Portolan Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AKAM	AKAMAI TECHNOLOGIES INC	524,321	$45,747	2.5%	$82.26	0.0%	COM	00971T101
FAF	FIRST AMERN FINL CORP	320,670	$19,702	1.1%	$62.32	0.0%	COM	31847R102
JBL	JABIL INC	70,665	$16,113	0.9%	$213.29	0.0%	COM	466313103
MRX	MAREX GROUP PLC	418,745	$16,063	0.9%	$33.95	0.0%	ORD	G5S37H101
BIIB	BIOGEN INC	84,990	$14,957	0.8%	$163.37	0.0%	COM	09062X103
TECH	BIO-TECHNE CORP	249,070	$14,648	0.8%	$60.72	0.0%	COM	09073M104
FCX	FREEPORT-MCMORAN INC	288,124	$14,634	0.8%	$43.31	0.0%	CL B	35671D857
MGA	MAGNA INTL INC	255,481	$13,617	0.7%	$48.87	0.0%	COM	559222401
NOVT	NOVANTA INC	107,095	$12,743	0.7%	$113.88	0.0%	COM	67000B104
VIRT	VIRTU FINL INC	376,283	$12,538	0.7%	$34.20	0.0%	CL A	928254101
SNAP	SNAP INC	1,496,410	$12,076	0.6%	$7.91	0.0%	CL A	83304A106
CNR	CORE NATURAL RESOURCES INC	130,242	$11,528	0.6%	$85.17	0.0%	COM SHS	218937100
SEZL	SEZZLE INC	167,873	$10,656	0.6%	$68.16	0.0%	COM	78435P105
GH	GUARDANT HEALTH INC	104,088	$10,632	0.6%	$89.46	0.0%	COM	40131M109
DGII	DIGI INTL INC	237,550	$10,284	0.6%	$40.05	0.0%	COM	253798102
ZG	ZILLOW GROUP INC	150,068	$10,239	0.5%	$70.33	0.0%	CL A	98954M101
METC	RAMACO RES INC	561,718	$10,111	0.5%	$26.27	0.0%	COM CL A	75134P600
SANM	SANMINA CORPORATION	66,589	$9,993	0.5%	$147.61	0.0%	COM	801056102
XZO	EXZEO GROUP INC	405,014	$9,822	0.5%	$19.02	0.0%	COM SHS	30234F101
DAVE	DAVE INC	44,001	$9,742	0.5%	$215.10	0.0%	CLASS A COM NEW	23834J201
MEC	MAYVILLE ENGR CO INC	512,762	$9,599	0.5%	$16.31	0.0%	COM	578605107
RELY	REMITLY GLOBAL INC	628,019	$8,667	0.5%	$14.53	0.0%	COM	75960P104
WAT	WATERS CORP	22,379	$8,500	0.5%	$367.96	0.0%	COM	941848103
PRCT	PROCEPT BIOROBOTICS CORP	255,118	$8,026	0.4%	$33.16	0.0%	COM	74276L105
NOK	NOKIA CORP	1,076,122	$6,963	0.4%	$6.47	—	SPONSORED ADR	654902204
NXT	NEXTPOWER INC	79,789	$6,950	0.4%	$90.67	0.0%	CLASS A COM	65290E101
QLYS	QUALYS INC	51,855	$6,892	0.4%	$137.58	0.0%	COM	74758T303
AMPL	AMPLITUDE INC	560,096	$6,486	0.3%	$10.52	0.0%	COM CL A	03213A104
DAN	DANA INC	252,423	$5,998	0.3%	$21.12	0.0%	COM	235825205
OWLT	OWLET INC	343,543	$5,562	0.3%	$11.34	0.0%	CL A NEW	69120X206
ECO	OKEANIS ECO TANKERS COR	161,815	$5,476	0.3%	$33.92	0.0%	SHS	Y64177101
VICR	VICOR CORP	48,721	$5,340	0.3%	$85.01	0.0%	COM	925815102
EBAY	EBAY INC.	58,144	$5,064	0.3%	$86.37	0.0%	COM	278642103
IESC	IES HLDGS INC	11,792	$4,587	0.2%	$401.94	0.0%	COM	44951W106
FLGT	FULGENT GENETICS INC	169,590	$4,455	0.2%	$25.94	0.0%	COM	359664109
ADEA	ADEIA INC	256,208	$4,420	0.2%	$14.79	0.0%	COM	00676P107
—	QIAGEN NV	90,182	$4,055	0.2%	$44.97	—	COM SHS	N72482206
AMBA	AMBARELLA INC	54,242	$3,843	0.2%	$80.81	0.0%	SHS	G037AX101
MBLY	MOBILEYE GLOBAL INC	341,936	$3,570	0.2%	$12.49	0.0%	COMMON CLASS A	60741F104
SPT	SPROUT SOCIAL INC	301,473	$3,398	0.2%	$10.80	0.0%	COM CL A	85209W109
OSK	OSHKOSH CORP	25,940	$3,259	0.2%	$127.92	0.0%	COM	688239201
RRX	REGAL REXNORD CORPORATION	23,098	$3,241	0.2%	$142.29	0.0%	COM	758750103
OUST	OUSTER INC	145,148	$3,141	0.2%	$26.42	0.0%	COM NEW	68989M202
QMCO	QUANTUM CORP	477,214	$3,078	0.2%	$8.97	0.0%	COM	747906600
PSNL	PERSONALIS INC	379,197	$3,018	0.2%	$8.75	0.0%	COM	71535D106
INDI	INDIE SEMICONDUCTOR INC	671,998	$2,372	0.1%	$4.38	0.0%	CLASS A COM	45569U101
ARE	ALEXANDRIA REAL ESTATE EQ IN	43,555	$2,132	0.1%	$58.01	0.0%	COM	015271109
XPEV	XPENG INC	96,927	$1,966	0.1%	$20.28	—	ADS	98422D105
SD	SANDRIDGE ENERGY INC	134,000	$1,934	0.1%	$13.23	0.0%	COM NEW	80007P869
SN	SHARKNINJA INC	15,907	$1,780	0.1%	$98.55	0.0%	COM SHS	G8068L108
TALO	TALOS ENERGY INC	119,100	$1,312	0.1%	$10.46	0.0%	COM	87484T108
NWL	NEWELL BRANDS INC	126,100	$469	0.0%	$3.99	0.0%	COM	651229106
AMPY	AMPLIFY ENERGY CORP NEW	89,063	$407	0.0%	$4.98	0.0%	COM	03212B103
CMTG	CLAROS MTG TR INC	119,700	$366	0.0%	$3.06	—	COMMON STOCK	18270D106
WEAV	WEAVE COMMUNICATIONS INC	47,600	$361	0.0%	$6.64	0.0%	COM	94724R108
CRGY	CRESCENT ENERGY COMPANY	39,900	$335	0.0%	$8.72	0.0%	CL A COM	44952J104
HBIO	HARVARD BIOSCIENCE INC	409,650	$274	0.0%	$0.59	0.0%	COM	416906105

