MARVIN & PALMER ASSOCIATES INC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBB	ISHARES BIOTECHNOLOGY ETF	42,219	$7,125	5.0%	$168.77	—	ETF	464287556
XLV	HEALTH CARE SELECT SECTOR SPDR	43,630	$6,754	4.8%	$154.80	—	ETF	81369Y209
AAPL	APPLE INC	24,048	$6,538	4.6%	$268.34	0.0%	COM	037833100
IJR	ISHARES CORE S&P SMALL-CAP ETF	35,470	$4,263	3.0%	$120.18	—	ETF	464287804
TJX	TJX COS INC/THE	23,338	$3,585	2.5%	$147.70	0.0%	COM	872540109
XBI	SPDR S&P BIOTECH ETF	26,940	$3,285	2.3%	$121.93	—	ETF	78464A870
AMZN	AMAZON.COM INC	13,946	$3,219	2.3%	$228.79	0.0%	COM	023135106
ILF	ISHARES LATIN AMERICA 40 ETF	69,050	$2,103	1.5%	$30.45	—	ETF	464287390
ECH	ISHARES MSCI CHILE ETF	28,220	$1,140	0.8%	$40.40	—	ETF	464286640

Increased Positions (4)

TSM TAIWAN SEMICONDUCTOR MANUFACTURING SPON 2.7%

Value ($000) $3,831 (+1454.9%) Shares 12,605 (+1437.2%) Est. Cost $303.66 Unrealized —

GOOGL ALPHABET INC 6.1%

Value ($000) $8,616 (+38.0%) Shares 27,527 (+23.9%) Est. Cost $223.96 Unrealized +27.5%

C CITIGROUP INC 6.9%

Value ($000) $9,798 (+26.9%) Shares 83,966 (+10.1%) Est. Cost $94.99 Unrealized +9.1%

BAC BANK OF AMERICA CORP 2.7%

Value ($000) $3,806 (+9.6%) Shares 69,206 (+6.5%) Est. Cost $48.61 Unrealized +8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING SPON	12,605 (+1437.2%)	$3,831 (+1454.9%)	2.7%	$303.66	—	SPONSORED ADR	874039100
GOOGL	ALPHABET INC	27,527 (+23.9%)	$8,616 (+38.0%)	6.1%	$223.96	+27.5%	COM CL A	02079K305
C	CITIGROUP INC	83,966 (+10.1%)	$9,798 (+26.9%)	6.9%	$94.99	+9.1%	COM	172967424
BAC	BANK OF AMERICA CORP	69,206 (+6.5%)	$3,806 (+9.6%)	2.7%	$48.61	+8.4%	COM	060505104

Exited Positions (9)

IBKR INTERACTIVE BROKERS GROUP INC 5.8%

Value ($000) $8,248 Shares 117,225 Est. Cost $50.83 Unrealized +31.6%

ORCL ORACLE CORP 5.6%

Value ($000) $7,947 Shares 30,261 Est. Cost $160.80 Unrealized +48.0%

MU MICRON TECHNOLOGY INC 2.9%

Value ($000) $4,074 Shares 18,206 Est. Cost $127.82 Unrealized +79.4%

WELL WELLTOWER INC 2.5%

Value ($000) $3,565 Shares 19,691 Est. Cost $147.88 Unrealized +26.1%

EPOL ISHARES MSCI POLAND ETF 1.9%

Value ($000) $2,689 Shares 79,780 Est. Cost $29.29 Unrealized —

META META PLATFORMS INC 1.8%

Value ($000) $2,553 Shares 3,938 Est. Cost $743.23 Unrealized -10.2%

EIS ISHARES MSCI ISRAEL ETF 1.7%

Value ($000) $2,402 Shares 23,443 Est. Cost $102.45 Unrealized —

EWP ISHARES MSCI SPAIN ETF 0.2%

Value ($000) $214 Shares 4,260 Est. Cost $46.51 Unrealized —

VNM VANECK VIETNAM ETF 0.1%

Value ($000) $140 Shares 8,040 Est. Cost $14.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBKR	INTERACTIVE BROKERS GROUP INC	117,225	$8,248	5.8%	$50.83	+31.6%	—	45841N107
ORCL	ORACLE CORP	30,261	$7,947	5.6%	$160.80	+48.0%	—	68389X105
MU	MICRON TECHNOLOGY INC	18,206	$4,074	2.9%	$127.82	+79.4%	—	595112103
WELL	WELLTOWER INC	19,691	$3,565	2.5%	$147.88	+26.1%	—	95040Q104
EPOL	ISHARES MSCI POLAND ETF	79,780	$2,689	1.9%	$29.29	—	—	46429B606
META	META PLATFORMS INC	3,938	$2,553	1.8%	$743.23	-10.2%	—	30303M102
EIS	ISHARES MSCI ISRAEL ETF	23,443	$2,402	1.7%	$102.45	—	—	464286632
EWP	ISHARES MSCI SPAIN ETF	4,260	$214	0.2%	$46.51	—	—	464286764
VNM	VANECK VIETNAM ETF	8,040	$140	0.1%	$14.94	—	—	92189F817

