Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AFL	AFLAC INC	604,852	$70.92M	7.0%	—	—	COM	001055102
FTNT	FORTINET INC	397,555	$61.07M	6.0%	—	—	COM	34959E109
SNDK	SANDISK CORP	19,900	$45.25M	4.5%	—	—	COM	80004C200
ALAB	ASTERA LABS INC	7,200	$3.478M	0.3%	—	—	COM	04626A103
PGR	PROGRESSIVE CORP	14,640	$3.198M	0.3%	—	—	COM	743315103
AMAT	APPLIED MATLS INC	4,360	$3.152M	0.3%	—	—	COM	038222105
DY	DYCOM INDS INC	6,040	$3.054M	0.3%	—	—	COM	267475101
QCOM	QUALCOMM INC	3,200	$591K	0.1%	—	—	COM	747525103
INTC	INTEL CORP	2,047	$286K	0.0%	—	—	COM	458140100
FIX	COMFORT SYS USA INC	130	$258K	0.0%	—	—	COM	199908104
DELL	DELL TECHNOLOGIES INC	452	$195K	0.0%	—	—	CL C	24703L202
ETN	EATON CORP PLC	400	$170K	0.0%	—	—	SHS	G29183103

Increased Positions (4)

V VISA INC 9.4%

Value $95.18M (+38.1%) Shares 277,412 (+21.7%) Est. Cost — Unrealized —

PM PHILIP MORRIS INTL INC 9.0%

Value $90.65M (+35.6%) Shares 501,070 (+23.9%) Est. Cost — Unrealized —

SNOW SNOWFLAKE INC 1.6%

Value $16.53M (+7167.6%) Shares 64,948 (+4206.9%) Est. Cost — Unrealized —

ARM ARM HOLDINGS PLC 0.1%

Value $745K (+392.2%) Shares 2,100 (+110.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	277,412 (+21.7%)	$95.18M (+38.1%)	9.4%	—	—	COM CL A	92826C839
PM	PHILIP MORRIS INTL INC	501,070 (+23.9%)	$90.65M (+35.6%)	9.0%	—	—	COM	718172109
SNOW	SNOWFLAKE INC	64,948 (+4206.9%)	$16.53M (+7167.6%)	1.6%	—	—	COM SHS	833445109
ARM	ARM HOLDINGS PLC	2,100 (+110.0%)	$745K (+392.2%)	0.1%	—	—	SPONSORED ADS	042068205

Exited Positions (4)

LHX L3HARRIS Technologies Inv 1.4%

Value $13.72M Shares 39,755 Est. Cost — Unrealized —

LULU Lululemon Atheletic Inc 0.1%

Value $686K Shares 3,300 Est. Cost — Unrealized —

CBRE Capital One Finance Corp 0.0%

Value $182K Shares 1,000 Est. Cost — Unrealized —

NKE Nike Inc 0.0%

Value $211 Shares 4 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LHX	L3HARRIS Technologies Inv	39,755	$13.72M	1.4%	—	—	—	502431109
LULU	Lululemon Atheletic Inc	3,300	$686K	0.1%	—	—	—	550021109
CBRE	Capital One Finance Corp	1,000	$182K	0.0%	—	—	—	12504L109
NKE	Nike Inc	4	$211	0.0%	—	—	—	654106103

Decreased Positions (15)

MSFT MICROSOFT CORP 0.1%

Value $675K (-99.3%) Shares 1,810 (-99.3%) Est. Cost — Unrealized —

DOCN DIGITALOCEAN HLDGS INC 0.0%

Value $15,703 (-100.0%) Shares 100 (-100.0%) Est. Cost — Unrealized —

APG API GROUP CORP 3.9%

Value $39.07M (-47.8%) Shares 922,659 (-50.0%) Est. Cost — Unrealized —

RTX RTX CORPORATION 9.3%

Value $94.12M (-19.0%) Shares 496,055 (-17.7%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.1%

Value $895K (-95.6%) Shares 2,370 (-96.4%) Est. Cost — Unrealized —

ACGL ARCH CAP GROUP LTD 2.9%

Value $29.76M (-35.7%) Shares 306,665 (-36.4%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 8.0%

Value $81.1M (+11.3%) Shares 169,817 (-21.3%) Est. Cost — Unrealized —

PWR QUANTA SVCS INC 12.8%

Value $130M (+3.6%) Shares 180,244 (-21.0%) Est. Cost — Unrealized —

GE GE AEROSPACE 0.1%

Value $976K (-78.9%) Shares 2,611 (-84.0%) Est. Cost — Unrealized —

XYZ BLOCK INC 0.8%

Value $8.575M (-26.0%) Shares 112,828 (-41.4%) Est. Cost — Unrealized —

LIN LINDE PLC 0.2%

Value $1.676M (-60.7%) Shares 3,230 (-62.4%) Est. Cost — Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value $123K (-90.6%) Shares 1,000 (-88.0%) Est. Cost — Unrealized —

