Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	91,428	$110M	2.9%	$1199.43	—	COM	532457108
MKSI	MKS INC.	88,154	$39.21M	1.0%	$444.80	—	COM	55306N104
TLN	TALEN ENERGY CORP	82,191	$31.58M	0.8%	$384.26	—	COM	87422Q109
DDOG	DATADOG INC	112,884	$29.39M	0.8%	$260.36	—	CL A COM	23804L103
YUM	YUM BRANDS INC	164,295	$26.26M	0.7%	$159.86	—	COM	988498101
SOLS	SOLSTICE ADVANCED MATLS INC	263,005	$23.3M	0.6%	$88.60	—	COM SHS	83443Q103
ARES	ARES MANAGEMENT CORPORATION	207,817	$23.13M	0.6%	$111.31	—	CL A COM STK	03990B101
AXON	AXON ENTERPRISE INC	39,382	$22.08M	0.6%	$560.61	—	COM	05464C101
AJG	GALLAGHER ARTHUR J & CO	81,899	$18.8M	0.5%	$229.57	—	COM	363576109
H	HYATT HOTELS CORP	87,842	$17.03M	0.4%	$193.84	—	COM CL A	448579102
INSM	INSMED INC	129,531	$13.81M	0.4%	$106.62	—	COM PAR $.01	457669307
EWBC	EAST WEST BANCORP INC	95,692	$12.35M	0.3%	$129.09	—	COM	27579R104
TSLA	TESLA INC	19,438	$8.176M	0.2%	$420.60	—	COM	88160R101
AMD	ADVANCED MICRO DEVICES INC	13,481	$7.831M	0.2%	$580.91	—	COM	007903107
RACE	FERRARI N V	16,142	$6.01M	0.2%	$372.29	—	COM	N3167Y103

Increased Positions (20)

MU MICRON TECHNOLOGY INC 4.6%

Value $175M (+1519.6%) Shares 152,017 (+374.0%) Est. Cost $992.43 Unrealized —

VIK VIKING HOLDINGS LTD 2.2%

Value $85.5M (+211.6%) Shares 816,894 (+118.7%) Est. Cost $90.55 Unrealized —

KLAC KLA CORP 0.7%

Value $26.95M (-45.5%) Shares 89,319 (+166.1%) Est. Cost $410.46 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.5%

Value $20.84M (+573.5%) Shares 45,385 (+611.4%) Est. Cost $434.94 Unrealized —

URI UNITED RENTALS INC 0.7%

Value $27.1M (+165.8%) Shares 23,917 (+70.9%) Est. Cost $904.36 Unrealized —

AIR AAR CORP 0.9%

Value $36.3M (+83.8%) Shares 253,981 (+40.7%) Est. Cost $92.10 Unrealized —

U UNITY SOFTWARE INC 0.7%

Value $25.02M (+158.4%) Shares 875,430 (+98.4%) Est. Cost $32.86 Unrealized —

TEVA TEVA PHARMACEUTICAL INDS LTD 1.0%

Value $36.89M (+66.5%) Shares 1,088,981 (+48.0%) Est. Cost $31.51 Unrealized —

UAL UNITED AIRLS HLDGS INC 0.8%

Value $29.27M (+84.1%) Shares 215,205 (+24.6%) Est. Cost $103.91 Unrealized —

BA BOEING CO 3.0%

Value $113M (+12.9%) Shares 523,760 (+3.8%) Est. Cost $174.98 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.6%

