PLATINUM INVESTMENT MANAGEMENT LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR INC	5,500	$3,151	0.7%	$555.50	0.0%	COM	149123101
MOD	MODINE MFG CO	17,455	$2,330	0.5%	$148.95	0.0%	COM	607828100
CAVA	CAVA GROUP INC	37,500	$2,201	0.5%	$55.77	0.0%	COM	148929102
GEV	GE VERNOVA INC	3,047	$1,991	0.5%	$609.04	0.0%	COM	36828A101
BSX	BOSTON SCIENTIFIC CORP	19,554	$1,864	0.4%	$98.04	0.0%	COM	101137107
MSI	MOTOROLA SOLUTIONS INC	4,275	$1,639	0.4%	$400.79	0.0%	COM NEW	620076307
PALI	PALISADE BIO INC	664,087	$1,561	0.4%	$1.92	0.0%	COM	696389402
AMD	ADVANCED MICRO DEVICES INC	7,210	$1,544	0.4%	$224.60	0.0%	COM	007903107
SHOP	SHOPIFY INC	8,161	$1,314	0.3%	$160.56	0.0%	CL A SUB VTG SHS	82509L107
PSIX	POWER SOLUTIONS INTL INC	20,000	$1,143	0.3%	$71.37	0.0%	COM NEW	73933G202
—	MIND MEDICINE MINDMED INC	70,000	$937	0.2%	$13.39	—	COM NEW	60255C885
ABSI	ABSCI CORPORATION	237,764	$830	0.2%	$3.64	0.0%	COM	00091E109
MICC	MAGNUM ICE CREAM CO NV	21,682	$347	0.1%	$15.68	0.0%	ORD SHS	N5505D105
PONY	PONY AI INC	16,552	$240	0.1%	$14.50	—	SPONSORED ADS	732908108
HUN	HUNTSMAN CORP	6,761	$68	0.0%	$9.16	0.0%	COM	447011107
MTDR	MATADOR RES CO	1,573	$67	0.0%	$42.00	0.0%	COM	576485205
VIST	VISTA ENERGY S.A.B. DE C.V.	1,370	$67	0.0%	$48.66	—	SPONSORED ADS	92837L109
DOW	DOW INC	2,798	$65	0.0%	$22.78	0.0%	COM	260557103
CPB	THE CAMPBELLS COMPANY	2,301	$64	0.0%	$30.06	0.0%	COM	134429109
ALSN	ALLISON TRANSMISSION HLDGS I	632	$62	0.0%	$87.50	0.0%	COM	01973R101
LYB	LYONDELLBASELL INDUSTRIES N	1,378	$60	0.0%	$44.45	0.0%	SHS - A -	N53745100
HPQ	HP INC	2,669	$59	0.0%	$25.25	0.0%	COM	40434L105

Increased Positions (8)

BROS DUTCH BROS INC 0.5%

Value ($000) $2,296 (+75.4%) Shares 37,500 (+50.0%) Est. Cost $61.09 Unrealized -7.0%

ELF E L F BEAUTY INC 0.7%

Value ($000) $3,194 (-19.6%) Shares 42,000 (+40.0%) Est. Cost $112.21 Unrealized -12.3%

ZTS ZOETIS INC 1.2%

Value ($000) $5,284 (-9.7%) Shares 42,000 (+5.0%) Est. Cost $171.31 Unrealized -24.0%

STOK STOKE THERAPEUTICS INC 0.3%

Value ($000) $1,295 (+67.6%) Shares 40,815 (+24.1%) Est. Cost $19.64 Unrealized +53.1%

WING WINGSTOP INC 0.4%

Value ($000) $1,908 (+26.3%) Shares 8,000 (+33.3%) Est. Cost $283.87 Unrealized -12.8%

MA MASTERCARD INCORPORATED 0.8%

Value ($000) $3,248 (+10.5%) Shares 5,689 (+10.1%) Est. Cost $533.76 Unrealized +4.7%

CSGP COSTAR GROUP INC 1.0%

Value ($000) $4,371 (-5.8%) Shares 65,000 (+18.2%) Est. Cost $81.18 Unrealized -12.7%

FND FLOOR & DECOR HLDGS INC 1.0%

Value ($000) $4,195 (-5.1%) Shares 68,900 (+14.8%) Est. Cost $79.75 Unrealized -18.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BROS	DUTCH BROS INC	37,500 (+50.0%)	$2,296 (+75.4%)	0.5%	$61.09	-7.0%	CL A	26701L100
ELF	E L F BEAUTY INC	42,000 (+40.0%)	$3,194 (-19.6%)	0.7%	$112.21	-12.3%	COM	26856L103
ZTS	ZOETIS INC	42,000 (+5.0%)	$5,284 (-9.7%)	1.2%	$171.31	-24.0%	CL A	98978V103
STOK	STOKE THERAPEUTICS INC	40,815 (+24.1%)	$1,295 (+67.6%)	0.3%	$19.64	+53.1%	COM	86150R107
WING	WINGSTOP INC	8,000 (+33.3%)	$1,908 (+26.3%)	0.4%	$283.87	-12.8%	COM	974155103
MA	MASTERCARD INCORPORATED	5,689 (+10.1%)	$3,248 (+10.5%)	0.8%	$533.76	+4.7%	CL A	57636Q104
CSGP	COSTAR GROUP INC	65,000 (+18.2%)	$4,371 (-5.8%)	1.0%	$81.18	-12.7%	COM	22160N109
FND	FLOOR & DECOR HLDGS INC	68,900 (+14.8%)	$4,195 (-5.1%)	1.0%	$79.75	-18.7%	CL A	339750101

