$90.46	-16.3%	COM	65339F101
CTVA	CORTEVA ORD	5,737 (-74.1%)	$445K (-76.3%)	0.6%	$77.65	$69.32	+12.0%	COM	22052L104
FERG	FERGUSON ENTERPRISES ORD	3,072 (-62.1%)	$684K (-64.4%)	0.9%	$222.62	$242.87	-8.3%	COM	31488V107
OC	OWENS CORNING ORD	5,923 (-51.2%)	$691K (-64.2%)	0.9%	$116.74	$144.88	-19.4%	COM	690742101
MTZ	MASTEC ORD	1,155 (-65.7%)	$247K (-82.4%)	0.3%	$213.62	$277.46	-23.0%	COM	576323109
ZWS	ZURN ELKAY WATER SOLUTIONS ORD	3,437 (-86.1%)	$160K (-87.2%)	0.2%	$46.47	$48.90	-5.0%	COM	98983L108
WCN	WASTE CONNECTIONS ORD	4,210 (-59.5%)	$648K (-62.6%)	0.8%	$153.93	$158.28	-2.8%	COM	94106B101
RNA	ATRIUM THERAPEUTICS ORD	58,382 (-48.5%)	$483K (-68.3%)	0.6%	$8.28	$13.06	-36.6%	COM	04965N104
NVT	NVENT ELECTRIC ORD	5,320 (-52.3%)	$853K (-54.9%)	1.1%	$160.37	$72.96	+119.8%	COM	G6700G107
RSG	REPUBLIC SERVICES ORD	4,126 (-52.0%)	$866K (-52.7%)	1.1%	$209.87	$198.08	+6.0%	COM	760759100
DAR	DARLING INGREDIENTS ORD	14,595 (-54.6%)	$886K (-49.5%)	1.1%	$60.71	$43.65	+39.1%	COM	237266101
WM	WASTE MANAGEMENT ORD	915 (-73.9%)	$187K (-76.1%)	0.2%	$203.92	$202.09	+0.9%	COM	94106L109
PEG	PUBLIC SERVICE ENTERPRISE GROUP ORD	15,121 (-23.8%)	$1.018M (-36.8%)	1.3%	$67.34	$81.61	-17.5%	COM	744573106
FSLR	FIRST SOLAR ORD	3,378 (-31.5%)	$592K (-49.1%)	0.7%	$175.16	$234.39	-25.3%	COM	336433107
NXT	NEXTPOWER ORD	2,487 (-39.5%)	$194K (-60.4%)	0.2%	$77.93	$123.36	-36.8%	COM	65290E101
ELME	ELME ORD	2,685,635 (-19.9%)	$4.673M (-5.8%)	5.9%	$1.74	$1.67	—	COM	939653101
VLTO	VERALTO ORD	5,421 (-31.1%)	$511K (-26.7%)	0.6%	$94.32	$92.78	+1.7%	COM	92338C103
EWZ	ISHARES MSCI BRAZIL ETF	322,500 (-67.8%)	$361K (+72.0%)	0.5%	$1.12	—	—	CALL	464286400
BSY	BENTLEY SYSTEMS CL B ORD	5,857 (-46.3%)	$187K (-42.6%)	0.2%	$31.95	$32.52	-1.8%	Class B	08265T208
CEG	CONSTELLATION ENERGY ORD	2,051 (-20.1%)	$521K (-18.3%)	0.7%	$254.02	$281.62	-9.8%	COM	21037T109
IREN	IREN ORD	600 (-50.0%)	$24,528 (-55.3%)	0.0%	$40.88	$48.57	-15.8%	COM	Q4982L109
YMM	FULL TRUCK ALLNC 20 ADR REP CL A ORD	82,073 (-2.8%)	$679K (-1.0%)	0.9%	$8.27	$8.51	-2.8%	Class A	35969L108
EE	EXCELERATE ENERGY CL A ORD	37 (-48.6%)	$1,189 (-56.5%)	0.0%	$32.14	$35.13	-8.6%	Class A	30069T101
BKR	BAKER HUGHES CL A ORD	23 (-50.0%)	$1,263 (-50.5%)	0.0%	$54.91	$60.46	-9.2%	Class A	05722G100
CMBT	CMB.TECH ORD	105 (-49.0%)	$1,988 (-31.0%)	0.0%	$18.93	$13.47	+40.5%	COM	B38564108
BWLP	BW LPG ORD	81 (-50.0%)	$2,029 (-28.2%)	0.0%	$25.05	$17.68	+41.7%	COM	Y10230103
DVN	DEVON ENERGY ORD	4 (-50.0%)	$184 (-44.4%)	0.0%	$46.00	$46.35	-0.7%	COM	25179M103