Polymer Capital Management (HK) LTD Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	210,000	$121,208	10.5%	$534.03	—	PUT	46090E103
PANW	PALO ALTO NETWORKS INC	72,921	$11,691	1.0%	$172.15	0.0%	COM	697435105
FRO	FRONTLINE PLC	280,005	$9,761	0.8%	$28.36	0.0%	COM	M46528101
ASX	ASE TECHNOLOGY HLDG CO LTD	443,215	$9,609	0.8%	$21.68	—	SPONSORED ADS	00215W100
MU	MICRON TECHNOLOGY INC	28,273	$9,552	0.8%	$387.04	0.0%	COM	595112103
MOD	MODINE MFG CO	36,772	$7,969	0.7%	$176.49	0.0%	COM	607828100
AXTI	AXT INC	115,567	$6,585	0.6%	$22.70	0.0%	COM	00246W103
ERAS	ERASCA INC	357,670	$5,787	0.5%	$10.02	0.0%	COM	29479A108
TSEM	TOWER SEMICONDUCTOR LTD	32,826	$5,760	0.5%	$128.86	0.0%	SHS NEW	M87915274
NVDY	TIDAL TRUST II	441,100	$5,725	0.5%	$12.98	—	YIELDMAX NVDA	88634T774
MRK	MERCK & CO INC	42,570	$5,121	0.4%	$114.28	0.0%	COM	58933Y105
SOXX	ISHARES TR	15,000	$4,930	0.4%	$247.87	—	PUT	464287523
IONS	IONIS PHARMACEUTICALS INC	61,200	$4,596	0.4%	$81.81	0.0%	COM	462222100
ETN	EATON CORP PLC	9,049	$3,237	0.3%	$353.63	0.0%	SHS	G29183103
BABA	ALIBABA GROUP HLDG LTD	25,000	$3,137	0.3%	$140.53	—	CALL	01609W102
H	HYATT HOTELS CORP	20,202	$2,905	0.3%	$164.53	0.0%	COM CL A	448579102
NOK	NOKIA CORP	357,000	$2,870	0.2%	$8.04	—	SPONSORED ADR	654902204
AVBP	ARRIVENT BIOPHARMA INC	122,276	$2,821	0.2%	$22.06	0.0%	COM	04272N102
BE	BLOOM ENERGY CORP	20,028	$2,714	0.2%	$144.65	0.0%	COM CL A	093712107
CRVS	CORVUS PHARMACEUTICALS INC	183,187	$2,680	0.2%	$16.29	0.0%	COM	221015100
MANE	VERADERMICS INC	41,296	$2,608	0.2%	$63.15	—	COMMON STOCK	922967104
SITM	SITIME CORP	7,480	$2,583	0.2%	$377.59	0.0%	COM	82982T106
DHT	DHT HOLDINGS INC	133,963	$2,448	0.2%	$14.32	0.0%	SHS NEW	Y2065G121
ARM	ARM HOLDINGS PLC	15,411	$2,331	0.2%	$151.28	—	SPONSORED ADS	042068205
UNH	UNITEDHEALTH GROUP INC	8,500	$2,300	0.2%	$308.69	0.0%	COM	91324P102
RVMD	REVOLUTION MEDICINES INC	23,227	$2,259	0.2%	$103.02	0.0%	COM	76155X100
GLD	SPDR GOLD TR	5,000	$2,151	0.2%	$314.20	—	CALL	78463V107
SN	SHARKNINJA INC	20,046	$2,123	0.2%	$122.72	0.0%	COM SHS	G8068L108
INTC	INTEL CORP	47,792	$2,109	0.2%	$46.43	0.0%	COM	458140100
CTAS	CINTAS CORP	10,900	$1,844	0.2%	$193.33	0.0%	COM	172908105
NVDA	NVIDIA CORPORATION	10,000	$1,744	0.2%	$153.87	+21.3%	CALL	67066G104
NET	CLOUDFLARE INC	7,781	$1,606	0.1%	$182.40	0.0%	CL A COM	18915M107
LIN	LINDE PLC	3,040	$1,507	0.1%	$460.00	0.0%	SHS	G54950103
FSLY	FASTLY INC	50,000	$1,453	0.1%	$11.57	0.0%	CL A	31188V100
PAYP	PAYPAY CORP	68,000	$1,451	0.1%	$21.34	—	SPONSORED ADS	70450C101
ATAT	ATOUR LIFESTYLE HLDGS LTD	35,390	$1,303	0.1%	$36.81	—	SPONSORED ADS	04965M106
YMM	FULL TRUCK ALLIANCE CO LTD	149,143	$1,238	0.1%	$8.30	—	SPONSORED ADS	35969L108
UAL	UNITED AIRLS HLDGS INC	13,325	$1,227	0.1%	$111.68	0.0%	COM	910047109
GFS	GLOBALFOUNDRIES INC	26,920	$1,197	0.1%	$43.59	0.0%	ORDINARY SHARES	G39387108
FORM	FORMFACTOR INC	11,900	$1,154	0.1%	$81.16	0.0%	COM	346375108
AMAT	APPLIED MATLS INC	3,356	$1,147	0.1%	$326.57	0.0%	COM	038222105
BKR	BAKER HUGHES COMPANY	17,285	$1,055	0.1%	$56.08	0.0%	CL A	05722G100
AMZN	AMAZON COM INC	5,000	$1,041	0.1%	$226.92	-0.0%	CALL	023135106
HD	HOME DEPOT INC	3,040	$1,000	0.1%	$376.98	0.0%	COM	437076102
SNPS	SYNOPSYS INC	2,467	$978	0.1%	$471.68	0.0%	COM	871607107
PSIX	POWER SOLUTIONS INTL INC	16,000	$974	0.1%	$78.59	0.0%	COM NEW	73933G202
REGN	REGENERON PHARMACEUTICALS	1,259	$973	0.1%	$769.15	0.0%	COM	75886F107
PLTR	PALANTIR TECHNOLOGIES INC	6,633	$970	0.1%	$154.17	0.0%	CL A	69608A108
ESLT	ELBIT SYS LTD	1,131	$960	0.1%	$699.66	0.0%	ORD	M3760D101
T	AT&T INC	33,000	$957	0.1%	$25.75	0.0%	COM	00206R102
AKAM	AKAMAI TECHNOLOGIES INC	7,811	$897	0.1%	$95.71	0.0%	COM	00971T101
MSFT	MICROSOFT CORP	2,395	$887	0.1%	$434.61	0.0%	COM	594918104
NVO	NOVO-NORDISK A S	23,328	$857	0.1%	$36.75	—	ADR	670100205
HDB	HDFC BANK LTD	33,843	$842	0.1%	$24.88	—	SPONSORED ADS	40415F101
RDW	REDWIRE CORPORATION	92,780	$789	0.1%	$10.17	0.0%	COM	75776W103
ZTO	ZTO EXPRESS CAYMAN INC	31,220	$786	0.1%	$25.17	—	SPONSORED ADS A	98980A105
NEM	NEWMONT CORP	6,869	$744	0.1%	$118.12	0.0%	COM	651639106
TPG	TPG INC	17,139	$694	0.1%	$57.26	0.0%	COM CL A	872657101
LASR	NLIGHT INC	12,000	$684	0.1%	$47.72	0.0%	COM	65487K100
FIX	COMFORT SYS USA INC	496	$684	0.1%	$1196.06	0.0%	COM	199908104
EEM	ISHARES TR	11,523	$654	0.1%	$56.79	—	MSCI EMG MKT ETF	464287234
FLEX	FLEXTRONICS INTL LTD	9,477	$620	0.1%	$63.98	0.0%	ORD	Y2573F102
C	CITIGROUP INC	5,304	$602	0.1%	$116.18	0.0%	COM NEW	172967424
MTUM	ISHARES TR	2,500	$600	0.1%	$239.99	—	MSCI USA MMENTM	46432F396
TER	TERADYNE INC	1,939	$575	0.0%	$265.87	0.0%	COM	880770102
ORCL	ORACLE CORP	3,551	$522	0.0%	$169.61	0.0%	COM	68389X105
JPM	JPMORGAN CHASE & CO	1,659	$488	0.0%	$311.42	0.0%	COM	46625H100
VEEV	VEEVA SYS INC	2,699	$474	0.0%	$203.93	0.0%	CL A COM	922475108
BEKE	KE HLDGS INC	30,196	$452	0.0%	$14.97	—	SPONSORED ADS	482497104
DQ	DAQO NEW ENERGY CORP	17,526	$373	0.0%	$21.27	—	SPNSRD ADS NEW	23703Q203
PPTA	PERPETUA RESOURCES CORP	13,200	$371	0.0%	$30.29	0.0%	COM	714266103
PONY	PONY AI INC	34,732	$328	0.0%	$9.44	—	SPONSORED ADS	732908108
CEG	CONSTELLATION ENERGY CORP	1,160	$324	0.0%	$301.15	0.0%	COM	21037T109
JBL	JABIL INC	1,076	$286	0.0%	$248.04	0.0%	COM	466313103
HL	HECLA MINING COMPANY	13,400	$250	0.0%	$24.08	0.0%	COM	422704106
GEV	GE VERNOVA INC	266	$232	0.0%	$736.93	0.0%	COM	36828A101
TAL	TAL ED GROUP	19,080	$217	0.0%	$11.37	—	SPONSORED ADS	874080104

