Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTN	VAIL RESORTS INC	18,525	$2.522M	1.7%	$136.15	—	COM	91879Q109
CDE	COEUR MNG INC	112,816	$1.841M	1.2%	$16.32	—	COM NEW	192108504
NVO	NOVO-NORDISK A S	30,400	$1.457M	1.0%	$47.94	—	ADR	670100205
MKC	MCCORMICK & CO INC	22,500	$1.134M	0.7%	$50.42	—	COM NON VTG	579780206
HON	HONEYWELL INTL INC	4,475	$1.002M	0.7%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	4,475	$989K	0.6%	$221.08	—	COM	43849R105
ALK	ALASKA AIR GROUP INC	14,300	$746K	0.5%	$52.20	—	COM	011659109
ONON	ON HLDG AG	8,500	$301K	0.2%	$35.42	—	NAMEN AKT A	H5919C104
DOCU	DOCUSIGN INC	5,500	$244K	0.2%	$44.42	—	COM	256163106
PFE	PFIZER INC	10,100	$243K	0.2%	$24.08	—	COM	717081103
CRWV	COREWEAVE INC	2,400	$239K	0.2%	$99.54	—	COM CL A	21873S108
FETH	FIDELITY ETHEREUM FD	11,000	$173K	0.1%	$15.74	—	SHS	31613E103
STLA	STELLANTIS N.V	15,000	$86,100	0.1%	$5.74	—	SHS	N82405106

Increased Positions (24)

