Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TMV	DIREXION SHARES ETF TRUST	480,140	$23.95M	10.2%	$49.89	$42.36	+17.8%	DAILY 20 YR TREA	25460G849
PBR	PETROLEO BRASILEIRO S A	929,940	$17.66M	7.5%	$18.99 *	$19.00	+9.9%	SPONSORED ADR	71654V408
USO	UNITED STS OIL FD LP	40,870	$5.953M	2.5%	$145.66	$132.02	+10.3%	UNITS	91232N207
PLTR	PALANTIR TECHNOLOGIES INC	30,207	$5.65M	2.4%	$187.05	$159.37	+17.4%	CL A	69608A108
FUTU	FUTU HLDGS LTD	36,520	$4.037M	1.7%	$110.55	$108.56	+1.8%	SPON ADS CL A	36118L106
ASML	ASML HLDG NV	1,582	$2.866M	1.2%	$1811.67	$1733.64	+4.5%	N Y REGISTRY SHS	N07059210
APH	AMPHENOL CORP	16,720	$1.409M	0.6%	$84.30	$135.67	-37.9%	CL A	032095101
AMT	AMERICAN TOWER CORP	640	$105K	0.0%	$163.69	$163.69	—	COM	03027X100
MAA	MID-AMER APT CMNTYS INC	600	$70,644	0.0%	$117.74	$117.74	—	COM	59522J103

Increased Positions (9)

LITE LUMENTUM HLDGS INC 5.7%

Value $13.48M (+241.5%) Shares 13,880 (+201.7%) Share Price $971.26 Est. Cost/Share $747.62 Unrealized @ Report Date +29.9%

TER TERADYNE INC 1.8%

Value $4.274M (+76.7%) Shares 10,660 (+113.2%) Share Price $400.91 Est. Cost/Share $326.67 Unrealized @ Report Date +22.7%

LRCX LAM RESEARCH CORP 3.1%

Value $7.217M (+13.6%) Shares 21,970 (+49.9%) Share Price $328.51 Est. Cost/Share $306.45 Unrealized @ Report Date +7.2%

MU MICRON TECHNOLOGY INC 6.4%

Value $15.12M (-2.1%) Shares 14,200 (+6.1%) Share Price $1065.11 Est. Cost/Share $551.98 Unrealized @ Report Date +93.0%

EQIX EQUINIX INC 0.1%

Value $263K (+215.4%) Shares 260 (+225.0%) Share Price $1011.58 Est. Cost/Share $940.69 Unrealized @ Report Date —

IRM IRON MTN INC DEL 0.1%

Value $224K (+117.2%) Shares 2,015 (+147.2%) Share Price $110.95 Est. Cost/Share $109.59 Unrealized @ Report Date —

DHI D R HORTON INC 0.1%

Value $215K (+22.8%) Shares 1,577 (+46.4%) Share Price $136.65 Est. Cost/Share $150.09 Unrealized @ Report Date -9.0%

WELL WELLTOWER INC 0.1%

Value $248K (+10.4%) Shares 1,075 (+8.8%) Share Price $230.24 Est. Cost/Share $210.32 Unrealized @ Report Date —