Increased Positions (45)

SMH VANECK ETF TRUST 26.8%

Value ($000) $309,596 (+411.7%) Shares 807,500 (+380.7%) Est. Cost $242.17 Unrealized —

NVDA NVIDIA CORPORATION 6.3%

Value ($000) $73,443 (+63.8%) Shares 421,120 (+75.1%) Est. Cost $153.87 Unrealized +21.3%

XLE SELECT SECTOR SPDR TR 1.1%

Value ($000) $13,213 (+278.0%) Shares 215,689 (+175.9%) Est. Cost $62.68 Unrealized —

AMZN AMAZON COM INC 0.9%

Value ($000) $9,911 (+1819.5%) Shares 47,588 (+2027.3%) Est. Cost $226.92 Unrealized -0.0%

GLW CORNING INC 0.9%

Value ($000) $9,892 (+1125.1%) Shares 72,754 (+688.9%) Est. Cost $108.42 Unrealized +3.0%

IREN IREN LIMITED 0.7%

Value ($000) $8,659 (+1535.3%) Shares 252,605 (+1701.7%) Est. Cost $46.03 Unrealized +4.8%

GIL GILDAN ACTIVEWEAR INC 1.2%

Value ($000) $13,320 (+154.3%) Shares 239,355 (+185.4%) Est. Cost $60.16 Unrealized +12.0%

ALNY ALNYLAM PHARMACEUTICALS INC 1.7%

Value ($000) $19,119 (+30.8%) Shares 57,784 (+57.2%) Est. Cost $322.12 Unrealized +9.7%

BABA ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $6,246 (+164.6%) Shares 49,783 (+209.2%) Est. Cost $140.53 Unrealized —

JD JD.COM INC 0.6%

Value ($000) $7,232 (+110.0%) Shares 244,558 (+103.8%) Est. Cost $29.42 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.8%

Value ($000) $8,713 (+68.5%) Shares 42,830 (+77.4%) Est. Cost $162.55 Unrealized +36.4%

GRAB GRAB HOLDINGS LIMITED 0.3%

Value ($000) $3,935 (+429.3%) Shares 1,075,000 (+621.6%) Est. Cost $4.54 Unrealized -1.2%

GDS GDS HLDGS LTD 0.3%

Value ($000) $3,071 (+1045.0%) Shares 76,211 (+891.8%) Est. Cost $39.10 Unrealized —

SE SEA LTD 0.4%

Value ($000) $4,541 (+130.2%) Shares 54,831 (+254.6%) Est. Cost $94.93 Unrealized —

TPR TAPESTRY INC 0.8%

Value ($000) $9,751 (+32.7%) Shares 69,102 (+20.1%) Est. Cost $77.27 Unrealized +80.6%