PSQ PROSHARES TR 2.5%

Value $3.814M (+84.9%) Shares 152,200 (+122.8%) Est. Cost $31.55 Unrealized —

CNH CNH INDL N V 1.8%

Value $2.673M (+139.6%) Shares 238,000 (+96.7%) Est. Cost $11.19 Unrealized —

PENN PENN ENTERTAINMENT INC 2.6%

Value $4.035M (+50.2%) Shares 188,900 (+3.7%) Est. Cost $50.02 Unrealized —

UPS UNITED PARCEL SVCS INC 1.2%

Value $1.774M (+78.8%) Shares 16,500 (+65.0%) Est. Cost $142.12 Unrealized —

FMC FMC CORP 1.4%

Value $2.138M (+54.0%) Shares 185,900 (+85.7%) Est. Cost $21.71 Unrealized —

MDT MEDTRONIC PLC 0.7%

Value $1.099M (+193.4%) Shares 14,050 (+260.3%) Est. Cost $82.30 Unrealized —

ARCO ARCOS DORADOS HLDGS INC 1.8%

Value $2.819M (+33.4%) Shares 349,800 (+21.5%) Est. Cost $6.04 Unrealized —

MBLY MOBILEYE GLOBAL INC 0.5%

Value $825K (+259.3%) Shares 85,250 (+287.5%) Est. Cost $10.40 Unrealized —

PPLT ABRDN PLATINUM ETF TRUST 0.8%

Value $1.265M (-28.2%) Shares 89,500 (+847.1%) Est. Cost $21.41 Unrealized —

GT GOODYEAR TIRE & RUBR CO 0.9%

Value $1.307M (+55.4%) Shares 198,000 (+106.3%) Est. Cost $8.69 Unrealized —

BA BOEING CO 3.9%

Value $5.975M (+7.5%) Shares 27,600 (+7.8%) Est. Cost $184.43 Unrealized —

B BARRICK MNG CORP 1.3%

Value $2.004M (-12.9%) Shares 54,550 (+3.3%) Est. Cost $19.94 Unrealized —

SHAK SHAKE SHACK INC 0.5%

Value $781K (-26.2%) Shares 13,950 (+6.9%) Est. Cost $71.22 Unrealized —

BROS DUTCH BROS INC 0.5%

Value $797K (+51.4%) Shares 11,100 (+29.1%) Est. Cost $42.51 Unrealized —

WY WEYERHAEUSER CO 1.0%

Value $1.478M (+12.4%) Shares 61,750 (+11.3%) Est. Cost $25.92 Unrealized —

CRSP CRISPR THERAPEUTICS AG 0.9%

Value $1.34M (+12.2%) Shares 24,575 (+7.9%) Est. Cost $58.83 Unrealized —

KHC KRAFT HEINZ CO 0.8%

Value $1.241M (+11.5%) Shares 52,550 (+14.5%) Est. Cost $29.93 Unrealized —

DIS DISNEY WALT CO 0.6%

Value $886K (+15.3%) Shares 9,200 (+36.3%) Est. Cost $94.58 Unrealized —

MSOS ADVISORSHARES TR 0.5%

Value $716K (+18.6%) Shares 141,000 (+10.2%) Est. Cost $5.42 Unrealized —

KWEB KRANESHARES TRUST 0.3%

Value $470K (+16.9%) Shares 19,200 (+62.7%) Est. Cost $26.45 Unrealized —

MMM 3M CO 0.4%

Value $672K (+10.4%) Shares 4,150 (+9.2%) Est. Cost $102.63 Unrealized —

LAC LITHIUM AMERS CORP NEW 0.2%

Value $347K (+13.5%) Shares 90,000 (+28.6%) Est. Cost $4.66 Unrealized —

INSP INSPIRE MED SYS INC 0.3%

Value $388K (+7.9%) Shares 8,700 (+123.1%) Est. Cost $69.74 Unrealized —

HMC HONDA MOTOR CO LTD 0.3%

Value $455K (-2.2%) Shares 16,800 (+6.3%) Est. Cost $28.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PSQ	PROSHARES TR	152,200 (+122.8%)	$3.814M (+84.9%)	2.5%	$31.55	—	SHORT QQQ	74349Y837
CNH	CNH INDL N V	238,000 (+96.7%)	$2.673M (+139.6%)	1.8%	$11.19	—	SHS	N20944109
PENN	PENN ENTERTAINMENT INC	188,900 (+3.7%)	$4.035M (+50.2%)	2.6%	$50.02	—	COM	707569109
UPS	UNITED PARCEL SVCS INC	16,500 (+65.0%)	$1.774M (+78.8%)	1.2%	$142.12	—	CL B	911312106
FMC	FMC CORP	185,900 (+85.7%)	$2.138M (+54.0%)	1.4%	$21.71	—	COM NEW	302491303
MDT	MEDTRONIC PLC	14,050 (+260.3%)	$1.099M (+193.4%)	0.7%	$82.30	—	SHS	G5960L103
ARCO	ARCOS DORADOS HLDGS INC	349,800 (+21.5%)	$2.819M (+33.4%)	1.8%	$6.04	—	SHS CLASS -A -	G0457F107
MBLY	MOBILEYE GLOBAL INC	85,250 (+287.5%)	$825K (+259.3%)	0.5%	$10.40	—	COMMON CLASS A	60741F104
PPLT	ABRDN PLATINUM ETF TRUST	89,500 (+847.1%)	$1.265M (-28.2%)	0.8%	$21.41	—	PHYSCL PLATM SHS	003260106
GT	GOODYEAR TIRE & RUBR CO	198,000 (+106.3%)	$1.307M (+55.4%)	0.9%	$8.69	—	COM	382550101
BA	BOEING CO	27,600 (+7.8%)	$5.975M (+7.5%)	3.9%	$184.43	—	COM	097023105
B	BARRICK MNG CORP	54,550 (+3.3%)	$2.004M (-12.9%)	1.3%	$19.94	—	COM SHS	06849F108
SHAK	SHAKE SHACK INC	13,950 (+6.9%)	$781K (-26.2%)	0.5%	$71.22	—	CL A	819047101
BROS	DUTCH BROS INC	11,100 (+29.1%)	$797K (+51.4%)	0.5%	$42.51	—	CL A	26701L100
WY	WEYERHAEUSER CO	61,750 (+11.3%)	$1.478M (+12.4%)	1.0%	$25.92	—	COM NEW	962166104
CRSP	CRISPR THERAPEUTICS AG	24,575 (+7.9%)	$1.34M (+12.2%)	0.9%	$58.83	—	NAMEN AKT	H17182108
KHC	KRAFT HEINZ CO	52,550 (+14.5%)	$1.241M (+11.5%)	0.8%	$29.93	—	COM	500754106
DIS	DISNEY WALT CO	9,200 (+36.3%)	$886K (+15.3%)	0.6%	$94.58	—	COM	254687106
MSOS	ADVISORSHARES TR	141,000 (+10.2%)	$716K (+18.6%)	0.5%	$5.42	—	PURE US CANN ETF	00768Y453
KWEB	KRANESHARES TRUST	19,200 (+62.7%)	$470K (+16.9%)	0.3%	$26.45	—	CSI CHI INTERNET	500767306
MMM	3M CO	4,150 (+9.2%)	$672K (+10.4%)	0.4%	$102.63	—	COM	88579Y101
LAC	LITHIUM AMERS CORP NEW	90,000 (+28.6%)	$347K (+13.5%)	0.2%	$4.66	—	COM SHS	53681J103
INSP	INSPIRE MED SYS INC	8,700 (+123.1%)	$388K (+7.9%)	0.3%	$69.74	—	COM	457730109
HMC	HONDA MOTOR CO LTD	16,800 (+6.3%)	$455K (-2.2%)	0.3%	$28.01	—	ADR ECH CNV IN 3	438128308

