Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPCX	Space Exploration Technologies Corp	68,920	$10.4M	4.5%	$150.86	$138.41	+9.0%	Common Stock	84615Q103
VIAV	Viavi Solutions Inc	147,681	$6.191M	2.7%	$41.92	$38.84	+7.9%	Common Stock	925550105
SNDK	Sandisk Corp	3,446	$5.996M	2.6%	$1739.89	$1564.36	+11.2%	Common Stock	80004C200
AAOI	Applied Optoelectronics Inc	45,289	$4.495M	2.0%	$99.26	$112.23	-11.6%	Common Stock	03823U102
META	Meta Platforms Inc	425	$308K	0.1%	$725.18	$624.16	+16.2%	Common Stock	30303M102

Increased Positions (12)

LITE Lumentum Holdings Inc 7.0%

Value $16.16M (+70.0%) Shares 16,639 (+50.2%) Share Price $971.26 Est. Cost/Share $742.92 Unrealized @ Report Date +30.7%

CIEN Ciena Corp 3.8%

Value $8.741M (+263.8%) Shares 24,846 (+407.3%) Share Price $351.82 Est. Cost/Share $360.25 Unrealized @ Report Date -2.3%

ALAB Astera Labs Inc 11.9%

Value $27.4M (-15.3%) Shares 76,976 (+14.9%) Share Price $355.97 Est. Cost/Share $213.69 Unrealized @ Report Date +66.6%

ARM ARM Holdings PLC 8.1%

Value $18.59M (-12.4%) Shares 64,165 (+7.2%) Share Price $289.66 Est. Cost/Share $266.33 Unrealized @ Report Date +8.8%

RKLB Rocket Lab Corp 2.5%

Value $5.766M (-29.2%) Shares 82,743 (+3.2%) Share Price $69.68 Est. Cost/Share $58.77 Unrealized @ Report Date +18.6%

NOK Nokia Oyj 3.6%

Value $8.208M (-21.2%) Shares 809,463 (+3.2%) Share Price $10.14 Est. Cost/Share $12.79 Unrealized @ Report Date -20.7%

LUNR Intuitive Machines Inc 1.8%

Value $4.243M (-31.3%) Shares 297,943 (+3.2%) Share Price $14.24 Est. Cost/Share $20.18 Unrealized @ Report Date -29.4%

LRCX Lam Research Corp 7.2%

Value $16.58M (+13.1%) Shares 50,456 (+49.2%) Share Price $328.51 Est. Cost/Share $255.97 Unrealized @ Report Date +28.3%

TER Teradyne Inc 3.7%

Value $8.494M (+19.8%) Shares 21,186 (+44.6%) Share Price $400.91 Est. Cost/Share $315.99 Unrealized @ Report Date +26.9%

CRWD Crowdstrike Holdings Inc 0.5%

Value $1.148M (+43.1%) Shares 4,336 (+312.6%) Share Price $264.75 Est. Cost/Share $286.97 Unrealized @ Report Date -7.7%

KRMN Karman Holdings Inc 0.0%

Value $43,637 (-33.0%) Shares 1,346 (+3.2%) Share Price $32.42 Est. Cost/Share $94.80 Unrealized @ Report Date -65.8%

