Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORP	682,716 (+109.6%)	$137M (+140.5%)	3.4%	$193.67	—	—	67066G104
AVGO	BROADCOM INC	212,025 (+105.8%)	$80.09M (+151.2%)	2.0%	$356.58	—	—	11135F101
ZTS	ZOETIS INC	759,150 (+817.6%)	$54.55M (+457.8%)	1.4%	$77.76	—	—	98978V103
UBER	UBER TECHNOLOGIES INC	1,724,227 (+38.8%)	$124M (+39.3%)	3.1%	$76.89	—	—	90353T100
TMUS	T-MOBILE US INC	923,467 (+60.3%)	$155M (+28.0%)	3.9%	$188.03	—	—	872590104
MELI	MERCADOLIBRE INC	74,343 (+26.3%)	$126M (+24.0%)	3.2%	$1989.52	—	—	58733R102
NOW	SERVICENOW INC	889,331 (+42.9%)	$88.29M (+35.7%)	2.2%	$114.61	—	—	81762P102
SPGI	S&P GLOBAL INC	129,370 (+84.6%)	$52.69M (+76.8%)	1.3%	$449.50	—	—	78409V104
AMZN	AMAZON.COM INC	345,700 (+15.6%)	$82.39M (+32.3%)	2.1%	$228.39	—	—	023135106
BABA	ALIBABA GROUP HOLDING LTD	938,530 (+8.2%)	$90.08M (-17.2%)	2.3%	$123.21	—	—	01609W102
AON	AON PLC	316,541 (+16.4%)	$105M (+19.6%)	2.6%	$335.44	—	—	G0403H108
ABNB	AIRBNB INC	778,783 (+3.1%)	$111M (+16.8%)	2.8%	$129.81	—	—	009066101
WH	WYNDHAM HOTELS & RESORTS INC	686,770 (+22.9%)	$57.83M (+27.4%)	1.4%	$79.64	—	—	98311A105
CRM	SALESFORCE INC	457,033 (+3.2%)	$71.6M (-13.4%)	1.8%	$213.95	—	—	79466L302
VIPS	VIPSHOP HOLDINGS LTD	4,559,813 (+2.7%)	$60.46M (-13.4%)	1.5%	$15.66	—	—	92763W103
SCHW	CHARLES SCHWAB CORP	1,674,961 (+7.6%)	$155M (+5.6%)	3.9%	$99.57	—	—	808513105
AMRZ	AMRIZE AG	760,320 (+29.6%)	$40.52M (+23.3%)	1.0%	$56.24	—	—	H2927K103
MSFT	MICROSOFT CORP	396,990 (+4.6%)	$148M (+5.5%)	3.7%	$431.88	—	—	594918104
META	META PLATFORMS INC	116,973 (+14.0%)	$65.89M (+12.3%)	1.7%	$644.20	—	—	30303M102
INTU	INTUIT INC	55,050 (+11.2%)	$14.37M (-32.9%)	0.4%	$473.71	—	—	461202103
ORCL	ORACLE CORP	521,279 (+6.1%)	$76.39M (+5.7%)	1.9%	$168.28	—	—	68389X105
NFLX	NETFLIX INC	354,600 (+21.7%)	$25.32M (-9.6%)	0.6%	$81.62	—	—	64110L106
TCOM	TRIP COM GROUP LTD	222,200 (+5.2%)	$8.852M (-15.8%)	0.2%	$49.30	—	—	89677Q107
DIS	THE WALT DISNEY COMPANY	409,730 (+1.5%)	$39.44M (+1.4%)	1.0%	$109.25	—	—	254687106
NBIS	NEBIUS GROUP N.V.	1,250 (+25.0%)	$345K (+231.7%)	0.0%	$132.32	—	—	N97284108
GDX	VANECK GOLD MINERS ETF	6,205 (+78.6%)	$468K (+46.7%)	0.0%	$84.59	—	—	92189F106
ICE	INTERCONTINENTAL EXCHANGE INC	430,807 (+27.8%)	$53.04M (+0.1%)	1.3%	$155.87	—	—	45866F104
GDXJ	VANECK JUNIOR GOLD MINERS ETF	3,690 (+30.9%)	$363K (+7.1%)	0.0%	$115.06	—	—	92189F791
SILJ	AMPLIFY JUNIOR SILVER MINERS ETF	3,565 (+42.6%)	$92,000 (+24.3%)	0.0%	$28.47	—	—	032108649

