ALKEON CAPITAL MANAGEMENT LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	4,000,000	$684,720	1.1%	$75.78	+105.0%	PUT	512807306
AMD	ADVANCED MICRO DEVICES INC	2,500,000	$535,400	0.8%	—	—	PUT	007903107
KLAC	KLA CORP	400,000	$486,032	0.8%	$419.65	+179.3%	PUT	482480100
SHOP	SHOPIFY INC	2,250,000	$362,183	0.6%	—	—	CALL	82509L107
AMD	ADVANCED MICRO DEVICES INC	1,250,000	$267,700	0.4%	—	—	CALL	007903107
DASH	DOORDASH INC	1,178,410	$266,886	0.4%	$234.56	0.0%	CL A	25809K105
PLTR	PALANTIR TECHNOLOGIES INC	1,500,000	$266,625	0.4%	—	—	CALL	69608A108
RTX	RTX CORPORATION	1,250,000	$229,250	0.4%	$173.32	0.0%	COM	75513E101
ORCL	ORACLE CORP	1,000,000	$194,910	0.3%	$160.80	+48.0%	CALL	68389X105
MCHP	MICROCHIP TECHNOLOGY INC.	2,800,000	$178,416	0.3%	—	—	CALL	595017104
CMI	CUMMINS INC	190,000	$96,986	0.2%	$466.32	0.0%	COM	231021106
SPY	SPDR S&P 500 ETF TR	131,500	$89,672	0.1%	$681.92	—	TR UNIT	78462F103
SOXX	ISHARES TR	192,600	$58,001	0.1%	$301.15	—	ISHARES SEMICDTR	464287523
SOLS	SOLSTICE ADVANCED MATLS INC	1,125,000	$54,653	0.1%	$47.08	0.0%	COM SHS	83443Q103
TSM	TAIWAN SEMICONDUCTOR MFG LTD	175,000	$53,181	0.1%	$114.12	—	PUT	874039100
NAVN	NAVAN INC	2,686,828	$45,891	0.1%	$15.89	0.0%	CL A	639193101
DIA	SPDR DOW JONES INDL AVERAGE	93,900	$45,126	0.1%	$480.57	—	UT SER 1	78467X109
TLT	ISHARES TR	511,000	$44,539	0.1%	$87.16	—	20 YR TR BD ETF	464287432
IWM	ISHARES TR	179,500	$44,186	0.1%	$246.16	—	RUSSELL 2000 ETF	464287655
TWLO	TWILIO INC	250,000	$35,560	0.1%	$123.87	0.0%	CL A	90138F102
NOW	SERVICENOW INC	60,170	$9,217	0.0%	$171.54	0.0%	COM	81762P102
BTDR	BITDEER TECHNOLOGIES GROUP	475,000	$5,325	0.0%	$16.11	0.0%	CL A ORD SHS	G11448100

Increased Positions (18)

NVDA NVIDIA CORPORATION 2.2%

Value ($000) $1,398,750 (+49.9%) Shares 7,500,000 (+50.0%) Est. Cost $95.58 Unrealized +94.7%

QQQ INVESCO QQQ TR 1.4%

Value ($000) $873,535 (+71.2%) Shares 1,421,977 (+67.3%) Est. Cost $491.93 Unrealized —

BKNG BOOKING HOLDINGS INC 1.5%

Value ($000) $937,183 (+33.5%) Shares 175,000 (+34.6%) Est. Cost — Unrealized —

VRT VERTIV HOLDINGS CO 0.5%

Value ($000) $324,524 (+198.8%) Shares 2,003,110 (+178.2%) Est. Cost $159.11 Unrealized +9.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.6%

Value ($000) $1,652,757 (+12.4%) Shares 5,438,668 (+3.3%) Est. Cost $114.12 Unrealized —

MAR MARRIOTT INTL INC NEW 0.9%

Value ($000) $577,853 (+38.0%) Shares 1,862,600 (+15.8%) Est. Cost — Unrealized —

CEG CONSTELLATION ENERGY CORP 0.8%

Value ($000) $484,411 (+41.4%) Shares 1,371,219 (+31.7%) Est. Cost $235.63 Unrealized +54.1%

SNPS SYNOPSYS INC 0.7%

Value ($000) $471,260 (+42.9%) Shares 1,003,278 (+50.1%) Est. Cost $224.87 Unrealized +97.6%

MMM 3M CO 0.7%

Value ($000) $424,265 (+38.8%) Shares 2,650,000 (+34.5%) Est. Cost — Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 0.2%