Exited Positions (13)

NGD NEW GOLD INC CDA 1.5%

Value $2.243M Shares 257,500 Est. Cost $1.42 Unrealized —

HON HONEYWELL INTL INC 1.1%

Value $1.746M Shares 8,950 Est. Cost $199.38 Unrealized —

BKD BROOKDALE SR LIVING INC 1.0%

Value $1.478M Shares 137,000 Est. Cost $6.21 Unrealized —

UBER UBER TECHNOLOGIES INC 0.5%

Value $797K Shares 9,750 Est. Cost $37.92 Unrealized —

Q QNITY ELECTRONICS INC 0.3%

Value $412K Shares 5,050 Est. Cost $84.91 Unrealized —

SGOL ETFS GOLD TR 0.2%

Value $329K Shares 8,000 Est. Cost $17.60 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.2%

Value $288K Shares 10,000 Est. Cost $12.58 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.2%

Value $284K Shares 12,000 Est. Cost $8.02 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.2%

Value $279K Shares 3,400 Est. Cost $71.08 Unrealized —

AA ALCOA CORP 0.2%

Value $266K Shares 5,000 Est. Cost $40.88 Unrealized —

ALB ALBEMARLE CORP 0.1%

Value $212K Shares 1,500 Est. Cost $113.25 Unrealized —

PSKY PARAMOUNT SKYDANCE CORP 0.1%

Value $162K Shares 12,113 Est. Cost $14.51 Unrealized —

SGMO SANGAMO THERAPEUTICS INC 0.0%

Value $52,500 Shares 125,000 Est. Cost $0.53 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	257,500	$2.243M	1.5%	$1.42	—	—	644535106
HON	HONEYWELL INTL INC	8,950	$1.746M	1.1%	$199.38	—	—	438516106
BKD	BROOKDALE SR LIVING INC	137,000	$1.478M	1.0%	$6.21	—	—	112463104
UBER	UBER TECHNOLOGIES INC	9,750	$797K	0.5%	$37.92	—	—	90353T100
Q	QNITY ELECTRONICS INC	5,050	$412K	0.3%	$84.91	—	—	74743L100
SGOL	ETFS GOLD TR	8,000	$329K	0.2%	$17.60	—	—	00326A104
WBD	WARNER BROS DISCOVERY INC	10,000	$288K	0.2%	$12.58	—	—	934423104
PSLV	SPROTT ASSET MANAGEMENT LP	12,000	$284K	0.2%	$8.02	—	—	85207K107
GEHC	GE HEALTHCARE TECHNOLOGIES I	3,400	$279K	0.2%	$71.08	—	—	36266G107
AA	ALCOA CORP	5,000	$266K	0.2%	$40.88	—	—	013872106
ALB	ALBEMARLE CORP	1,500	$212K	0.1%	$113.25	—	—	012653101
PSKY	PARAMOUNT SKYDANCE CORP	12,113	$162K	0.1%	$14.51	—	—	69932A204
SGMO	SANGAMO THERAPEUTICS INC	125,000	$52,500	0.0%	$0.53	—	—	800677106

Decreased Positions (52)