SPY STATE STR SPDR S&P 500 ETF T 0.8%

Value ($000) $9,319 (+26.2%) Shares 14,329 (+32.3%) Est. Cost $601.42 Unrealized —

TTWO TAKE-TWO INTERACTIVE SOFTWAR 0.2%

Value ($000) $2,502 (+223.2%) Shares 12,670 (+319.0%) Est. Cost $230.79 Unrealized -2.5%

V VISA INC 0.2%

Value ($000) $1,919 (+434.9%) Shares 6,350 (+520.7%) Est. Cost $329.31 Unrealized -0.0%

IWM ISHARES TR 0.2%

Value ($000) $2,609 (+86.7%) Shares 10,520 (+85.3%) Est. Cost $236.14 Unrealized —

GNRC GENERAC HLDGS INC 0.1%

Value ($000) $1,533 (+274.8%) Shares 7,850 (+161.7%) Est. Cost $174.81 Unrealized +4.8%

FUTU FUTU HLDGS LTD 0.9%

Value ($000) $10,508 (+11.8%) Shares 76,838 (+34.3%) Est. Cost $100.80 Unrealized —

AAPL APPLE INC 0.2%

Value ($000) $2,053 (+112.4%) Shares 8,088 (+127.5%) Est. Cost $246.19 Unrealized +6.8%

SOXX ISHARES TR 0.4%

Value ($000) $4,588 (+26.4%) Shares 13,959 (+15.8%) Est. Cost $247.87 Unrealized —

XPEV XPENG INC 0.1%

Value ($000) $1,491 (+165.4%) Shares 87,151 (+214.6%) Est. Cost $17.87 Unrealized —

ABNB AIRBNB INC 0.4%

Value ($000) $4,724 (+24.2%) Shares 37,411 (+33.5%) Est. Cost $128.85 Unrealized +0.4%

MRVL MARVELL TECHNOLOGY INC 0.1%

Value ($000) $964 (+320.1%) Shares 9,729 (+260.5%) Est. Cost $82.84 Unrealized -2.1%

PDD PDD HOLDINGS INC 3.7%

Value ($000) $42,247 (-1.6%) Shares 413,457 (+9.2%) Est. Cost $120.50 Unrealized —

QQQ INVESCO QQQ TR 0.5%

Value ($000) $5,734 (+12.5%) Shares 9,934 (+19.8%) Est. Cost $534.03 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 0.5%

Value ($000) $6,100 (+11.4%) Shares 107,713 (+8.3%) Est. Cost $57.07 Unrealized —

SPGI S&P GLOBAL INC 0.1%

Value ($000) $812 (+277.8%) Shares 1,908 (+364.2%) Est. Cost $495.72 Unrealized -2.1%

MP MP MATERIALS CORP 0.1%

Value ($000) $1,042 (+106.3%) Shares 21,600 (+116.0%) Est. Cost $62.51 Unrealized -1.2%

IVV ISHARES TR 0.4%

Value ($000) $4,181 (+13.0%) Shares 6,400 (+18.5%) Est. Cost $610.87 Unrealized —

LI LI AUTO INC 0.1%

Value ($000) $610 (+118.3%) Shares 34,200 (+107.3%) Est. Cost $21.39 Unrealized —

SEI SOLARIS ENERGY INFRAS INC 0.1%

Value ($000) $904 (+56.8%) Shares 16,000 (+27.6%) Est. Cost $49.32 Unrealized +7.5%

XLF SELECT SECTOR SPDR TR 0.3%

Value ($000) $3,421 (-7.4%) Shares 69,295 (+2.7%) Est. Cost $49.09 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.2%

Value ($000) $1,801 (+15.1%) Shares 3,715 (+37.8%) Est. Cost $599.41 Unrealized -17.0%

MNSO MINISO GROUP HLDG LTD 0.0%

Value ($000) $429 (+92.1%) Shares 26,457 (+122.3%) Est. Cost $17.11 Unrealized —

HUYA HUYA INC 0.0%

Value ($000) $270 (+181.8%) Shares 81,816 (+145.9%) Est. Cost $3.13 Unrealized —

CHA CHAGEE HLDGS LTD 0.0%

Value ($000) $343 (+92.5%) Shares 36,800 (+140.5%) Est. Cost $11.75 Unrealized —

MDB MONGODB INC 0.1%

Value ($000) $1,004 (+15.5%) Shares 4,100 (+98.1%) Est. Cost $286.60 Unrealized +31.3%

NIO NIO INC 0.1%

Value ($000) $590 (+28.6%) Shares 97,900 (+8.8%) Est. Cost $7.49 Unrealized —

JOYY JOYY INC 0.1%

Value ($000) $1,082 (+6.7%) Shares 18,532 (+18.4%) Est. Cost $57.15 Unrealized —

BZ KANZHUN LIMITED 0.0%

Value ($000) $516 (-10.0%) Shares 38,550 (+37.0%) Est. Cost $14.22 Unrealized —

GOOGL ALPHABET INC 0.3%

Value ($000) $3,344 (+1.0%) Shares 11,629 (+10.0%) Est. Cost $203.34 Unrealized +59.0%