Increased Positions (33)

BIDU BAIDU INC 1.8%

Value ($000) $34,453 (+5608.7%) Shares 263,681 (+5657.2%) Est. Cost $130.68 Unrealized —

CSTL CASTLE BIOSCIENCES INC 3.6%

Value ($000) $67,276 (+95.0%) Shares 1,729,463 (+14.1%) Est. Cost $22.93 Unrealized +40.6%

LNTH LANTHEUS HLDGS INC 1.7%

Value ($000) $31,664 (+107.7%) Shares 475,789 (+60.1%) Est. Cost $69.26 Unrealized -16.0%

REAX THE REAL BROKERAGE INC 2.1%

Value ($000) $39,346 (+63.2%) Shares 10,779,843 (+86.9%) Est. Cost $4.22 Unrealized -8.3%

FOUR SHIFT4 PMTS INC 1.6%

Value ($000) $29,474 (+101.7%) Shares 468,063 (+148.0%) Est. Cost $78.12 Unrealized -9.6%

LPTH LIGHTPATH TECHNOLOGIES INC 1.3%

Value ($000) $25,188 (+94.7%) Shares 2,332,184 (+42.9%) Est. Cost $5.56 Unrealized +45.8%

UTHR UNITED THERAPEUTICS CORP DEL 1.0%

Value ($000) $17,908 (+136.3%) Shares 36,753 (+103.3%) Est. Cost $386.34 Unrealized +20.5%

WRBY WARBY PARKER INC 1.4%

Value ($000) $26,849 (+50.7%) Shares 1,232,173 (+90.7%) Est. Cost $19.74 Unrealized +10.2%

LUXE LUXEXPERIENCE BV 1.2%

Value ($000) $22,217 (+67.4%) Shares 2,660,674 (+70.4%) Est. Cost $6.69 Unrealized —

PACK RANPAK HOLDINGS CORP 0.6%

Value ($000) $10,553 (+495.3%) Shares 1,950,730 (+518.4%) Est. Cost $5.11 Unrealized +2.8%

VPG VISHAY PRECISION GROUP INC 1.8%

Value ($000) $33,790 (+28.1%) Shares 877,669 (+6.6%) Est. Cost $24.33 Unrealized +45.4%

UPWK UPWORK INC 0.8%

Value ($000) $14,263 (+95.0%) Shares 719,644 (+82.7%) Est. Cost $16.45 Unrealized +11.5%

PRCH PORCH GROUP INC 1.0%

Value ($000) $19,018 (-26.1%) Shares 2,083,055 (+35.8%) Est. Cost $5.88 Unrealized +104.8%

ZETA ZETA GLOBAL HOLDINGS CORP 1.4%

Value ($000) $26,838 (+31.7%) Shares 1,318,797 (+28.6%) Est. Cost $13.02 Unrealized +43.4%

BELFB BEL FUSE INC 1.3%

Value ($000) $23,666 (+35.6%) Shares 139,513 (+12.7%) Est. Cost $101.69 Unrealized +53.6%

QTRX QUANTERIX CORP 1.5%

Value ($000) $28,783 (+24.4%) Shares 4,525,553 (+6.2%) Est. Cost $12.01 Unrealized -48.3%

TGLS TECNOGLASS INC 0.6%

Value ($000) $12,019 (+64.4%) Shares 238,852 (+118.6%) Est. Cost $51.42 Unrealized +6.2%

ALNT ALLIENT INC 0.9%

Value ($000) $16,226 (+40.7%) Shares 301,888 (+17.2%) Est. Cost $44.10 Unrealized +18.6%

WLDN WILLDAN GROUP INC 0.3%

Value ($000) $5,972 (+256.1%) Shares 57,613 (+232.2%) Est. Cost $83.17 Unrealized +18.4%

TMDX TRANSMEDICS GROUP INC 0.6%

Value ($000) $11,787 (+52.5%) Shares 96,893 (+40.6%) Est. Cost $119.49 Unrealized +5.0%

PLSE PULSE BIOSCIENCES INC 0.3%

Value ($000) $5,403 (+198.7%) Shares 393,499 (+285.0%) Est. Cost $15.64 Unrealized -0.4%

SG SWEETGREEN INC 0.3%

Value ($000) $5,733 (+125.8%) Shares 848,085 (+166.6%) Est. Cost $11.24 Unrealized -38.8%

CADL CANDEL THERAPEUTICS INC 0.5%

Value ($000) $9,579 (+35.7%) Shares 1,695,367 (+22.5%) Est. Cost $5.67 Unrealized -5.2%

WGS GENEDX HOLDINGS CORP 0.4%

Value ($000) $7,254 (+52.9%) Shares 55,776 (+26.6%) Est. Cost $90.85 Unrealized +51.1%

HZO MARINEMAX INC 0.6%

Value ($000) $11,810 (+18.7%) Shares 487,426 (+24.1%) Est. Cost $28.56 Unrealized -13.6%