Value $24.8M (+97.3%) Shares 269,301 (+97.8%) Est. Cost $90.40 Unrealized —

EVR EVERCORE INC 0.7%

Value $27.29M (+79.8%) Shares 79,919 (+57.2%) Est. Cost $322.73 Unrealized —

HEI HEICO CORP NEW 0.8%

Value $30.99M (+53.9%) Shares 86,999 (+18.5%) Est. Cost $204.38 Unrealized —

CTAS CINTAS CORP 0.6%

Value $23.07M (+70.6%) Shares 135,646 (+69.7%) Est. Cost $163.58 Unrealized —

VSEC VSE CORP 0.8%

Value $31.26M (+36.7%) Shares 136,807 (+10.3%) Est. Cost $166.86 Unrealized —

SAP SAP SE 0.7%

Value $28.7M (+33.8%) Shares 186,261 (+48.6%) Est. Cost $176.67 Unrealized —

FIVE FIVE BELOW INC 0.3%

Value $13.05M (+67.2%) Shares 72,578 (+112.5%) Est. Cost $171.68 Unrealized —

AME AMETEK INC 0.7%

Value $27.84M (+19.6%) Shares 115,089 (+6.0%) Est. Cost $154.81 Unrealized —

TKO TKO GROUP HOLDINGS INC 0.8%

Value $29.9M (+15.9%) Shares 148,524 (+16.1%) Est. Cost $156.06 Unrealized —

LIN LINDE PLC 0.2%

Value $8.87M (+27.1%) Shares 17,093 (+21.5%) Est. Cost $441.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	152,017 (+374.0%)	$175M (+1519.6%)	4.6%	$992.43	—	COM	595112103
VIK	VIKING HOLDINGS LTD	816,894 (+118.7%)	$85.5M (+211.6%)	2.2%	$90.55	—	ORD SHS	G93A5A101
KLAC	KLA CORP	89,319 (+166.1%)	$26.95M (-45.5%)	0.7%	$410.46	—	COM NEW	482480100
SPOT	SPOTIFY TECHNOLOGY S A	45,385 (+611.4%)	$20.84M (+573.5%)	0.5%	$434.94	—	SHS	L8681T102
URI	UNITED RENTALS INC	23,917 (+70.9%)	$27.1M (+165.8%)	0.7%	$904.36	—	COM	911363109
AIR	AAR CORP	253,981 (+40.7%)	$36.3M (+83.8%)	0.9%	$92.10	—	COM	000361105
U	UNITY SOFTWARE INC	875,430 (+98.4%)	$25.02M (+158.4%)	0.7%	$32.86	—	COM	91332U101
TEVA	TEVA PHARMACEUTICAL INDS LTD	1,088,981 (+48.0%)	$36.89M (+66.5%)	1.0%	$31.51	—	SPONSORED ADS	881624209
UAL	UNITED AIRLS HLDGS INC	215,205 (+24.6%)	$29.27M (+84.1%)	0.8%	$103.91	—	COM	910047109
BA	BOEING CO	523,760 (+3.8%)	$113M (+12.9%)	3.0%	$174.98	—	COM	097023105
ORLY	OREILLY AUTOMOTIVE INC	269,301 (+97.8%)	$24.8M (+97.3%)	0.6%	$90.40	—	COM	67103H107
EVR	EVERCORE INC	79,919 (+57.2%)	$27.29M (+79.8%)	0.7%	$322.73	—	CLASS A	29977A105
HEI	HEICO CORP NEW	86,999 (+18.5%)	$30.99M (+53.9%)	0.8%	$204.38	—	COM	422806109
CTAS	CINTAS CORP	135,646 (+69.7%)	$23.07M (+70.6%)	0.6%	$163.58	—	COM	172908105
VSEC	VSE CORP	136,807 (+10.3%)	$31.26M (+36.7%)	0.8%	$166.86	—	COM	918284100
SAP	SAP SE	186,261 (+48.6%)	$28.7M (+33.8%)	0.7%	$176.67	—	SPON ADR	803054204
FIVE	FIVE BELOW INC	72,578 (+112.5%)	$13.05M (+67.2%)	0.3%	$171.68	—	COM	33829M101
AME	AMETEK INC	115,089 (+6.0%)	$27.84M (+19.6%)	0.7%	$154.81	—	COM	031100100
TKO	TKO GROUP HOLDINGS INC	148,524 (+16.1%)	$29.9M (+15.9%)	0.8%	$156.06	—	CL A	87256C101
LIN	LINDE PLC	17,093 (+21.5%)	$8.87M (+27.1%)	0.2%	$441.00	—	SHS	G54950103

Exited Positions (11)