Exited Positions (18)

FLUT FLUTTER ENTMT PLC 1.4%

Value ($000) $5,925 Shares 23,000 Est. Cost $195.04 Unrealized +15.3%

NFLX NETFLIX INC 0.7%

Value ($000) $3,060 Shares 2,552 Est. Cost $24.85 Unrealized +333.9%

— MERUS N V 0.6%

Value ($000) $2,732 Shares 29,018 Est. Cost $15.46 Unrealized —

APH AMPHENOL CORP NEW 0.6%

Value ($000) $2,496 Shares 20,171 Est. Cost $69.70 Unrealized +91.6%

TEL TE CONNECTIVITY PLC 0.5%

Value ($000) $2,148 Shares 9,783 Est. Cost $200.01 Unrealized +15.6%

BNTX BIONTECH SE 0.4%

Value ($000) $1,667 Shares 16,902 Est. Cost $105.52 Unrealized —

CDNS CADENCE DESIGN SYSTEM INC 0.4%

Value ($000) $1,593 Shares 4,535 Est. Cost $278.34 Unrealized +17.2%

NOW SERVICENOW INC 0.4%

Value ($000) $1,543 Shares 1,677 Est. Cost $188.07 Unrealized -8.8%

GRAB GRAB HOLDINGS LIMITED 0.3%

Value ($000) $1,132 Shares 188,091 Est. Cost $5.31 Unrealized +4.1%

PLTR PALANTIR TECHNOLOGIES INC 0.2%

Value ($000) $856 Shares 4,694 Est. Cost $162.07 Unrealized +11.7%

DRS LEONARDO DRS INC 0.2%

Value ($000) $838 Shares 18,462 Est. Cost $43.41 Unrealized -15.1%

SRE SEMPRA 0.1%

Value ($000) $305 Shares 3,388 Est. Cost $72.53 Unrealized +24.8%

TSN TYSON FOODS INC 0.1%

Value ($000) $279 Shares 5,138 Est. Cost $55.62 Unrealized -1.8%

TKR TIMKEN CO 0.1%

Value ($000) $272 Shares 3,617 Est. Cost $68.02 Unrealized +16.9%

KSS KOHLS CORP 0.1%

Value ($000) $251 Shares 16,332 Est. Cost $13.85 Unrealized +35.3%

WBD WARNER BROS DISCOVERY INC 0.0%

Value ($000) $152 Shares 7,793 Est. Cost $11.03 Unrealized +111.9%

CORT CORCEPT THERAPEUTICS INC 0.0%

Value ($000) $145 Shares 1,750 Est. Cost $52.52 Unrealized +49.6%

KD KYNDRYL HLDGS INC 0.0%

Value ($000) $6 Shares 205 Est. Cost $21.59 Unrealized +25.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	23,000	$5,925	1.4%	$195.04	+15.3%	—	G3643J108
NFLX	NETFLIX INC	2,552	$3,060	0.7%	$24.85	+333.9%	—	64110L106
—	MERUS N V	29,018	$2,732	0.6%	$15.46	—	—	N5749R100
APH	AMPHENOL CORP NEW	20,171	$2,496	0.6%	$69.70	+91.6%	—	032095101
TEL	TE CONNECTIVITY PLC	9,783	$2,148	0.5%	$200.01	+15.6%	—	G87052109
BNTX	BIONTECH SE	16,902	$1,667	0.4%	$105.52	—	—	09075V102
CDNS	CADENCE DESIGN SYSTEM INC	4,535	$1,593	0.4%	$278.34	+17.2%	—	127387108
NOW	SERVICENOW INC	1,677	$1,543	0.4%	$188.07	-8.8%	—	81762P102
GRAB	GRAB HOLDINGS LIMITED	188,091	$1,132	0.3%	$5.31	+4.1%	—	G4124C109
PLTR	PALANTIR TECHNOLOGIES INC	4,694	$856	0.2%	$162.07	+11.7%	—	69608A108
DRS	LEONARDO DRS INC	18,462	$838	0.2%	$43.41	-15.1%	—	52661A108
SRE	SEMPRA	3,388	$305	0.1%	$72.53	+24.8%	—	816851109
TSN	TYSON FOODS INC	5,138	$279	0.1%	$55.62	-1.8%	—	902494103
TKR	TIMKEN CO	3,617	$272	0.1%	$68.02	+16.9%	—	887389104
KSS	KOHLS CORP	16,332	$251	0.1%	$13.85	+35.3%	—	500255104
WBD	WARNER BROS DISCOVERY INC	7,793	$152	0.0%	$11.03	+111.9%	—	934423104
CORT	CORCEPT THERAPEUTICS INC	1,750	$145	0.0%	$52.52	+49.6%	—	218352102
KD	KYNDRYL HLDGS INC	205	$6	0.0%	$21.59	+25.6%	—	50155Q100

Decreased Positions (84)

ICE INTERCONTINENTAL EXCHANGE IN 1.2%

Value ($000) $5,159 (-94.9%) Shares 31,856 (-94.7%) Est. Cost $134.72 Unrealized +16.0%