RPAY REPAY HLDGS CORP 0.5%

Value ($000) $10,185 (-10.8%) Shares 2,790,281 (+27.8%) Est. Cost $5.06 Unrealized -20.8%

VNET VNET GROUP INC 0.4%

Value ($000) $6,826 (+16.4%) Shares 806,800 (+42.2%) Est. Cost $9.78 Unrealized —

STC STEWART INFORMATION SVCS COR 0.4%

Value ($000) $8,270 (+10.8%) Shares 117,708 (+15.6%) Est. Cost $69.24 Unrealized +4.0%

LPRO OPEN LENDING CORP 0.4%

Value ($000) $7,342 (-5.3%) Shares 4,736,630 (+28.9%) Est. Cost $2.15 Unrealized -17.5%

FORR FORRESTER RESH INC 0.3%

Value ($000) $5,731 (+5.2%) Shares 705,749 (+37.3%) Est. Cost $14.44 Unrealized -45.6%

MRCY MERCURY SYS INC 0.2%

Value ($000) $3,384 (-2.6%) Shares 46,348 (+3.3%) Est. Cost $62.57 Unrealized +18.9%

KRUS KURA SUSHI USA INC 0.5%

Value ($000) $9,984 (+0.4%) Shares 190,796 (+14.0%) Est. Cost $79.91 Unrealized -31.7%

GDS GDS HLDGS LTD 0.0%

Value ($000) $536 (-1.5%) Shares 15,359 (+9.2%) Est. Cost $38.38 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIDU	BAIDU INC	263,681 (+5657.2%)	$34,453 (+5608.7%)	1.8%	$130.68	—	SPON ADR REP A	056752108
CSTL	CASTLE BIOSCIENCES INC	1,729,463 (+14.1%)	$67,276 (+95.0%)	3.6%	$22.93	+40.6%	COM	14843C105
LNTH	LANTHEUS HLDGS INC	475,789 (+60.1%)	$31,664 (+107.7%)	1.7%	$69.26	-16.0%	COM	516544103
REAX	THE REAL BROKERAGE INC	10,779,843 (+86.9%)	$39,346 (+63.2%)	2.1%	$4.22	-8.3%	COM NEW	75585H206
FOUR	SHIFT4 PMTS INC	468,063 (+148.0%)	$29,474 (+101.7%)	1.6%	$78.12	-9.6%	CL A	82452J109
LPTH	LIGHTPATH TECHNOLOGIES INC	2,332,184 (+42.9%)	$25,188 (+94.7%)	1.3%	$5.56	+45.8%	COM CL A	532257805
UTHR	UNITED THERAPEUTICS CORP DEL	36,753 (+103.3%)	$17,908 (+136.3%)	1.0%	$386.34	+20.5%	COM	91307C102
WRBY	WARBY PARKER INC	1,232,173 (+90.7%)	$26,849 (+50.7%)	1.4%	$19.74	+10.2%	CL A COM	93403J106
LUXE	LUXEXPERIENCE BV	2,660,674 (+70.4%)	$22,217 (+67.4%)	1.2%	$6.69	—	SPONSORED ADS	55406W103
PACK	RANPAK HOLDINGS CORP	1,950,730 (+518.4%)	$10,553 (+495.3%)	0.6%	$5.11	+2.8%	COM CL A	75321W103
VPG	VISHAY PRECISION GROUP INC	877,669 (+6.6%)	$33,790 (+28.1%)	1.8%	$24.33	+45.4%	COM	92835K103
UPWK	UPWORK INC	719,644 (+82.7%)	$14,263 (+95.0%)	0.8%	$16.45	+11.5%	COM	91688F104
PRCH	PORCH GROUP INC	2,083,055 (+35.8%)	$19,018 (-26.1%)	1.0%	$5.88	+104.8%	COM	733245104
ZETA	ZETA GLOBAL HOLDINGS CORP	1,318,797 (+28.6%)	$26,838 (+31.7%)	1.4%	$13.02	+43.4%	CL A	98956A105
BELFB	BEL FUSE INC	139,513 (+12.7%)	$23,666 (+35.6%)	1.3%	$101.69	+53.6%	CL B	077347300
QTRX	QUANTERIX CORP	4,525,553 (+6.2%)	$28,783 (+24.4%)	1.5%	$12.01	-48.3%	COM	74766Q101
TGLS	TECNOGLASS INC	238,852 (+118.6%)	$12,019 (+64.4%)	0.6%	$51.42	+6.2%	ORD SHS	G87264100
ALNT	ALLIENT INC	301,888 (+17.2%)	$16,226 (+40.7%)	0.9%	$44.10	+18.6%	COM	019330109
WLDN	WILLDAN GROUP INC	57,613 (+232.2%)	$5,972 (+256.1%)	0.3%	$83.17	+18.4%	COM	96924N100
TMDX	TRANSMEDICS GROUP INC	96,893 (+40.6%)	$11,787 (+52.5%)	0.6%	$119.49	+5.0%	COM	89377M109
PLSE	PULSE BIOSCIENCES INC	393,499 (+285.0%)	$5,403 (+198.7%)	0.3%	$15.64	-0.4%	COM	74587B101
SG	SWEETGREEN INC	848,085 (+166.6%)	$5,733 (+125.8%)	0.3%	$11.24	-38.8%	COM CL A	87043Q108
CADL	CANDEL THERAPEUTICS INC	1,695,367 (+22.5%)	$9,579 (+35.7%)	0.5%	$5.67	-5.2%	COM	137404109
WGS	GENEDX HOLDINGS CORP	55,776 (+26.6%)	$7,254 (+52.9%)	0.4%	$90.85	+51.1%	COM CL A	81663L200
HZO	MARINEMAX INC	487,426 (+24.1%)	$11,810 (+18.7%)	0.6%	$28.56	-13.6%	COM	567908108
RPAY	REPAY HLDGS CORP	2,790,281 (+27.8%)	$10,185 (-10.8%)	0.5%	$5.06	-20.8%	COM CL A	76029L100
VNET	VNET GROUP INC	806,800 (+42.2%)	$6,826 (+16.4%)	0.4%	$9.78	—	SPONSORED ADS A	90138A103
STC	STEWART INFORMATION SVCS COR	117,708 (+15.6%)	$8,270 (+10.8%)	0.4%	$69.24	+4.0%	COM	860372101
LPRO	OPEN LENDING CORP	4,736,630 (+28.9%)	$7,342 (-5.3%)	0.4%	$2.15	-17.5%	COM	68373J104
FORR	FORRESTER RESH INC	705,749 (+37.3%)	$5,731 (+5.2%)	0.3%	$14.44	-45.6%	COM	346563109
MRCY	MERCURY SYS INC	46,348 (+3.3%)	$3,384 (-2.6%)	0.2%	$62.57	+18.9%	COM	589378108
KRUS	KURA SUSHI USA INC	190,796 (+14.0%)	$9,984 (+0.4%)	0.5%	$79.91	-31.7%	CL A COM	501270102
GDS	GDS HLDGS LTD	15,359 (+9.2%)	$536 (-1.5%)	0.0%	$38.38	—	SPONSORED ADS	36165L108