NFLX NETFLIX INC. 3.9%

Value $148M Shares 1,538,562 Est. Cost $98.46 Unrealized —

KO COCA COLA CO 2.0%

Value $76.44M Shares 1,005,142 Est. Cost $74.76 Unrealized —

HON HONEYWELL INTL INC 2.0%

Value $74.95M Shares 331,577 Est. Cost $225.93 Unrealized —

CHRW C H ROBINSON WORLDWIDE IN 0.5%

Value $18.8M Shares 113,211 Est. Cost $175.61 Unrealized —

ROL ROLLINS INC 0.4%

Value $15.92M Shares 298,075 Est. Cost $57.60 Unrealized —

CMG CHIPOTLE MEXICAN GRILL INC 0.4%

Value $15.75M Shares 491,976 Est. Cost $42.58 Unrealized —

BURL BURLINGTON STORES INC 0.4%

Value $14.4M Shares 44,242 Est. Cost $271.28 Unrealized —

ALHC ALIGNMENT HEALTHCARE INC 0.4%

Value $13.74M Shares 779,767 Est. Cost $15.39 Unrealized —

TXRH TEXAS ROADHOUSE INC 0.3%

Value $10.98M Shares 66,462 Est. Cost $172.22 Unrealized —

RYAAY RYANAIR HOLDINGS PLC 0.1%

Value $5.616M Shares 97,164 Est. Cost $60.22 Unrealized —

WMT WALMART INC 0.0%

Value $236K Shares 1,899 Est. Cost $107.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	NETFLIX INC.	1,538,562	$148M	3.9%	$98.46	—	—	64110L106
KO	COCA COLA CO	1,005,142	$76.44M	2.0%	$74.76	—	—	191216100
HON	HONEYWELL INTL INC	331,577	$74.95M	2.0%	$225.93	—	—	438516106
CHRW	C H ROBINSON WORLDWIDE IN	113,211	$18.8M	0.5%	$175.61	—	—	12541W209
ROL	ROLLINS INC	298,075	$15.92M	0.4%	$57.60	—	—	775711104
CMG	CHIPOTLE MEXICAN GRILL INC	491,976	$15.75M	0.4%	$42.58	—	—	169656105
BURL	BURLINGTON STORES INC	44,242	$14.4M	0.4%	$271.28	—	—	122017106
ALHC	ALIGNMENT HEALTHCARE INC	779,767	$13.74M	0.4%	$15.39	—	—	01625V104
TXRH	TEXAS ROADHOUSE INC	66,462	$10.98M	0.3%	$172.22	—	—	882681109
RYAAY	RYANAIR HOLDINGS PLC	97,164	$5.616M	0.1%	$60.22	—	—	783513203
WMT	WALMART INC	1,899	$236K	0.0%	$107.20	—	—	931142103

Decreased Positions (20)

JCI JOHNSON CONTROLS INTERNATION 0.5%

Value $18.37M (-80.2%) Shares 125,715 (-82.2%) Est. Cost $126.06 Unrealized —

GEV GE VERNOVA INC 4.8%

Value $184M (-25.0%) Shares 156,599 (-44.3%) Est. Cost $203.50 Unrealized —

ASML ASML HLDG NV 4.5%

Value $173M (+43.8%) Shares 86,826 (-4.6%) Est. Cost $619.91 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 6.7%