DLR DIGITAL RLTY TR INC 0.1%

Value $184K (+9.4%) Shares 1,050 (+11.9%) Share Price $175.53 Est. Cost/Share $164.46 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
LITE	LUMENTUM HLDGS INC	13,880 (+201.7%)	$13.48M (+241.5%)	5.7%	$971.26	$747.62	+29.9%	COM	55024U109
TER	TERADYNE INC	10,660 (+113.2%)	$4.274M (+76.7%)	1.8%	$400.91	$326.67	+22.7%	COM	880770102
LRCX	LAM RESEARCH CORP	21,970 (+49.9%)	$7.217M (+13.6%)	3.1%	$328.51	$306.45	+7.2%	COM NEW	512807306
MU	MICRON TECHNOLOGY INC	14,200 (+6.1%)	$15.12M (-2.1%)	6.4%	$1065.11	$551.98	+93.0%	COM	595112103
EQIX	EQUINIX INC	260 (+225.0%)	$263K (+215.4%)	0.1%	$1011.58	$940.69	—	COM	29444U700
IRM	IRON MTN INC DEL	2,015 (+147.2%)	$224K (+117.2%)	0.1%	$110.95	$109.59	—	COM	46284V101
DHI	D R HORTON INC	1,577 (+46.4%)	$215K (+22.8%)	0.1%	$136.65	$150.09	-9.0%	COM	23331A109
WELL	WELLTOWER INC	1,075 (+8.8%)	$248K (+10.4%)	0.1%	$230.24	$210.32	—	COM	95040Q104
DLR	DIGITAL RLTY TR INC	1,050 (+11.9%)	$184K (+9.4%)	0.1%	$175.53	$164.46	—	COM	253868103

Exited Positions (6)

NBIS NEBIUS GROUP N.V. 3.0%

Value $7.039M Shares 25,487 Share Price $276.17 * Est. Cost/Share $198.04 Unrealized @ Report Date +19.1%

DELL DELL TECHNOLOGIES INC 0.9%

Value $2.136M Shares 4,950 Share Price $431.46 * Est. Cost/Share $289.23 Unrealized @ Report Date +86.0%

LSCC LATTICE SEMICONDUCTOR CORP 0.9%

Value $2.019M Shares 13,200 Share Price $152.96 Est. Cost/Share $152.96 Unrealized @ Report Date —

ADI ANALOG DEVICES INC 0.8%

Value $1.827M Shares 4,600 Share Price $397.17 Est. Cost/Share $395.80 Unrealized @ Report Date +0.2%

SNOW SNOWFLAKE INC 0.3%

Value $797K Shares 3,130 Share Price $254.50 * Est. Cost/Share $184.02 Unrealized @ Report Date +84.5%

BEKE KE HLDGS INC 0.0%

Value $58,120 Shares 4,000 Share Price $14.53 * Est. Cost/Share $17.18 Unrealized @ Report Date -1.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NBIS	NEBIUS GROUP N.V.	25,487	$7.039M	3.0%	$276.17 *	$198.04	+19.1%	—	N97284108
DELL	DELL TECHNOLOGIES INC	4,950	$2.136M	0.9%	$431.46 *	$289.23	+86.0%	—	24703L202
LSCC	LATTICE SEMICONDUCTOR CORP	13,200	$2.019M	0.9%	$152.96	$152.96	—	—	518415104
ADI	ANALOG DEVICES INC	4,600	$1.827M	0.8%	$397.17	$395.80	+0.2%	—	032654105
SNOW	SNOWFLAKE INC	3,130	$797K	0.3%	$254.50 *	$184.02	+84.5%	—	833445109
BEKE	KE HLDGS INC	4,000	$58,120	0.0%	$14.53 *	$17.18	-1.9%	—	482497104

Decreased Positions (13)

PDD PDD HOLDINGS INC 11.5%

Value $27.04M (-28.8%) Shares 346,930 (-30.3%) Share Price $77.94 Est. Cost/Share $116.68 Unrealized @ Report Date -33.2%

TSM TAIWAN SEMICONDUCTOR MANUFAC 6.3%

Value $14.81M (-29.6%) Shares 32,460 (-26.3%) Share Price $456.19 Est. Cost/Share $319.22 Unrealized @ Report Date +42.9%

AMD ADVANCED MICRO DEVICES INC 7.0%

Value $16.54M (-23.8%) Shares 27,040 (-27.6%) Share Price $611.76 Est. Cost/Share $354.89 Unrealized @ Report Date +72.4%

AVGO BROADCOM INC 3.4%

Value $8.077M (-38.9%) Shares 23,000 (-34.2%) Share Price $351.19 Est. Cost/Share $330.33 Unrealized @ Report Date +6.3%