Exited Positions (1)

NKE NIKE INC 0.1%

Value $2.729M Shares 51,669 Est. Cost $63.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	51,669	$2.729M	0.1%	$63.98	—	—	654106103

Decreased Positions (22)

INTC INTEL CORP 7.1%

Value $282M (+90.6%) Shares 2,021,951 (-39.8%) Est. Cost $46.43 Unrealized —

GOOG ALPHABET INC 4.9%

Value $195M (+18.3%) Shares 550,794 (-4.0%) Est. Cost $323.67 Unrealized —

AMD ADVANCED MICRO DEVICES INC 1.4%

Value $57.14M (+83.2%) Shares 98,370 (-35.9%) Est. Cost $221.70 Unrealized —

PANW PALO ALTO NETWORKS INC 1.1%

Value $43.92M (+77.0%) Shares 128,800 (-16.8%) Est. Cost $172.15 Unrealized —

CVX CHEVRON CORPORATION 0.4%

Value $14.62M (-50.9%) Shares 88,215 (-38.7%) Est. Cost $171.87 Unrealized —

XOM EXXON MOBIL CORP 0.2%

Value $6.002M (-71.1%) Shares 43,900 (-64.1%) Est. Cost $138.74 Unrealized —

AER AERCAP HOLDINGS N.V. 2.7%

Value $106M (-7.9%) Shares 727,297 (-13.3%) Est. Cost $145.79 Unrealized —

LH LABCORP HOLDINGS INC 2.0%

Value $78.56M (-8.5%) Shares 280,577 (-12.8%) Est. Cost $271.07 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.8%