Value ($000) $139,762 (+153.9%) Shares 240,000 (+100.0%) Est. Cost $441.92 Unrealized +15.6%

RDDT REDDIT INC 0.1%

Value ($000) $91,948 (+99.9%) Shares 400,000 (+100.0%) Est. Cost — Unrealized —

VST VISTRA CORP 0.5%

Value ($000) $314,006 (+6.4%) Shares 1,946,357 (+29.2%) Est. Cost $145.46 Unrealized +25.1%

HNGE HINGE HEALTH INC 0.1%

Value ($000) $36,747 (+99.1%) Shares 791,104 (+110.4%) Est. Cost $44.48 Unrealized +8.3%

CRH CRH PLC 0.4%

Value ($000) $224,640 (+7.1%) Shares 1,800,000 (+2.9%) Est. Cost $105.98 Unrealized +12.4%

TOST TOAST INC 0.1%

Value ($000) $40,837 (+24.3%) Shares 1,150,000 (+27.8%) Est. Cost $30.51 Unrealized +18.2%

ALAB ASTERA LABS INC 0.1%

Value ($000) $54,067 (+10.5%) Shares 325,000 (+30.0%) Est. Cost $88.24 Unrealized +89.6%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value ($000) $62,891 (+7.8%) Shares 920,000 (+41.5%) Est. Cost — Unrealized —

NI NISOURCE INC 0.2%

Value ($000) $134,906 (+0.5%) Shares 3,230,500 (+4.2%) Est. Cost $38.45 Unrealized +10.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	7,500,000 (+50.0%)	$1,398,750 (+49.9%)	2.2%	$95.58	+94.7%	CALL	67066G104
QQQ	INVESCO QQQ TR	1,421,977 (+67.3%)	$873,535 (+71.2%)	1.4%	$491.93	—	UNIT SER 1	46090E103
BKNG	BOOKING HOLDINGS INC	175,000 (+34.6%)	$937,183 (+33.5%)	1.5%	—	—	CALL	09857L108
VRT	VERTIV HOLDINGS CO	2,003,110 (+178.2%)	$324,524 (+198.8%)	0.5%	$159.11	+9.1%	COM CL A	92537N108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	5,438,668 (+3.3%)	$1,652,757 (+12.4%)	2.6%	$114.12	—	SPONSORED ADS	874039100
MAR	MARRIOTT INTL INC NEW	1,862,600 (+15.8%)	$577,853 (+38.0%)	0.9%	—	—	CALL	571903202
CEG	CONSTELLATION ENERGY CORP	1,371,219 (+31.7%)	$484,411 (+41.4%)	0.8%	$235.63	+54.1%	COM	21037T109
SNPS	SYNOPSYS INC	1,003,278 (+50.1%)	$471,260 (+42.9%)	0.7%	$224.87	+97.6%	COM	871607107
MMM	3M CO	2,650,000 (+34.5%)	$424,265 (+38.8%)	0.7%	—	—	CALL	88579Y101
MDGL	MADRIGAL PHARMACEUTICALS INC	240,000 (+100.0%)	$139,762 (+153.9%)	0.2%	$441.92	+15.6%	COM	558868105
RDDT	REDDIT INC	400,000 (+100.0%)	$91,948 (+99.9%)	0.1%	—	—	CALL	75734B100
VST	VISTRA CORP	1,946,357 (+29.2%)	$314,006 (+6.4%)	0.5%	$145.46	+25.1%	COM	92840M102
HNGE	HINGE HEALTH INC	791,104 (+110.4%)	$36,747 (+99.1%)	0.1%	$44.48	+8.3%	CL A	433313103
CRH	CRH PLC	1,800,000 (+2.9%)	$224,640 (+7.1%)	0.4%	$105.98	+12.4%	ORD	G25508105
TOST	TOAST INC	1,150,000 (+27.8%)	$40,837 (+24.3%)	0.1%	$30.51	+18.2%	CL A	888787108
ALAB	ASTERA LABS INC	325,000 (+30.0%)	$54,067 (+10.5%)	0.1%	$88.24	+89.6%	COM	04626A103
GBTC	GRAYSCALE BITCOIN TRUST ETF	920,000 (+41.5%)	$62,891 (+7.8%)	0.1%	—	—	CALL	389637109
NI	NISOURCE INC	3,230,500 (+4.2%)	$134,906 (+0.5%)	0.2%	$38.45	+10.9%	COM	65473P105

Exited Positions (16)