WDC WESTERN DIGITAL CORP 1.3%

Value $2.963M (-56.7%) Shares 6,520 (-39.1%) Share Price $454.46 Est. Cost/Share $486.23 Unrealized @ Report Date -6.5%

NVDA NVIDIA CORPORATION 7.2%

Value $17.06M (-13.6%) Shares 74,680 (-24.3%) Share Price $228.38 Est. Cost/Share $184.56 Unrealized @ Report Date +23.7%

IBIT ISHARES BITCOIN TRUST ETF 4.6%

Value $10.96M (+31.6%) Shares 231,433 (-7.4%) Share Price $47.34 Est. Cost/Share $40.94 Unrealized @ Report Date +15.6%

STX SEAGATE TECHNOLOGY HLDNGS PL 1.8%

Value $4.206M (-13.4%) Shares 4,560 (-9.3%) Share Price $922.34 Est. Cost/Share $762.82 Unrealized @ Report Date +20.9%

HST HOST HOTELS & RESORTS INC 0.0%

Value $10,299 (-91.9%) Shares 460 (-91.5%) Share Price $22.39 Est. Cost/Share $16.93 Unrealized @ Report Date —

AHR AMERICAN HEALTHCARE REIT INC 0.1%

Value $185K (-26.9%) Shares 3,600 (-25.6%) Share Price $51.26 Est. Cost/Share $50.49 Unrealized @ Report Date —

VTR VENTAS INC 0.1%

Value $258K (-19.8%) Shares 3,040 (-16.3%) Share Price $85.02 Est. Cost/Share $86.90 Unrealized @ Report Date —

CTRE CARETRUST REIT INC 0.1%

Value $197K (-14.8%) Shares 5,390 (-6.1%) Share Price $36.58 Est. Cost/Share $40.35 Unrealized @ Report Date —

COLD AMERICOLD REALTY TRUST INC 0.0%

Value $114K (-17.2%) Shares 8,130 (-6.9%) Share Price $13.98 Est. Cost/Share $12.86 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PDD	PDD HOLDINGS INC	346,930 (-30.3%)	$27.04M (-28.8%)	11.5%	$77.94	$116.68	-33.2%	SPONSORED ADS	722304102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	32,460 (-26.3%)	$14.81M (-29.6%)	6.3%	$456.19	$319.22	+42.9%	SPONSORED ADS	874039100
AMD	ADVANCED MICRO DEVICES INC	27,040 (-27.6%)	$16.54M (-23.8%)	7.0%	$611.76	$354.89	+72.4%	COM	007903107
AVGO	BROADCOM INC	23,000 (-34.2%)	$8.077M (-38.9%)	3.4%	$351.19	$330.33	+6.3%	COM	11135F101
WDC	WESTERN DIGITAL CORP	6,520 (-39.1%)	$2.963M (-56.7%)	1.3%	$454.46	$486.23	-6.5%	COM	958102105
NVDA	NVIDIA CORPORATION	74,680 (-24.3%)	$17.06M (-13.6%)	7.2%	$228.38	$184.56	+23.7%	COM	67066G104
IBIT	ISHARES BITCOIN TRUST ETF	231,433 (-7.4%)	$10.96M (+31.6%)	4.6%	$47.34	$40.94	+15.6%	SHS BEN INT	46438F101
STX	SEAGATE TECHNOLOGY HLDNGS PL	4,560 (-9.3%)	$4.206M (-13.4%)	1.8%	$922.34	$762.82	+20.9%	ORD SHS	G7997R103
HST	HOST HOTELS & RESORTS INC	460 (-91.5%)	$10,299 (-91.9%)	0.0%	$22.39	$16.93	—	COM	44107P104
AHR	AMERICAN HEALTHCARE REIT INC	3,600 (-25.6%)	$185K (-26.9%)	0.1%	$51.26	$50.49	—	COM SHS	398182303
VTR	VENTAS INC	3,040 (-16.3%)	$258K (-19.8%)	0.1%	$85.02	$86.90	—	COM	92276F100
CTRE	CARETRUST REIT INC	5,390 (-6.1%)	$197K (-14.8%)	0.1%	$36.58	$40.35	—	COM	14174T107
COLD	AMERICOLD REALTY TRUST INC	8,130 (-6.9%)	$114K (-17.2%)	0.0%	$13.98	$12.86	—	COM	03064D108

