Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TGT	TARGET ORD	31,299	$3.793M	8.1%	—	—	Common Stock	87612E106
YUM	YUM BRANDS ORD	20,580	$3.2M	6.9%	—	—	Common Stock	988498101
NFLX	NETFLIX ORD	23,440	$2.254M	4.8%	—	—	Common Stock	64110L106
BJ	BJS WHOLESALE CLUB HOLD ORD	18,502	$1.821M	3.9%	—	—	Common Stock	05550J101
EAT	BRINKER INTERNATIONAL ORD	12,470	$1.78M	3.8%	—	—	Common Stock	109641100
RHP	RYMAN HOSPITALITY PROP REIT ORD	16,948	$1.564M	3.3%	—	—	Common Stock	78377T107
CAVA	CAVA GROUP ORD	16,477	$1.333M	2.9%	—	—	Common Stock	148929102
RCL	ROYAL CARIBBEAN GROUP ORD	4,190	$1.153M	2.5%	—	—	Common Stock	V7780T103
KR	KROGER ORD	7,633	$552K	1.2%	—	—	Common Stock	501044101
AS	AMER SPORTS ORD	713	$23,472	0.1%	—	—	Common Stock	G0260P102

Increased Positions (1)

COST COSTCO WHOLESALE ORD 7.9%

Value $3.684M (+1273.6%) Shares 3,697 (+1088.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHOLESALE ORD	3,697 (+1088.7%)	$3.684M (+1273.6%)	7.9%	—	—	Common Stock	22160K105

Exited Positions (11)

DG DOLLAR GENERAL ORD 72.2%

Value $33.73M Shares 254,039 Est. Cost — Unrealized —

HD HOME DEPOT ORD 56.5%

Value $26.37M Shares 76,644 Est. Cost — Unrealized —

TPR TAPESTRY ORD 27.4%

Value $12.78M Shares 100,000 Est. Cost — Unrealized —

FLUT FLUTTER ENTERTAINMENT ORD 16.5%

Value $7.688M Shares 35,753 Est. Cost — Unrealized —

WH WYNDHAM HOTELS RESORTS ORD 13.2%

Value $6.145M Shares 81,327 Est. Cost — Unrealized —

LULU LULULEMON ATHLETICA ORD 8.5%

Value $3.969M Shares 19,101 Est. Cost — Unrealized —

BBWI BATH AND BODY WORKS ORD 7.8%

Value $3.657M Shares 182,121 Est. Cost — Unrealized —

QSR RESTAURANT BRANDS INTRNATIONAL ORD 5.5%

Value $2.566M Shares 37,613 Est. Cost — Unrealized —

H HYATT HOTELS CL A ORD 3.3%

Value $1.52M Shares 9,484 Est. Cost — Unrealized —

FND FLOOR DECOR HOLDINGS CL A ORD 1.0%

Value $450K Shares 7,385 Est. Cost — Unrealized —

CMG CHIPOTLE MEXICAN GRILL ORD 0.8%

Value $388K Shares 10,476 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DG	DOLLAR GENERAL ORD	254,039	$33.73M	72.2%	—	—	—	256677105
HD	HOME DEPOT ORD	76,644	$26.37M	56.5%	—	—	—	437076102
TPR	TAPESTRY ORD	100,000	$12.78M	27.4%	—	—	—	876030107
FLUT	FLUTTER ENTERTAINMENT ORD	35,753	$7.688M	16.5%	—	—	—	G3643J108
WH	WYNDHAM HOTELS RESORTS ORD	81,327	$6.145M	13.2%	—	—	—	98311A105
LULU	LULULEMON ATHLETICA ORD	19,101	$3.969M	8.5%	—	—	—	550021109
BBWI	BATH AND BODY WORKS ORD	182,121	$3.657M	7.8%	—	—	—	070830104
QSR	RESTAURANT BRANDS INTRNATIONAL ORD	37,613	$2.566M	5.5%	—	—	—	76131D103
H	HYATT HOTELS CL A ORD	9,484	$1.52M	3.3%	—	—	—	448579102
FND	FLOOR DECOR HOLDINGS CL A ORD	7,385	$450K	1.0%	—	—	—	339750101
CMG	CHIPOTLE MEXICAN GRILL ORD	10,476	$388K	0.8%	—	—	—	169656105