INTC INTEL CORP 3.1%

Value $4.699M (+143.0%) Shares 33,650 (-35.8%) Est. Cost $36.91 Unrealized —

LYFT LYFT INC 0.4%

Value $579K (-65.9%) Shares 39,600 (-54.8%) Est. Cost $24.49 Unrealized —

FDX FEDEX CORP 0.5%

Value $736K (-55.7%) Shares 2,350 (-59.1%) Est. Cost $219.91 Unrealized —

CVX CHEVRON CORPORATION 0.6%

Value $986K (-41.7%) Shares 5,950 (-46.4%) Est. Cost $99.29 Unrealized —

GDX VANECK ETF TRUST 1.8%

Value $2.758M (-19.4%) Shares 36,550 (-8.4%) Est. Cost $32.40 Unrealized —

GE GE AEROSPACE 4.8%

Value $7.278M (+8.9%) Shares 19,475 (-10.3%) Est. Cost $61.27 Unrealized —

DOG PROSHARES TR 0.2%

Value $308K (-65.0%) Shares 14,250 (-61.9%) Est. Cost $24.27 Unrealized —

LUV SOUTHWEST AIRLS CO 2.8%

Value $4.288M (+15.2%) Shares 83,400 (-7.4%) Est. Cost $31.37 Unrealized —

VZ VERIZON COMMUNICATIONS INC 1.1%

Value $1.7M (-23.9%) Shares 40,150 (-26.8%) Est. Cost $39.03 Unrealized —

BCS BARCLAYS PLC 1.7%

Value $2.538M (-17.2%) Shares 94,500 (-21.6%) Est. Cost $25.45 Unrealized —

PAAS PAN AMERN SILVER CORP 1.3%

Value $1.929M (-16.5%) Shares 43,065 (-3.4%) Est. Cost $32.15 Unrealized —

SH PROSHARES TR 1.4%

Value $2.12M (-14.7%) Shares 64,200 (-7.0%) Est. Cost $36.03 Unrealized —

SHEL SHELL PLC 2.5%

Value $3.761M (-8.8%) Shares 48,500 (-13.5%) Est. Cost $55.35 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 1.2%

Value $1.84M (-14.3%) Shares 61,000 (-6.2%) Est. Cost $14.36 Unrealized —

TGT TARGET CORP 0.9%

Value $1.332M (+29.2%) Shares 10,200 (-3.3%) Est. Cost $91.63 Unrealized —

VTRS VIATRIS INC 0.8%

Value $1.29M (+22.6%) Shares 81,250 (-3.8%) Est. Cost $10.56 Unrealized —

LIND LINDBLAD EXPEDITIONS HLDGS I 1.5%

Value $2.254M (+11.7%) Shares 79,800 (-43.0%) Est. Cost $10.79 Unrealized —

DOW DOW HLDGS INC 1.4%

Value $2.134M (+11.0%) Shares 78,000 (-5.1%) Est. Cost $34.66 Unrealized —

WFC WELLS FARGO & CO 0.8%

Value $1.281M (-14.1%) Shares 15,500 (-3.1%) Est. Cost $44.13 Unrealized —

IMAX IMAX CORP 1.2%

Value $1.879M (-10.0%) Shares 47,150 (-16.5%) Est. Cost $34.87 Unrealized —

CPB THE CAMPBELLS COMPANY 0.1%

Value $206K (-47.2%) Shares 9,250 (-33.9%) Est. Cost $31.32 Unrealized —

UL UNILEVER PLC 0.9%

Value $1.332M (-11.9%) Shares 22,150 (-4.1%) Est. Cost $65.40 Unrealized —

SQM SOCIEDAD QUIMICA Y MINERA DE 0.4%

Value $644K (-20.0%) Shares 8,700 (-25.6%) Est. Cost $47.99 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.8%

Value $1.209M (-11.3%) Shares 4,300 (-6.5%) Est. Cost $109.92 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.2%