Exited Positions (21)

WWW WOLVERINE WORLD WIDE INC 1.2%

Value ($000) $21,859 Shares 796,627 Est. Cost $26.08 Unrealized -23.0%

PSIX POWER SOLUTIONS INTL INC 1.0%

Value ($000) $19,232 Shares 195,804 Est. Cost $88.67 Unrealized -19.5%

CELH CELSIUS HLDGS INC 0.5%

Value ($000) $9,430 Shares 164,031 Est. Cost $41.17 Unrealized +22.4%

CXT CRANE NXT CO 0.5%

Value ($000) $8,853 Shares 131,989 Est. Cost $59.28 Unrealized -0.5%

BKSY BLACKSKY TECHNOLOGY INC 0.4%

Value ($000) $7,855 Shares 389,802 Est. Cost $19.49 Unrealized +4.6%

GNRC GENERAC HLDGS INC 0.4%

Value ($000) $7,538 Shares 45,031 Est. Cost $175.19 Unrealized -7.9%

TIC ACUREN CORP 0.3%

Value ($000) $6,295 Shares 472,954 Est. Cost $11.40 Unrealized -2.4%

LMT LOCKHEED MARTIN CORP 0.3%

Value ($000) $6,243 Shares 12,506 Est. Cost $459.07 Unrealized +3.7%

AMRC AMERESCO INC 0.3%

Value ($000) $5,873 Shares 174,903 Est. Cost $22.88 Unrealized +53.4%

ONTO ONTO INNOVATION INC 0.3%

Value ($000) $5,759 Shares 44,564 Est. Cost $107.03 Unrealized +32.7%

LEVI LEVI STRAUSS &CO NEW 0.3%

Value ($000) $4,991 Shares 214,221 Est. Cost $20.94 Unrealized +2.1%

PRG PROG HOLDINGS INC 0.3%

Value ($000) $4,859 Shares 150,161 Est. Cost $32.57 Unrealized -8.7%

SITM SITIME CORP 0.3%

Value ($000) $4,671 Shares 15,503 Est. Cost $231.82 Unrealized +35.0%

WYFI WHITEFIBER INC 0.2%

Value ($000) $4,365 Shares 160,669 Est. Cost $19.54 Unrealized +26.5%

CTOS CUSTOM TRUCK ONE SOURCE INC 0.2%

Value ($000) $4,167 Shares 649,076 Est. Cost $5.79 Unrealized +5.4%

RCKY ROCKY BRANDS INC 0.2%

Value ($000) $3,822 Shares 128,307 Est. Cost $19.05 Unrealized +54.4%

SRAD SPORTRADAR GROUP AG 0.2%

Value ($000) $3,546 Shares 131,810 Est. Cost $12.11 Unrealized —

WT WISDOMTREE INC 0.1%

Value ($000) $984 Shares 70,782 Est. Cost $9.36 Unrealized +29.0%

SPWH SPORTSMANS WHSE HLDGS INC 0.0%

Value ($000) $842 Shares 303,800 Est. Cost $2.28 Unrealized -4.6%

BXC BLUELINX HLDGS INC 0.0%

Value ($000) $490 Shares 6,700 Est. Cost $85.29 Unrealized -24.3%

VELO VELO3D INC 0.0%

Value ($000) $184 Shares 59,921 Est. Cost $3.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WWW	WOLVERINE WORLD WIDE INC	796,627	$21,859	1.2%	$26.08	-23.0%	—	978097103
PSIX	POWER SOLUTIONS INTL INC	195,804	$19,232	1.0%	$88.67	-19.5%	—	73933G202
CELH	CELSIUS HLDGS INC	164,031	$9,430	0.5%	$41.17	+22.4%	—	15118V207
CXT	CRANE NXT CO	131,989	$8,853	0.5%	$59.28	-0.5%	—	224441105
BKSY	BLACKSKY TECHNOLOGY INC	389,802	$7,855	0.4%	$19.49	+4.6%	—	09263B207
GNRC	GENERAC HLDGS INC	45,031	$7,538	0.4%	$175.19	-7.9%	—	368736104
TIC	ACUREN CORP	472,954	$6,295	0.3%	$11.40	-2.4%	—	00510N102
LMT	LOCKHEED MARTIN CORP	12,506	$6,243	0.3%	$459.07	+3.7%	—	539830109
AMRC	AMERESCO INC	174,903	$5,873	0.3%	$22.88	+53.4%	—	02361E108
ONTO	ONTO INNOVATION INC	44,564	$5,759	0.3%	$107.03	+32.7%	—	683344105
LEVI	LEVI STRAUSS &CO NEW	214,221	$4,991	0.3%	$20.94	+2.1%	—	52736R102
PRG	PROG HOLDINGS INC	150,161	$4,859	0.3%	$32.57	-8.7%	—	74319R101
SITM	SITIME CORP	15,503	$4,671	0.3%	$231.82	+35.0%	—	82982T106
WYFI	WHITEFIBER INC	160,669	$4,365	0.2%	$19.54	+26.5%	—	G96115103
CTOS	CUSTOM TRUCK ONE SOURCE INC	649,076	$4,167	0.2%	$5.79	+5.4%	—	23204X103
RCKY	ROCKY BRANDS INC	128,307	$3,822	0.2%	$19.05	+54.4%	—	774515100
SRAD	SPORTRADAR GROUP AG	131,810	$3,546	0.2%	$12.11	—	—	H8088L103
WT	WISDOMTREE INC	70,782	$984	0.1%	$9.36	+29.0%	—	97717P104
SPWH	SPORTSMANS WHSE HLDGS INC	303,800	$842	0.0%	$2.28	-4.6%	—	84920Y106
BXC	BLUELINX HLDGS INC	6,700	$490	0.0%	$85.29	-24.3%	—	09624H208
VELO	VELO3D INC	59,921	$184	0.0%	$3.07	—	—	92259N302

