Fulcrum Asset Management LLP Hedge Fund

CIK: 0001353395 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 5, 2026

Total Value ($000): $359,439 (100.0% shares, 0.0% debt)

Holdings (181)

New Positions (6)

RY ROYAL BANK OF CANADA COMP 0.6%

Value ($000) $2,018 Shares 11,835 Est. Cost $153.57 Unrealized 0.0%

AEM AGNICO EAGLE MINES LTD COMP 0.3%

Value ($000) $919 Shares 5,350 Est. Cost $167.85 Unrealized 0.0%

KGC KINROSS GOLD CORP COMP 0.2%

Value ($000) $772 Shares 26,970 Est. Cost $25.98 Unrealized 0.0%

IAG IAMGOLD CORP COMP 0.1%

Value ($000) $336 Shares 20,066 Est. Cost $14.09 Unrealized 0.0%

NGD NEW GOLD INC COMP 0.0%

Value ($000) $164 Shares 18,592 Est. Cost $7.53 Unrealized 0.0%

GIL GILDAN ACTIVEWEAR INC COMP 0.0%

Value ($000) $139 Shares 2,225 Est. Cost $59.45 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RY	ROYAL BANK OF CANADA COMP	11,835	$2,018	0.6%	$153.57	0.0%	EQUITY	780087102
AEM	AGNICO EAGLE MINES LTD COMP	5,350	$919	0.3%	$167.85	0.0%	EQUITY	008474108
KGC	KINROSS GOLD CORP COMP	26,970	$772	0.2%	$25.98	0.0%	EQUITY	496902404
IAG	IAMGOLD CORP COMP	20,066	$336	0.1%	$14.09	0.0%	EQUITY	450913108
NGD	NEW GOLD INC COMP	18,592	$164	0.0%	$7.53	0.0%	EQUITY	644535106
GIL	GILDAN ACTIVEWEAR INC COMP	2,225	$139	0.0%	$59.45	0.0%	EQUITY	375916103

Increased Positions (29)

GOOG ALPHABET IN-CL C 3.8%

Value ($000) $13,798 (+43.2%) Shares 43,867 (+10.9%) Est. Cost $176.78 Unrealized +62.0%

AMZN AMAZON.COM INC COMP 5.5%

Value ($000) $19,596 (+13.6%) Shares 84,275 (+7.3%) Est. Cost $199.98 Unrealized +14.4%

AMD ADVANCED MICRO DEVICES COMP 0.8%

Value ($000) $2,816 (+37.4%) Shares 13,078 (+3.3%) Est. Cost $112.52 Unrealized +99.6%

ED CONSOLIDATED EDISON INC COMP 1.1%

Value ($000) $4,071 (+15.8%) Shares 40,754 (+16.5%) Est. Cost $102.31 Unrealized -3.4%

AEE AMEREN CORPORATION COMP 1.1%

Value ($000) $4,108 (+14.1%) Shares 40,774 (+18.2%) Est. Cost $96.50 Unrealized +5.7%

APH AMPHENOL CORP-CL A COMP 0.6%

Value ($000) $1,985 (+25.3%) Shares 14,574 (+13.8%) Est. Cost $105.52 Unrealized +26.6%

TRGP TARGA RESOURCES CORP COMP 0.4%

Value ($000) $1,610 (+27.7%) Shares 8,673 (+15.3%) Est. Cost $165.89 Unrealized +1.3%

WEC WEC ENERGY GROUP INC COMP 0.5%

Value ($000) $1,792 (+16.6%) Shares 16,889 (+26.0%) Est. Cost $106.65 Unrealized +3.4%

OKE ONEOK INC COMP 0.4%

Value ($000) $1,427 (+17.4%) Shares 19,325 (+16.0%) Est. Cost $79.26 Unrealized -11.1%

NOW SERVICENOW INC COMP 0.2%

Value ($000) $771 (-18.6%) Shares 5,000 (+385.4%) Est. Cost $175.07 Unrealized -2.0%

MPLX MPLX LP COMP 0.2%

Value ($000) $861 (+23.8%) Shares 16,052 (+15.2%) Est. Cost $51.79 Unrealized —

IDXX IDEXX LABORATORIES INC 0.2%

Value ($000) $708 (+25.1%) Shares 1,037 (+17.2%) Est. Cost $507.92 Unrealized +34.1%

SQM QUIMICA Y MINERA CHIL-SP ADR COMP 0.1%

Value ($000) $262 (+88.0%) Shares 3,801 (+17.1%) Est. Cost $40.20 Unrealized —

ECL ECOLAB INC 0.3%

Value ($000) $966 (+13.2%) Shares 3,652 (+17.2%) Est. Cost $254.31 Unrealized +4.5%

ENB ENBRIDGE INC COMP 0.3%

Value ($000) $1,210 (+9.8%) Shares 25,174 (+15.3%) Est. Cost $44.22 Unrealized +6.5%

ARES ARES MANAGEMENT CORP - A COMP 0.7%

Value ($000) $2,540 (+4.0%) Shares 15,561 (+1.9%) Est. Cost $155.26 Unrealized -0.2%

WMB WILLIAMS COS INC COMP 0.3%

Value ($000) $1,121 (+9.5%) Shares 18,639 (+15.3%) Est. Cost $57.98 Unrealized +3.6%

KMI KINDER MORGAN INC COMP 0.2%

Value ($000) $804 (+12.3%) Shares 29,151 (+15.3%) Est. Cost $26.78 Unrealized +0.5%