GOOGL ALPHABET INC 1.2%

Value ($000) $5,008 (-94.6%) Shares 16,000 (-95.8%) Est. Cost $163.26 Unrealized +74.9%

ABBV ABBVIE INC 1.6%

Value ($000) $6,878 (-92.0%) Shares 30,102 (-91.9%) Est. Cost $189.55 Unrealized +20.0%

JNJ JOHNSON & JOHNSON 1.3%

Value ($000) $5,759 (-92.7%) Shares 27,830 (-93.5%) Est. Cost $150.68 Unrealized +30.7%

MRK MERCK & CO INC 1.5%

Value ($000) $6,665 (-91.5%) Shares 63,316 (-93.3%) Est. Cost $89.51 Unrealized +4.2%

MU MICRON TECHNOLOGY INC 1.6%

Value ($000) $7,112 (-91.0%) Shares 24,920 (-94.7%) Est. Cost $68.84 Unrealized +233.2%

LRCX LAM RESEARCH CORP 2.2%

Value ($000) $9,560 (-87.6%) Shares 55,845 (-90.3%) Est. Cost $78.06 Unrealized +99.0%

IQV IQVIA HLDGS INC 1.4%

Value ($000) $6,020 (-91.4%) Shares 26,708 (-92.7%) Est. Cost $150.55 Unrealized +44.5%

ADBE ADOBE INC 1.1%

Value ($000) $4,846 (-92.8%) Shares 13,846 (-92.8%) Est. Cost $384.51 Unrealized -11.6%

YUM YUM BRANDS INC 1.4%

Value ($000) $6,028 (-90.9%) Shares 39,847 (-90.8%) Est. Cost $144.17 Unrealized +2.4%

AVGO BROADCOM INC 2.5%

Value ($000) $10,685 (-84.8%) Shares 30,874 (-85.5%) Est. Cost $157.31 Unrealized +126.9%

UBS UBS GROUP AG 1.3%

Value ($000) $5,482 (-90.7%) Shares 117,507 (-91.9%) Est. Cost $33.35 Unrealized +21.2%

RCI ROGERS COMMUNICATIONS INC 1.3%

Value ($000) $5,562 (-90.5%) Shares 147,160 (-91.4%) Est. Cost $26.20 Unrealized +43.0%

CCJ CAMECO CORP 0.9%

Value ($000) $3,875 (-93.1%) Shares 42,356 (-93.7%) Est. Cost $38.31 Unrealized +134.7%

TRU TRANSUNION 0.9%

Value ($000) $3,824 (-92.6%) Shares 44,595 (-92.7%) Est. Cost $64.83 Unrealized +26.7%

VAL VALARIS LTD 0.5%

Value ($000) $2,316 (-95.1%) Shares 45,956 (-95.2%) Est. Cost $52.86 Unrealized +1.5%

KR KROGER CO 1.0%

Value ($000) $4,165 (-85.5%) Shares 66,666 (-84.3%) Est. Cost $69.08 Unrealized -5.6%

GOOG ALPHABET INC 2.7%

Value ($000) $11,561 (-63.2%) Shares 36,843 (-71.5%) Est. Cost $125.35 Unrealized +128.4%

NOAH NOAH HLDGS LTD 2.5%

Value ($000) $10,631 (-28.9%) Shares 1,058,912 (-17.9%) Est. Cost $27.09 Unrealized —

TCOM TRIP COM GROUP LTD 7.4%

Value ($000) $31,908 (-10.5%) Shares 443,718 (-6.4%) Est. Cost $28.34 Unrealized —

TERN TERNS PHARMACEUTICALS INC 1.0%

Value ($000) $4,474 (+376.0%) Shares 110,734 (-11.5%) Est. Cost $6.39 Unrealized +261.9%

V VISA INC 1.2%

Value ($000) $5,155 (-37.9%) Shares 14,700 (-39.5%) Est. Cost $249.02 Unrealized +36.7%

PDD PDD HOLDINGS INC 2.1%

Value ($000) $8,895 (-24.0%) Shares 78,445 (-11.4%) Est. Cost $105.54 Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 1.4%

Value ($000) $6,112 (+77.8%) Shares 87,874 (-28.4%) Est. Cost $34.47 Unrealized —

DDL DINGDONG CAYMAN LTD 3.7%

Value ($000) $16,088 (+16.4%) Shares 6,460,889 (-3.2%) Est. Cost $3.90 Unrealized —

AMZN AMAZON COM INC 1.7%

Value ($000) $7,174 (-22.9%) Shares 31,080 (-26.7%) Est. Cost $157.65 Unrealized +45.1%

ARWR ARROWHEAD PHARMACEUTICALS IN 1.4%

Value ($000) $5,941 (+55.1%) Shares 89,484 (-19.4%) Est. Cost $28.84 Unrealized +70.0%

WVE WAVE LIFE SCIENCES LTD 0.9%

Value ($000) $3,922 (+100.1%) Shares 230,687 (-13.9%) Est. Cost $6.27 Unrealized +62.1%

UBER UBER TECHNOLOGIES INC 1.2%

Value ($000) $5,165 (-27.1%) Shares 63,217 (-12.6%) Est. Cost $72.68 Unrealized +23.9%

BIRK BIRKENSTOCK HOLDING PLC 2.3%

Value ($000) $10,127 (-13.9%) Shares 247,600 (-4.8%) Est. Cost $51.26 Unrealized -17.4%