Decreased Positions (9)

JPM JPMORGAN CHASE & CO 2.7%

Value ($000) $3,889 (-52.8%) Shares 12,070 (-54.5%) Est. Cost $244.04 Unrealized +26.8%

AVGO BROADCOM INC 6.4%

Value ($000) $9,129 (-24.7%) Shares 26,376 (-19.6%) Est. Cost $274.65 Unrealized +30.0%

NVDA NVIDIA CORP 7.4%

Value ($000) $10,431 (-11.6%) Shares 55,930 (-4.0%) Est. Cost $128.57 Unrealized +44.8%

NEM NEWMONT CORP 4.8%

Value ($000) $6,823 (+17.2%) Shares 68,328 (-5.0%) Est. Cost $69.39 Unrealized +30.0%

GS GOLDMAN SACHS GROUP INC/THE 6.7%

Value ($000) $9,553 (+8.3%) Shares 10,868 (-2.8%) Est. Cost $564.31 Unrealized +44.1%

APH AMPHENOL CORP 2.6%

Value ($000) $3,662 (-10.3%) Shares 27,100 (-7.5%) Est. Cost $81.39 Unrealized +64.1%

MS MORGAN STANLEY 6.4%

Value ($000) $9,022 (+4.6%) Shares 50,818 (-3.4%) Est. Cost $129.31 Unrealized +28.7%

CAT CATERPILLAR INC 2.6%

Value ($000) $3,715 (-8.5%) Shares 6,485 (-7.8%) Est. Cost $425.39 Unrealized +30.6%

EWJ ISHARES MSCI JAPAN ETF 1.5%

Value ($000) $2,099 (-10.8%) Shares 26,000 (-7.8%) Est. Cost $75.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMORGAN CHASE & CO	12,070 (-54.5%)	$3,889 (-52.8%)	2.7%	$244.04	+26.8%	COM	46625H100
AVGO	BROADCOM INC	26,376 (-19.6%)	$9,129 (-24.7%)	6.4%	$274.65	+30.0%	COM	11135F101
NVDA	NVIDIA CORP	55,930 (-4.0%)	$10,431 (-11.6%)	7.4%	$128.57	+44.8%	COM	67066G104
NEM	NEWMONT CORP	68,328 (-5.0%)	$6,823 (+17.2%)	4.8%	$69.39	+30.0%	COM	651639106
GS	GOLDMAN SACHS GROUP INC/THE	10,868 (-2.8%)	$9,553 (+8.3%)	6.7%	$564.31	+44.1%	COM	38141G104
APH	AMPHENOL CORP	27,100 (-7.5%)	$3,662 (-10.3%)	2.6%	$81.39	+64.1%	COM	032095101
MS	MORGAN STANLEY	50,818 (-3.4%)	$9,022 (+4.6%)	6.4%	$129.31	+28.7%	COM	617446448
CAT	CATERPILLAR INC	6,485 (-7.8%)	$3,715 (-8.5%)	2.6%	$425.39	+30.6%	COM	149123101
EWJ	ISHARES MSCI JAPAN ETF	26,000 (-7.8%)	$2,099 (-10.8%)	1.5%	$75.78	—	ETF	46434G822

Unchanged Positions (5)

CCJ CAMECO CORP 2.4%

Value ($000) $3,447 Shares 37,673 Est. Cost $77.39 Unrealized +16.2%

PH PARKER-HANNIFIN CORP 2.4%

Value ($000) $3,461 Shares 3,938 Est. Cost $367.97 Unrealized +122.2%

RTX RTX CORP 4.7%

Value ($000) $6,600 Shares 35,989 Est. Cost $127.41 Unrealized +36.0%

TSLA TESLA INC 1.6%

Value ($000) $2,272 Shares 5,051 Est. Cost $346.84 Unrealized +27.8%

COR CENCORA INC 2.4%

Value ($000) $3,409 Shares 10,092 Est. Cost $293.50 Unrealized +16.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCJ	CAMECO CORP	37,673	$3,447	2.4%	$77.39	+16.2%	COM	13321L108
PH	PARKER-HANNIFIN CORP	3,938	$3,461	2.4%	$367.97	+122.2%	COM	701094104
RTX	RTX CORP	35,989	$6,600	4.7%	$127.41	+36.0%	COM	75513E101
TSLA	TESLA INC	5,051	$2,272	1.6%	$346.84	+27.8%	COM	88160R101
COR	CENCORA INC	10,092	$3,409	2.4%	$293.50	+16.1%	COM	03073E105