EPD ENTERPRISE PRODUCTS PARTNERS COMP 0.1%

Value ($000) $537 (+19.2%) Shares 16,733 (+16.1%) Est. Cost $31.16 Unrealized —

NTR NUTRIEN LTD 0.1%

Value ($000) $367 (+24.7%) Shares 5,880 (+17.2%) Est. Cost $56.40 Unrealized +4.3%

CTVA CORTEVA INC COMP 0.1%

Value ($000) $489 (+16.7%) Shares 7,255 (+17.2%) Est. Cost $65.93 Unrealized -2.1%

PAA PLAINS ALL AMER PIPELINE LP COMP 0.1%

Value ($000) $398 (+20.7%) Shares 22,282 (+15.3%) Est. Cost $18.26 Unrealized —

WES WESTERN MIDSTREAM PARTNERS L COMP 0.1%

Value ($000) $314 (+16.2%) Shares 7,933 (+15.2%) Est. Cost $38.82 Unrealized —

AM ANTERO MIDSTREAM CORP COMP 0.2%

Value ($000) $716 (+5.9%) Shares 40,112 (+15.3%) Est. Cost $17.23 Unrealized +3.0%

ET ENERGY TRANSFER LP COMP 0.1%

Value ($000) $309 (+12.2%) Shares 18,664 (+16.4%) Est. Cost $17.91 Unrealized —

PBA PEMBINA PIPELINE CORP COMP 0.1%

Value ($000) $327 (+8.8%) Shares 8,566 (+15.3%) Est. Cost $37.47 Unrealized +2.7%

MOS MOSAIC CO/THE COMP 0.0%

Value ($000) $85 (-18.4%) Shares 3,529 (+17.2%) Est. Cost $30.72 Unrealized -12.9%

GEL GENESIS ENERGY L.P. COMP 0.1%

Value ($000) $184 (+8.8%) Shares 11,683 (+15.3%) Est. Cost $17.04 Unrealized —

ZTS ZOETIS INC 0.1%

Value ($000) $394 (+1.3%) Shares 3,114 (+17.2%) Est. Cost $153.40 Unrealized -15.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET IN-CL C	43,867 (+10.9%)	$13,798 (+43.2%)	3.8%	$176.78	+62.0%	EQUITY	02079K107
AMZN	AMAZON.COM INC COMP	84,275 (+7.3%)	$19,596 (+13.6%)	5.5%	$199.98	+14.4%	EQUITY	023135106
AMD	ADVANCED MICRO DEVICES COMP	13,078 (+3.3%)	$2,816 (+37.4%)	0.8%	$112.52	+99.6%	EQUITY	007903107
ED	CONSOLIDATED EDISON INC COMP	40,754 (+16.5%)	$4,071 (+15.8%)	1.1%	$102.31	-3.4%	EQUITY	209115104
AEE	AMEREN CORPORATION COMP	40,774 (+18.2%)	$4,108 (+14.1%)	1.1%	$96.50	+5.7%	EQUITY	023608102
APH	AMPHENOL CORP-CL A COMP	14,574 (+13.8%)	$1,985 (+25.3%)	0.6%	$105.52	+26.6%	EQUITY	032095101
TRGP	TARGA RESOURCES CORP COMP	8,673 (+15.3%)	$1,610 (+27.7%)	0.4%	$165.89	+1.3%	EQUITY	87612G101
WEC	WEC ENERGY GROUP INC COMP	16,889 (+26.0%)	$1,792 (+16.6%)	0.5%	$106.65	+3.4%	EQUITY	92939U106
OKE	ONEOK INC COMP	19,325 (+16.0%)	$1,427 (+17.4%)	0.4%	$79.26	-11.1%	EQUITY	682680103
NOW	SERVICENOW INC COMP	5,000 (+385.4%)	$771 (-18.6%)	0.2%	$175.07	-2.0%	EQUITY	81762P102
MPLX	MPLX LP COMP	16,052 (+15.2%)	$861 (+23.8%)	0.2%	$51.79	—	EQUITY	55336V100
IDXX	IDEXX LABORATORIES INC	1,037 (+17.2%)	$708 (+25.1%)	0.2%	$507.92	+34.1%	EQUITY	45168D104
SQM	QUIMICA Y MINERA CHIL-SP ADR COMP	3,801 (+17.1%)	$262 (+88.0%)	0.1%	$40.20	—	EQUITY	833635105
ECL	ECOLAB INC	3,652 (+17.2%)	$966 (+13.2%)	0.3%	$254.31	+4.5%	EQUITY	278865100
ENB	ENBRIDGE INC COMP	25,174 (+15.3%)	$1,210 (+9.8%)	0.3%	$44.22	+6.5%	EQUITY	29250N105
ARES	ARES MANAGEMENT CORP - A COMP	15,561 (+1.9%)	$2,540 (+4.0%)	0.7%	$155.26	-0.2%	EQUITY	03990B101
WMB	WILLIAMS COS INC COMP	18,639 (+15.3%)	$1,121 (+9.5%)	0.3%	$57.98	+3.6%	EQUITY	969457100
KMI	KINDER MORGAN INC COMP	29,151 (+15.3%)	$804 (+12.3%)	0.2%	$26.78	+0.5%	EQUITY	49456B101
EPD	ENTERPRISE PRODUCTS PARTNERS COMP	16,733 (+16.1%)	$537 (+19.2%)	0.1%	$31.16	—	EQUITY	293792107
NTR	NUTRIEN LTD	5,880 (+17.2%)	$367 (+24.7%)	0.1%	$56.40	+4.3%	EQUITY	67077M108
CTVA	CORTEVA INC COMP	7,255 (+17.2%)	$489 (+16.7%)	0.1%	$65.93	-2.1%	EQUITY	22052L104
PAA	PLAINS ALL AMER PIPELINE LP COMP	22,282 (+15.3%)	$398 (+20.7%)	0.1%	$18.26	—	EQUITY	726503105
WES	WESTERN MIDSTREAM PARTNERS L COMP	7,933 (+15.2%)	$314 (+16.2%)	0.1%	$38.82	—	EQUITY	958669103
AM	ANTERO MIDSTREAM CORP COMP	40,112 (+15.3%)	$716 (+5.9%)	0.2%	$17.23	+3.0%	EQUITY	03676B102
ET	ENERGY TRANSFER LP COMP	18,664 (+16.4%)	$309 (+12.2%)	0.1%	$17.91	—	EQUITY	29273V100
PBA	PEMBINA PIPELINE CORP COMP	8,566 (+15.3%)	$327 (+8.8%)	0.1%	$37.47	+2.7%	EQUITY	706327103
MOS	MOSAIC CO/THE COMP	3,529 (+17.2%)	$85 (-18.4%)	0.0%	$30.72	-12.9%	EQUITY	61945C103
GEL	GENESIS ENERGY L.P. COMP	11,683 (+15.3%)	$184 (+8.8%)	0.1%	$17.04	—	EQUITY	371927104
ZTS	ZOETIS INC	3,114 (+17.2%)	$394 (+1.3%)	0.1%	$153.40	-15.1%	EQUITY	98978V103