Value $257M (+25.2%) Shares 539,035 (-11.4%) Est. Cost $116.45 Unrealized —

COST COSTCO WHOLESALE CORPORATION 2.3%

Value $87.65M (-28.4%) Shares 93,698 (-23.7%) Est. Cost $508.16 Unrealized —

JPM JPMORGAN CHASE & CO 0.5%

Value $17.67M (-61.7%) Shares 53,995 (-65.6%) Est. Cost $247.76 Unrealized —

GOOGL ALPHABET INC 4.5%

Value $174M (+17.4%) Shares 485,504 (-5.5%) Est. Cost $208.15 Unrealized —

MSFT MICROSOFT CORP 3.2%

Value $121M (-15.3%) Shares 324,468 (-15.9%) Est. Cost $208.33 Unrealized —

META META PLATFORMS INC 3.1%

Value $118M (-12.8%) Shares 209,748 (-11.5%) Est. Cost $121.86 Unrealized —

AMZN AMAZON COM INC 5.3%

Value $201M (+8.9%) Shares 844,334 (-4.8%) Est. Cost $148.72 Unrealized —

NVDA NVIDIA CORPORATION 6.3%

Value $242M (+6.6%) Shares 1,208,149 (-7.1%) Est. Cost $114.82 Unrealized —

C CITIGROUP INC 2.8%

Value $106M (+15.1%) Shares 759,538 (-6.7%) Est. Cost $95.48 Unrealized —

MCD MCDONALDS CORP 0.2%

Value $7.678M (-60.1%) Shares 28,406 (-54.2%) Est. Cost $317.25 Unrealized —

YOU CLEAR SECURE INC 0.2%

Value $8.093M (-56.6%) Shares 145,214 (-62.3%) Est. Cost $33.21 Unrealized —

IMAX IMAX CORP 0.2%

Value $8.749M (-40.6%) Shares 219,503 (-43.3%) Est. Cost $34.87 Unrealized —

AAPL APPLE INC 4.9%

Value $186M (+2.6%) Shares 643,861 (-10.0%) Est. Cost $187.68 Unrealized —

AVGO BROADCOM INC 0.2%

Value $9.169M (-30.7%) Shares 24,273 (-43.2%) Est. Cost $215.92 Unrealized —

ARM ARM HOLDINGS PLC 0.2%

Value $8.673M (+74.5%) Shares 24,460 (-25.5%) Est. Cost $151.28 Unrealized —

DASH DOORDASH INC 0.4%

Value $16.64M (-14.1%) Shares 90,155 (-30.1%) Est. Cost $211.13 Unrealized —

NBIS NEBIUS GROUP N.V. 0.4%

Value $16.42M (-5.5%) Shares 59,473 (-64.5%) Est. Cost $96.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JCI	JOHNSON CONTROLS INTERNATION	125,715 (-82.2%)	$18.37M (-80.2%)	0.5%	$126.06	—	SHS	G51502105
GEV	GE VERNOVA INC	156,599 (-44.3%)	$184M (-25.0%)	4.8%	$203.50	—	COM	36828A101
ASML	ASML HLDG NV	86,826 (-4.6%)	$173M (+43.8%)	4.5%	$619.91	—	N Y REGISTRY SHS	N07059210
TSM	TAIWAN SEMICONDUCTOR MANUFAC	539,035 (-11.4%)	$257M (+25.2%)	6.7%	$116.45	—	SPONSORED ADS	874039100
COST	COSTCO WHOLESALE CORPORATION	93,698 (-23.7%)	$87.65M (-28.4%)	2.3%	$508.16	—	COM	22160K105
JPM	JPMORGAN CHASE & CO	53,995 (-65.6%)	$17.67M (-61.7%)	0.5%	$247.76	—	COM	46625H100
GOOGL	ALPHABET INC	485,504 (-5.5%)	$174M (+17.4%)	4.5%	$208.15	—	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	324,468 (-15.9%)	$121M (-15.3%)	3.2%	$208.33	—	COM	594918104
META	META PLATFORMS INC	209,748 (-11.5%)	$118M (-12.8%)	3.1%	$121.86	—	CL A	30303M102
AMZN	AMAZON COM INC	844,334 (-4.8%)	$201M (+8.9%)	5.3%	$148.72	—	COM	023135106
NVDA	NVIDIA CORPORATION	1,208,149 (-7.1%)	$242M (+6.6%)	6.3%	$114.82	—	COM	67066G104
C	CITIGROUP INC	759,538 (-6.7%)	$106M (+15.1%)	2.8%	$95.48	—	COM NEW	172967424
MCD	MCDONALDS CORP	28,406 (-54.2%)	$7.678M (-60.1%)	0.2%	$317.25	—	COM	580135101
YOU	CLEAR SECURE INC	145,214 (-62.3%)	$8.093M (-56.6%)	0.2%	$33.21	—	COM CL A	18467V109
IMAX	IMAX CORP	219,503 (-43.3%)	$8.749M (-40.6%)	0.2%	$34.87	—	COM	45245E109
AAPL	APPLE INC	643,861 (-10.0%)	$186M (+2.6%)	4.9%	$187.68	—	COM	037833100
AVGO	BROADCOM INC	24,273 (-43.2%)	$9.169M (-30.7%)	0.2%	$215.92	—	COM	11135F101
ARM	ARM HOLDINGS PLC	24,460 (-25.5%)	$8.673M (+74.5%)	0.2%	$151.28	—	SPONSORED ADS	042068205
DASH	DOORDASH INC	90,155 (-30.1%)	$16.64M (-14.1%)	0.4%	$211.13	—	CL A	25809K105
NBIS	NEBIUS GROUP N.V.	59,473 (-64.5%)	$16.42M (-5.5%)	0.4%	$96.40	—	SHS CLASS A	N97284108