Decreased Positions (55)

DBRG DIGITALBRIDGE GROUP INC 0.7%

Value ($000) $12,655 (-80.2%) Shares 824,946 (-84.9%) Est. Cost $11.04 Unrealized +8.8%

ELF E L F BEAUTY INC 0.8%

Value ($000) $14,624 (-77.4%) Shares 192,322 (-60.6%) Est. Cost $80.69 Unrealized +22.0%

KTOS KRATOS DEFENSE &SEC SOLUTIO 1.2%

Value ($000) $22,318 (-59.0%) Shares 294,006 (-50.7%) Est. Cost $18.24 Unrealized +348.9%

AVAV AEROVIRONMENT INC 1.0%

Value ($000) $18,373 (-60.6%) Shares 75,958 (-48.7%) Est. Cost $169.27 Unrealized +85.7%

DOMO DOMO INC 1.0%

Value ($000) $18,198 (-57.2%) Shares 2,158,770 (-19.6%) Est. Cost $12.80 Unrealized -8.1%

CLBT CELLEBRITE DI LTD 1.2%

Value ($000) $23,210 (-48.2%) Shares 1,287,287 (-46.8%) Est. Cost $14.10 Unrealized +27.3%

POWL POWELL INDS INC 1.4%

Value ($000) $25,221 (-44.2%) Shares 79,116 (-46.6%) Est. Cost $193.39 Unrealized +74.0%

GDOT GREEN DOT CORP 0.3%

Value ($000) $5,210 (-76.0%) Shares 406,734 (-74.8%) Est. Cost $9.26 Unrealized +34.2%

OPRA OPERA LTD 0.5%

Value ($000) $8,937 (-61.5%) Shares 631,177 (-43.8%) Est. Cost $16.54 Unrealized —

MOD MODINE MFG CO 3.8%

Value ($000) $71,554 (-16.5%) Shares 535,947 (-11.0%) Est. Cost $85.88 Unrealized +73.4%

VRT VERTIV HOLDINGS CO 0.1%

Value ($000) $1,464 (-90.4%) Shares 9,039 (-91.0%) Est. Cost $100.85 Unrealized +72.1%

SEI SOLARIS ENERGY INFRAS INC 0.0%

Value ($000) $895 (-93.8%) Shares 19,474 (-94.6%) Est. Cost $31.12 Unrealized +55.2%

HNST HONEST CO INC 0.7%

Value ($000) $12,395 (-51.4%) Shares 4,804,206 (-30.7%) Est. Cost $3.05 Unrealized +0.5%

GENI GENIUS SPORTS LIMITED 1.7%

Value ($000) $32,378 (-27.6%) Shares 2,938,119 (-18.7%) Est. Cost $6.34 Unrealized +71.9%

TLN TALEN ENERGY CORP 1.5%

Value ($000) $28,107 (-30.2%) Shares 74,984 (-20.8%) Est. Cost $231.08 Unrealized +68.2%

SMCI SUPER MICRO COMPUTER INC 0.2%

Value ($000) $2,826 (-80.1%) Shares 96,544 (-67.4%) Est. Cost $44.37 Unrealized -7.2%

CLS CELESTICA INC 2.7%

Value ($000) $50,926 (-17.8%) Shares 172,275 (-31.5%) Est. Cost $66.36 Unrealized +354.1%

TTMI TTM TECHNOLOGIES INC 4.2%

Value ($000) $79,121 (+15.5%) Shares 1,146,682 (-3.5%) Est. Cost $19.79 Unrealized +229.8%

SMTC SEMTECH CORP 2.0%

Value ($000) $37,483 (-21.6%) Shares 508,655 (-24.0%) Est. Cost $45.08 Unrealized +57.4%

RDNT RADNET INC 0.4%

Value ($000) $8,384 (-51.5%) Shares 117,506 (-48.2%) Est. Cost $56.72 Unrealized +36.1%

WIX WIX COM LTD 0.4%

Value ($000) $8,342 (-51.0%) Shares 80,298 (-16.2%) Est. Cost $150.49 Unrealized -19.7%

DKNG DRAFTKINGS INC NEW 0.3%

Value ($000) $6,333 (-54.5%) Shares 183,778 (-50.6%) Est. Cost $39.58 Unrealized -16.9%

PRIM PRIMORIS SVCS CORP 0.7%

Value ($000) $13,124 (-36.0%) Shares 105,716 (-29.2%) Est. Cost $79.79 Unrealized +63.6%

IIIV I3 VERTICALS INC 0.9%

Value ($000) $16,927 (-30.3%) Shares 671,987 (-10.1%) Est. Cost $22.92 Unrealized +22.8%

SMWB SIMILARWEB LTD 0.2%

Value ($000) $3,692 (-66.3%) Shares 492,861 (-58.2%) Est. Cost $9.26 Unrealized -13.0%