Value $326K (-30.7%) Shares 2,900 (-27.5%) Est. Cost $52.89 Unrealized —

NEM NEWMONT CORP 1.1%

Value $1.742M (-7.5%) Shares 18,650 (-1.1%) Est. Cost $45.20 Unrealized —

SCHW SCHWAB CHARLES CORP 0.5%

Value $803K (-14.5%) Shares 8,700 (-7.4%) Est. Cost $73.93 Unrealized —

ELAN ELANCO ANIMAL HEALTH INC 1.2%

Value $1.846M (+7.3%) Shares 75,000 (-1.3%) Est. Cost $15.36 Unrealized —

MRK MERCK & CO INC 0.9%

Value $1.343M (-8.2%) Shares 10,450 (-24.8%) Est. Cost $75.13 Unrealized —

CNK CINEMARK HLDGS INC 0.6%

Value $863K (+14.3%) Shares 27,200 (-16.3%) Est. Cost $17.65 Unrealized —

HP HELMERICH & PAYNE INC 0.2%

Value $367K (-21.6%) Shares 11,200 (-31.3%) Est. Cost $18.33 Unrealized —

MGM MGM RESORTS INTERNATIONAL 0.5%

Value $765K (+12.1%) Shares 16,000 (-14.4%) Est. Cost $44.88 Unrealized —

ROG ROGERS CORP 0.3%

Value $430K (+23.5%) Shares 2,625 (-30.9%) Est. Cost $105.86 Unrealized —

IFF INTERNATIONAL FLAVORS&FRAGRA 0.7%

Value $1.135M (+5.9%) Shares 14,325 (-9.9%) Est. Cost $73.93 Unrealized —

WAB WABTEC 0.2%

Value $270K (-18.5%) Shares 1,000 (-35.5%) Est. Cost $89.57 Unrealized —

CCJ CAMECO CORP 0.2%

Value $377K (-12.4%) Shares 3,700 (-21.3%) Est. Cost $53.26 Unrealized —

DAL DELTA AIR LINES INC 0.2%

Value $300K (+16.7%) Shares 3,200 (-13.5%) Est. Cost $56.83 Unrealized —

NVST ENVISTA HOLDINGS CORPORATION 0.3%

Value $494K (+9.4%) Shares 18,750 (-9.9%) Est. Cost $18.59 Unrealized —

EUFN ISHARES TR 0.5%

Value $741K (-4.9%) Shares 19,000 (-9.5%) Est. Cost $19.82 Unrealized —

COP CONOCOPHILLIPS 0.2%

Value $281K (-11.8%) Shares 2,700 (-20.6%) Est. Cost $74.11 Unrealized —

FNV FRANCO NEV CORP 0.1%

Value $219K (-12.0%) Shares 1,050 (-12.5%) Est. Cost $180.19 Unrealized —

NTNX NUTANIX INC 0.6%

Value $958K (-3.0%) Shares 18,800 (-1.6%) Est. Cost $34.30 Unrealized —

F FORD MTR CO 0.8%

Value $1.201M (-2.3%) Shares 86,400 (-7.8%) Est. Cost $11.24 Unrealized —

GVA GRANITE CONSTR INC 0.2%

Value $316K (+9.6%) Shares 2,000 (-20.0%) Est. Cost $70.28 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.6%