HTHT H WORLD GROUP LTD 1.3%

Value ($000) $5,552 (-22.5%) Shares 117,996 (-35.6%) Est. Cost $29.92 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $782 (-66.6%) Shares 5,333 (-59.3%) Est. Cost $138.89 Unrealized —

APGE APOGEE THERAPEUTICS INC 1.2%

Value ($000) $5,224 (+40.3%) Shares 69,212 (-26.2%) Est. Cost $23.27 Unrealized +170.6%

IMVT IMMUNOVANT INC 1.1%

Value ($000) $4,621 (+46.5%) Shares 181,774 (-7.1%) Est. Cost $10.61 Unrealized +110.1%

ZTO ZTO EXPRESS CAYMAN INC 9.6%

Value ($000) $41,657 (-3.4%) Shares 1,994,127 (-11.2%) Est. Cost $24.47 Unrealized —

VERA VERA THERAPEUTICS INC 1.4%

Value ($000) $6,046 (+30.2%) Shares 119,384 (-25.3%) Est. Cost $13.60 Unrealized +161.3%

INTC INTEL CORP 0.0%

Value ($000) $201 (-86.5%) Shares 5,453 (-87.7%) Est. Cost $25.74 Unrealized +46.7%

FICO FAIR ISAAC CORP 1.5%

Value ($000) $6,524 (-15.5%) Shares 3,859 (-25.2%) Est. Cost $1503.82 Unrealized +14.5%

COGT COGENT BIOSCIENCES INC 1.0%

Value ($000) $4,306 (+36.6%) Shares 121,229 (-44.8%) Est. Cost $8.13 Unrealized +245.7%

ADCT ADC THERAPEUTICS SA 0.8%

Value ($000) $3,497 (-24.4%) Shares 990,778 (-14.3%) Est. Cost $3.33 Unrealized +21.9%

RCUS ARCUS BIOSCIENCES INC 0.7%

Value ($000) $3,198 (+52.9%) Shares 134,217 (-12.7%) Est. Cost $20.99 Unrealized -2.8%

HD HOME DEPOT INC 1.1%

Value ($000) $4,577 (-19.3%) Shares 13,300 (-5.0%) Est. Cost $389.16 Unrealized -6.3%

VRT VERTIV HOLDINGS CO 0.5%

Value ($000) $1,951 (-32.4%) Shares 12,045 (-37.0%) Est. Cost $115.28 Unrealized +50.6%

META META PLATFORMS INC 1.1%

Value ($000) $4,621 (-16.1%) Shares 7,000 (-6.7%) Est. Cost $209.17 Unrealized +219.0%

ANET ARISTA NETWORKS INC 0.4%

Value ($000) $1,632 (-35.0%) Shares 12,456 (-27.8%) Est. Cost $115.02 Unrealized +19.7%

CPNG COUPANG INC 0.3%

Value ($000) $1,126 (-40.5%) Shares 47,735 (-18.8%) Est. Cost $25.61 Unrealized +11.1%

PBR/A PETROLEO BRASILEIRO SA PETRO 0.0%

Value ($000) $182 (-78.7%) Shares 16,148 (-77.7%) Est. Cost $12.91 Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 0.9%

Value ($000) $3,879 (-14.2%) Shares 155,101 (-16.8%) Est. Cost $8.01 Unrealized —

ZYME ZYMEWORKS INC 0.6%

Value ($000) $2,769 (+29.9%) Shares 105,184 (-15.7%) Est. Cost $7.15 Unrealized +204.9%

RVMD REVOLUTION MEDICINES INC 0.3%

Value ($000) $1,486 (+54.6%) Shares 18,652 (-9.4%) Est. Cost $39.15 Unrealized +67.5%

ROIV ROIVANT SCIENCES LTD 0.9%

Value ($000) $4,104 (+13.3%) Shares 189,146 (-21.0%) Est. Cost $7.47 Unrealized +164.2%

BBIO BRIDGEBIO PHARMA INC 0.8%

Value ($000) $3,653 (+13.0%) Shares 47,756 (-23.3%) Est. Cost $33.91 Unrealized +93.6%

JD JD.COM INC 0.2%

Value ($000) $885 (-31.7%) Shares 30,853 (-16.8%) Est. Cost $54.60 Unrealized —

IDYA IDEAYA BIOSCIENCES INC 1.0%

Value ($000) $4,169 (-8.2%) Shares 120,604 (-27.7%) Est. Cost $20.53 Unrealized +55.3%

LBRDK LIBERTY BROADBAND CORP 0.0%

Value ($000) $100 (-78.4%) Shares 2,060 (-71.7%) Est. Cost $69.09 Unrealized -24.7%

MGTX MEIRAGTX HLDGS PLC 0.2%

Value ($000) $747 (-28.9%) Shares 93,922 (-26.4%) Est. Cost $4.32 Unrealized +92.3%

KLAC KLA CORP 0.6%

Value ($000) $2,478 (-10.3%) Shares 2,039 (-20.4%) Est. Cost $839.67 Unrealized +39.6%

BCC BOISE CASCADE CO DEL 0.0%

Value ($000) $103 (-73.3%) Shares 1,403 (-72.0%) Est. Cost $89.33 Unrealized -18.5%

AS AMER SPORTS INC 1.4%

Value ($000) $5,976 (-4.5%) Shares 160,000 (-11.1%) Est. Cost $12.79 Unrealized +168.3%

