Q Fund Management (Hong Kong) Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	72,900	$22,876	21.5%	$286.33	0.0%	CAP STK CL C	02079K107
COHR	COHERENT CORP	59,781	$11,034	10.4%	$149.58	0.0%	COM	19247G107
MU	MICRON TECHNOLOGY INC	31,100	$8,876	8.3%	$229.35	0.0%	COM	595112103
INTC	INTEL CORP	207,800	$7,668	7.2%	$37.76	0.0%	COM	458140100
SNDK	SANDISK CORP	30,900	$7,335	6.9%	$200.29	0.0%	COM	80004C200
AFRM	AFFIRM HLDGS INC	86,200	$6,416	6.0%	$71.97	0.0%	COM CL A	00827B106
GDX	VANECK ETF TRUST	16,000	$1,372	1.3%	$85.77	—	GOLD MINERS ETF	92189F106
UNH	UNITEDHEALTH GROUP INC	2,650	$875	0.8%	$337.21	0.0%	COM	91324P102
RDDT	REDDIT INC	2,700	$621	0.6%	$210.30	0.0%	CL A	75734B100
SNOW	SNOWFLAKE INC	2,800	$614	0.6%	$244.09	0.0%	COM SHS	833445109
MDB	MONGODB INC	1,350	$567	0.5%	$363.83	0.0%	CL A	60937P106
EQT	EQT CORP	10,000	$536	0.5%	$56.13	0.0%	COM	26884L109
META	META PLATFORMS INC	700	$462	0.4%	$667.32	0.0%	CL A	30303M102
AMZN	AMAZON COM INC	2,000	$462	0.4%	$228.79	0.0%	COM	023135106
IE	IVANHOE ELECTRIC INC	25,000	$400	0.4%	$14.31	0.0%	COM	46578C108
PDD	PDD HOLDINGS INC	2,500	$283	0.3%	$113.39	—	SPONSORED ADS	722304102
WULF	TERAWULF INC	24,000	$276	0.3%	$13.40	0.0%	COM	88080T104
UBER	UBER TECHNOLOGIES INC	3,000	$245	0.2%	$90.05	0.0%	COM	90353T100
DEO	DIAGEO PLC	500	$43	0.0%	$86.27	—	SPON ADR NEW	25243Q205

Increased Positions (1)

GOOGL ALPHABET INC 1.3%

Value ($000) $1,346 (+38.4%) Shares 4,300 (+7.5%) Est. Cost $188.02 Unrealized +51.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	4,300 (+7.5%)	$1,346 (+38.4%)	1.3%	$188.02	+51.9%	CAP STK CL A	02079K305

Exited Positions (11)