Exited Positions (2)

PNW PINNACLE WEST CAPITAL COMP 0.7%

Value ($000) $2,509 Shares 27,984 Est. Cost $89.05 Unrealized +0.2%

HLX HELIX ENERGY SOLUTIONS GROUP COMP 0.1%

Value ($000) $424 Shares 64,595 Est. Cost $6.62 Unrealized +0.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PNW	PINNACLE WEST CAPITAL COMP	27,984	$2,509	0.7%	$89.05	+0.2%	—	723484101
HLX	HELIX ENERGY SOLUTIONS GROUP COMP	64,595	$424	0.1%	$6.62	+0.3%	—	42330P107

Decreased Positions (94)

AWK AMERICAN WATER WORKS CO INC COMP 0.8%

Value ($000) $2,771 (-54.4%) Shares 21,131 (-51.6%) Est. Cost $140.82 Unrealized -5.4%

SLB SLB LTD 0.8%

Value ($000) $2,962 (-51.5%) Shares 76,845 (-56.7%) Est. Cost $34.01 Unrealized +6.0%

MU MICRON TECHNOLOGY INC COMP 2.4%

Value ($000) $8,561 (+50.2%) Shares 29,257 (-14.1%) Est. Cost $98.53 Unrealized +132.8%

GOOGL ALPHABET INC-CL A 3.9%

Value ($000) $14,080 (+25.4%) Shares 44,861 (-2.9%) Est. Cost $163.29 Unrealized +74.9%

FISV FISERV INC COMP 0.5%

Value ($000) $1,620 (-51.9%) Shares 25,398 (-2.9%) Est. Cost $181.35 Unrealized -53.8%

TDW TIDEWATER INC COMP 0.5%

Value ($000) $1,763 (-44.8%) Shares 34,740 (-42.0%) Est. Cost $50.63 Unrealized +4.3%

BKR BAKER HUGHES CO COMP 1.5%

Value ($000) $5,244 (-20.7%) Shares 113,786 (-16.1%) Est. Cost $37.27 Unrealized +27.0%

LNT ALLIANT ENERGY CORP COMP 0.1%

Value ($000) $481 (-72.0%) Shares 7,358 (-71.2%) Est. Cost $62.03 Unrealized +7.7%

NEE NEXTERA ENERGY INC COMP 1.4%

Value ($000) $5,115 (-14.3%) Shares 63,517 (-19.6%) Est. Cost $69.17 Unrealized +19.3%

TMO THERMO FISHER SCIENTIFIC INC COMP 1.3%

Value ($000) $4,556 (+16.8%) Shares 7,808 (-2.9%) Est. Cost $417.06 Unrealized +35.5%

ES EVERSOURCE ENERGY COMP 1.2%

Value ($000) $4,278 (-13.2%) Shares 63,336 (-8.6%) Est. Cost $60.25 Unrealized +15.4%

AMAT APPLIED MATERIALS INC COMP 0.9%

Value ($000) $3,281 (+23.3%) Shares 12,622 (-2.9%) Est. Cost $157.45 Unrealized +52.1%

RSG REPUBLIC SERVICES INC 1.7%

Value ($000) $6,175 (-8.4%) Shares 28,763 (-2.1%) Est. Cost $245.13 Unrealized -12.5%

AEP AMERICAN ELECTRIC POWER COMP 0.4%

Value ($000) $1,262 (-29.6%) Shares 10,882 (-31.7%) Est. Cost $105.14 Unrealized +11.9%

PGR PROGRESSIVE CORP COMP 1.3%

Value ($000) $4,706 (-9.6%) Shares 20,462 (-2.9%) Est. Cost $257.53 Unrealized -17.5%