GOSS GOSSAMER BIO INC 0.4%

Value ($000) $1,742 (-13.3%) Shares 561,951 (-26.5%) Est. Cost $1.32 Unrealized +116.8%

UHS UNIVERSAL HLTH SVCS INC 0.0%

Value ($000) $62 (-80.2%) Shares 285 (-81.4%) Est. Cost $167.23 Unrealized +32.1%

BBY BEST BUY INC 0.0%

Value ($000) $57 (-81.3%) Shares 853 (-78.8%) Est. Cost $70.01 Unrealized +7.8%

CVS CVS HEALTH CORP 0.0%

Value ($000) $66 (-78.0%) Shares 830 (-79.1%) Est. Cost $55.99 Unrealized +40.5%

TGT TARGET CORP 0.0%

Value ($000) $66 (-77.6%) Shares 673 (-79.4%) Est. Cost $114.26 Unrealized -19.8%

AURA AURA BIOSCIENCES INC 0.1%

Value ($000) $610 (-27.1%) Shares 111,865 (-17.4%) Est. Cost $8.47 Unrealized -29.9%

CLB CORE LABORATORIES INC 0.0%

Value ($000) $67 (-77.1%) Shares 4,196 (-82.3%) Est. Cost $16.84 Unrealized -11.7%

CI THE CIGNA GROUP 0.0%

Value ($000) $63 (-78.1%) Shares 228 (-77.1%) Est. Cost $278.64 Unrealized +0.2%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $66 (-77.0%) Shares 201 (-75.9%) Est. Cost $374.94 Unrealized -10.1%

GIS GENERAL MLS INC 0.0%

Value ($000) $61 (-78.1%) Shares 1,302 (-76.3%) Est. Cost $56.48 Unrealized -16.0%

NE NOBLE CORP PLC 0.0%

Value ($000) $55 (-79.4%) Shares 1,965 (-79.4%) Est. Cost $30.41 Unrealized -3.9%

JAZZ JAZZ PHARMACEUTICALS PLC 0.0%

Value ($000) $77 (-73.5%) Shares 452 (-79.4%) Est. Cost $130.38 Unrealized +17.6%

FUTU FUTU HLDGS LTD 0.0%

Value ($000) $64 (-76.7%) Shares 390 (-75.3%) Est. Cost $94.87 Unrealized —

IDXX IDEXX LABS INC 0.5%

Value ($000) $2,030 (-9.2%) Shares 3,000 (-14.3%) Est. Cost $478.19 Unrealized +42.4%

OMF ONEMAIN HLDGS INC 0.0%

Value ($000) $74 (-72.5%) Shares 1,091 (-77.0%) Est. Cost $49.88 Unrealized +21.9%

WHR WHIRLPOOL CORP 0.0%

Value ($000) $66 (-74.3%) Shares 919 (-72.0%) Est. Cost $101.60 Unrealized -27.3%

GT GOODYEAR TIRE & RUBR CO 0.0%

Value ($000) $72 (-71.5%) Shares 8,244 (-75.7%) Est. Cost $10.28 Unrealized -23.3%

MBX MBX BIOSCIENCES INC 0.3%

Value ($000) $1,375 (+13.2%) Shares 43,597 (-37.2%) Est. Cost $21.19 Unrealized +14.5%

ARVN ARVINAS INC 0.2%

Value ($000) $860 (+16.1%) Shares 72,527 (-16.6%) Est. Cost $7.58 Unrealized +43.9%

MOMO HELLO GROUP INC 0.0%

Value ($000) $27 (-81.8%) Shares 4,047 (-79.4%) Est. Cost $6.71 Unrealized —

GL GLOBE LIFE INC 0.0%

Value ($000) $34 (-76.9%) Shares 245 (-76.4%) Est. Cost $116.40 Unrealized +16.4%

JXN JACKSON FINANCIAL INC 0.0%

Value ($000) $36 (-74.2%) Shares 342 (-75.5%) Est. Cost $70.79 Unrealized +39.7%

EC ECOPETROL S A 0.0%

Value ($000) $31 (-77.0%) Shares 3,107 (-78.9%) Est. Cost $9.48 Unrealized —

HLF HERBALIFE LTD 0.0%

Value ($000) $49 (-64.4%) Shares 3,783 (-76.7%) Est. Cost $14.85 Unrealized -28.7%