CRWV COREWEAVE INC 17.5%

Value ($000) $18,635 Shares 136,173 Est. Cost $118.31 Unrealized -14.3%

MRVL MARVELL TECHNOLOGY INC 11.7%

Value ($000) $12,501 Shares 148,700 Est. Cost $73.50 Unrealized +19.0%

COIN COLLIERS INTL GROUP INC 9.9%

Value ($000) $10,530 Shares 31,200 Est. Cost $339.07 Unrealized -12.1%

ORCL ORACLE CORP 7.1%

Value ($000) $7,610 Shares 27,059 Est. Cost $254.17 Unrealized -6.3%

SHOP SOUNDTHINKING INC 6.5%

Value ($000) $6,955 Shares 46,800 Est. Cost $135.57 Unrealized +18.4%

OPEN OPENDOOR TECHNOLOGIES INC 6.1%

Value ($000) $6,456 Shares 810,000 Est. Cost $4.19 Unrealized +74.2%

OSCR OSCAR HEALTH INC 5.6%

Value ($000) $5,940 Shares 313,800 Est. Cost $16.48 Unrealized +5.0%

TSLL DIREXION SHS ETF TR 3.4%

Value ($000) $3,599 Shares 170,500 Est. Cost $21.11 Unrealized —

BITU PROSHARES TR 1.8%

Value ($000) $1,943 Shares 36,400 Est. Cost $51.49 Unrealized —

FROG JFROG LTD 0.4%

Value ($000) $426 Shares 9,000 Est. Cost $34.81 Unrealized +63.4%

BITB BITWISE BITCOIN ETF TR 0.3%

Value ($000) $274 Shares 4,400 Est. Cost $50.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRWV	COREWEAVE INC	136,173	$18,635	17.5%	$118.31	-14.3%	—	21873S108
MRVL	MARVELL TECHNOLOGY INC	148,700	$12,501	11.7%	$73.50	+19.0%	—	573874104
COIN	COLLIERS INTL GROUP INC	31,200	$10,530	9.9%	$339.07	-12.1%	—	19260Q107
ORCL	ORACLE CORP	27,059	$7,610	7.1%	$254.17	-6.3%	—	68389X105
SHOP	SOUNDTHINKING INC	46,800	$6,955	6.5%	$135.57	+18.4%	—	82509L107
OPEN	OPENDOOR TECHNOLOGIES INC	810,000	$6,456	6.1%	$4.19	+74.2%	—	683712103
OSCR	OSCAR HEALTH INC	313,800	$5,940	5.6%	$16.48	+5.0%	—	687793109
TSLL	DIREXION SHS ETF TR	170,500	$3,599	3.4%	$21.11	—	—	25460G286
BITU	PROSHARES TR	36,400	$1,943	1.8%	$51.49	—	—	74349Y704
FROG	JFROG LTD	9,000	$426	0.4%	$34.81	+63.4%	—	M6191J100
BITB	BITWISE BITCOIN ETF TR	4,400	$274	0.3%	$50.93	—	—	09174C104

Decreased Positions (5)

IBIT ISHARES BITCOIN TRUST ETF 2.4%

Value ($000) $2,582 (-86.3%) Shares 52,000 (-82.1%) Est. Cost $59.22 Unrealized —

HOOD ROBINHOOD MKTS INC 9.0%

Value ($000) $9,542 (-51.4%) Shares 84,365 (-38.4%) Est. Cost $47.54 Unrealized +173.5%

TSLA TESLA INC 13.8%

Value ($000) $14,706 (-30.5%) Shares 32,700 (-31.3%) Est. Cost $301.28 Unrealized +47.1%

ETH GRAYSCALE ETHEREUM MINI TR E 0.5%

Value ($000) $505 (-38.6%) Shares 18,000 (-14.3%) Est. Cost $19.53 Unrealized —

APP APPLOVIN CORP 0.5%

Value ($000) $532 (-25.9%) Shares 790 (-21.0%) Est. Cost $302.44 Unrealized +108.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	52,000 (-82.1%)	$2,582 (-86.3%)	2.4%	$59.22	—	SHS BEN INT	46438F101
HOOD	ROBINHOOD MKTS INC	84,365 (-38.4%)	$9,542 (-51.4%)	9.0%	$47.54	+173.5%	COM CL A	770700102
TSLA	TESLA INC	32,700 (-31.3%)	$14,706 (-30.5%)	13.8%	$301.28	+47.1%	COM	88160R101
ETH	GRAYSCALE ETHEREUM MINI TR E	18,000 (-14.3%)	$505 (-38.6%)	0.5%	$19.53	—	SHS NEW	38964R203
APP	APPLOVIN CORP	790 (-21.0%)	$532 (-25.9%)	0.5%	$302.44	+108.3%	COM CL A	03831W108

Unchanged Positions (8)

ETHW BITWISE ETHEREUM ETF 0.7%

Value ($000) $744 Shares 35,000 Est. Cost $23.97 Unrealized —

HODL VANECK BITCOIN ETF 0.7%

Value ($000) $791 Shares 32,000 Est. Cost $43.91 Unrealized —

ARKB ARK 21SHARES BITCOIN ETF 0.7%

Value ($000) $697 Shares 24,000 Est. Cost $54.95 Unrealized —

DQ DAQO NEW ENERGY CORP 1.1%

Value ($000) $1,191 Shares 40,360 Est. Cost $19.43 Unrealized —

OXY OCCIDENTAL PETE CORP 0.2%

Value ($000) $247 Shares 6,000 Est. Cost $49.25 Unrealized -15.6%

NKE NIKE INC 0.2%

Value ($000) $191 Shares 3,000 Est. Cost $76.48 Unrealized -15.1%

IEF ISHARES TR 2.3%

Value ($000) $2,404 Shares 25,000 Est. Cost $93.35 Unrealized —

TLT ISHARES TR 0.1%

Value ($000) $87 Shares 1,000 Est. Cost $88.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETHW	BITWISE ETHEREUM ETF	35,000	$744	0.7%	$23.97	—	SHS	091955104
HODL	VANECK BITCOIN ETF	32,000	$791	0.7%	$43.91	—	SH BEN INT	92189K105
ARKB	ARK 21SHARES BITCOIN ETF	24,000	$697	0.7%	$54.95	—	SHS BEN INT	040919102
DQ	DAQO NEW ENERGY CORP	40,360	$1,191	1.1%	$19.43	—	SPNSRD ADS NEW	23703Q203
OXY	OCCIDENTAL PETE CORP	6,000	$247	0.2%	$49.25	-15.6%	COM	674599105
NKE	NIKE INC	3,000	$191	0.2%	$76.48	-15.1%	CL B	654106103
IEF	ISHARES TR	25,000	$2,404	2.3%	$93.35	—	7-10 YR TRSY BD	464287440
TLT	ISHARES TR	1,000	$87	0.1%	$88.25	—	20 YR TR BD ETF	464287432