MRK MERCK & CO. INC. COMP 0.7%

Value ($000) $2,410 (+22.7%) Shares 22,726 (-2.9%) Est. Cost $77.39 Unrealized +20.5%

PANW PALO ALTO NETWORKS INC COMP 1.0%

Value ($000) $3,446 (-10.9%) Shares 18,440 (-2.9%) Est. Cost $185.70 Unrealized +8.6%

AJG ARTHUR J GALLAGHER & CO COMP 0.5%

Value ($000) $1,923 (-17.9%) Shares 7,346 (-2.9%) Est. Cost $327.56 Unrealized -19.3%

IBKR INTERACTIVE BROKERS GRO-CL A COMP 1.2%

Value ($000) $4,169 (-8.3%) Shares 64,137 (-2.9%) Est. Cost $47.28 Unrealized +41.5%

EVRG EVERGY INC COMP 0.3%

Value ($000) $1,148 (-24.6%) Shares 15,681 (-21.7%) Est. Cost $67.96 Unrealized +11.0%

DHI DR HORTON INC 0.5%

Value ($000) $1,882 (-16.5%) Shares 12,932 (-2.8%) Est. Cost $122.31 Unrealized +24.3%

NVDA NVIDIA CORP 11.4%

Value ($000) $40,884 (-0.9%) Shares 218,004 (-1.4%) Est. Cost $125.82 Unrealized +47.9%

JNJ JOHNSON & JOHNSON 1.2%

Value ($000) $4,382 (+8.4%) Shares 21,179 (-2.9%) Est. Cost $150.84 Unrealized +30.6%

LEN LENNAR CORP-A 0.3%

Value ($000) $1,225 (-19.9%) Shares 11,790 (-2.8%) Est. Cost $107.30 Unrealized +12.5%

ADSK AUTODESK INC COMP 0.9%

Value ($000) $3,192 (-8.4%) Shares 10,657 (-2.9%) Est. Cost $283.70 Unrealized +6.6%

MS MORGAN STANLEY COMP 0.9%

Value ($000) $3,141 (+9.4%) Shares 17,542 (-2.9%) Est. Cost $120.96 Unrealized +37.6%

LRCX LAM RESEARCH CORP COMP 0.3%

Value ($000) $1,216 (+26.0%) Shares 6,996 (-2.9%) Est. Cost $78.86 Unrealized +97.0%

AME AMETEK INC COMP 1.2%

Value ($000) $4,286 (+6.1%) Shares 20,703 (-3.6%) Est. Cost $171.25 Unrealized +13.5%

ATR APTARGROUP INC COMP 0.5%

Value ($000) $1,776 (-10.8%) Shares 14,471 (-2.9%) Est. Cost $149.33 Unrealized -17.7%

UNH UNITEDHEALTH GROUP INC COMP 0.8%

Value ($000) $2,723 (-6.6%) Shares 8,198 (-2.9%) Est. Cost $374.94 Unrealized -10.1%

PTC PTC INC COMP 0.3%

Value ($000) $985 (-16.1%) Shares 5,618 (-2.9%) Est. Cost $161.15 Unrealized +15.3%

BSX BOSTON SCIENTIFIC CORP 1.0%

Value ($000) $3,702 (-4.5%) Shares 38,559 (-2.9%) Est. Cost $101.18 Unrealized -3.1%

SPGI S&P GLOBAL INC 0.9%

Value ($000) $3,266 (+5.3%) Shares 6,189 (-2.9%) Est. Cost $496.65 Unrealized -0.5%

T AT&T INC COMP 0.2%

Value ($000) $891 (-14.7%) Shares 35,911 (-2.9%) Est. Cost $26.96 Unrealized -6.2%

CI CIGNA CORP 0.6%

Value ($000) $2,069 (-6.8%) Shares 7,485 (-2.9%) Est. Cost $317.87 Unrealized -12.2%

WEX WEX INC COMP 0.6%

Value ($000) $2,066 (-6.7%) Shares 13,658 (-2.9%) Est. Cost $134.32 Unrealized +12.2%

CRM SALESFORCE.COM INC 0.5%

Value ($000) $1,790 (+9.0%) Shares 6,731 (-2.9%) Est. Cost $266.04 Unrealized -6.7%

CMG CHIPOTLE MEXICAN GRILL INC COMP 0.5%

Value ($000) $1,632 (-8.2%) Shares 44,060 (-2.9%) Est. Cost $50.88 Unrealized -28.9%

TMUS T-MOBILE US INC COMP 0.2%

Value ($000) $573 (-17.3%) Shares 2,810 (-2.9%) Est. Cost $241.48 Unrealized -12.5%

BAC BANK OF AMERICA CORP 0.8%

Value ($000) $2,985 (+4.1%) Shares 54,004 (-2.9%) Est. Cost $41.45 Unrealized +27.1%

TJX TJX COMPANIES INC 0.7%

Value ($000) $2,549 (+4.4%) Shares 16,409 (-2.9%) Est. Cost $125.88 Unrealized +17.3%

MA MASTERCARD INC - A 2.1%

Value ($000) $7,369 (-1.4%) Shares 12,762 (-2.9%) Est. Cost $551.47 Unrealized +1.4%

VZ VERIZON COMMUNICATIONS INC COMP 0.3%

Value ($000) $919 (-10.1%) Shares 22,589 (-2.9%) Est. Cost $41.82 Unrealized -3.2%