RLX RLX TECHNOLOGY INC 0.0%

Value ($000) $257 (+11.7%) Shares 116,842 (+18.3%) Est. Cost $2.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SMH	VANECK ETF TRUST	807,500 (+380.7%)	$309,596 (+411.7%)	26.8%	$242.17	—	PUT	92189F676
NVDA	NVIDIA CORPORATION	421,120 (+75.1%)	$73,443 (+63.8%)	6.3%	$153.87	+21.3%	COM	67066G104
XLE	SELECT SECTOR SPDR TR	215,689 (+175.9%)	$13,213 (+278.0%)	1.1%	$62.68	—	STATE STREET ENE	81369Y506
AMZN	AMAZON COM INC	47,588 (+2027.3%)	$9,911 (+1819.5%)	0.9%	$226.92	-0.0%	COM	023135106
GLW	CORNING INC	72,754 (+688.9%)	$9,892 (+1125.1%)	0.9%	$108.42	+3.0%	COM	219350105
IREN	IREN LIMITED	252,605 (+1701.7%)	$8,659 (+1535.3%)	0.7%	$46.03	+4.8%	ORDINARY SHARES	Q4982L109
GIL	GILDAN ACTIVEWEAR INC	239,355 (+185.4%)	$13,320 (+154.3%)	1.2%	$60.16	+12.0%	COM	375916103
ALNY	ALNYLAM PHARMACEUTICALS INC	57,784 (+57.2%)	$19,119 (+30.8%)	1.7%	$322.12	+9.7%	COM	02043Q107
BABA	ALIBABA GROUP HLDG LTD	49,783 (+209.2%)	$6,246 (+164.6%)	0.5%	$140.53	—	SPONSORED ADS	01609W102
JD	JD.COM INC	244,558 (+103.8%)	$7,232 (+110.0%)	0.6%	$29.42	—	SPON ADS CL A	47215P106
AMD	ADVANCED MICRO DEVICES INC	42,830 (+77.4%)	$8,713 (+68.5%)	0.8%	$162.55	+36.4%	COM	007903107
GRAB	GRAB HOLDINGS LIMITED	1,075,000 (+621.6%)	$3,935 (+429.3%)	0.3%	$4.54	-1.2%	CLASS A ORD	G4124C109
GDS	GDS HLDGS LTD	76,211 (+891.8%)	$3,071 (+1045.0%)	0.3%	$39.10	—	SPONSORED ADS	36165L108
SE	SEA LTD	54,831 (+254.6%)	$4,541 (+130.2%)	0.4%	$94.93	—	SPONSORD ADS	81141R100
TPR	TAPESTRY INC	69,102 (+20.1%)	$9,751 (+32.7%)	0.8%	$77.27	+80.6%	COM	876030107
SPY	STATE STR SPDR S&P 500 ETF T	14,329 (+32.3%)	$9,319 (+26.2%)	0.8%	$601.42	—	TR UNIT	78462F103
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	12,670 (+319.0%)	$2,502 (+223.2%)	0.2%	$230.79	-2.5%	COM	874054109
V	VISA INC	6,350 (+520.7%)	$1,919 (+434.9%)	0.2%	$329.31	-0.0%	COM CL A	92826C839
IWM	ISHARES TR	10,520 (+85.3%)	$2,609 (+86.7%)	0.2%	$236.14	—	RUSSELL 2000 ETF	464287655
GNRC	GENERAC HLDGS INC	7,850 (+161.7%)	$1,533 (+274.8%)	0.1%	$174.81	+4.8%	COM	368736104
FUTU	FUTU HLDGS LTD	76,838 (+34.3%)	$10,508 (+11.8%)	0.9%	$100.80	—	SPON ADS CL A	36118L106
AAPL	APPLE INC	8,088 (+127.5%)	$2,053 (+112.4%)	0.2%	$246.19	+6.8%	COM	037833100
SOXX	ISHARES TR	13,959 (+15.8%)	$4,588 (+26.4%)	0.4%	$247.87	—	ISHARES SEMICDTR	464287523
XPEV	XPENG INC	87,151 (+214.6%)	$1,491 (+165.4%)	0.1%	$17.87	—	ADS	98422D105
ABNB	AIRBNB INC	37,411 (+33.5%)	$4,724 (+24.2%)	0.4%	$128.85	+0.4%	COM CL A	009066101
MRVL	MARVELL TECHNOLOGY INC	9,729 (+260.5%)	$964 (+320.1%)	0.1%	$82.84	-2.1%	COM	573874104
PDD	PDD HOLDINGS INC	413,457 (+9.2%)	$42,247 (-1.6%)	3.7%	$120.50	—	SPONSORED ADS	722304102
QQQ	INVESCO QQQ TR	9,934 (+19.8%)	$5,734 (+12.5%)	0.5%	$534.03	—	UNIT SER 1	46090E103
EDU	NEW ORIENTAL ED & TECHNOLOGY	107,713 (+8.3%)	$6,100 (+11.4%)	0.5%	$57.07	—	SPON ADR	647581206
SPGI	S&P GLOBAL INC	1,908 (+364.2%)	$812 (+277.8%)	0.1%	$495.72	-2.1%	COM	78409V104
MP	MP MATERIALS CORP	21,600 (+116.0%)	$1,042 (+106.3%)	0.1%	$62.51	-1.2%	COM CL A	553368101
IVV	ISHARES TR	6,400 (+18.5%)	$4,181 (+13.0%)	0.4%	$610.87	—	CORE S&P500 ETF	464287200
LI	LI AUTO INC	34,200 (+107.3%)	$610 (+118.3%)	0.1%	$21.39	—	SPONSORED ADS	50202M102
SEI	SOLARIS ENERGY INFRAS INC	16,000 (+27.6%)	$904 (+56.8%)	0.1%	$49.32	+7.5%	COM CL A	83418M103
XLF	SELECT SECTOR SPDR TR	69,295 (+2.7%)	$3,421 (-7.4%)	0.3%	$49.09	—	STATE STREET FIN	81369Y605
SPOT	SPOTIFY TECHNOLOGY S A	3,715 (+37.8%)	$1,801 (+15.1%)	0.2%	$599.41	-17.0%	SHS	L8681T102
MNSO	MINISO GROUP HLDG LTD	26,457 (+122.3%)	$429 (+92.1%)	0.0%	$17.11	—	SPONSORED ADS	66981J102
HUYA	HUYA INC	81,816 (+145.9%)	$270 (+181.8%)	0.0%	$3.13	—	ADS REP SHS A	44852D108
CHA	CHAGEE HLDGS LTD	36,800 (+140.5%)	$343 (+92.5%)	0.0%	$11.75	—	SPONSORED ADS	15743P104
MDB	MONGODB INC	4,100 (+98.1%)	$1,004 (+15.5%)	0.1%	$286.60	+31.3%	CL A	60937P106
NIO	NIO INC	97,900 (+8.8%)	$590 (+28.6%)	0.1%	$7.49	—	SPON ADS	62914V106
JOYY	JOYY INC	18,532 (+18.4%)	$1,082 (+6.7%)	0.1%	$57.15	—	ADS REPSTG COM A	46591M109
BZ	KANZHUN LIMITED	38,550 (+37.0%)	$516 (-10.0%)	0.0%	$14.22	—	SPONSORED ADS	48553T106
GOOGL	ALPHABET INC	11,629 (+10.0%)	$3,344 (+1.0%)	0.3%	$203.34	+59.0%	CAP STK CL A	02079K305
RLX	RLX TECHNOLOGY INC	116,842 (+18.3%)	$257 (+11.7%)	0.0%	$2.21	—	SPONSORED ADS	74969N103