META META PLATFORMS INC 0.6%

Value ($000) $403,909 Shares 550,000 Est. Cost $167.33 Unrealized +298.8%

ARGX ARGENX SE 0.2%

Value ($000) $129,073 Shares 175,000 Est. Cost $612.03 Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 0.2%

Value ($000) $102,778 Shares 1,017,700 Est. Cost $45.03 Unrealized +135.6%

CRWV COREWEAVE INC 0.2%

Value ($000) $99,901 Shares 730,000 Est. Cost — Unrealized —

— AKERO THERAPEUTICS INC 0.1%

Value ($000) $87,882 Shares 1,850,934 Est. Cost $34.44 Unrealized —

INSM INSMED INC 0.1%

Value ($000) $72,005 Shares 500,000 Est. Cost $76.46 Unrealized +138.7%

XYZ BLOCK INC 0.1%

Value ($000) $62,600 Shares 866,200 Est. Cost $59.31 Unrealized +16.3%

AMZN AMAZON COM INC 0.1%

Value ($000) $49,403 Shares 225,000 Est. Cost $127.74 Unrealized +79.1%

META META PLATFORMS INC 0.1%

Value ($000) $49,203 Shares 67,000 Est. Cost $167.33 Unrealized +298.8%

BCRX BIOCRYST PHARMACEUTICALS INC 0.1%

Value ($000) $41,472 Shares 5,464,021 Est. Cost $7.46 Unrealized -3.1%

NIQ NIQ GLOBAL INTELLIGENCE PLC 0.0%

Value ($000) $28,888 Shares 1,840,000 Est. Cost $17.40 Unrealized -15.9%

SNOW SNOWFLAKE INC 0.0%

Value ($000) $22,555 Shares 100,000 Est. Cost $214.74 Unrealized +13.7%

FIG FIGMA INC 0.0%

Value ($000) $22,364 Shares 431,164 Est. Cost $68.66 Unrealized -34.2%

KROS KEROS THERAPEUTICS INC 0.0%

Value ($000) $13,455 Shares 850,511 Est. Cost $52.18 Unrealized -66.4%

— RINGCENTRAL INC 0.0%

Value ($000) $9,745 Shares 10,000,000 Est. Cost $0.94 Unrealized —

MREO MEREO BIOPHARMA GROUP PLC 0.0%

Value ($000) $7,618 Shares 3,698,100 Est. Cost $2.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	550,000	$403,909	0.6%	$167.33	+298.8%	CALL	30303M102
ARGX	ARGENX SE	175,000	$129,073	0.2%	$612.03	—	—	04016X101
RYTM	RHYTHM PHARMACEUTICALS INC	1,017,700	$102,778	0.2%	$45.03	+135.6%	—	76243J105
CRWV	COREWEAVE INC	730,000	$99,901	0.2%	—	—	CALL	21873S108
—	AKERO THERAPEUTICS INC	1,850,934	$87,882	0.1%	$34.44	—	—	00973Y108
INSM	INSMED INC	500,000	$72,005	0.1%	$76.46	+138.7%	—	457669307
XYZ	BLOCK INC	866,200	$62,600	0.1%	$59.31	+16.3%	—	852234103
AMZN	AMAZON COM INC	225,000	$49,403	0.1%	$127.74	+79.1%	PUT	023135106
META	META PLATFORMS INC	67,000	$49,203	0.1%	$167.33	+298.8%	PUT	30303M102
BCRX	BIOCRYST PHARMACEUTICALS INC	5,464,021	$41,472	0.1%	$7.46	-3.1%	—	09058V103
NIQ	NIQ GLOBAL INTELLIGENCE PLC	1,840,000	$28,888	0.0%	$17.40	-15.9%	—	G63755105
SNOW	SNOWFLAKE INC	100,000	$22,555	0.0%	$214.74	+13.7%	—	833445109
FIG	FIGMA INC	431,164	$22,364	0.0%	$68.66	-34.2%	—	316841105
KROS	KEROS THERAPEUTICS INC	850,511	$13,455	0.0%	$52.18	-66.4%	—	492327101
—	RINGCENTRAL INC	10,000,000	$9,745	0.0%	$0.94	—	—	76680RAH0
MREO	MEREO BIOPHARMA GROUP PLC	3,698,100	$7,618	0.0%	$2.41	—	—	589492107

Decreased Positions (35)

QQQ INVESCO QQQ TR 21.5%

Value ($000) $13,592,653 (-11.7%) Shares 22,126,700 (-13.7%) Est. Cost $491.93 Unrealized —