WFG WEST FRASER TIMBER CO LTD 0.2%

Value ($000) $692 (-12.4%) Shares 11,329 (-2.5%) Est. Cost $74.35 Unrealized -15.8%

ADP AUTOMATIC DATA PROCESSING 0.2%

Value ($000) $557 (-14.1%) Shares 2,147 (-2.9%) Est. Cost $302.36 Unrealized -12.4%

CCJ CAMECO CORP COMP 0.2%

Value ($000) $859 (-9.4%) Shares 9,379 (-17.0%) Est. Cost $53.26 Unrealized +68.9%

WCN WASTE CONNECTIONS INC 1.1%

Value ($000) $4,111 (-2.1%) Shares 23,438 (-1.9%) Est. Cost $192.18 Unrealized -10.1%

TRV TRAVELERS COS INC/THE 1.4%

Value ($000) $5,145 (+1.7%) Shares 17,596 (-2.9%) Est. Cost $260.70 Unrealized +7.6%

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value ($000) $597 (+16.7%) Shares 11,010 (-2.9%) Est. Cost $47.20 Unrealized +0.7%

CPAY CORPAY INC COMP 0.8%

Value ($000) $2,999 (+2.9%) Shares 9,831 (-2.9%) Est. Cost $326.14 Unrealized -11.0%

UEC URANIUM ENERGY CORP COMP 0.1%

Value ($000) $228 (-26.8%) Shares 19,405 (-17.0%) Est. Cost $5.60 Unrealized +134.2%

SRE SEMPRA ENERGY COMP 0.6%

Value ($000) $2,007 (-3.8%) Shares 22,529 (-2.9%) Est. Cost $72.59 Unrealized +24.7%

TTWO TAKE-TWO INTERACTIVE SOFTWRE COMP 0.7%

Value ($000) $2,530 (-3.1%) Shares 9,809 (-2.9%) Est. Cost $225.31 Unrealized +10.7%

NXE NEXGEN ENERGY LTD COMP 0.1%

Value ($000) $448 (-14.8%) Shares 48,771 (-17.0%) Est. Cost $5.65 Unrealized +56.4%

ELV ELEVANCE HEALTH INC COMP 0.5%

Value ($000) $1,667 (+4.9%) Shares 4,780 (-2.9%) Est. Cost $396.61 Unrealized -15.1%

PSA PUBLIC STORAGE COMP 0.2%

Value ($000) $554 (-12.0%) Shares 2,121 (-2.7%) Est. Cost $287.46 Unrealized -3.5%

FCX FREEPORT-MCMORAN INC COMP 0.1%

Value ($000) $443 (+19.2%) Shares 8,620 (-9.1%) Est. Cost $37.70 Unrealized +14.9%

PYPL PAYPAL HOLDINGS INC 0.1%

Value ($000) $401 (-14.4%) Shares 6,782 (-2.9%) Est. Cost $68.32 Unrealized -5.1%

NKE NIKE INC -CL B COMP 0.1%

Value ($000) $386 (-14.8%) Shares 6,304 (-2.9%) Est. Cost $59.08 Unrealized +9.9%

CHD CHURCH & DWIGHT CO INC COMP 0.3%

Value ($000) $972 (-6.4%) Shares 11,509 (-2.9%) Est. Cost $97.81 Unrealized -12.8%

PLD PROLOGIS INC 0.2%

Value ($000) $693 (+9.7%) Shares 5,369 (-2.6%) Est. Cost $102.32 Unrealized +21.0%

NEM NEWMONT GOLDCORP CORP COMP 0.1%

Value ($000) $367 (+17.3%) Shares 3,600 (-2.9%) Est. Cost $52.90 Unrealized +70.5%

LEU CENTRUS ENERGY CORP-CLASS A COMP 0.0%

Value ($000) $106 (-33.8%) Shares 428 (-16.9%) Est. Cost $106.76 Unrealized +182.8%

MRSH MARSH & MCLENNAN COS 0.1%

Value ($000) $485 (-9.7%) Shares 2,590 (-2.9%) Est. Cost $223.19 Unrealized -16.5%

V VISA INC-CLASS A SHARES 2.3%

Value ($000) $8,436 (+0.6%) Shares 23,856 (-2.9%) Est. Cost $346.99 Unrealized -1.9%

JPM JPMORGAN CHASE & CO 3.3%

Value ($000) $11,907 (-0.4%) Shares 36,815 (-2.9%) Est. Cost $252.67 Unrealized +22.5%

INTU INTUIT INC COMP 0.3%

Value ($000) $950 (-4.7%) Shares 1,418 (-2.9%) Est. Cost $674.49 Unrealized -2.0%

OII OCEANEERING INTL INC COMP 0.3%

Value ($000) $945 (-4.7%) Shares 38,882 (-2.9%) Est. Cost $19.28 Unrealized +25.3%

LOW LOWE'S COS INC 0.2%

Value ($000) $719 (-6.0%) Shares 2,955 (-2.9%) Est. Cost $220.63 Unrealized +8.7%

DNN DENISON MINES CORP COMP 0.0%

Value ($000) $176 (-20.0%) Shares 66,311 (-17.0%) Est. Cost $1.52 Unrealized +79.6%

UUUU ENERGY FUELS INC COMP 0.0%

Value ($000) $147 (-21.7%) Shares 10,131 (-17.0%) Est. Cost $4.80 Unrealized +253.6%