BAND BANDWIDTH INC 0.3%

Value ($000) $5,205 (-58.1%) Shares 336,874 (-54.8%) Est. Cost $14.58 Unrealized +4.1%

LINC LINCOLN EDL SVCS CORP 0.0%

Value ($000) $338 (-95.5%) Shares 14,007 (-95.6%) Est. Cost $20.06 Unrealized +8.6%

RDDT REDDIT INC 0.0%

Value ($000) $818 (-89.7%) Shares 3,558 (-89.7%) Est. Cost $112.13 Unrealized +87.6%

GTES GATES INDL CORP PLC 0.1%

Value ($000) $2,085 (-77.1%) Shares 97,125 (-73.5%) Est. Cost $20.34 Unrealized +13.5%

PL PLANET LABS PBC 0.1%

Value ($000) $1,355 (-83.5%) Shares 68,715 (-89.1%) Est. Cost $7.71 Unrealized +85.8%

FLEX FLEX LTD 1.5%

Value ($000) $28,211 (-18.3%) Shares 466,913 (-21.6%) Est. Cost $32.80 Unrealized +88.3%

TSEM TOWER SEMICONDUCTOR LTD 0.9%

Value ($000) $17,440 (-26.3%) Shares 148,525 (-54.6%) Est. Cost $49.18 Unrealized +95.9%

AAOI APPLIED OPTOELECTRONICS INC 0.4%

Value ($000) $7,964 (-43.8%) Shares 228,458 (-58.2%) Est. Cost $17.74 Unrealized +68.3%

LITE LUMENTUM HLDGS INC 0.1%

Value ($000) $2,146 (-73.3%) Shares 5,822 (-88.2%) Est. Cost $124.70 Unrealized +106.0%

ZGN ERMENEGILDO ZEGNA N V 0.4%

Value ($000) $7,283 (-43.7%) Shares 710,534 (-48.1%) Est. Cost $8.26 Unrealized +23.6%

FN FABRINET 0.3%

Value ($000) $4,953 (-52.8%) Shares 10,878 (-62.2%) Est. Cost $257.43 Unrealized +69.0%

ECG EVERUS CONSTR GROUP 0.0%

Value ($000) $747 (-88.1%) Shares 8,725 (-88.0%) Est. Cost $74.30 Unrealized +20.4%

SHLS SHOALS TECHNOLOGIES GROUP IN 0.0%

Value ($000) $619 (-89.8%) Shares 72,781 (-91.1%) Est. Cost $6.15 Unrealized +46.0%

ACMR ACM RESH INC 0.6%

Value ($000) $11,263 (-29.1%) Shares 285,506 (-29.7%) Est. Cost $29.69 Unrealized +25.5%

MAMA MAMAS CREATIONS INC 0.9%

Value ($000) $16,805 (-21.4%) Shares 1,245,767 (-38.8%) Est. Cost $7.02 Unrealized +63.6%

SPHR SPHERE ENTERTAINMENT CO 0.9%

Value ($000) $16,700 (+29.0%) Shares 175,646 (-15.7%) Est. Cost $47.20 Unrealized +61.4%

TGEN TECOGEN INC NEW 0.1%

Value ($000) $2,202 (-58.0%) Shares 445,810 (-25.2%) Est. Cost $4.88 Unrealized +53.7%

BIO BIO RAD LABS INC 0.6%

Value ($000) $10,350 (-20.5%) Shares 34,159 (-26.4%) Est. Cost $286.81 Unrealized +8.8%

GOOS CANADA GOOSE HLDGS INC 1.5%

Value ($000) $27,699 (-7.6%) Shares 2,138,904 (-1.6%) Est. Cost $10.73 Unrealized +24.0%

FSLR FIRST SOLAR INC 1.1%

Value ($000) $20,575 (+12.1%) Shares 78,761 (-5.3%) Est. Cost $191.94 Unrealized +31.4%

META META PLATFORMS INC 0.4%

Value ($000) $6,811 (-20.7%) Shares 10,318 (-11.7%) Est. Cost $147.85 Unrealized +351.4%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 0.5%

Value ($000) $9,649 (-14.4%) Shares 37,687 (-13.6%) Est. Cost $145.67 Unrealized +71.1%

LHX L3HARRIS TECHNOLOGIES INC 0.0%

Value ($000) $633 (-59.0%) Shares 2,157 (-57.3%) Est. Cost $227.05 Unrealized +27.0%

GCT GIGACLOUD TECHNOLOGY INC 0.3%

Value ($000) $5,400 (-13.7%) Shares 137,478 (-37.6%) Est. Cost $15.99 Unrealized +106.8%

FEIM FREQUENCY ELECTRS INC 0.3%

Value ($000) $6,088 (-11.9%) Shares 113,076 (-44.5%) Est. Cost $27.78 Unrealized +32.4%

CDNA CAREDX INC 0.8%

Value ($000) $14,295 (+5.3%) Shares 758,775 (-18.7%) Est. Cost $18.29 Unrealized -8.4%

LASR NLIGHT INC 1.2%

Value ($000) $22,147 (-2.9%) Shares 590,433 (-23.3%) Est. Cost $24.80 Unrealized +34.7%

OLPX OLAPLEX HLDGS INC 0.2%

Value ($000) $4,131 (-13.3%) Shares 3,082,600 (-15.2%) Est. Cost $1.38 Unrealized -13.6%

ESTA ESTABLISHMENT LABS HLDGS INC 0.4%

Value ($000) $6,898 (+8.5%) Shares 94,648 (-39.0%) Est. Cost $41.70 Unrealized +44.8%