Value $879K (-2.9%) Shares 15,250 (-9.1%) Est. Cost $46.32 Unrealized —

NTR NUTRIEN LTD 0.4%

Value $623K (-2.9%) Shares 9,900 (-4.8%) Est. Cost $45.96 Unrealized —

BAC BANK OF AMER CORP 0.5%

Value $838K (+2.2%) Shares 14,700 (-1.3%) Est. Cost $38.71 Unrealized —

EW EDWARDS LIFESCIENCES CORP 0.2%

Value $317K (-4.8%) Shares 3,500 (-10.3%) Est. Cost $82.07 Unrealized —

KMI KINDER MORGAN INC DEL 0.2%

Value $336K (-2.3%) Shares 10,500 (-16.0%) Est. Cost $13.20 Unrealized —

CTVA CORTEVA INC 0.2%

Value $237K (+1.1%) Shares 2,800 (-20.0%) Est. Cost $43.81 Unrealized —

SLB SLB LIMITED 0.9%

Value $1.334M (+0.2%) Shares 28,700 (-17.3%) Est. Cost $31.63 Unrealized —

WMB WILLIAMS COS INC 0.7%

Value $1.108M (+0.1%) Shares 14,900 (-19.0%) Est. Cost $22.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	33,650 (-35.8%)	$4.699M (+143.0%)	3.1%	$36.91	—	COM	458140100
LYFT	LYFT INC	39,600 (-54.8%)	$579K (-65.9%)	0.4%	$24.49	—	CL A COM	55087P104
FDX	FEDEX CORP	2,350 (-59.1%)	$736K (-55.7%)	0.5%	$219.91	—	COM	31428X106
CVX	CHEVRON CORPORATION	5,950 (-46.4%)	$986K (-41.7%)	0.6%	$99.29	—	COM	166764100
GDX	VANECK ETF TRUST	36,550 (-8.4%)	$2.758M (-19.4%)	1.8%	$32.40	—	GOLD MINERS ETF	92189F106
GE	GE AEROSPACE	19,475 (-10.3%)	$7.278M (+8.9%)	4.8%	$61.27	—	COM NEW	369604301
DOG	PROSHARES TR	14,250 (-61.9%)	$308K (-65.0%)	0.2%	$24.27	—	PSHS SHORT DOW30	74347B235
LUV	SOUTHWEST AIRLS CO	83,400 (-7.4%)	$4.288M (+15.2%)	2.8%	$31.37	—	COM	844741108
VZ	VERIZON COMMUNICATIONS INC	40,150 (-26.8%)	$1.7M (-23.9%)	1.1%	$39.03	—	COM	92343V104
BCS	BARCLAYS PLC	94,500 (-21.6%)	$2.538M (-17.2%)	1.7%	$25.45	—	ADR	06738E204
PAAS	PAN AMERN SILVER CORP	43,065 (-3.4%)	$1.929M (-16.5%)	1.3%	$32.15	—	COM	697900108
SH	PROSHARES TR	64,200 (-7.0%)	$2.12M (-14.7%)	1.4%	$36.03	—	SHOR S&P 500 NEW	74349Y753
SHEL	SHELL PLC	48,500 (-13.5%)	$3.761M (-8.8%)	2.5%	$55.35	—	SPON ADS	780259305
PHYS	SPROTT ASSET MANAGEMENT LP	61,000 (-6.2%)	$1.84M (-14.3%)	1.2%	$14.36	—	PHYSICAL GOLD TR	85207H104
TGT	TARGET CORP	10,200 (-3.3%)	$1.332M (+29.2%)	0.9%	$91.63	—	COM	87612E106
VTRS	VIATRIS INC	81,250 (-3.8%)	$1.29M (+22.6%)	0.8%	$10.56	—	COM	92556V106
LIND	LINDBLAD EXPEDITIONS HLDGS I	79,800 (-43.0%)	$2.254M (+11.7%)	1.5%	$10.79	—	COM	535219109
DOW	DOW HLDGS INC	78,000 (-5.1%)	$2.134M (+11.0%)	1.4%	$34.66	—	COM	260557103
WFC	WELLS FARGO & CO	15,500 (-3.1%)	$1.281M (-14.1%)	0.8%	$44.13	—	COM	949746101
IMAX	IMAX CORP	47,150 (-16.5%)	$1.879M (-10.0%)	1.2%	$34.87	—	COM	45245E109
CPB	THE CAMPBELLS COMPANY	9,250 (-33.9%)	$206K (-47.2%)	0.1%	$31.32	—	COM	134429109