Unchanged Positions (14)

GE GE AEROSPACE 5.5%

Value $209M Shares 558,948 Est. Cost $129.72 Unrealized —

GS GOLDMAN SACHS GROUP INC 3.7%

Value $141M Shares 139,262 Est. Cost $671.79 Unrealized —

RVMD REVOLUTION MEDICINES INC 1.1%

Value $41.1M Shares 219,460 Est. Cost $65.57 Unrealized —

LRCX LAM RESEARCH CORP 0.7%

Value $25.65M Shares 59,204 Est. Cost $225.94 Unrealized —

APH AMPHENOL CORP 0.9%

Value $35.05M Shares 198,781 Est. Cost $58.76 Unrealized —

MTSI MACOM TECH SOLUTIONS HLDGS I 0.4%

Value $16.63M Shares 43,726 Est. Cost $131.97 Unrealized —

V VISA INC 1.5%

Value $57.88M Shares 168,701 Est. Cost $108.21 Unrealized —

CCEP COCA-COLA EUROPACIFIC PARTNE 1.0%

Value $38.18M Shares 381,556 Est. Cost $83.62 Unrealized —

LITE LUMENTUM HLDGS INC 0.4%

Value $16.22M Shares 18,907 Est. Cost $467.14 Unrealized —

GOLF ACUSHNET HLDGS CORP 0.3%

Value $11.89M Shares 100,319 Est. Cost $47.46 Unrealized —

SHW SHERWIN WILLIAMS CO 0.8%

Value $30.43M Shares 88,382 Est. Cost $301.09 Unrealized —

WSO WATSCO INC 0.2%

Value $6.007M Shares 14,415 Est. Cost $350.55 Unrealized —

MA MASTERCARD INCORPORATED 0.4%

Value $15.88M Shares 30,917 Est. Cost $467.13 Unrealized —

CBRE CBRE GROUP INC 0.4%

Value $14.33M Shares 106,390 Est. Cost $134.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE	558,948	$209M	5.5%	$129.72	—	COM NEW	369604301
GS	GOLDMAN SACHS GROUP INC	139,262	$141M	3.7%	$671.79	—	COM	38141G104
RVMD	REVOLUTION MEDICINES INC	219,460	$41.1M	1.1%	$65.57	—	COM	76155X100
LRCX	LAM RESEARCH CORP	59,204	$25.65M	0.7%	$225.94	—	COM NEW	512807306
APH	AMPHENOL CORP	198,781	$35.05M	0.9%	$58.76	—	CL A	032095101
MTSI	MACOM TECH SOLUTIONS HLDGS I	43,726	$16.63M	0.4%	$131.97	—	COM	55405Y100
V	VISA INC	168,701	$57.88M	1.5%	$108.21	—	COM CL A	92826C839
CCEP	COCA-COLA EUROPACIFIC PARTNE	381,556	$38.18M	1.0%	$83.62	—	SHS	G25839104
LITE	LUMENTUM HLDGS INC	18,907	$16.22M	0.4%	$467.14	—	COM	55024U109
GOLF	ACUSHNET HLDGS CORP	100,319	$11.89M	0.3%	$47.46	—	COM	005098108
SHW	SHERWIN WILLIAMS CO	88,382	$30.43M	0.8%	$301.09	—	COM	824348106
WSO	WATSCO INC	14,415	$6.007M	0.2%	$350.55	—	COM	942622200
MA	MASTERCARD INCORPORATED	30,917	$15.88M	0.4%	$467.13	—	CL A	57636Q104
CBRE	CBRE GROUP INC	106,390	$14.33M	0.4%	$134.83	—	CL A	12504L109