WM WASTE MANAGEMENT INC 0.9%

Value ($000) $3,363 (-1.2%) Shares 15,139 (-1.7%) Est. Cost $229.63 Unrealized -7.4%

ADBE ADOBE SYSTEMS INC 0.3%

Value ($000) $1,153 (-2.9%) Shares 3,270 (-2.9%) Est. Cost $385.32 Unrealized -11.7%

VALE VALE SA-SP ADR COMP 0.1%

Value ($000) $380 (+9.7%) Shares 28,982 (-9.1%) Est. Cost $9.71 Unrealized —

WDAY WORKDAY INC-CLASS A COMP 0.1%

Value ($000) $228 (-12.5%) Shares 1,050 (-2.9%) Est. Cost $243.59 Unrealized -6.7%

NVR NVR INC COMP 0.1%

Value ($000) $205 (-11.9%) Shares 28 (-3.4%) Est. Cost $7166.99 Unrealized +4.3%

PHM PULTEGROUP INC COMP 0.0%

Value ($000) $167 (-12.1%) Shares 1,416 (-1.7%) Est. Cost $100.20 Unrealized +22.2%

EL ESTEE LAUDER COMPANIES-CL A COMP 0.0%

Value ($000) $149 (+16.6%) Shares 1,405 (-2.9%) Est. Cost $63.64 Unrealized +52.1%

FTNT FORTINET INC COMP 0.1%

Value ($000) $269 (-7.2%) Shares 3,351 (-2.9%) Est. Cost $100.89 Unrealized -17.8%

KBH KB HOME 0.0%

Value ($000) $131 (-12.1%) Shares 2,302 (-1.7%) Est. Cost $52.42 Unrealized +16.6%

ALL ALLSTATE CORP 0.1%

Value ($000) $281 (-5.4%) Shares 1,342 (-2.9%) Est. Cost $196.87 Unrealized +3.7%

KLAC KLA CORP COMP 0.2%

Value ($000) $884 (+1.8%) Shares 711 (-11.7%) Est. Cost $748.55 Unrealized +56.6%

BAH BOOZ ALLEN HAMILTON HOLDINGS COMP 0.0%

Value ($000) $66 (-17.3%) Shares 772 (-2.9%) Est. Cost $109.39 Unrealized -19.1%

OKTA OKTA INC COMP 0.0%

Value ($000) $173 (-6.4%) Shares 1,980 (-1.8%) Est. Cost $106.80 Unrealized -18.3%

AVGO BROADCOM INC COMP 5.1%

Value ($000) $18,376 (+0.1%) Shares 52,526 (-5.6%) Est. Cost $215.92 Unrealized +65.3%

BR BROADRIDGE FINANCIAL SOLUTIO COMP 0.0%

Value ($000) $108 (-8.1%) Shares 480 (-2.8%) Est. Cost $235.04 Unrealized -3.3%

CNC CENTENE CORP COMP 0.0%

Value ($000) $77 (+12.2%) Shares 1,871 (-2.9%) Est. Cost $58.65 Unrealized -36.2%

PEP PEPSICO INC 0.6%

Value ($000) $2,085 (-0.3%) Shares 14,466 (-2.9%) Est. Cost $131.03 Unrealized +11.3%

CME CME GROUP INC COMP 0.1%

Value ($000) $494 (-0.8%) Shares 1,791 (-2.9%) Est. Cost $268.48 Unrealized +0.8%

HUM HUMANA INC 0.0%

Value ($000) $101 (-3.4%) Shares 390 (-3.0%) Est. Cost $246.72 Unrealized +5.9%

SNPS SYNOPSYS INC COMP 0.0%

Value ($000) $50 (-6.5%) Shares 106 (-2.8%) Est. Cost $565.30 Unrealized -21.4%

MSCI MSCI INC COMP 0.3%

Value ($000) $1,088 (-0.3%) Shares 1,869 (-2.9%) Est. Cost $549.12 Unrealized +2.0%

MCHP MICROCHIP TECHNOLOGY INC COMP 0.0%

Value ($000) $127 (-2.2%) Shares 1,957 (-2.9%) Est. Cost $53.89 Unrealized +13.9%