Decreased Positions (14)

AMZN AMAZON COM ORD 6.2%

Value $2.905M (-93.5%) Shares 13,946 (-92.8%) Est. Cost — Unrealized —

BURL BURLINGTON STORES ORD 7.2%

Value $3.34M (-89.0%) Shares 10,265 (-90.2%) Est. Cost — Unrealized —

ROST ROSS STORES ORD 8.9%

Value $4.158M (-78.9%) Shares 19,194 (-82.5%) Est. Cost — Unrealized —

MAR MARRIOTT INTERNATIONAL CL A ORD 8.9%

Value $4.155M (-76.3%) Shares 12,705 (-77.6%) Est. Cost — Unrealized —

SBUX STARBUCKS ORD 3.2%

Value $1.485M (-89.6%) Shares 16,576 (-90.3%) Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS ORD 2.9%

Value $1.364M (-89.9%) Shares 324 (-87.1%) Est. Cost — Unrealized —

LAD LITHIA MOTORS ORD 1.1%

Value $504K (-95.5%) Shares 2,019 (-94.0%) Est. Cost — Unrealized —

AZO AUTOZONE ORD 2.5%

Value $1.152M (-88.8%) Shares 341 (-88.7%) Est. Cost — Unrealized —

FIVE FIVE BELOW ORD 2.3%

Value $1.083M (-87.6%) Shares 4,738 (-89.8%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY ORD 2.4%

Value $1.103M (-79.5%) Shares 2,274 (-75.4%) Est. Cost — Unrealized —

CCL CARNIVAL ORD 0.6%

Value $263K (-93.5%) Shares 10,166 (-92.3%) Est. Cost — Unrealized —

DASH DOORDASH CL A ORD 4.3%

Value $1.992M (-48.8%) Shares 13,269 (-22.8%) Est. Cost — Unrealized —

BROS DUTCH BROS CL A ORD 1.6%

Value $749K (-69.8%) Shares 14,776 (-63.5%) Est. Cost — Unrealized —

WYNN WYNN RESORTS ORD 2.8%

Value $1.287M (-40.2%) Shares 12,670 (-29.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM ORD	13,946 (-92.8%)	$2.905M (-93.5%)	6.2%	—	—	Common Stock	023135106
BURL	BURLINGTON STORES ORD	10,265 (-90.2%)	$3.34M (-89.0%)	7.2%	—	—	Common Stock	122017106
ROST	ROSS STORES ORD	19,194 (-82.5%)	$4.158M (-78.9%)	8.9%	—	—	Common Stock	778296103
MAR	MARRIOTT INTERNATIONAL CL A ORD	12,705 (-77.6%)	$4.155M (-76.3%)	8.9%	—	—	Common Stock	571903202
SBUX	STARBUCKS ORD	16,576 (-90.3%)	$1.485M (-89.6%)	3.2%	—	—	Common Stock	855244109
BKNG	BOOKING HOLDINGS ORD	324 (-87.1%)	$1.364M (-89.9%)	2.9%	—	—	Common Stock	09857L108
LAD	LITHIA MOTORS ORD	2,019 (-94.0%)	$504K (-95.5%)	1.1%	—	—	Common Stock	536797103
AZO	AUTOZONE ORD	341 (-88.7%)	$1.152M (-88.8%)	2.5%	—	—	Common Stock	053332102
FIVE	FIVE BELOW ORD	4,738 (-89.8%)	$1.083M (-87.6%)	2.3%	—	—	Common Stock	33829M101
SPOT	SPOTIFY TECHNOLOGY ORD	2,274 (-75.4%)	$1.103M (-79.5%)	2.4%	—	—	Common Stock	L8681T102
CCL	CARNIVAL ORD	10,166 (-92.3%)	$263K (-93.5%)	0.6%	—	—	Common Stock	143658300
DASH	DOORDASH CL A ORD	13,269 (-22.8%)	$1.992M (-48.8%)	4.3%	—	—	Common Stock	25809K105
BROS	DUTCH BROS CL A ORD	14,776 (-63.5%)	$749K (-69.8%)	1.6%	—	—	Common Stock	26701L100
WYNN	WYNN RESORTS ORD	12,670 (-29.2%)	$1.287M (-40.2%)	2.8%	—	—	Common Stock	983134107