Unchanged Positions (11)

SNDK SANDISK CORP 5.6%

Value $13.17M Shares 7,570 Share Price $1739.89 Est. Cost/Share $935.33 Unrealized @ Report Date +86.0%

YB YUANBAO INC 6.4%

Value $15.11M Shares 1,214,593 Share Price $12.44 Est. Cost/Share $17.60 Unrealized @ Report Date -29.3%

AMAT APPLIED MATLS INC 0.2%

Value $435K Shares 850 Share Price $511.38 Est. Cost/Share $461.39 Unrealized @ Report Date +10.8%

ETHA ISHARES ETHEREUM TR 0.1%

Value $337K Shares 16,750 Share Price $20.12 * Est. Cost/Share $6.75 Unrealized @ Report Date -0.6%

BMNR BITMINE IMMERSION TECHS INC 0.1%

Value $243K Shares 9,200 Share Price $26.43 Est. Cost/Share $29.47 Unrealized @ Report Date -10.3%

ARM ARM HOLDINGS PLC 0.2%

Value $362K Shares 1,250 Share Price $289.66 Est. Cost/Share $265.90 Unrealized @ Report Date +8.9%

PHM PULTE GROUP INC 0.1%

Value $227K Shares 1,960 Share Price $116.06 Est. Cost/Share $122.44 Unrealized @ Report Date -5.2%

NOK NOKIA CORP 0.1%

Value $134K Shares 13,190 Share Price $10.14 Est. Cost/Share $12.87 Unrealized @ Report Date -21.2%

CRCL CIRCLE INTERNET GROUP INC 0.0%

Value $71,488 Shares 870 Share Price $82.17 Est. Cost/Share $84.76 Unrealized @ Report Date -3.1%

VICI VICI PPTYS INC 0.0%

Value $52,739 Shares 2,296 Share Price $22.97 Est. Cost/Share $29.30 Unrealized @ Report Date —

GDS GDS HLDGS LTD 0.1%

Value $145K Shares 4,640 Share Price $31.23 Est. Cost/Share $38.60 Unrealized @ Report Date -19.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SNDK	SANDISK CORP	7,570	$13.17M	5.6%	$1739.89	$935.33	+86.0%	COM	80004C200
YB	YUANBAO INC	1,214,593	$15.11M	6.4%	$12.44	$17.60	-29.3%	SPONSORED ADS	987910106
AMAT	APPLIED MATLS INC	850	$435K	0.2%	$511.38	$461.39	+10.8%	COM	038222105
ETHA	ISHARES ETHEREUM TR	16,750	$337K	0.1%	$20.12 *	$6.75	-0.6%	SHS	46438R105
BMNR	BITMINE IMMERSION TECHS INC	9,200	$243K	0.1%	$26.43	$29.47	-10.3%	COM NEW	09175A206
ARM	ARM HOLDINGS PLC	1,250	$362K	0.2%	$289.66	$265.90	+8.9%	SPONSORED ADS	042068205
PHM	PULTE GROUP INC	1,960	$227K	0.1%	$116.06	$122.44	-5.2%	COM	745867101
NOK	NOKIA CORP	13,190	$134K	0.1%	$10.14	$12.87	-21.2%	SPONSORED ADR	654902204
CRCL	CIRCLE INTERNET GROUP INC	870	$71,488	0.0%	$82.17	$84.76	-3.1%	COM CL A	172573107
VICI	VICI PPTYS INC	2,296	$52,739	0.0%	$22.97	$29.30	—	COM	925652109
GDS	GDS HLDGS LTD	4,640	$145K	0.1%	$31.23	$38.60	-19.1%	SPONSORED ADS	36165L108