VOYA VOYA FINANCIAL INC 0.0%

Value ($000) $101 (-2.6%) Shares 1,347 (-2.9%) Est. Cost $63.12 Unrealized +14.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AWK	AMERICAN WATER WORKS CO INC COMP	21,131 (-51.6%)	$2,771 (-54.4%)	0.8%	$140.82	-5.4%	EQUITY	030420103
SLB	SLB LTD	76,845 (-56.7%)	$2,962 (-51.5%)	0.8%	$34.01	+6.0%	EQUITY	806857108
MU	MICRON TECHNOLOGY INC COMP	29,257 (-14.1%)	$8,561 (+50.2%)	2.4%	$98.53	+132.8%	EQUITY	595112103
GOOGL	ALPHABET INC-CL A	44,861 (-2.9%)	$14,080 (+25.4%)	3.9%	$163.29	+74.9%	EQUITY	02079K305
FISV	FISERV INC COMP	25,398 (-2.9%)	$1,620 (-51.9%)	0.5%	$181.35	-53.8%	EQUITY	337738108
TDW	TIDEWATER INC COMP	34,740 (-42.0%)	$1,763 (-44.8%)	0.5%	$50.63	+4.3%	EQUITY	88642R109
BKR	BAKER HUGHES CO COMP	113,786 (-16.1%)	$5,244 (-20.7%)	1.5%	$37.27	+27.0%	EQUITY	05722G100
LNT	ALLIANT ENERGY CORP COMP	7,358 (-71.2%)	$481 (-72.0%)	0.1%	$62.03	+7.7%	EQUITY	018802108
NEE	NEXTERA ENERGY INC COMP	63,517 (-19.6%)	$5,115 (-14.3%)	1.4%	$69.17	+19.3%	EQUITY	65339F101
TMO	THERMO FISHER SCIENTIFIC INC COMP	7,808 (-2.9%)	$4,556 (+16.8%)	1.3%	$417.06	+35.5%	EQUITY	883556102
ES	EVERSOURCE ENERGY COMP	63,336 (-8.6%)	$4,278 (-13.2%)	1.2%	$60.25	+15.4%	EQUITY	30040W108
AMAT	APPLIED MATERIALS INC COMP	12,622 (-2.9%)	$3,281 (+23.3%)	0.9%	$157.45	+52.1%	EQUITY	038222105
RSG	REPUBLIC SERVICES INC	28,763 (-2.1%)	$6,175 (-8.4%)	1.7%	$245.13	-12.5%	EQUITY	760759100
AEP	AMERICAN ELECTRIC POWER COMP	10,882 (-31.7%)	$1,262 (-29.6%)	0.4%	$105.14	+11.9%	EQUITY	025537101
PGR	PROGRESSIVE CORP COMP	20,462 (-2.9%)	$4,706 (-9.6%)	1.3%	$257.53	-17.5%	EQUITY	743315103
MRK	MERCK & CO. INC. COMP	22,726 (-2.9%)	$2,410 (+22.7%)	0.7%	$77.39	+20.5%	EQUITY	58933Y105
PANW	PALO ALTO NETWORKS INC COMP	18,440 (-2.9%)	$3,446 (-10.9%)	1.0%	$185.70	+8.6%	EQUITY	697435105
AJG	ARTHUR J GALLAGHER & CO COMP	7,346 (-2.9%)	$1,923 (-17.9%)	0.5%	$327.56	-19.3%	EQUITY	363576109
IBKR	INTERACTIVE BROKERS GRO-CL A COMP	64,137 (-2.9%)	$4,169 (-8.3%)	1.2%	$47.28	+41.5%	EQUITY	45841N107
EVRG	EVERGY INC COMP	15,681 (-21.7%)	$1,148 (-24.6%)	0.3%	$67.96	+11.0%	EQUITY	30034W106
DHI	DR HORTON INC	12,932 (-2.8%)	$1,882 (-16.5%)	0.5%	$122.31	+24.3%	EQUITY	23331A109
NVDA	NVIDIA CORP	218,004 (-1.4%)	$40,884 (-0.9%)	11.4%	$125.82	+47.9%	EQUITY	67066G104
JNJ	JOHNSON & JOHNSON	21,179 (-2.9%)	$4,382 (+8.4%)	1.2%	$150.84	+30.6%	EQUITY	478160104
LEN	LENNAR CORP-A	11,790 (-2.8%)	$1,225 (-19.9%)	0.3%	$107.30	+12.5%	EQUITY	526057104
ADSK	AUTODESK INC COMP	10,657 (-2.9%)	$3,192 (-8.4%)	0.9%	$283.70	+6.6%	EQUITY	052769106
MS	MORGAN STANLEY COMP	17,542 (-2.9%)	$3,141 (+9.4%)	0.9%	$120.96	+37.6%	EQUITY	617446448
LRCX	LAM RESEARCH CORP COMP	6,996 (-2.9%)	$1,216 (+26.0%)	0.3%	$78.86	+97.0%	EQUITY	512807306
AME	AMETEK INC COMP	20,703 (-3.6%)	$4,286 (+6.1%)	1.2%	$171.25	+13.5%	EQUITY	031100100
ATR	APTARGROUP INC COMP	14,471 (-2.9%)	$1,776 (-10.8%)	0.5%	$149.33	-17.7%	EQUITY	038336103
UNH	UNITEDHEALTH GROUP INC COMP	8,198 (-2.9%)	$2,723 (-6.6%)	0.8%	$374.94	-10.1%	EQUITY	91324P102
PTC	PTC INC COMP	5,618 (-2.9%)	$985 (-16.1%)	0.3%	$161.15	+15.3%	EQUITY	69370C100
BSX	BOSTON SCIENTIFIC CORP	38,559 (-2.9%)	$3,702 (-4.5%)	1.0%	$101.18	-3.1%	EQUITY	101137107
SPGI	S&P GLOBAL INC	6,189 (-2.9%)	$3,266 (+5.3%)	0.9%	$496.65	-0.5%	EQUITY	78409V104