Value $31.49M (+18.4%) Shares 75,775 (-22.9%) Est. Cost $308.69 Unrealized —

ZBH ZIMMER BIOMET HOLDINGS INC 0.6%

Value $25.57M (-13.6%) Shares 297,000 (-9.2%) Est. Cost $91.66 Unrealized —

NDAQ NASDAQ INC 0.0%

Value $483K (-88.3%) Shares 6,126 (-87.5%) Est. Cost $91.74 Unrealized —

FISV FISERV INC 0.3%

Value $12.9M (-20.0%) Shares 262,970 (-9.0%) Est. Cost $63.95 Unrealized —

AMAT APPLIED MATERIALS INC 2.0%

Value $81.61M (+3.6%) Shares 112,875 (-51.0%) Est. Cost $326.57 Unrealized —

BX BLACKSTONE INC 0.6%

Value $24.49M (-6.6%) Shares 208,155 (-8.8%) Est. Cost $140.88 Unrealized —

QCOM QUALCOMM INC 0.2%

Value $6.371M (+28.9%) Shares 34,475 (-10.2%) Est. Cost $153.90 Unrealized —

PINS PINTEREST INC 0.5%

Value $18.17M (-6.5%) Shares 864,200 (-18.5%) Est. Cost $22.23 Unrealized —

GWW WW GRAINGER INC 0.6%

Value $24.44M (+4.3%) Shares 17,965 (-16.4%) Est. Cost $1094.66 Unrealized —

CNH CNH INDUSTRIAL N.V. 0.1%

Value $3.571M (-13.0%) Shares 318,000 (-14.7%) Est. Cost $11.41 Unrealized —

GLD SPDR GOLD TRUST 0.0%

Value $1.353M (-22.0%) Shares 3,674 (-8.8%) Est. Cost $430.27 Unrealized —

AAPL APPLE INC 0.0%

Value $1.157M (-11.9%) Shares 4,000 (-22.7%) Est. Cost $262.82 Unrealized —

TNL TRAVEL PLUS LEISURE CO 0.0%

Value $497K (+2.5%) Shares 6,500 (-7.2%) Est. Cost $72.82 Unrealized —

VSNT VERSANT MEDIA GROUP INC 0.0%

Value $113K (-5.0%) Shares 3,140 (-2.4%) Est. Cost $32.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	2,021,951 (-39.8%)	$282M (+90.6%)	7.1%	$46.43	—	—	458140100
GOOG	ALPHABET INC	550,794 (-4.0%)	$195M (+18.3%)	4.9%	$323.67	—	—	02079K107
AMD	ADVANCED MICRO DEVICES INC	98,370 (-35.9%)	$57.14M (+83.2%)	1.4%	$221.70	—	—	007903107
PANW	PALO ALTO NETWORKS INC	128,800 (-16.8%)	$43.92M (+77.0%)	1.1%	$172.15	—	—	697435105
CVX	CHEVRON CORPORATION	88,215 (-38.7%)	$14.62M (-50.9%)	0.4%	$171.87	—	—	166764100
XOM	EXXON MOBIL CORP	43,900 (-64.1%)	$6.002M (-71.1%)	0.2%	$138.74	—	—	30231G102
AER	AERCAP HOLDINGS N.V.	727,297 (-13.3%)	$106M (-7.9%)	2.7%	$145.79	—	—	N00985106
LH	LABCORP HOLDINGS INC	280,577 (-12.8%)	$78.56M (-8.5%)	2.0%	$271.07	—	—	504922105
UNH	UNITEDHEALTH GROUP INC	75,775 (-22.9%)	$31.49M (+18.4%)	0.8%	$308.69	—	—	91324P102
ZBH	ZIMMER BIOMET HOLDINGS INC	297,000 (-9.2%)	$25.57M (-13.6%)	0.6%	$91.66	—	—	98956P102
NDAQ	NASDAQ INC	6,126 (-87.5%)	$483K (-88.3%)	0.0%	$91.74	—	—	631103108
FISV	FISERV INC	262,970 (-9.0%)	$12.9M (-20.0%)	0.3%	$63.95	—	—	337738108
AMAT	APPLIED MATERIALS INC	112,875 (-51.0%)	$81.61M (+3.6%)	2.0%	$326.57	—	—	038222105
BX	BLACKSTONE INC	208,155 (-8.8%)	$24.49M (-6.6%)	0.6%	$140.88	—	—	09260D107
QCOM	QUALCOMM INC	34,475 (-10.2%)	$6.371M (+28.9%)	0.2%	$153.90	—	—	747525103
PINS	PINTEREST INC	864,200 (-18.5%)	$18.17M (-6.5%)	0.5%	$22.23	—	—	72352L106
GWW	WW GRAINGER INC	17,965 (-16.4%)	$24.44M (+4.3%)	0.6%	$1094.66	—	—	384802104
CNH	CNH INDUSTRIAL N.V.	318,000 (-14.7%)	$3.571M (-13.0%)	0.1%	$11.41	—	—	N20944109
GLD	SPDR GOLD TRUST	3,674 (-8.8%)	$1.353M (-22.0%)	0.0%	$430.27	—	—	78463V107
AAPL	APPLE INC	4,000 (-22.7%)	$1.157M (-11.9%)	0.0%	$262.82	—	—	037833100
TNL	TRAVEL PLUS LEISURE CO	6,500 (-7.2%)	$497K (+2.5%)	0.0%	$72.82	—	—	894164102
VSNT	VERSANT MEDIA GROUP INC	3,140 (-2.4%)	$113K (-5.0%)	0.0%	$32.14	—	—	925283103

Unchanged Positions (40)

TTWO TAKE-TWO INTERACTIVE SOFTWARE INC 1.7%

Value $66.13M Shares 264,559 Est. Cost $224.98 Unrealized —

CMCSA COMCAST CORP 2.2%

Value $86.26M Shares 3,513,589 Est. Cost $29.82 Unrealized —

LVS LAS VEGAS SANDS CORP 1.5%

Value $59.44M Shares 1,286,830 Est. Cost $58.39 Unrealized —

APO APOLLO GLOBAL MANAGEMENT INC 4.3%

Value $172M Shares 1,455,614 Est. Cost $133.41 Unrealized —

V VISA INC 1.8%

Value $71.76M Shares 209,157 Est. Cost $329.17 Unrealized —

ADBE ADOBE INC 1.1%

Value $42.45M Shares 207,050 Est. Cost $289.87 Unrealized —

ACN ACCENTURE PLC 0.3%

Value $11.15M Shares 89,625 Est. Cost $253.23 Unrealized —

DE DEERE & CO 1.3%

Value $51.17M Shares 80,666 Est. Cost $551.35 Unrealized —

CB CHUBB LIMITED 2.6%

Value $106M Shares 309,930 Est. Cost $316.22 Unrealized —

CPAY CORPAY INC 0.7%

Value $26.38M Shares 79,150 Est. Cost $327.56 Unrealized —

— NVIDIA CORP 0.4%

Value $15.31M Shares 76,500 Est. Cost $174.41 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 0.1%