KTOS Kratos Defense & Security Solutions Inc 0.1%

Value $145K (-11.7%) Shares 3,405 (+3.1%) Share Price $42.69 Est. Cost/Share $94.49 Unrealized @ Report Date -54.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
LITE	Lumentum Holdings Inc	16,639 (+50.2%)	$16.16M (+70.0%)	7.0%	$971.26	$742.92	+30.7%	Common Stock	55024U109
CIEN	Ciena Corp	24,846 (+407.3%)	$8.741M (+263.8%)	3.8%	$351.82	$360.25	-2.3%	Common Stock	171779309
ALAB	Astera Labs Inc	76,976 (+14.9%)	$27.4M (-15.3%)	11.9%	$355.97	$213.69	+66.6%	Common Stock	04626A103
ARM	ARM Holdings PLC	64,165 (+7.2%)	$18.59M (-12.4%)	8.1%	$289.66	$266.33	+8.8%	Common Stock	042068205
RKLB	Rocket Lab Corp	82,743 (+3.2%)	$5.766M (-29.2%)	2.5%	$69.68	$58.77	+18.6%	Common Stock	773121108
NOK	Nokia Oyj	809,463 (+3.2%)	$8.208M (-21.2%)	3.6%	$10.14	$12.79	-20.7%	Common Stock	654902204
LUNR	Intuitive Machines Inc	297,943 (+3.2%)	$4.243M (-31.3%)	1.8%	$14.24	$20.18	-29.4%	Common Stock	46125A100
LRCX	Lam Research Corp	50,456 (+49.2%)	$16.58M (+13.1%)	7.2%	$328.51	$255.97	+28.3%	Common Stock	512807306
TER	Teradyne Inc	21,186 (+44.6%)	$8.494M (+19.8%)	3.7%	$400.91	$315.99	+26.9%	Common Stock	880770102
CRWD	Crowdstrike Holdings Inc	4,336 (+312.6%)	$1.148M (+43.1%)	0.5%	$264.75	$286.97	-7.7%	Common Stock	22788C105
KRMN	Karman Holdings Inc	1,346 (+3.2%)	$43,637 (-33.0%)	0.0%	$32.42	$94.80	-65.8%	Common Stock	485924104
KTOS	Kratos Defense & Security Solutions Inc	3,405 (+3.1%)	$145K (-11.7%)	0.1%	$42.69	$94.49	-54.8%	Common Stock	50077B207

Exited Positions (3)

MTSI MACOM Technology Solutions Holdings Inc 6.0%

Value $13.73M Shares 36,086 Share Price $380.37 * Est. Cost/Share $331.71 Unrealized @ Report Date -14.1%

NVDA NVIDIA Corp 4.0%

Value $9.233M Shares 46,143 Share Price $200.09 * Est. Cost/Share $186.13 Unrealized @ Report Date +22.7%

IREN IREN Ltd 2.2%

Value $5.138M Shares 112,360 Share Price $45.73 * Est. Cost/Share $51.99 Unrealized @ Report Date -21.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MTSI	MACOM Technology Solutions Holdings Inc	36,086	$13.73M	6.0%	$380.37 *	$331.71	-14.1%	—	55405Y100
NVDA	NVIDIA Corp	46,143	$9.233M	4.0%	$200.09 *	$186.13	+22.7%	—	67066G104
IREN	IREN Ltd	112,360	$5.138M	2.2%	$45.73 *	$51.99	-21.4%	—	Q4982L109

Decreased Positions (11)

KLAC KLA CORP 4.5%

Value $10.26M (-60.0%) Shares 52,621 (-38.1%) Share Price $194.93 Est. Cost/Share $1498.71 Unrealized @ Report Date -87.0%

MKSI MKS Inc 4.3%

Value $9.967M (-49.6%) Shares 37,561 (-15.6%) Share Price $265.36 Est. Cost/Share $243.53 Unrealized @ Report Date +9.0%

WULF Terawulf Inc 2.1%

Value $4.766M (-65.4%) Shares 322,032 (-42.3%) Share Price $14.80 Est. Cost/Share $13.61 Unrealized @ Report Date +8.7%

COHR Coherent Corp 7.5%

Value $17.25M (-29.7%) Shares 59,950 (-3.7%) Share Price $287.81 Est. Cost/Share $184.15 Unrealized @ Report Date +56.3%

ASTS AST SpaceMobile Inc 0.8%

Value $1.922M (-75.9%) Shares 32,659 (-63.7%) Share Price $58.86 Est. Cost/Share $75.00 Unrealized @ Report Date -21.5%