TSLA TESLA INC 0.7%

Value ($000) $449,720 (-79.8%) Shares 1,000,000 (-80.0%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.0%

Value ($000) $607,780 (-63.7%) Shares 2,000,000 (-66.7%) Est. Cost $114.12 Unrealized —

DASH DOORDASH INC 0.5%

Value ($000) $339,720 (-75.5%) Shares 1,500,000 (-70.6%) Est. Cost $234.56 Unrealized 0.0%

MSFT MICROSOFT CORP 1.1%

Value ($000) $725,430 (-52.5%) Shares 1,500,000 (-49.2%) Est. Cost $266.88 Unrealized +87.6%

SPY SPDR S&P 500 ETF TR 24.0%

Value ($000) $15,138,624 (-4.9%) Shares 22,200,000 (-7.1%) Est. Cost $681.92 Unrealized —

ORCL ORACLE CORP 0.0%

Value ($000) $9,746 (-98.5%) Shares 50,000 (-97.8%) Est. Cost $160.80 Unrealized +48.0%

WYNN WYNN RESORTS LTD 0.3%

Value ($000) $173,408 (-73.0%) Shares 1,441,100 (-71.2%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.5%

Value ($000) $346,550 (-54.3%) Shares 1,001,300 (-56.5%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.8%

Value ($000) $484,722 (-44.8%) Shares 2,100,000 (-47.5%) Est. Cost $127.74 Unrealized +79.1%

GOOGL ALPHABET INC 0.2%

Value ($000) $156,500 (-67.8%) Shares 500,000 (-75.0%) Est. Cost $131.33 Unrealized +117.5%

AAPL APPLE INC 1.0%

Value ($000) $659,369 (-28.1%) Shares 2,425,400 (-32.6%) Est. Cost $95.35 Unrealized +181.4%

META META PLATFORMS INC 2.1%

Value ($000) $1,315,314 (-13.0%) Shares 1,992,629 (-3.3%) Est. Cost $167.33 Unrealized +298.8%

ADI ANALOG DEVICES INC 0.9%

Value ($000) $547,508 (-20.8%) Shares 2,018,833 (-28.3%) Est. Cost $129.30 Unrealized +93.8%

DELL DELL TECHNOLOGIES INC 0.2%

Value ($000) $133,736 (-39.6%) Shares 1,062,409 (-32.0%) Est. Cost $85.93 Unrealized +63.8%

PWR QUANTA SVCS INC 0.3%

Value ($000) $211,445 (-27.2%) Shares 500,983 (-28.5%) Est. Cost $268.38 Unrealized +63.7%

TER TERADYNE INC 0.7%

Value ($000) $470,914 (+19.1%) Shares 2,432,910 (-15.3%) Est. Cost $84.27 Unrealized +103.5%

TJX TJX COS INC NEW 0.7%

Value ($000) $430,104 (-13.7%) Shares 2,799,971 (-18.8%) Est. Cost $54.55 Unrealized +170.7%

LOW LOWES COS INC 0.2%

Value ($000) $113,006 (-30.7%) Shares 468,594 (-27.8%) Est. Cost $189.71 Unrealized +26.4%

JD JD.COM INC 0.1%

Value ($000) $42,223 (-52.2%) Shares 1,471,173 (-41.7%) Est. Cost $34.53 Unrealized —

IREN IREN LIMITED 0.0%

Value ($000) $30,216 (-57.1%) Shares 800,000 (-46.7%) Est. Cost $13.51 Unrealized +281.8%

TDG TRANSDIGM GROUP INC 0.3%

Value ($000) $220,238 (-14.6%) Shares 165,611 (-15.3%) Est. Cost $545.77 Unrealized +140.2%

ETR ENTERGY CORP NEW 0.4%

Value ($000) $252,890 (-9.7%) Shares 2,736,012 (-8.9%) Est. Cost $81.42 Unrealized +16.1%

BEKE KE HLDGS INC 0.0%

Value ($000) $17,234 (-57.8%) Shares 1,093,559 (-49.1%) Est. Cost $17.94 Unrealized —

ROST ROSS STORES INC 0.1%

Value ($000) $85,140 (-21.6%) Shares 472,635 (-33.7%) Est. Cost $102.18 Unrealized +63.0%

LVS LAS VEGAS SANDS CORP 0.4%

Value ($000) $263,614 (+8.9%) Shares 4,050,000 (-10.0%) Est. Cost — Unrealized —

MDB MONGODB INC 0.0%

Value ($000) $20,985 (-43.7%) Shares 50,000 (-58.3%) Est. Cost $257.06 Unrealized +41.5%