DRUG BRIGHT MINDS BIOSCIENCES INC 0.4%

Value ($000) $1,696 (-1.2%) Shares 21,730 (-23.2%) Est. Cost $36.60 Unrealized +82.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ICE	INTERCONTINENTAL EXCHANGE IN	31,856 (-94.7%)	$5,159 (-94.9%)	1.2%	$134.72	+16.0%	COM	45866F104
GOOGL	ALPHABET INC	16,000 (-95.8%)	$5,008 (-94.6%)	1.2%	$163.26	+74.9%	CAP STK CL A	02079K305
ABBV	ABBVIE INC	30,102 (-91.9%)	$6,878 (-92.0%)	1.6%	$189.55	+20.0%	COM	00287Y109
JNJ	JOHNSON & JOHNSON	27,830 (-93.5%)	$5,759 (-92.7%)	1.3%	$150.68	+30.7%	COM	478160104
MRK	MERCK & CO INC	63,316 (-93.3%)	$6,665 (-91.5%)	1.5%	$89.51	+4.2%	COM	58933Y105
MU	MICRON TECHNOLOGY INC	24,920 (-94.7%)	$7,112 (-91.0%)	1.6%	$68.84	+233.2%	COM	595112103
LRCX	LAM RESEARCH CORP	55,845 (-90.3%)	$9,560 (-87.6%)	2.2%	$78.06	+99.0%	COM NEW	512807306
IQV	IQVIA HLDGS INC	26,708 (-92.7%)	$6,020 (-91.4%)	1.4%	$150.55	+44.5%	COM	46266C105
ADBE	ADOBE INC	13,846 (-92.8%)	$4,846 (-92.8%)	1.1%	$384.51	-11.6%	COM	00724F101
YUM	YUM BRANDS INC	39,847 (-90.8%)	$6,028 (-90.9%)	1.4%	$144.17	+2.4%	COM	988498101
AVGO	BROADCOM INC	30,874 (-85.5%)	$10,685 (-84.8%)	2.5%	$157.31	+126.9%	COM	11135F101
UBS	UBS GROUP AG	117,507 (-91.9%)	$5,482 (-90.7%)	1.3%	$33.35	+21.2%	SHS	H42097107
RCI	ROGERS COMMUNICATIONS INC	147,160 (-91.4%)	$5,562 (-90.5%)	1.3%	$26.20	+43.0%	CL B	775109200
CCJ	CAMECO CORP	42,356 (-93.7%)	$3,875 (-93.1%)	0.9%	$38.31	+134.7%	COM	13321L108
TRU	TRANSUNION	44,595 (-92.7%)	$3,824 (-92.6%)	0.9%	$64.83	+26.7%	COM	89400J107
VAL	VALARIS LTD	45,956 (-95.2%)	$2,316 (-95.1%)	0.5%	$52.86	+1.5%	CL A	G9460G101
KR	KROGER CO	66,666 (-84.3%)	$4,165 (-85.5%)	1.0%	$69.08	-5.6%	COM	501044101
GOOG	ALPHABET INC	36,843 (-71.5%)	$11,561 (-63.2%)	2.7%	$125.35	+128.4%	CAP STK CL C	02079K107
NOAH	NOAH HLDGS LTD	1,058,912 (-17.9%)	$10,631 (-28.9%)	2.5%	$27.09	—	SPON ADS	65487X102
TCOM	TRIP COM GROUP LTD	443,718 (-6.4%)	$31,908 (-10.5%)	7.4%	$28.34	—	ADS	89677Q107
TERN	TERNS PHARMACEUTICALS INC	110,734 (-11.5%)	$4,474 (+376.0%)	1.0%	$6.39	+261.9%	COM	880881107
V	VISA INC	14,700 (-39.5%)	$5,155 (-37.9%)	1.2%	$249.02	+36.7%	COM CL A	92826C839
PDD	PDD HOLDINGS INC	78,445 (-11.4%)	$8,895 (-24.0%)	2.1%	$105.54	—	SPONSORED ADS	722304102
GPCR	STRUCTURE THERAPEUTICS INC	87,874 (-28.4%)	$6,112 (+77.8%)	1.4%	$34.47	—	SPONSORED ADS	86366E106
DDL	DINGDONG CAYMAN LTD	6,460,889 (-3.2%)	$16,088 (+16.4%)	3.7%	$3.90	—	ADS	25445D101
AMZN	AMAZON COM INC	31,080 (-26.7%)	$7,174 (-22.9%)	1.7%	$157.65	+45.1%	COM	023135106
ARWR	ARROWHEAD PHARMACEUTICALS IN	89,484 (-19.4%)	$5,941 (+55.1%)	1.4%	$28.84	+70.0%	COM	04280A100
WVE	WAVE LIFE SCIENCES LTD	230,687 (-13.9%)	$3,922 (+100.1%)	0.9%	$6.27	+62.1%	SHS	Y95308105
UBER	UBER TECHNOLOGIES INC	63,217 (-12.6%)	$5,165 (-27.1%)	1.2%	$72.68	+23.9%	COM	90353T100
BIRK	BIRKENSTOCK HOLDING PLC	247,600 (-4.8%)	$10,127 (-13.9%)	2.3%	$51.26	-17.4%	COM SHS	M2029K104
HTHT	H WORLD GROUP LTD	117,996 (-35.6%)	$5,552 (-22.5%)	1.3%	$29.92	—	SPONSORED ADS	44332N106
BABA	ALIBABA GROUP HLDG LTD	5,333 (-59.3%)	$782 (-66.6%)	0.2%	$138.89	—	SPONSORED ADS	01609W102
APGE	APOGEE THERAPEUTICS INC	69,212 (-26.2%)	$5,224 (+40.3%)	1.2%	$23.27	+170.6%	COM	03770N101
IMVT	IMMUNOVANT INC	181,774 (-7.1%)	$4,621 (+46.5%)	1.1%	$10.61	+110.1%	COM	45258J102
ZTO	ZTO EXPRESS CAYMAN INC	1,994,127 (-11.2%)	$41,657 (-3.4%)	9.6%	$24.47	—	SPONSORED ADS A	98980A105
VERA	VERA THERAPEUTICS INC	119,384 (-25.3%)	$6,046 (+30.2%)	1.4%	$13.60	+161.3%	CL A	92337R101
INTC	INTEL CORP	5,453 (-87.7%)	$201 (-86.5%)	0.0%	$25.74	+46.7%	COM	458140100
FICO	FAIR ISAAC CORP	3,859 (-25.2%)	$6,524 (-15.5%)	1.5%	$1503.82	+14.5%	COM	303250104
COGT	COGENT BIOSCIENCES INC	121,229 (-44.8%)	$4,306 (+36.6%)	1.0%	$8.13	+245.7%	COM	19240Q201
ADCT	ADC THERAPEUTICS SA	990,778 (-14.3%)	$3,497 (-24.4%)	0.8%	$3.33	+21.9%	SHS	H0036K147