Exited Positions (50)

AIQ GLOBAL X FDS 1.5%

Value ($000) $17,191 Shares 338,000 Est. Cost $50.86 Unrealized —

KBWB INVESCO EXCH TRADED FD TR II 1.1%

Value ($000) $12,896 Shares 153,000 Est. Cost $84.29 Unrealized —

COPX GLOBAL X FDS 0.8%

Value ($000) $9,222 Shares 128,459 Est. Cost $65.51 Unrealized —

XBI SPDR SERIES TRUST 0.5%

Value ($000) $5,877 Shares 48,200 Est. Cost $121.93 Unrealized —

ONON ON HLDG AG 0.5%

Value ($000) $5,484 Shares 117,995 Est. Cost $47.86 Unrealized -3.2%

MAGS LISTED FDS TR 0.4%

Value ($000) $5,206 Shares 78,931 Est. Cost $64.86 Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.4%

Value ($000) $4,889 Shares 33,980 Est. Cost $60.60 Unrealized +116.7%

RL RALPH LAUREN CORP 0.4%

Value ($000) $4,326 Shares 12,233 Est. Cost $296.30 Unrealized +22.5%

NTES NETEASE INC 0.4%

Value ($000) $4,130 Shares 30,007 Est. Cost $135.44 Unrealized —

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $3,579 Shares 70,466 Est. Cost $43.31 Unrealized +41.1%

TJX TJX COS INC NEW 0.3%

Value ($000) $2,999 Shares 19,522 Est. Cost $120.10 Unrealized +28.4%

MAR MARRIOTT INTL INC NEW 0.2%

Value ($000) $2,792 Shares 9,000 Est. Cost $285.32 Unrealized +15.9%

URA GLOBAL X FDS 0.2%

Value ($000) $2,790 Shares 65,300 Est. Cost $42.73 Unrealized —

RCL ROYAL CARIBBEAN GROUP 0.2%

Value ($000) $2,789 Shares 10,000 Est. Cost $281.58 Unrealized +9.7%

CCL CARNIVAL CORP 0.2%

Value ($000) $2,770 Shares 90,694 Est. Cost $20.08 Unrealized +54.5%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.2%