AMZN AMAZON COM INC 2.1%

Value ($000) $1,338,733 (+1.2%) Shares 5,799,899 (-3.7%) Est. Cost $127.74 Unrealized +79.1%

RBRK RUBRIK INC. 0.1%

Value ($000) $45,888 (-20.3%) Shares 600,000 (-14.3%) Est. Cost $54.79 Unrealized +40.0%

PATH UIPATH INC 0.1%

Value ($000) $42,799 (-21.2%) Shares 2,611,276 (-35.7%) Est. Cost $44.97 Unrealized -65.4%

FROG JFROG LTD 0.0%

Value ($000) $25,885 (-23.4%) Shares 414,425 (-42.0%) Est. Cost $43.50 Unrealized +30.7%

OS ONESTREAM INC 0.0%

Value ($000) $8,731 (-40.8%) Shares 475,000 (-40.6%) Est. Cost $25.65 Unrealized -25.7%

SARO STANDARDAERO INC 0.1%

Value ($000) $48,814 (-8.4%) Shares 1,702,019 (-12.8%) Est. Cost $28.64 Unrealized -4.9%

APH AMPHENOL CORP NEW 0.8%

Value ($000) $506,046 (-0.4%) Shares 3,744,603 (-8.8%) Est. Cost $79.61 Unrealized +67.7%

AGX ARGAN INC 0.1%

Value ($000) $34,103 (+5.2%) Shares 108,845 (-9.3%) Est. Cost $228.35 Unrealized +38.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	22,126,700 (-13.7%)	$13,592,653 (-11.7%)	21.5%	$491.93	—	PUT	46090E103
TSLA	TESLA INC	1,000,000 (-80.0%)	$449,720 (-79.8%)	0.7%	—	—	CALL	88160R101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,000,000 (-66.7%)	$607,780 (-63.7%)	1.0%	$114.12	—	CALL	874039100
DASH	DOORDASH INC	1,500,000 (-70.6%)	$339,720 (-75.5%)	0.5%	$234.56	0.0%	CALL	25809K105
MSFT	MICROSOFT CORP	1,500,000 (-49.2%)	$725,430 (-52.5%)	1.1%	$266.88	+87.6%	CALL	594918104
SPY	SPDR S&P 500 ETF TR	22,200,000 (-7.1%)	$15,138,624 (-4.9%)	24.0%	$681.92	—	PUT	78462F103
ORCL	ORACLE CORP	50,000 (-97.8%)	$9,746 (-98.5%)	0.0%	$160.80	+48.0%	COM	68389X105
WYNN	WYNN RESORTS LTD	1,441,100 (-71.2%)	$173,408 (-73.0%)	0.3%	—	—	CALL	983134107
AVGO	BROADCOM INC	1,001,300 (-56.5%)	$346,550 (-54.3%)	0.5%	—	—	CALL	11135F101
AMZN	AMAZON COM INC	2,100,000 (-47.5%)	$484,722 (-44.8%)	0.8%	$127.74	+79.1%	CALL	023135106
GOOGL	ALPHABET INC	500,000 (-75.0%)	$156,500 (-67.8%)	0.2%	$131.33	+117.5%	CALL	02079K305
AAPL	APPLE INC	2,425,400 (-32.6%)	$659,369 (-28.1%)	1.0%	$95.35	+181.4%	CALL	037833100
META	META PLATFORMS INC	1,992,629 (-3.3%)	$1,315,314 (-13.0%)	2.1%	$167.33	+298.8%	CL A	30303M102
ADI	ANALOG DEVICES INC	2,018,833 (-28.3%)	$547,508 (-20.8%)	0.9%	$129.30	+93.8%	COM	032654105
DELL	DELL TECHNOLOGIES INC	1,062,409 (-32.0%)	$133,736 (-39.6%)	0.2%	$85.93	+63.8%	CL C	24703L202
PWR	QUANTA SVCS INC	500,983 (-28.5%)	$211,445 (-27.2%)	0.3%	$268.38	+63.7%	COM	74762E102
TER	TERADYNE INC	2,432,910 (-15.3%)	$470,914 (+19.1%)	0.7%	$84.27	+103.5%	COM	880770102
TJX	TJX COS INC NEW	2,799,971 (-18.8%)	$430,104 (-13.7%)	0.7%	$54.55	+170.7%	COM	872540109
LOW	LOWES COS INC	468,594 (-27.8%)	$113,006 (-30.7%)	0.2%	$189.71	+26.4%	COM	548661107
JD	JD.COM INC	1,471,173 (-41.7%)	$42,223 (-52.2%)	0.1%	$34.53	—	SPON ADS CL A	47215P106
IREN	IREN LIMITED	800,000 (-46.7%)	$30,216 (-57.1%)	0.0%	$13.51	+281.8%	ORDINARY SHARES	Q4982L109
TDG	TRANSDIGM GROUP INC	165,611 (-15.3%)	$220,238 (-14.6%)	0.3%	$545.77	+140.2%	COM	893641100
ETR	ENTERGY CORP NEW	2,736,012 (-8.9%)	$252,890 (-9.7%)	0.4%	$81.42	+16.1%	COM	29364G103
BEKE	KE HLDGS INC	1,093,559 (-49.1%)	$17,234 (-57.8%)	0.0%	$17.94	—	SPONSORED ADS	482497104
ROST	ROSS STORES INC	472,635 (-33.7%)	$85,140 (-21.6%)	0.1%	$102.18	+63.0%	COM	778296103
LVS	LAS VEGAS SANDS CORP	4,050,000 (-10.0%)	$263,614 (+8.9%)	0.4%	—	—	CALL	517834107
MDB	MONGODB INC	50,000 (-58.3%)	$20,985 (-43.7%)	0.0%	$257.06	+41.5%	CL A	60937P106
AMZN	AMAZON COM INC	5,799,899 (-3.7%)	$1,338,733 (+1.2%)	2.1%	$127.74	+79.1%	COM	023135106
RBRK	RUBRIK INC.	600,000 (-14.3%)	$45,888 (-20.3%)	0.1%	$54.79	+40.0%	CL A	781154109
PATH	UIPATH INC	2,611,276 (-35.7%)	$42,799 (-21.2%)	0.1%	$44.97	-65.4%	CL A	90364P105
FROG	JFROG LTD	414,425 (-42.0%)	$25,885 (-23.4%)	0.0%	$43.50	+30.7%	ORD SHS	M6191J100
OS	ONESTREAM INC	475,000 (-40.6%)	$8,731 (-40.8%)	0.0%	$25.65	-25.7%	CL A	68278B107
SARO	STANDARDAERO INC	1,702,019 (-12.8%)	$48,814 (-8.4%)	0.1%	$28.64	-4.9%	COM	85423L103
APH	AMPHENOL CORP NEW	3,744,603 (-8.8%)	$506,046 (-0.4%)	0.8%	$79.61	+67.7%	CL A	032095101
AGX	ARGAN INC	108,845 (-9.3%)	$34,103 (+5.2%)	0.1%	$228.35	+38.8%	COM	04010E109