Value $5.404M Shares 11,315 Est. Cost $337.96 Unrealized —

UNP UNION PACIFIC CORP 0.2%

Value $7.82M Shares 28,750 Est. Cost $243.32 Unrealized —

DOCU DOCUSIGN INC 0.2%

Value $8.173M Shares 184,000 Est. Cost $53.49 Unrealized —

BLK BLACKROCK INC 2.7%

Value $107M Shares 111,466 Est. Cost $1097.38 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.2%

Value $8.088M Shares 23,900 Est. Cost $378.09 Unrealized —

DAL DELTA AIR LINES INC (DE) 0.0%

Value $768K Shares 8,200 Est. Cost $69.85 Unrealized —

CEF SPROTT PHYSICAL GOLD AND SILVER TRUST 0.0%

Value $605K Shares 15,045 Est. Cost $47.72 Unrealized —

NXPI NXP SEMICONDUCTORS N.V. 0.0%

Value $289K Shares 1,028 Est. Cost $234.41 Unrealized —

FCX FREEPORT-MCMORAN INC 0.0%

Value $1.258M Shares 20,000 Est. Cost $61.12 Unrealized —

GOOGL ALPHABET INC 0.0%

Value $379K Shares 1,061 Est. Cost $323.29 Unrealized —

JPM JPMORGAN CHASE & CO 0.0%

Value $542K Shares 1,655 Est. Cost $311.42 Unrealized —

PFE PFIZER INC 0.0%

Value $329K Shares 13,657 Est. Cost $26.18 Unrealized —

SNPS SYNOPSYS INC 0.0%

Value $471K Shares 1,055 Est. Cost $471.68 Unrealized —

LIN LINDE PLC 0.0%

Value $724K Shares 1,396 Est. Cost $460.00 Unrealized —

BRSL BRIGHTSTAR LOTTERY 0.0%

Value $135K Shares 12,550 Est. Cost $14.25 Unrealized —

CSCO CISCO SYSTEMS INC 0.0%

Value $70,000 Shares 600 Est. Cost $77.91 Unrealized —

MRK MERCK & CO INC 0.0%

Value $251K Shares 1,950 Est. Cost $114.28 Unrealized —

TV GRUPO TELEVISA S.A.B 0.0%

Value $169K Shares 62,280 Est. Cost $2.91 Unrealized —

FLUX FLUX POWER HOLDINGS INC 0.0%

Value $35,000 Shares 40,000 Est. Cost $1.42 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $203K Shares 800 Est. Cost $227.87 Unrealized —

TSSI TSS INC 0.0%

Value $123K Shares 10,000 Est. Cost $9.29 Unrealized —

NTGR NETGEAR INC 0.0%

Value $93,000 Shares 4,000 Est. Cost $21.64 Unrealized —

LX LEXINFINTECH HOLDINGS LTD 0.0%

Value $39,000 Shares 20,000 Est. Cost $2.20 Unrealized —

EWX SPDR S&P EMERGING MARKETS SMALL CAP ETF 0.0%

Value $33,000 Shares 445 Est. Cost $65.17 Unrealized —

AMGN AMGEN INC 0.0%

Value $136K Shares 375 Est. Cost $349.67 Unrealized —

EA ELECTRONIC ARTS INC 0.0%

Value $523K Shares 2,550 Est. Cost $202.53 Unrealized —

VNM VANECK VIETNAM ETF 0.0%

Value $28,000 Shares 1,500 Est. Cost $17.33 Unrealized —

FNDE SCHWAB FUNDAMENTAL EMERGING MARKETS EQUITY ETF 0.0%

Value $32,000 Shares 795 Est. Cost $37.74 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC 0.0%