Value ($000) $2,678 Shares 120,000 Est. Cost $24.29 Unrealized -5.9%

HOOD ROBINHOOD MKTS INC 0.2%

Value ($000) $2,628 Shares 23,235 Est. Cost $60.76 Unrealized +57.6%

LVS LAS VEGAS SANDS CORP 0.2%

Value ($000) $2,561 Shares 39,343 Est. Cost $52.67 Unrealized +10.9%

TSLA TESLA INC 0.2%

Value ($000) $2,108 Shares 4,688 Est. Cost $340.39 Unrealized +25.1%

VSTM VERASTEM INC 0.2%

Value ($000) $2,060 Shares 266,812 Est. Cost $7.44 Unrealized -13.0%

FTAI FTAI AVIATION LTD 0.2%

Value ($000) $2,047 Shares 10,400 Est. Cost $160.20 Unrealized +69.0%

NKE NIKE INC 0.2%

Value ($000) $2,039 Shares 32,000 Est. Cost $74.12 Unrealized -13.7%

NFLX NETFLIX INC 0.2%

Value ($000) $1,922 Shares 20,500 Est. Cost $107.81 Unrealized -22.2%

COST COSTCO WHSL CORP NEW 0.2%

Value ($000) $1,897 Shares 2,200 Est. Cost $905.73 Unrealized +6.4%

ALAB ASTERA LABS INC 0.1%

Value ($000) $1,464 Shares 8,803 Est. Cost $159.08 Unrealized -0.9%

SQM SOCIEDAD QUIMICA Y MINERA DE 0.1%

Value ($000) $1,345 Shares 19,555 Est. Cost $68.80 Unrealized —

TERN TERNS PHARMACEUTICALS INC 0.1%

Value ($000) $1,336 Shares 33,070 Est. Cost $23.11 Unrealized +62.1%

WMT WALMART INC 0.1%

Value ($000) $1,101 Shares 9,879 Est. Cost $107.20 Unrealized +13.8%

PEPG PEPGEN INC 0.1%

Value ($000) $1,042 Shares 160,000 Est. Cost $5.19 Unrealized +12.3%

BA BOEING CO 0.1%

Value ($000) $955 Shares 4,400 Est. Cost $179.84 Unrealized +32.6%

U UNITY SOFTWARE INC 0.1%

Value ($000) $883 Shares 20,000 Est. Cost $39.73 Unrealized -17.7%

SGML SIGMA LITHIUM CORPORATION 0.1%

Value ($000) $660 Shares 50,000 Est. Cost $8.61 Unrealized +56.2%

RBLX ROBLOX CORP 0.1%

Value ($000) $652 Shares 8,047 Est. Cost $78.55 Unrealized -8.7%

RYAAY RYANAIR HOLDINGS PLC 0.1%

Value ($000) $629 Shares 8,707 Est. Cost $72.19 Unrealized —

LYFT LYFT INC 0.1%

Value ($000) $623 Shares 32,158 Est. Cost $16.88 Unrealized -0.7%

MLI MUELLER INDS INC 0.1%

Value ($000) $615 Shares 5,357 Est. Cost $91.43 Unrealized +36.0%

FIG FIGMA INC 0.1%

Value ($000) $614 Shares 16,430 Est. Cost $45.19 Unrealized -37.1%

ADBE ADOBE INC 0.0%

Value ($000) $577 Shares 1,649 Est. Cost $340.09 Unrealized -14.8%

TTAN SERVICETITAN INC 0.0%

Value ($000) $546 Shares 5,127 Est. Cost $105.16 Unrealized -23.2%

CRM SALESFORCE INC 0.0%

Value ($000) $545 Shares 2,059 Est. Cost $248.17 Unrealized -13.1%

IOT SAMSARA INC 0.0%

Value ($000) $408 Shares 11,500 Est. Cost $38.70 Unrealized -23.1%

TME TENCENT MUSIC ENTMT GROUP 0.0%

Value ($000) $365 Shares 20,800 Est. Cost $18.81 Unrealized —

SNOW SNOWFLAKE INC 0.0%

Value ($000) $351 Shares 1,600 Est. Cost $180.80 Unrealized +7.6%

FRMI FERMI INC 0.0%

Value ($000) $281 Shares 35,100 Est. Cost $19.51 Unrealized -52.1%

VZ VERIZON COMMUNICATIONS INC 0.0%

Value ($000) $244 Shares 6,000 Est. Cost $42.49 Unrealized +3.1%

LULU LULULEMON ATHLETICA INC 0.0%

Value ($000) $228 Shares 1,095 Est. Cost $181.15 Unrealized +4.2%

ASML ASML HOLDING N V 0.0%

Value ($000) $217 Shares 203 Est. Cost $1069.86 Unrealized —

LNG CHENIERE ENERGY INC 0.0%

Value ($000) $213 Shares 1,095 Est. Cost $209.99 Unrealized -0.1%

SOUN SOUNDHOUND AI INC 0.0%

Value ($000) $122 Shares 12,233 Est. Cost $14.39 Unrealized -34.8%

IQ IQIYI INC 0.0%

Value ($000) $63 Shares 32,559 Est. Cost $2.47 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIQ	GLOBAL X FDS	338,000	$17,191	1.5%	$50.86	—	—	37954Y632
KBWB	INVESCO EXCH TRADED FD TR II	153,000	$12,896	1.1%	$84.29	—	—	46138E628
COPX	GLOBAL X FDS	128,459	$9,222	0.8%	$65.51	—	—	37954Y830
XBI	SPDR SERIES TRUST	48,200	$5,877	0.5%	$121.93	—	—	78464A870
ONON	ON HLDG AG	117,995	$5,484	0.5%	$47.86	-3.2%	—	H5919C104
MAGS	LISTED FDS TR	78,931	$5,206	0.4%	$64.86	—	—	53656G498
CRDO	CREDO TECHNOLOGY GROUP HOLDI	33,980	$4,889	0.4%	$60.60	+116.7%	—	G25457105
RL	RALPH LAUREN CORP	12,233	$4,326	0.4%	$296.30	+22.5%	—	751212101
NTES	NETEASE INC	30,007	$4,130	0.4%	$135.44	—	—	64110W102
FCX	FREEPORT-MCMORAN INC	70,466	$3,579	0.3%	$43.31	+41.1%	—	35671D857
TJX	TJX COS INC NEW	19,522	$2,999	0.3%	$120.10	+28.4%	—	872540109
MAR	MARRIOTT INTL INC NEW	9,000	$2,792	0.2%	$285.32	+15.9%	—	571903202
URA	GLOBAL X FDS	65,300	$2,790	0.2%	$42.73	—	—	37954Y871
RCL	ROYAL CARIBBEAN GROUP	10,000	$2,789	0.2%	$281.58	+9.7%	—	V7780T103
CCL	CARNIVAL CORP	90,694	$2,770	0.2%	$20.08	+54.5%	—	143658300
NCLH	NORWEGIAN CRUISE LINE HLDG L	120,000	$2,678	0.2%	$24.29	-5.9%	—	G66721104
HOOD	ROBINHOOD MKTS INC	23,235	$2,628	0.2%	$60.76	+57.6%	—	770700102
LVS	LAS VEGAS SANDS CORP	39,343	$2,561	0.2%	$52.67	+10.9%	—	517834107
TSLA	TESLA INC	4,688	$2,108	0.2%	$340.39	+25.1%	—	88160R101
VSTM	VERASTEM INC	266,812	$2,060	0.2%	$7.44	-13.0%	—	92337C203
FTAI	FTAI AVIATION LTD	10,400	$2,047	0.2%	$160.20	+69.0%	—	G3730V105
NKE	NIKE INC	32,000	$2,039	0.2%	$74.12	-13.7%	—	654106103
NFLX	NETFLIX INC	20,500	$1,922	0.2%	$107.81	-22.2%	—	64110L106
COST	COSTCO WHSL CORP NEW	2,200	$1,897	0.2%	$905.73	+6.4%	—	22160K105
ALAB	ASTERA LABS INC	8,803	$1,464	0.1%	$159.08	-0.9%	—	04626A103
SQM	SOCIEDAD QUIMICA Y MINERA DE	19,555	$1,345	0.1%	$68.80	—	—	833635105
TERN	TERNS PHARMACEUTICALS INC	33,070	$1,336	0.1%	$23.11	+62.1%	—	880881107
WMT	WALMART INC	9,879	$1,101	0.1%	$107.20	+13.8%	—	931142103
PEPG	PEPGEN INC	160,000	$1,042	0.1%	$5.19	+12.3%	—	713317105
BA	BOEING CO	4,400	$955	0.1%	$179.84	+32.6%	—	097023105
U	UNITY SOFTWARE INC	20,000	$883	0.1%	$39.73	-17.7%	—	91332U101
SGML	SIGMA LITHIUM CORPORATION	50,000	$660	0.1%	$8.61	+56.2%	—	826599102
RBLX	ROBLOX CORP	8,047	$652	0.1%	$78.55	-8.7%	—	771049103
RYAAY	RYANAIR HOLDINGS PLC	8,707	$629	0.1%	$72.19	—	—	783513203
LYFT	LYFT INC	32,158	$623	0.1%	$16.88	-0.7%	—	55087P104
MLI	MUELLER INDS INC	5,357	$615	0.1%	$91.43	+36.0%	—	624756102
FIG	FIGMA INC	16,430	$614	0.1%	$45.19	-37.1%	—	316841105
ADBE	ADOBE INC	1,649	$577	0.0%	$340.09	-14.8%	—	00724F101
TTAN	SERVICETITAN INC	5,127	$546	0.0%	$105.16	-23.2%	—	81764X103
CRM	SALESFORCE INC	2,059	$545	0.0%	$248.17	-13.1%	—	79466L302
IOT	SAMSARA INC	11,500	$408	0.0%	$38.70	-23.1%	—	79589L106
TME	TENCENT MUSIC ENTMT GROUP	20,800	$365	0.0%	$18.81	—	—	88034P109
SNOW	SNOWFLAKE INC	1,600	$351	0.0%	$180.80	+7.6%	—	833445109
FRMI	FERMI INC	35,100	$281	0.0%	$19.51	-52.1%	—	314911108
VZ	VERIZON COMMUNICATIONS INC	6,000	$244	0.0%	$42.49	+3.1%	—	92343V104
LULU	LULULEMON ATHLETICA INC	1,095	$228	0.0%	$181.15	+4.2%	—	550021109
ASML	ASML HOLDING N V	203	$217	0.0%	$1069.86	—	—	N07059210
LNG	CHENIERE ENERGY INC	1,095	$213	0.0%	$209.99	-0.1%	—	16411R208
SOUN	SOUNDHOUND AI INC	12,233	$122	0.0%	$14.39	-34.8%	—	836100107
IQ	IQIYI INC	32,559	$63	0.0%	$2.47	—	—	46267X108