Unchanged Positions (37)

GOOGL ALPHABET INC 2.9%

Value ($000) $1,816,201 Shares 5,802,558 Est. Cost $131.33 Unrealized +117.5%

LRCX LAM RESEARCH CORP 1.7%

Value ($000) $1,099,054 Shares 6,420,456 Est. Cost $75.78 Unrealized +105.0%

EXPE EXPEDIA GROUP INC 1.1%

Value ($000) $701,270 Shares 2,475,276 Est. Cost $150.15 Unrealized +64.4%

KLAC KLA CORP 1.4%

Value ($000) $863,150 Shares 710,365 Est. Cost $419.65 Unrealized +179.3%

MELI MERCADOLIBRE INC 0.8%

Value ($000) $484,427 Shares 240,499 Est. Cost $1178.31 Unrealized +78.3%

MSFT MICROSOFT CORP 1.5%

Value ($000) $955,718 Shares 1,976,176 Est. Cost $266.88 Unrealized +87.6%

CDNS CADENCE DESIGN SYSTEM INC 0.8%

Value ($000) $507,278 Shares 1,622,874 Est. Cost $34.27 Unrealized +852.1%

UBER UBER TECHNOLOGIES INC 0.4%

Value ($000) $274,628 Shares 3,361,005 Est. Cost $53.82 Unrealized +67.3%

HLT HILTON WORLDWIDE HLDGS INC 0.7%

Value ($000) $430,875 Shares 1,500,000 Est. Cost — Unrealized —

CRM SALESFORCE INC 0.6%

Value ($000) $370,874 Shares 1,400,000 Est. Cost — Unrealized —

VMC VULCAN MATLS CO 0.7%

Value ($000) $421,739 Shares 1,478,646 Est. Cost $209.41 Unrealized +40.0%

YMM FULL TRUCK ALLIANCE CO LTD 0.2%

Value ($000) $152,350 Shares 14,198,535 Est. Cost $10.73 Unrealized —

CG CARLYLE GROUP INC 0.6%

Value ($000) $351,191 Shares 5,941,316 Est. Cost $34.36 Unrealized +63.8%

BURL BURLINGTON STORES INC 0.2%

Value ($000) $151,646 Shares 525,000 Est. Cost $261.26 Unrealized +3.8%

BWXT BWX TECHNOLOGIES INC 0.4%

Value ($000) $273,234 Shares 1,580,848 Est. Cost $143.75 Unrealized +30.4%

ORIC ORIC PHARMACEUTICALS INC 0.1%

Value ($000) $36,844 Shares 4,504,096 Est. Cost $12.39 Unrealized -7.1%

V VISA INC 0.8%

Value ($000) $515,059 Shares 1,468,618 Est. Cost $138.05 Unrealized +146.6%

ICE INTERCONTINENTAL EXCHANGE IN 0.5%

Value ($000) $291,578 Shares 1,800,310 Est. Cost $62.06 Unrealized +151.7%

AMT AMERICAN TOWER CORP NEW 0.1%

Value ($000) $75,214 Shares 428,401 Est. Cost $137.61 Unrealized +31.0%

SPGI S&P GLOBAL INC 0.2%

Value ($000) $99,509 Shares 190,416 Est. Cost $346.82 Unrealized +42.5%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $99,391 Shares 306,735 Est. Cost $238.14 Unrealized +40.3%