RCUS	ARCUS BIOSCIENCES INC	134,217 (-12.7%)	$3,198 (+52.9%)	0.7%	$20.99	-2.8%	COM	03969F109
HD	HOME DEPOT INC	13,300 (-5.0%)	$4,577 (-19.3%)	1.1%	$389.16	-6.3%	COM	437076102
VRT	VERTIV HOLDINGS CO	12,045 (-37.0%)	$1,951 (-32.4%)	0.5%	$115.28	+50.6%	COM CL A	92537N108
META	META PLATFORMS INC	7,000 (-6.7%)	$4,621 (-16.1%)	1.1%	$209.17	+219.0%	CL A	30303M102
ANET	ARISTA NETWORKS INC	12,456 (-27.8%)	$1,632 (-35.0%)	0.4%	$115.02	+19.7%	COM SHS	040413205
CPNG	COUPANG INC	47,735 (-18.8%)	$1,126 (-40.5%)	0.3%	$25.61	+11.1%	CL A	22266T109
PBR/A	PETROLEO BRASILEIRO SA PETRO	16,148 (-77.7%)	$182 (-78.7%)	0.0%	$12.91	—	SP ADR NON VTG	71654V101
CNTA	CENTESSA PHARMACEUTICALS PLC	155,101 (-16.8%)	$3,879 (-14.2%)	0.9%	$8.01	—	SPONSORED ADS	152309100
ZYME	ZYMEWORKS INC	105,184 (-15.7%)	$2,769 (+29.9%)	0.6%	$7.15	+204.9%	COM	98985Y108
RVMD	REVOLUTION MEDICINES INC	18,652 (-9.4%)	$1,486 (+54.6%)	0.3%	$39.15	+67.5%	COM	76155X100
ROIV	ROIVANT SCIENCES LTD	189,146 (-21.0%)	$4,104 (+13.3%)	0.9%	$7.47	+164.2%	SHS	G76279101
BBIO	BRIDGEBIO PHARMA INC	47,756 (-23.3%)	$3,653 (+13.0%)	0.8%	$33.91	+93.6%	COM	10806X102
JD	JD.COM INC	30,853 (-16.8%)	$885 (-31.7%)	0.2%	$54.60	—	SPON ADS CL A	47215P106
IDYA	IDEAYA BIOSCIENCES INC	120,604 (-27.7%)	$4,169 (-8.2%)	1.0%	$20.53	+55.3%	COM	45166A102
LBRDK	LIBERTY BROADBAND CORP	2,060 (-71.7%)	$100 (-78.4%)	0.0%	$69.09	-24.7%	COM SER C	530307305
MGTX	MEIRAGTX HLDGS PLC	93,922 (-26.4%)	$747 (-28.9%)	0.2%	$4.32	+92.3%	COM	G59665102
KLAC	KLA CORP	2,039 (-20.4%)	$2,478 (-10.3%)	0.6%	$839.67	+39.6%	COM NEW	482480100
BCC	BOISE CASCADE CO DEL	1,403 (-72.0%)	$103 (-73.3%)	0.0%	$89.33	-18.5%	COM	09739D100
AS	AMER SPORTS INC	160,000 (-11.1%)	$5,976 (-4.5%)	1.4%	$12.79	+168.3%	COM SHS	G0260P102
GOSS	GOSSAMER BIO INC	561,951 (-26.5%)	$1,742 (-13.3%)	0.4%	$1.32	+116.8%	COM	38341P102
UHS	UNIVERSAL HLTH SVCS INC	285 (-81.4%)	$62 (-80.2%)	0.0%	$167.23	+32.1%	CL B	913903100
BBY	BEST BUY INC	853 (-78.8%)	$57 (-81.3%)	0.0%	$70.01	+7.8%	COM	086516101
CVS	CVS HEALTH CORP	830 (-79.1%)	$66 (-78.0%)	0.0%	$55.99	+40.5%	COM	126650100
TGT	TARGET CORP	673 (-79.4%)	$66 (-77.6%)	0.0%	$114.26	-19.8%	COM	87612E106
AURA	AURA BIOSCIENCES INC	111,865 (-17.4%)	$610 (-27.1%)	0.1%	$8.47	-29.9%	COM	05153U107
CLB	CORE LABORATORIES INC	4,196 (-82.3%)	$67 (-77.1%)	0.0%	$16.84	-11.7%	COM	21867A105
CI	THE CIGNA GROUP	228 (-77.1%)	$63 (-78.1%)	0.0%	$278.64	+0.2%	COM	125523100
UNH	UNITEDHEALTH GROUP INC	201 (-75.9%)	$66 (-77.0%)	0.0%	$374.94	-10.1%	COM	91324P102
GIS	GENERAL MLS INC	1,302 (-76.3%)	$61 (-78.1%)	0.0%	$56.48	-16.0%	COM	370334104
NE	NOBLE CORP PLC	1,965 (-79.4%)	$55 (-79.4%)	0.0%	$30.41	-3.9%	ORD SHS A	G65431127
JAZZ	JAZZ PHARMACEUTICALS PLC	452 (-79.4%)	$77 (-73.5%)	0.0%	$130.38	+17.6%	SHS USD	G50871105
FUTU	FUTU HLDGS LTD	390 (-75.3%)	$64 (-76.7%)	0.0%	$94.87	—	SPON ADS CL A	36118L106
IDXX	IDEXX LABS INC	3,000 (-14.3%)	$2,030 (-9.2%)	0.5%	$478.19	+42.4%	COM	45168D104
OMF	ONEMAIN HLDGS INC	1,091 (-77.0%)	$74 (-72.5%)	0.0%	$49.88	+21.9%	COM	68268W103
WHR	WHIRLPOOL CORP	919 (-72.0%)	$66 (-74.3%)	0.0%	$101.60	-27.3%	COM	963320106
GT	GOODYEAR TIRE & RUBR CO	8,244 (-75.7%)	$72 (-71.5%)	0.0%	$10.28	-23.3%	COM	382550101
MBX	MBX BIOSCIENCES INC	43,597 (-37.2%)	$1,375 (+13.2%)	0.3%	$21.19	+14.5%	COM	55287L101
ARVN	ARVINAS INC	72,527 (-16.6%)	$860 (+16.1%)	0.2%	$7.58	+43.9%	COM	04335A105
MOMO	HELLO GROUP INC	4,047 (-79.4%)	$27 (-81.8%)	0.0%	$6.71	—	ADS	423403104
GL	GLOBE LIFE INC	245 (-76.4%)	$34 (-76.9%)	0.0%	$116.40	+16.4%	COM	37959E102
JXN	JACKSON FINANCIAL INC	342 (-75.5%)	$36 (-74.2%)	0.0%	$70.79	+39.7%	COM CL A	46817M107
EC	ECOPETROL S A	3,107 (-78.9%)	$31 (-77.0%)	0.0%	$9.48	—	SPONSORED ADS	279158109
HLF	HERBALIFE LTD	3,783 (-76.7%)	$49 (-64.4%)	0.0%	$14.85	-28.7%	COM SHS	G4412G101
DRUG	BRIGHT MINDS BIOSCIENCES INC	21,730 (-23.2%)	$1,696 (-1.2%)	0.4%	$36.60	+82.6%	COM NEW	10919W405