CIEN CIENA CORP 0.7%

Value ($000) $13,209 (+2.1%) Shares 56,481 (-36.4%) Est. Cost $101.84 Unrealized +90.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DBRG	DIGITALBRIDGE GROUP INC	824,946 (-84.9%)	$12,655 (-80.2%)	0.7%	$11.04	+8.8%	CL A NEW	25401T603
ELF	E L F BEAUTY INC	192,322 (-60.6%)	$14,624 (-77.4%)	0.8%	$80.69	+22.0%	COM	26856L103
KTOS	KRATOS DEFENSE &SEC SOLUTIO	294,006 (-50.7%)	$22,318 (-59.0%)	1.2%	$18.24	+348.9%	COM NEW	50077B207
AVAV	AEROVIRONMENT INC	75,958 (-48.7%)	$18,373 (-60.6%)	1.0%	$169.27	+85.7%	COM	008073108
DOMO	DOMO INC	2,158,770 (-19.6%)	$18,198 (-57.2%)	1.0%	$12.80	-8.1%	COM CL B	257554105
CLBT	CELLEBRITE DI LTD	1,287,287 (-46.8%)	$23,210 (-48.2%)	1.2%	$14.10	+27.3%	ORDINARY SHARES	M2197Q107
POWL	POWELL INDS INC	79,116 (-46.6%)	$25,221 (-44.2%)	1.4%	$193.39	+74.0%	COM	739128106
GDOT	GREEN DOT CORP	406,734 (-74.8%)	$5,210 (-76.0%)	0.3%	$9.26	+34.2%	CL A	39304D102
OPRA	OPERA LTD	631,177 (-43.8%)	$8,937 (-61.5%)	0.5%	$16.54	—	SPONSORED ADS	68373M107
MOD	MODINE MFG CO	535,947 (-11.0%)	$71,554 (-16.5%)	3.8%	$85.88	+73.4%	COM	607828100
VRT	VERTIV HOLDINGS CO	9,039 (-91.0%)	$1,464 (-90.4%)	0.1%	$100.85	+72.1%	COM CL A	92537N108
SEI	SOLARIS ENERGY INFRAS INC	19,474 (-94.6%)	$895 (-93.8%)	0.0%	$31.12	+55.2%	COM CL A	83418M103
HNST	HONEST CO INC	4,804,206 (-30.7%)	$12,395 (-51.4%)	0.7%	$3.05	+0.5%	COM	438333106
GENI	GENIUS SPORTS LIMITED	2,938,119 (-18.7%)	$32,378 (-27.6%)	1.7%	$6.34	+71.9%	SHARES CL A	G3934V109
TLN	TALEN ENERGY CORP	74,984 (-20.8%)	$28,107 (-30.2%)	1.5%	$231.08	+68.2%	COM	87422Q109
SMCI	SUPER MICRO COMPUTER INC	96,544 (-67.4%)	$2,826 (-80.1%)	0.2%	$44.37	-7.2%	COM NEW	86800U302
CLS	CELESTICA INC	172,275 (-31.5%)	$50,926 (-17.8%)	2.7%	$66.36	+354.1%	COM	15101Q207
TTMI	TTM TECHNOLOGIES INC	1,146,682 (-3.5%)	$79,121 (+15.5%)	4.2%	$19.79	+229.8%	COM	87305R109
SMTC	SEMTECH CORP	508,655 (-24.0%)	$37,483 (-21.6%)	2.0%	$45.08	+57.4%	COM	816850101
RDNT	RADNET INC	117,506 (-48.2%)	$8,384 (-51.5%)	0.4%	$56.72	+36.1%	COM	750491102
WIX	WIX COM LTD	80,298 (-16.2%)	$8,342 (-51.0%)	0.4%	$150.49	-19.7%	SHS	M98068105
DKNG	DRAFTKINGS INC NEW	183,778 (-50.6%)	$6,333 (-54.5%)	0.3%	$39.58	-16.9%	COM CL A	26142V105
PRIM	PRIMORIS SVCS CORP	105,716 (-29.2%)	$13,124 (-36.0%)	0.7%	$79.79	+63.6%	COM	74164F103
IIIV	I3 VERTICALS INC	671,987 (-10.1%)	$16,927 (-30.3%)	0.9%	$22.92	+22.8%	COM CL A	46571Y107
SMWB	SIMILARWEB LTD	492,861 (-58.2%)	$3,692 (-66.3%)	0.2%	$9.26	-13.0%	SHS	M84137104
BAND	BANDWIDTH INC	336,874 (-54.8%)	$5,205 (-58.1%)	0.3%	$14.58	+4.1%	COM CL A	05988J103
LINC	LINCOLN EDL SVCS CORP	14,007 (-95.6%)	$338 (-95.5%)	0.0%	$20.06	+8.6%	COM	533535100
RDDT	REDDIT INC	3,558 (-89.7%)	$818 (-89.7%)	0.0%	$112.13	+87.6%	CL A	75734B100
GTES	GATES INDL CORP PLC	97,125 (-73.5%)	$2,085 (-77.1%)	0.1%	$20.34	+13.5%	ORD SHS	G39108108
PL	PLANET LABS PBC	68,715 (-89.1%)	$1,355 (-83.5%)	0.1%	$7.71	+85.8%	COM CL A	72703X106
FLEX	FLEX LTD	466,913 (-21.6%)	$28,211 (-18.3%)	1.5%	$32.80	+88.3%	ORD	Y2573F102
TSEM	TOWER SEMICONDUCTOR LTD	148,525 (-54.6%)	$17,440 (-26.3%)	0.9%	$49.18	+95.9%	SHS NEW	M87915274
AAOI	APPLIED OPTOELECTRONICS INC	228,458 (-58.2%)	$7,964 (-43.8%)	0.4%	$17.74	+68.3%	COM	03823U102
LITE	LUMENTUM HLDGS INC	5,822 (-88.2%)	$2,146 (-73.3%)	0.1%	$124.70	+106.0%	COM	55024U109
ZGN	ERMENEGILDO ZEGNA N V	710,534 (-48.1%)	$7,283 (-43.7%)	0.4%	$8.26	+23.6%	ORD SHS	N30577105
FN	FABRINET	10,878 (-62.2%)	$4,953 (-52.8%)	0.3%	$257.43	+69.0%	SHS	G3323L100
ECG	EVERUS CONSTR GROUP	8,725 (-88.0%)	$747 (-88.1%)	0.0%	$74.30	+20.4%	COM	300426103
SHLS	SHOALS TECHNOLOGIES GROUP IN	72,781 (-91.1%)	$619 (-89.8%)	0.0%	$6.15	+46.0%	CL A	82489W107
ACMR	ACM RESH INC	285,506 (-29.7%)	$11,263 (-29.1%)	0.6%	$29.69	+25.5%	COM CL A	00108J109
MAMA	MAMAS CREATIONS INC	1,245,767 (-38.8%)	$16,805 (-21.4%)	0.9%	$7.02	+63.6%	COM	56146T103
SPHR	SPHERE ENTERTAINMENT CO	175,646 (-15.7%)	$16,700 (+29.0%)	0.9%	$47.20	+61.4%	CL A	55826T102
TGEN	TECOGEN INC NEW	445,810 (-25.2%)	$2,202 (-58.0%)	0.1%	$4.88	+53.7%	COM NEW	87876P201
BIO	BIO RAD LABS INC	34,159 (-26.4%)	$10,350 (-20.5%)	0.6%	$286.81	+8.8%	CL A	090572207
GOOS	CANADA GOOSE HLDGS INC	2,138,904 (-1.6%)	$27,699 (-7.6%)	1.5%	$10.73	+24.0%	SHS SUB VTG	135086106
FSLR	FIRST SOLAR INC	78,761 (-5.3%)	$20,575 (+12.1%)	1.1%	$191.94	+31.4%	COM	336433107
META	META PLATFORMS INC	10,318 (-11.7%)	$6,811 (-20.7%)	0.4%	$147.85	+351.4%	CL A	30303M102
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	37,687 (-13.6%)	$9,649 (-14.4%)	0.5%	$145.67	+71.1%	COM	874054109
LHX	L3HARRIS TECHNOLOGIES INC	2,157 (-57.3%)	$633 (-59.0%)	0.0%	$227.05	+27.0%	COM	502431109
GCT	GIGACLOUD TECHNOLOGY INC	137,478 (-37.6%)	$5,400 (-13.7%)	0.3%	$15.99	+106.8%	CLASS A ORD	G38644103
FEIM	FREQUENCY ELECTRS INC	113,076 (-44.5%)	$6,088 (-11.9%)	0.3%	$27.78	+32.4%	COM	358010106
CDNA	CAREDX INC	758,775 (-18.7%)	$14,295 (+5.3%)	0.8%	$18.29	-8.4%	COM	14167L103
LASR	NLIGHT INC	590,433 (-23.3%)	$22,147 (-2.9%)	1.2%	$24.80	+34.7%	COM	65487K100
OLPX	OLAPLEX HLDGS INC	3,082,600 (-15.2%)	$4,131 (-13.3%)	0.2%	$1.38	-13.6%	COM	679369108
ESTA	ESTABLISHMENT LABS HLDGS INC	94,648 (-39.0%)	$6,898 (+8.5%)	0.4%	$41.70	+44.8%	COM	G31249108
CIEN	CIENA CORP	56,481 (-36.4%)	$13,209 (+2.1%)	0.7%	$101.84	+90.5%	COM NEW	171779309