ANRO ALTO NEUROSCIENCE INC 0.0%

Value ($000) $8,492 Shares 477,101 Est. Cost $13.01 Unrealized -3.2%

JCI JOHNSON CTLS INTL PLC 0.1%

Value ($000) $74,245 Shares 620,000 Est. Cost $81.59 Unrealized +40.7%

MLM MARTIN MARIETTA MATLS INC 0.7%

Value ($000) $465,346 Shares 747,351 Est. Cost $443.36 Unrealized +40.1%

GE GE AEROSPACE 0.3%

Value ($000) $215,621 Shares 700,000 Est. Cost $168.92 Unrealized +78.1%

CTAS CINTAS CORP 0.1%

Value ($000) $44,486 Shares 236,539 Est. Cost $153.88 Unrealized +22.3%

EQIX EQUINIX INC 0.3%

Value ($000) $179,109 Shares 233,775 Est. Cost $495.61 Unrealized +57.6%

EDU NEW ORIENTAL ED & TECHNOLOGY 0.1%

Value ($000) $79,683 Shares 1,447,986 Est. Cost $52.78 Unrealized —

SSNC SS&C TECHNOLOGIES HLDGS INC 0.2%

Value ($000) $154,289 Shares 1,764,916 Est. Cost $51.89 Unrealized +64.3%

CP CANADIAN PACIFIC KANSAS CITY 0.2%

Value ($000) $147,555 Shares 2,004,000 Est. Cost $76.05 Unrealized -3.2%

MA MASTERCARD INCORPORATED 0.7%

Value ($000) $444,410 Shares 778,465 Est. Cost $187.10 Unrealized +198.7%

CMG CHIPOTLE MEXICAN GRILL INC 0.0%

Value ($000) $18,511 Shares 500,289 Est. Cost $61.16 Unrealized -40.9%

AAPL APPLE INC 0.0%

Value ($000) $15,395 Shares 56,627 Est. Cost $95.35 Unrealized +181.4%

YUM YUM BRANDS INC 0.1%

Value ($000) $70,436 Shares 465,603 Est. Cost $81.28 Unrealized +81.7%

PCTY PAYLOCITY HLDG CORP 0.0%

Value ($000) $3,764 Shares 24,683 Est. Cost $178.24 Unrealized -16.5%

DLO DLOCAL LTD 0.0%

Value ($000) $11,649 Shares 823,837 Est. Cost $21.96 Unrealized -35.8%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $39,433 Shares 211,439 Est. Cost $95.58 Unrealized +94.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	5,802,558	$1,816,201	2.9%	$131.33	+117.5%	CAP STK CL A	02079K305
LRCX	LAM RESEARCH CORP	6,420,456	$1,099,054	1.7%	$75.78	+105.0%	COM NEW	512807306
EXPE	EXPEDIA GROUP INC	2,475,276	$701,270	1.1%	$150.15	+64.4%	COM NEW	30212P303
KLAC	KLA CORP	710,365	$863,150	1.4%	$419.65	+179.3%	COM NEW	482480100
MELI	MERCADOLIBRE INC	240,499	$484,427	0.8%	$1178.31	+78.3%	COM	58733R102
MSFT	MICROSOFT CORP	1,976,176	$955,718	1.5%	$266.88	+87.6%	COM	594918104
CDNS	CADENCE DESIGN SYSTEM INC	1,622,874	$507,278	0.8%	$34.27	+852.1%	COM	127387108