Unchanged Positions (10)

WWW WOLVERINE WORLD WIDE INC 0.8%

Value ($000) $3,630 Shares 200,000 Est. Cost $26.08 Unrealized -23.0%

VEEV VEEVA SYS INC 0.6%

Value ($000) $2,480 Shares 11,110 Est. Cost $188.05 Unrealized +41.1%

SKYE SKYE BIOSCIENCE INC 0.0%

Value ($000) $175 Shares 233,095 Est. Cost $5.61 Unrealized -74.0%

ISRG INTUITIVE SURGICAL INC 0.6%

Value ($000) $2,745 Shares 4,846 Est. Cost $483.32 Unrealized +10.1%

MSFT MICROSOFT CORP 1.0%

Value ($000) $4,146 Shares 8,573 Est. Cost $166.17 Unrealized +201.2%

CDXS CODEXIS INC 0.1%

Value ($000) $431 Shares 264,464 Est. Cost $3.42 Unrealized -40.3%

PRQR PROQR THRAPEUTICS N V 0.6%

Value ($000) $2,496 Shares 1,235,514 Est. Cost $3.18 Unrealized -26.4%

BCYC BICYCLE THERAPEUTICS PLC 0.3%

Value ($000) $1,307 Shares 184,603 Est. Cost $18.99 Unrealized —

BKNG BOOKING HOLDINGS INC 0.2%

Value ($000) $1,071 Shares 200 Est. Cost $1846.69 Unrealized +178.2%

NVDA NVIDIA CORPORATION 1.2%

Value ($000) $5,258 Shares 28,191 Est. Cost $125.98 Unrealized +47.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WWW	WOLVERINE WORLD WIDE INC	200,000	$3,630	0.8%	$26.08	-23.0%	COM	978097103
VEEV	VEEVA SYS INC	11,110	$2,480	0.6%	$188.05	+41.1%	CL A COM	922475108
SKYE	SKYE BIOSCIENCE INC	233,095	$175	0.0%	$5.61	-74.0%	COM NEW	83086J200
ISRG	INTUITIVE SURGICAL INC	4,846	$2,745	0.6%	$483.32	+10.1%	COM NEW	46120E602
MSFT	MICROSOFT CORP	8,573	$4,146	1.0%	$166.17	+201.2%	COM	594918104
CDXS	CODEXIS INC	264,464	$431	0.1%	$3.42	-40.3%	COM	192005106
PRQR	PROQR THRAPEUTICS N V	1,235,514	$2,496	0.6%	$3.18	-26.4%	SHS EURO	N71542109
BCYC	BICYCLE THERAPEUTICS PLC	184,603	$1,307	0.3%	$18.99	—	SPONSORED ADS	088786108
BKNG	BOOKING HOLDINGS INC	200	$1,071	0.2%	$1846.69	+178.2%	COM	09857L108
NVDA	NVIDIA CORPORATION	28,191	$5,258	1.2%	$125.98	+47.8%	COM	67066G104