Value $10,000 Shares 19 Est. Cost $493.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTWO	TAKE-TWO INTERACTIVE SOFTWARE INC	264,559	$66.13M	1.7%	$224.98	—	—	874054109
CMCSA	COMCAST CORP	3,513,589	$86.26M	2.2%	$29.82	—	—	20030N101
LVS	LAS VEGAS SANDS CORP	1,286,830	$59.44M	1.5%	$58.39	—	—	517834107
APO	APOLLO GLOBAL MANAGEMENT INC	1,455,614	$172M	4.3%	$133.41	—	—	03769M106
V	VISA INC	209,157	$71.76M	1.8%	$329.17	—	—	92826C839
ADBE	ADOBE INC	207,050	$42.45M	1.1%	$289.87	—	—	00724F101
ACN	ACCENTURE PLC	89,625	$11.15M	0.3%	$253.23	—	—	G1151C101
DE	DEERE & CO	80,666	$51.17M	1.3%	$551.35	—	—	244199105
CB	CHUBB LIMITED	309,930	$106M	2.6%	$316.22	—	—	H1467J104
CPAY	CORPAY INC	79,150	$26.38M	0.7%	$327.56	—	—	219948106
—	NVIDIA CORP	76,500	$15.31M	0.4%	$174.41	—	—	67066G904
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	11,315	$5.404M	0.1%	$337.96	—	—	874039100
UNP	UNION PACIFIC CORP	28,750	$7.82M	0.2%	$243.32	—	—	907818108
DOCU	DOCUSIGN INC	184,000	$8.173M	0.2%	$53.49	—	—	256163106
BLK	BLACKROCK INC	111,466	$107M	2.7%	$1097.38	—	—	09290D101
ROP	ROPER TECHNOLOGIES INC	23,900	$8.088M	0.2%	$378.09	—	—	776696106
DAL	DELTA AIR LINES INC (DE)	8,200	$768K	0.0%	$69.85	—	—	247361702
CEF	SPROTT PHYSICAL GOLD AND SILVER TRUST	15,045	$605K	0.0%	$47.72	—	—	85208R101
NXPI	NXP SEMICONDUCTORS N.V.	1,028	$289K	0.0%	$234.41	—	—	N6596X109
FCX	FREEPORT-MCMORAN INC	20,000	$1.258M	0.0%	$61.12	—	—	35671D857
GOOGL	ALPHABET INC	1,061	$379K	0.0%	$323.29	—	—	02079K305
JPM	JPMORGAN CHASE & CO	1,655	$542K	0.0%	$311.42	—	—	46625H100
PFE	PFIZER INC	13,657	$329K	0.0%	$26.18	—	—	717081103
SNPS	SYNOPSYS INC	1,055	$471K	0.0%	$471.68	—	—	871607107
LIN	LINDE PLC	1,396	$724K	0.0%	$460.00	—	—	G54950103
BRSL	BRIGHTSTAR LOTTERY	12,550	$135K	0.0%	$14.25	—	—	G4863A108
CSCO	CISCO SYSTEMS INC	600	$70,000	0.0%	$77.91	—	—	17275R102
MRK	MERCK & CO INC	1,950	$251K	0.0%	$114.28	—	—	58933Y105
TV	GRUPO TELEVISA S.A.B	62,280	$169K	0.0%	$2.91	—	—	40049J206
FLUX	FLUX POWER HOLDINGS INC	40,000	$35,000	0.0%	$1.42	—	—	344057302
JNJ	JOHNSON & JOHNSON	800	$203K	0.0%	$227.87	—	—	478160104
TSSI	TSS INC	10,000	$123K	0.0%	$9.29	—	—	87288V101
NTGR	NETGEAR INC	4,000	$93,000	0.0%	$21.64	—	—	64111Q104
LX	LEXINFINTECH HOLDINGS LTD	20,000	$39,000	0.0%	$2.20	—	—	528877103
EWX	SPDR S&P EMERGING MARKETS SMALL CAP ETF	445	$33,000	0.0%	$65.17	—	—	78463X756
AMGN	AMGEN INC	375	$136K	0.0%	$349.67	—	—	031162100
EA	ELECTRONIC ARTS INC	2,550	$523K	0.0%	$202.53	—	—	285512109
VNM	VANECK VIETNAM ETF	1,500	$28,000	0.0%	$17.33	—	—	92189F817
FNDE	SCHWAB FUNDAMENTAL EMERGING MARKETS EQUITY ETF	795	$32,000	0.0%	$37.74	—	—	808524730
BRK/B	BERKSHIRE HATHAWAY INC	19	$10,000	0.0%	$493.47	—	—	084670702