UBER	UBER TECHNOLOGIES INC	3,361,005	$274,628	0.4%	$53.82	+67.3%	COM	90353T100
HLT	HILTON WORLDWIDE HLDGS INC	1,500,000	$430,875	0.7%	—	—	CALL	43300A203
CRM	SALESFORCE INC	1,400,000	$370,874	0.6%	—	—	CALL	79466L302
VMC	VULCAN MATLS CO	1,478,646	$421,739	0.7%	$209.41	+40.0%	COM	929160109
YMM	FULL TRUCK ALLIANCE CO LTD	14,198,535	$152,350	0.2%	$10.73	—	SPONSORED ADS	35969L108
CG	CARLYLE GROUP INC	5,941,316	$351,191	0.6%	$34.36	+63.8%	COM	14316J108
BURL	BURLINGTON STORES INC	525,000	$151,646	0.2%	$261.26	+3.8%	COM	122017106
BWXT	BWX TECHNOLOGIES INC	1,580,848	$273,234	0.4%	$143.75	+30.4%	COM	05605H100
ORIC	ORIC PHARMACEUTICALS INC	4,504,096	$36,844	0.1%	$12.39	-7.1%	COM	68622P109
V	VISA INC	1,468,618	$515,059	0.8%	$138.05	+146.6%	COM CL A	92826C839
ICE	INTERCONTINENTAL EXCHANGE IN	1,800,310	$291,578	0.5%	$62.06	+151.7%	COM	45866F104
AMT	AMERICAN TOWER CORP NEW	428,401	$75,214	0.1%	$137.61	+31.0%	COM	03027X100
SPGI	S&P GLOBAL INC	190,416	$99,509	0.2%	$346.82	+42.5%	COM	78409V104
SHW	SHERWIN WILLIAMS CO	306,735	$99,391	0.2%	$238.14	+40.3%	COM	824348106
ANRO	ALTO NEUROSCIENCE INC	477,101	$8,492	0.0%	$13.01	-3.2%	COM SHS	02157Q109
JCI	JOHNSON CTLS INTL PLC	620,000	$74,245	0.1%	$81.59	+40.7%	SHS	G51502105
MLM	MARTIN MARIETTA MATLS INC	747,351	$465,346	0.7%	$443.36	+40.1%	COM	573284106
GE	GE AEROSPACE	700,000	$215,621	0.3%	$168.92	+78.1%	COM NEW	369604301
CTAS	CINTAS CORP	236,539	$44,486	0.1%	$153.88	+22.3%	COM	172908105
EQIX	EQUINIX INC	233,775	$179,109	0.3%	$495.61	+57.6%	COM	29444U700
EDU	NEW ORIENTAL ED & TECHNOLOGY	1,447,986	$79,683	0.1%	$52.78	—	SPON ADR	647581206
SSNC	SS&C TECHNOLOGIES HLDGS INC	1,764,916	$154,289	0.2%	$51.89	+64.3%	COM	78467J100
CP	CANADIAN PACIFIC KANSAS CITY	2,004,000	$147,555	0.2%	$76.05	-3.2%	COM	13646K108
MA	MASTERCARD INCORPORATED	778,465	$444,410	0.7%	$187.10	+198.7%	CL A	57636Q104
CMG	CHIPOTLE MEXICAN GRILL INC	500,289	$18,511	0.0%	$61.16	-40.9%	COM	169656105
AAPL	APPLE INC	56,627	$15,395	0.0%	$95.35	+181.4%	COM	037833100
YUM	YUM BRANDS INC	465,603	$70,436	0.1%	$81.28	+81.7%	COM	988498101
PCTY	PAYLOCITY HLDG CORP	24,683	$3,764	0.0%	$178.24	-16.5%	COM	70438V106
DLO	DLOCAL LTD	823,837	$11,649	0.0%	$21.96	-35.8%	CLASS A COM	G29018101
NVDA	NVIDIA CORPORATION	211,439	$39,433	0.1%	$95.58	+94.7%	COM	67066G104