UL	UNILEVER PLC	22,150 (-4.1%)	$1.332M (-11.9%)	0.9%	$65.40	—	SPON ADR NEW	904767803
SQM	SOCIEDAD QUIMICA Y MINERA DE	8,700 (-25.6%)	$644K (-20.0%)	0.4%	$47.99	—	SPON ADR SER B	833635105
IBM	INTERNATIONAL BUSINESS MACHS	4,300 (-6.5%)	$1.209M (-11.3%)	0.8%	$109.92	—	COM	459200101
WPM	WHEATON PRECIOUS METALS CORP	2,900 (-27.5%)	$326K (-30.7%)	0.2%	$52.89	—	COM	962879102
NEM	NEWMONT CORP	18,650 (-1.1%)	$1.742M (-7.5%)	1.1%	$45.20	—	COM	651639106
SCHW	SCHWAB CHARLES CORP	8,700 (-7.4%)	$803K (-14.5%)	0.5%	$73.93	—	COM	808513105
ELAN	ELANCO ANIMAL HEALTH INC	75,000 (-1.3%)	$1.846M (+7.3%)	1.2%	$15.36	—	COM	28414H103
MRK	MERCK & CO INC	10,450 (-24.8%)	$1.343M (-8.2%)	0.9%	$75.13	—	COM	58933Y105
CNK	CINEMARK HLDGS INC	27,200 (-16.3%)	$863K (+14.3%)	0.6%	$17.65	—	COM	17243V102
HP	HELMERICH & PAYNE INC	11,200 (-31.3%)	$367K (-21.6%)	0.2%	$18.33	—	COM	423452101
MGM	MGM RESORTS INTERNATIONAL	16,000 (-14.4%)	$765K (+12.1%)	0.5%	$44.88	—	COM	552953101
ROG	ROGERS CORP	2,625 (-30.9%)	$430K (+23.5%)	0.3%	$105.86	—	COM	775133101
IFF	INTERNATIONAL FLAVORS&FRAGRA	14,325 (-9.9%)	$1.135M (+5.9%)	0.7%	$73.93	—	COM	459506101
WAB	WABTEC	1,000 (-35.5%)	$270K (-18.5%)	0.2%	$89.57	—	COM	929740108
CCJ	CAMECO CORP	3,700 (-21.3%)	$377K (-12.4%)	0.2%	$53.26	—	COM	13321L108
DAL	DELTA AIR LINES INC	3,200 (-13.5%)	$300K (+16.7%)	0.2%	$56.83	—	COM NEW	247361702
NVST	ENVISTA HOLDINGS CORPORATION	18,750 (-9.9%)	$494K (+9.4%)	0.3%	$18.59	—	COM	29415F104
EUFN	ISHARES TR	19,000 (-9.5%)	$741K (-4.9%)	0.5%	$19.82	—	MSCI EURO FL ETF	464289180
COP	CONOCOPHILLIPS	2,700 (-20.6%)	$281K (-11.8%)	0.2%	$74.11	—	COM	20825C104
FNV	FRANCO NEV CORP	1,050 (-12.5%)	$219K (-12.0%)	0.1%	$180.19	—	COM	351858105
NTNX	NUTANIX INC	18,800 (-1.6%)	$958K (-3.0%)	0.6%	$34.30	—	CL A	67059N108
F	FORD MTR CO	86,400 (-7.8%)	$1.201M (-2.3%)	0.8%	$11.24	—	COM	345370860
GVA	GRANITE CONSTR INC	2,000 (-20.0%)	$316K (+9.6%)	0.2%	$70.28	—	COM	387328107
BMY	BRISTOL-MYERS SQUIBB CO	15,250 (-9.1%)	$879K (-2.9%)	0.6%	$46.32	—	COM	110122108
NTR	NUTRIEN LTD	9,900 (-4.8%)	$623K (-2.9%)	0.4%	$45.96	—	COM	67077M108
BAC	BANK OF AMER CORP	14,700 (-1.3%)	$838K (+2.2%)	0.5%	$38.71	—	COM	060505104
EW	EDWARDS LIFESCIENCES CORP	3,500 (-10.3%)	$317K (-4.8%)	0.2%	$82.07	—	COM	28176E108
KMI	KINDER MORGAN INC DEL	10,500 (-16.0%)	$336K (-2.3%)	0.2%	$13.20	—	COM	49456B101
CTVA	CORTEVA INC	2,800 (-20.0%)	$237K (+1.1%)	0.2%	$43.81	—	COM	22052L104
SLB	SLB LIMITED	28,700 (-17.3%)	$1.334M (+0.2%)	0.9%	$31.63	—	COM STK	806857108
WMB	WILLIAMS COS INC	14,900 (-19.0%)	$1.108M (+0.1%)	0.7%	$22.75	—	COM	969457100