Unchanged Positions (10)

ENVA ENOVA INTL INC 0.8%

Value ($000) $15,382 Shares 97,847 Est. Cost $64.28 Unrealized +102.5%

NUS NU SKIN ENTERPRISES INC 0.3%

Value ($000) $5,740 Shares 596,724 Est. Cost $10.41 Unrealized -1.0%

DOUG DOUGLAS ELLIMAN INC 0.3%

Value ($000) $5,579 Shares 2,353,950 Est. Cost $2.24 Unrealized +14.6%

NTRA NATERA INC 0.2%

Value ($000) $3,571 Shares 15,588 Est. Cost $63.61 Unrealized +227.9%

ORCL ORACLE CORP 0.1%

Value ($000) $1,863 Shares 9,560 Est. Cost $145.61 Unrealized +63.5%

GOOG ALPHABET INC 0.1%

Value ($000) $2,194 Shares 6,992 Est. Cost $135.59 Unrealized +111.2%

TPR TAPESTRY INC 0.2%

Value ($000) $3,305 Shares 25,868 Est. Cost $57.71 Unrealized +97.6%

PKE PARK AEROSPACE CORP 0.3%

Value ($000) $5,229 Shares 245,035 Est. Cost $18.13 Unrealized +9.9%

MSFT MICROSOFT CORP 0.2%

Value ($000) $2,888 Shares 5,972 Est. Cost $238.96 Unrealized +109.5%

CWST CASELLA WASTE SYS INC 0.1%

Value ($000) $1,491 Shares 15,225 Est. Cost $66.49 Unrealized +39.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENVA	ENOVA INTL INC	97,847	$15,382	0.8%	$64.28	+102.5%	COM	29357K103
NUS	NU SKIN ENTERPRISES INC	596,724	$5,740	0.3%	$10.41	-1.0%	CL A	67018T105
DOUG	DOUGLAS ELLIMAN INC	2,353,950	$5,579	0.3%	$2.24	+14.6%	COM	25961D105
NTRA	NATERA INC	15,588	$3,571	0.2%	$63.61	+227.9%	COM	632307104
ORCL	ORACLE CORP	9,560	$1,863	0.1%	$145.61	+63.5%	COM	68389X105
GOOG	ALPHABET INC	6,992	$2,194	0.1%	$135.59	+111.2%	CAP STK CL C	02079K107
TPR	TAPESTRY INC	25,868	$3,305	0.2%	$57.71	+97.6%	COM	876030107
PKE	PARK AEROSPACE CORP	245,035	$5,229	0.3%	$18.13	+9.9%	COM	70014A104
MSFT	MICROSOFT CORP	5,972	$2,888	0.2%	$238.96	+109.5%	COM	594918104
CWST	CASELLA WASTE SYS INC	15,225	$1,491	0.1%	$66.49	+39.6%	CL A	147448104