APLD Applied Digital Corp 2.4%

Value $5.549M (-50.6%) Shares 227,696 (-24.3%) Share Price $24.37 Est. Cost/Share $30.40 Unrealized @ Report Date -19.8%

MRVL MARVELL TECHNOLOGY INC 3.4%

Value $7.799M (-37.2%) Shares 29,517 (-29.2%) Share Price $264.21 Est. Cost/Share $103.48 Unrealized @ Report Date +155.3%

CRDO Credo Technology Group Holding Ltd 2.6%

Value $6.052M (-32.3%) Shares 31,069 (-5.5%) Share Price $194.79 Est. Cost/Share $162.47 Unrealized @ Report Date +19.9%

ANET Arista Networks Inc 1.3%

Value $2.962M (-35.7%) Shares 14,551 (-46.3%) Share Price $203.59 Est. Cost/Share $137.01 Unrealized @ Report Date +48.6%

NET Cloudflare Inc 8.0%

Value $18.45M (-5.8%) Shares 53,133 (-33.5%) Share Price $347.28 Est. Cost/Share $218.53 Unrealized @ Report Date +58.9%

AMD Advanced Micro Devices Inc 0.7%

Value $1.674M (+0.2%) Shares 2,736 (-4.9%) Share Price $611.76 Est. Cost/Share $260.70 Unrealized @ Report Date +134.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KLAC	KLA CORP	52,621 (-38.1%)	$10.26M (-60.0%)	4.5%	$194.93	$1498.71	-87.0%	Common Stock	482480100
MKSI	MKS Inc	37,561 (-15.6%)	$9.967M (-49.6%)	4.3%	$265.36	$243.53	+9.0%	Common Stock	55306N104
WULF	Terawulf Inc	322,032 (-42.3%)	$4.766M (-65.4%)	2.1%	$14.80	$13.61	+8.7%	Common Stock	88080T104
COHR	Coherent Corp	59,950 (-3.7%)	$17.25M (-29.7%)	7.5%	$287.81	$184.15	+56.3%	Common Stock	19247G107
ASTS	AST SpaceMobile Inc	32,659 (-63.7%)	$1.922M (-75.9%)	0.8%	$58.86	$75.00	-21.5%	Common Stock	00217D100
APLD	Applied Digital Corp	227,696 (-24.3%)	$5.549M (-50.6%)	2.4%	$24.37	$30.40	-19.8%	Common Stock	038169207
MRVL	MARVELL TECHNOLOGY INC	29,517 (-29.2%)	$7.799M (-37.2%)	3.4%	$264.21	$103.48	+155.3%	Common Stock	573874104
CRDO	Credo Technology Group Holding Ltd	31,069 (-5.5%)	$6.052M (-32.3%)	2.6%	$194.79	$162.47	+19.9%	Common Stock	G25457105
ANET	Arista Networks Inc	14,551 (-46.3%)	$2.962M (-35.7%)	1.3%	$203.59	$137.01	+48.6%	Common Stock	040413205
NET	Cloudflare Inc	53,133 (-33.5%)	$18.45M (-5.8%)	8.0%	$347.28	$218.53	+58.9%	Common Stock	18915M107
AMD	Advanced Micro Devices Inc	2,736 (-4.9%)	$1.674M (+0.2%)	0.7%	$611.76	$260.70	+134.7%	Common Stock	007903107

Unchanged Positions (2)

SNOW Snowflake Inc 0.0%

Value $679 Shares 2 Share Price $339.50 Est. Cost/Share $244.09 Unrealized @ Report Date +39.1%

CEG Constellation Energy Corp 0.0%

Value $4,064 Shares 16 Share Price $254.00 Est. Cost/Share $363.20 Unrealized @ Report Date -30.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SNOW	Snowflake Inc	2	$679	0.0%	$339.50	$244.09	+39.1%	Common Stock	833445109
CEG	Constellation Energy Corp	16	$4,064	0.0%	$254.00	$363.20	-30.1%	Common Stock	21037T109