GLW CORNING INC 4.8%

Value $48.15M (-0.8%) Shares 188,501 (-47.2%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 17.8%

Value $180M (+0.1%) Shares 503,113 (-19.5%) Est. Cost — Unrealized —

FIG FIGMA INC 0.0%

Value $259K (-28.1%) Shares 14,342 (-16.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,810 (-99.3%)	$675K (-99.3%)	0.1%	—	—	COM	594918104
DOCN	DIGITALOCEAN HLDGS INC	100 (-100.0%)	$15,703 (-100.0%)	0.0%	—	—	COM	25402D102
APG	API GROUP CORP	922,659 (-50.0%)	$39.07M (-47.8%)	3.9%	—	—	COM STK	00187Y100
RTX	RTX CORPORATION	496,055 (-17.7%)	$94.12M (-19.0%)	9.3%	—	—	COM	75513E101
AVGO	BROADCOM INC	2,370 (-96.4%)	$895K (-95.6%)	0.1%	—	—	COM	11135F101
ACGL	ARCH CAP GROUP LTD	306,665 (-36.4%)	$29.76M (-35.7%)	2.9%	—	—	ORD	G0450A105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	169,817 (-21.3%)	$81.1M (+11.3%)	8.0%	—	—	SPONSORED ADS	874039100
PWR	QUANTA SVCS INC	180,244 (-21.0%)	$130M (+3.6%)	12.8%	—	—	COM	74762E102
GE	GE AEROSPACE	2,611 (-84.0%)	$976K (-78.9%)	0.1%	—	—	COM NEW	369604301
XYZ	BLOCK INC	112,828 (-41.4%)	$8.575M (-26.0%)	0.8%	—	—	CL A	852234103
LIN	LINDE PLC	3,230 (-62.4%)	$1.676M (-60.7%)	0.2%	—	—	SHS	G54950103
ICE	INTERCONTINENTAL EXCHANGE IN	1,000 (-88.0%)	$123K (-90.6%)	0.0%	—	—	COM	45866F104
GLW	CORNING INC	188,501 (-47.2%)	$48.15M (-0.8%)	4.8%	—	—	COM	219350105
GOOGL	ALPHABET INC	503,113 (-19.5%)	$180M (+0.1%)	17.8%	—	—	CAP STK CL A	02079K305
FIG	FIGMA INC	14,342 (-16.0%)	$259K (-28.1%)	0.0%	—	—	CLASS A COM STK	316841105

Unchanged Positions (9)

ABNB AIRBNB INC 0.1%

Value $509K Shares 3,557 Est. Cost — Unrealized —

DASH DOORDASH INC 0.0%

Value $185K Shares 1,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value $146K Shares 729 Est. Cost — Unrealized —

LITE LUMENTUM HLDGS INC 0.0%

Value $85,806 Shares 100 Est. Cost — Unrealized —

TSLA TESLA INC 0.0%

Value $42,060 Shares 100 Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.0%

Value $23,834 Shares 100 Est. Cost — Unrealized —

KEY KEYCORP 0.0%

Value $16,089 Shares 698 Est. Cost — Unrealized —

WING WINGSTOP INC 0.0%

Value $17,341 Shares 100 Est. Cost — Unrealized —

MDLZ MONDELEZ INTL INC 0.0%

Value $57,840 Shares 1,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABNB	AIRBNB INC	3,557	$509K	0.1%	—	—	COM CLA	009066101
DASH	DOORDASH INC	1,000	$185K	0.0%	—	—	CL A	25809K105
NVDA	NVIDIA CORPORATION	729	$146K	0.0%	—	—	COM	67066G104
LITE	LUMENTUM HLDGS INC	100	$85,806	0.0%	—	—	COM	55024U109
TSLA	TESLA INC	100	$42,060	0.0%	—	—	COM	88160R101
AMZN	AMAZON COM INC	100	$23,834	0.0%	—	—	COM	023135106
KEY	KEYCORP	698	$16,089	0.0%	—	—	COM	493267108
WING	WINGSTOP INC	100	$17,341	0.0%	—	—	COM	974155103
MDLZ	MONDELEZ INTL INC	1,000	$57,840	0.0%	—	—	CL A	609207105