Unchanged Positions (19)

GBCI GLACIER BANCORP INC NEW 10.0%

Value $15.25M Shares 295,712 Est. Cost $48.88 Unrealized —

WYNN WYNN RESORTS LTD 1.2%

Value $1.846M Shares 19,015 Est. Cost $80.87 Unrealized —

BP BP PLC 1.8%

Value $2.773M Shares 75,056 Est. Cost $27.22 Unrealized —

SLV ISHARES SILVER TR 0.4%

Value $668K Shares 12,500 Est. Cost $21.52 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 1.2%

Value $1.859M Shares 21,000 Est. Cost $67.22 Unrealized —

L LOEWS CORP 0.9%

Value $1.438M Shares 12,700 Est. Cost $55.90 Unrealized —

FXI ISHARES TR 0.2%

Value $360K Shares 11,400 Est. Cost $24.07 Unrealized —

FIGS FIGS INC 0.4%

Value $650K Shares 63,500 Est. Cost $5.48 Unrealized —

EEM ISHARES TR 0.2%

Value $322K Shares 4,700 Est. Cost $43.70 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.3%

Value $385K Shares 4,600 Est. Cost $61.30 Unrealized —

MCD MCDONALDS CORP 0.2%

Value $270K Shares 1,000 Est. Cost $238.81 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.2%

Value $285K Shares 4,000 Est. Cost $50.83 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.2%

Value $319K Shares 1,500 Est. Cost $162.86 Unrealized —

IEV ISHARES TR 0.3%

Value $474K Shares 6,500 Est. Cost $54.46 Unrealized —

ERIC TELEFONAKTIEBOLAGET LM ERICS 0.1%

Value $201K Shares 18,000 Est. Cost $10.49 Unrealized —

ABNB AIRBNB INC 0.3%

Value $479K Shares 3,350 Est. Cost $129.46 Unrealized —

TSN TYSON FOODS INC 0.8%

Value $1.194M Shares 20,850 Est. Cost $55.65 Unrealized —

GLPI GAMING & LEISURE P 2.3%

Value $3.485M Shares 78,260 Est. Cost $48.66 Unrealized —

DFE WISDOMTREE TR 0.2%

Value $360K Shares 5,000 Est. Cost $72.15 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GBCI	GLACIER BANCORP INC NEW	295,712	$15.25M	10.0%	$48.88	—	COM	37637Q105
WYNN	WYNN RESORTS LTD	19,015	$1.846M	1.2%	$80.87	—	COM	983134107
BP	BP PLC	75,056	$2.773M	1.8%	$27.22	—	SPONSORED ADR	055622104
SLV	ISHARES SILVER TR	12,500	$668K	0.4%	$21.52	—	ISHARES	46428Q109
VGK	VANGUARD INTL EQUITY INDEX F	21,000	$1.859M	1.2%	$67.22	—	FTSE EUROPE ETF	922042874
L	LOEWS CORP	12,700	$1.438M	0.9%	$55.90	—	COM	540424108
FXI	ISHARES TR	11,400	$360K	0.2%	$24.07	—	CHINA LG-CAP ETF	464287184
FIGS	FIGS INC	63,500	$650K	0.4%	$5.48	—	CL A	30260D103
EEM	ISHARES TR	4,700	$322K	0.2%	$43.70	—	MSCI EMG MKT ETF	464287234
VEU	VANGUARD INTL EQUITY INDEX F	4,600	$385K	0.3%	$61.30	—	ALLWRLD EX US	922042775
MCD	MCDONALDS CORP	1,000	$270K	0.2%	$238.81	—	COM	580135101
VEA	VANGUARD TAX-MANAGED FDS	4,000	$285K	0.2%	$50.83	—	VAN FTSE DEV MKT	921943858
RSP	INVESCO EXCHANGE TRADED FD T	1,500	$319K	0.2%	$162.86	—	S&P500 EQL WGT	46137V357
IEV	ISHARES TR	6,500	$474K	0.3%	$54.46	—	EUROPE ETF	464287861
ERIC	TELEFONAKTIEBOLAGET LM ERICS	18,000	$201K	0.1%	$10.49	—	ADR B SEK 10	294821608
ABNB	AIRBNB INC	3,350	$479K	0.3%	$129.46	—	COM CL A	009066101
TSN	TYSON FOODS INC	20,850	$1.194M	0.8%	$55.65	—	CL A	902494103
GLPI	GAMING & LEISURE P	78,260	$3.485M	2.3%	$48.66	—	COM	36467J108
DFE	WISDOMTREE TR	5,000	$360K	0.2%	$72.15	—	EUROPE SMCP DV	97717W869