Decreased Positions (21)

SNDK SANDISK CORP 3.4%

Value ($000) $39,420 (+151.4%) Shares 62,046 (-6.1%) Est. Cost $49.67 Unrealized +939.8%

SMMT SUMMIT THERAPEUTICS INC 0.2%

Value ($000) $2,522 (-89.9%) Shares 133,034 (-90.6%) Est. Cost $20.31 Unrealized -20.2%

GOOG ALPHABET INC 1.1%

Value ($000) $12,873 (-54.9%) Shares 44,877 (-50.6%) Est. Cost $202.07 Unrealized +60.2%

AVGO BROADCOM INC 0.4%

Value ($000) $5,172 (-69.4%) Shares 16,711 (-65.8%) Est. Cost $252.04 Unrealized +32.6%

LLY ELI LILLY & CO 3.5%

Value ($000) $39,950 (-18.9%) Shares 43,435 (-5.2%) Est. Cost $760.70 Unrealized +37.6%

BIDU BAIDU INC 0.1%

Value ($000) $693 (-92.3%) Shares 6,216 (-91.0%) Est. Cost $130.93 Unrealized —

WDC WESTERN DIGITAL CORP 0.5%

Value ($000) $5,461 (-47.9%) Shares 20,191 (-66.8%) Est. Cost $47.95 Unrealized +424.0%

HTHT H WORLD GROUP LTD 0.0%

Value ($000) $251 (-95.1%) Shares 5,000 (-95.4%) Est. Cost $46.51 Unrealized —

COHR COHERENT CORP 0.6%

Value ($000) $7,216 (-39.8%) Shares 30,291 (-53.3%) Est. Cost $107.00 Unrealized +99.4%

TCOM TRIP COM GROUP LTD 0.0%

Value ($000) $282 (-94.0%) Shares 5,664 (-91.4%) Est. Cost $71.91 Unrealized —

BILI BILIBILI INC 0.4%

Value ($000) $4,698 (-46.0%) Shares 208,223 (-41.2%) Est. Cost $16.92 Unrealized —

META META PLATFORMS INC 0.3%

Value ($000) $3,841 (-50.5%) Shares 6,714 (-42.9%) Est. Cost $644.70 Unrealized +1.7%

YUMC YUM CHINA HLDGS INC 0.0%

Value ($000) $283 (-93.2%) Shares 5,800 (-93.3%) Est. Cost $45.35 Unrealized +13.6%

LITE LUMENTUM HLDGS INC 0.6%

Value ($000) $7,432 (+79.5%) Shares 10,575 (-5.8%) Est. Cost $72.33 Unrealized +545.8%

GDX VANECK ETF TRUST 0.6%

Value ($000) $6,436 (-24.6%) Shares 70,132 (-29.5%) Est. Cost $78.48 Unrealized —

CAT CATERPILLAR INC 0.1%

Value ($000) $969 (-67.6%) Shares 1,368 (-73.8%) Est. Cost $555.50 Unrealized +23.2%

AS AMER SPORTS INC 0.7%

Value ($000) $8,206 (-13.0%) Shares 249,279 (-1.3%) Est. Cost $34.31 Unrealized +11.3%

MPWR MONOLITHIC PWR SYS INC 0.2%

Value ($000) $2,416 (-17.3%) Shares 2,210 (-31.4%) Est. Cost $960.73 Unrealized +15.0%

TSM TAIWAN SEMICONDUCTOR MANUFAC 2.7%

Value ($000) $31,668 (+1.0%) Shares 93,706 (-9.1%) Est. Cost $259.36 Unrealized —

GLD SPDR GOLD TR 2.9%

Value ($000) $33,148 (-0.5%) Shares 77,037 (-8.3%) Est. Cost $314.20 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.1%

Value ($000) $1,703 (-8.5%) Shares 25,386 (-12.3%) Est. Cost $47.28 Unrealized +55.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	62,046 (-6.1%)	$39,420 (+151.4%)	3.4%	$49.67	+939.8%	COM	80004C200
SMMT	SUMMIT THERAPEUTICS INC	133,034 (-90.6%)	$2,522 (-89.9%)	0.2%	$20.31	-20.2%	COM	86627T108
GOOG	ALPHABET INC	44,877 (-50.6%)	$12,873 (-54.9%)	1.1%	$202.07	+60.2%	CAP STK CL C	02079K107
AVGO	BROADCOM INC	16,711 (-65.8%)	$5,172 (-69.4%)	0.4%	$252.04	+32.6%	COM	11135F101
LLY	ELI LILLY & CO	43,435 (-5.2%)	$39,950 (-18.9%)	3.5%	$760.70	+37.6%	COM	532457108
BIDU	BAIDU INC	6,216 (-91.0%)	$693 (-92.3%)	0.1%	$130.93	—	SPON ADR REP A	056752108
WDC	WESTERN DIGITAL CORP	20,191 (-66.8%)	$5,461 (-47.9%)	0.5%	$47.95	+424.0%	COM	958102105
HTHT	H WORLD GROUP LTD	5,000 (-95.4%)	$251 (-95.1%)	0.0%	$46.51	—	SPONSORED ADS	44332N106
COHR	COHERENT CORP	30,291 (-53.3%)	$7,216 (-39.8%)	0.6%	$107.00	+99.4%	COM	19247G107
TCOM	TRIP COM GROUP LTD	5,664 (-91.4%)	$282 (-94.0%)	0.0%	$71.91	—	ADS	89677Q107
BILI	BILIBILI INC	208,223 (-41.2%)	$4,698 (-46.0%)	0.4%	$16.92	—	SPONS ADS REP Z	090040106
META	META PLATFORMS INC	6,714 (-42.9%)	$3,841 (-50.5%)	0.3%	$644.70	+1.7%	CL A	30303M102
YUMC	YUM CHINA HLDGS INC	5,800 (-93.3%)	$283 (-93.2%)	0.0%	$45.35	+13.6%	COM	98850P109
LITE	LUMENTUM HLDGS INC	10,575 (-5.8%)	$7,432 (+79.5%)	0.6%	$72.33	+545.8%	COM	55024U109
GDX	VANECK ETF TRUST	70,132 (-29.5%)	$6,436 (-24.6%)	0.6%	$78.48	—	GOLD MINERS ETF	92189F106
CAT	CATERPILLAR INC	1,368 (-73.8%)	$969 (-67.6%)	0.1%	$555.50	+23.2%	COM	149123101
AS	AMER SPORTS INC	249,279 (-1.3%)	$8,206 (-13.0%)	0.7%	$34.31	+11.3%	COM SHS	G0260P102
MPWR	MONOLITHIC PWR SYS INC	2,210 (-31.4%)	$2,416 (-17.3%)	0.2%	$960.73	+15.0%	COM	609839105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	93,706 (-9.1%)	$31,668 (+1.0%)	2.7%	$259.36	—	SPONSORED ADS	874039100
GLD	SPDR GOLD TR	77,037 (-8.3%)	$33,148 (-0.5%)	2.9%	$314.20	—	GOLD SHS	78463V107
IBKR	INTERACTIVE BROKERS GROUP IN	25,386 (-12.3%)	$1,703 (-8.5%)	0.1%	$47.28	+55.7%	COM CL A	45841N107

Unchanged Positions (11)

VIPS VIPSHOP HLDGS LTD 1.3%

Value ($000) $14,651 Shares 932,000 Est. Cost $16.07 Unrealized —

XLY SELECT SECTOR SPDR TR 0.2%

Value ($000) $2,398 Shares 22,000 Est. Cost $167.41 Unrealized —

DIA STATE STR SPDR DOW JONES IND 0.5%

Value ($000) $5,489 Shares 11,850 Est. Cost $420.54 Unrealized —

NRIX NURIX THERAPEUTICS INC 0.1%

Value ($000) $913 Shares 58,898 Est. Cost $22.00 Unrealized -21.2%

XLP SELECT SECTOR SPDR TR 0.3%

Value ($000) $3,074 Shares 37,500 Est. Cost $78.81 Unrealized —

XLK SELECT SECTOR SPDR TR 0.2%

Value ($000) $1,781 Shares 13,400 Est. Cost $185.67 Unrealized —

XLU SELECT SECTOR SPDR TR 0.1%

Value ($000) $1,687 Shares 36,768 Est. Cost $60.35 Unrealized —

DBVT DBV TECHNOLOGIES S A 0.1%

Value ($000) $1,347 Shares 64,500 Est. Cost $19.17 Unrealized —

XLI SELECT SECTOR SPDR TR 0.1%

Value ($000) $1,698 Shares 10,500 Est. Cost $131.84 Unrealized —

SMH VANECK ETF TRUST 0.1%

Value ($000) $652 Shares 1,700 Est. Cost $242.17 Unrealized —

TLT ISHARES TR 0.1%

Value ($000) $892 Shares 10,294 Est. Cost $89.79 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIPS	VIPSHOP HLDGS LTD	932,000	$14,651	1.3%	$16.07	—	SPONSORED ADS A	92763W103
XLY	SELECT SECTOR SPDR TR	22,000	$2,398	0.2%	$167.41	—	STATE STREET CON	81369Y407
DIA	STATE STR SPDR DOW JONES IND	11,850	$5,489	0.5%	$420.54	—	UT SER 1	78467X109
NRIX	NURIX THERAPEUTICS INC	58,898	$913	0.1%	$22.00	-21.2%	COM	67080M103
XLP	SELECT SECTOR SPDR TR	37,500	$3,074	0.3%	$78.81	—	STATE STREET CON	81369Y308
XLK	SELECT SECTOR SPDR TR	13,400	$1,781	0.2%	$185.67	—	STATE STREET TEC	81369Y803
XLU	SELECT SECTOR SPDR TR	36,768	$1,687	0.1%	$60.35	—	STATE STREET UTI	81369Y886
DBVT	DBV TECHNOLOGIES S A	64,500	$1,347	0.1%	$19.17	—	SPONSORED ADS	23306J309
XLI	SELECT SECTOR SPDR TR	10,500	$1,698	0.1%	$131.84	—	STATE STREET IND	81369Y704
SMH	VANECK ETF TRUST	1,700	$652	0.1%	$242.17	—	SEMICONDUCTR ETF	92189F676
TLT	ISHARES TR	10,294	$892	0.1%	$89.79	—	20 YR TR BD ETF	464287432