T	AT&T INC COMP	35,911 (-2.9%)	$891 (-14.7%)	0.2%	$26.96	-6.2%	EQUITY	00206R102
CI	CIGNA CORP	7,485 (-2.9%)	$2,069 (-6.8%)	0.6%	$317.87	-12.2%	EQUITY	125523100
WEX	WEX INC COMP	13,658 (-2.9%)	$2,066 (-6.7%)	0.6%	$134.32	+12.2%	EQUITY	96208T104
CRM	SALESFORCE.COM INC	6,731 (-2.9%)	$1,790 (+9.0%)	0.5%	$266.04	-6.7%	EQUITY	79466L302
CMG	CHIPOTLE MEXICAN GRILL INC COMP	44,060 (-2.9%)	$1,632 (-8.2%)	0.5%	$50.88	-28.9%	EQUITY	169656105
TMUS	T-MOBILE US INC COMP	2,810 (-2.9%)	$573 (-17.3%)	0.2%	$241.48	-12.5%	EQUITY	872590104
BAC	BANK OF AMERICA CORP	54,004 (-2.9%)	$2,985 (+4.1%)	0.8%	$41.45	+27.1%	EQUITY	060505104
TJX	TJX COMPANIES INC	16,409 (-2.9%)	$2,549 (+4.4%)	0.7%	$125.88	+17.3%	EQUITY	872540109
MA	MASTERCARD INC - A	12,762 (-2.9%)	$7,369 (-1.4%)	2.1%	$551.47	+1.4%	EQUITY	57636Q104
VZ	VERIZON COMMUNICATIONS INC COMP	22,589 (-2.9%)	$919 (-10.1%)	0.3%	$41.82	-3.2%	EQUITY	92343V104
WFG	WEST FRASER TIMBER CO LTD	11,329 (-2.5%)	$692 (-12.4%)	0.2%	$74.35	-15.8%	EQUITY	952845105
ADP	AUTOMATIC DATA PROCESSING	2,147 (-2.9%)	$557 (-14.1%)	0.2%	$302.36	-12.4%	EQUITY	053015103
CCJ	CAMECO CORP COMP	9,379 (-17.0%)	$859 (-9.4%)	0.2%	$53.26	+68.9%	EQUITY	13321L108
WCN	WASTE CONNECTIONS INC	23,438 (-1.9%)	$4,111 (-2.1%)	1.1%	$192.18	-10.1%	EQUITY	94106B101
TRV	TRAVELERS COS INC/THE	17,596 (-2.9%)	$5,145 (+1.7%)	1.4%	$260.70	+7.6%	EQUITY	89417E109
BMY	BRISTOL-MYERS SQUIBB CO	11,010 (-2.9%)	$597 (+16.7%)	0.2%	$47.20	+0.7%	EQUITY	110122108
CPAY	CORPAY INC COMP	9,831 (-2.9%)	$2,999 (+2.9%)	0.8%	$326.14	-11.0%	EQUITY	219948106
UEC	URANIUM ENERGY CORP COMP	19,405 (-17.0%)	$228 (-26.8%)	0.1%	$5.60	+134.2%	EQUITY	916896103
SRE	SEMPRA ENERGY COMP	22,529 (-2.9%)	$2,007 (-3.8%)	0.6%	$72.59	+24.7%	EQUITY	816851109
TTWO	TAKE-TWO INTERACTIVE SOFTWRE COMP	9,809 (-2.9%)	$2,530 (-3.1%)	0.7%	$225.31	+10.7%	EQUITY	874054109
NXE	NEXGEN ENERGY LTD COMP	48,771 (-17.0%)	$448 (-14.8%)	0.1%	$5.65	+56.4%	EQUITY	65340P106
ELV	ELEVANCE HEALTH INC COMP	4,780 (-2.9%)	$1,667 (+4.9%)	0.5%	$396.61	-15.1%	EQUITY	036752103
PSA	PUBLIC STORAGE COMP	2,121 (-2.7%)	$554 (-12.0%)	0.2%	$287.46	-3.5%	EQUITY	74460D109
FCX	FREEPORT-MCMORAN INC COMP	8,620 (-9.1%)	$443 (+19.2%)	0.1%	$37.70	+14.9%	EQUITY	35671D857
PYPL	PAYPAL HOLDINGS INC	6,782 (-2.9%)	$401 (-14.4%)	0.1%	$68.32	-5.1%	EQUITY	70450Y103
NKE	NIKE INC -CL B COMP	6,304 (-2.9%)	$386 (-14.8%)	0.1%	$59.08	+9.9%	EQUITY	654106103
CHD	CHURCH & DWIGHT CO INC COMP	11,509 (-2.9%)	$972 (-6.4%)	0.3%	$97.81	-12.8%	EQUITY	171340102
PLD	PROLOGIS INC	5,369 (-2.6%)	$693 (+9.7%)	0.2%	$102.32	+21.0%	EQUITY	74340W103
NEM	NEWMONT GOLDCORP CORP COMP	3,600 (-2.9%)	$367 (+17.3%)	0.1%	$52.90	+70.5%	EQUITY	651639106
LEU	CENTRUS ENERGY CORP-CLASS A COMP	428 (-16.9%)	$106 (-33.8%)	0.0%	$106.76	+182.8%	EQUITY	15643U104
MRSH	MARSH & MCLENNAN COS	2,590 (-2.9%)	$485 (-9.7%)	0.1%	$223.19	-16.5%	EQUITY	571748102
V	VISA INC-CLASS A SHARES	23,856 (-2.9%)	$8,436 (+0.6%)	2.3%	$346.99	-1.9%	EQUITY	92826C839
JPM	JPMORGAN CHASE & CO	36,815 (-2.9%)	$11,907 (-0.4%)	3.3%	$252.67	+22.5%	EQUITY	46625H100
INTU	INTUIT INC COMP	1,418 (-2.9%)	$950 (-4.7%)	0.3%	$674.49	-2.0%	EQUITY	461202103
OII	OCEANEERING INTL INC COMP	38,882 (-2.9%)	$945 (-4.7%)	0.3%	$19.28	+25.3%	EQUITY	675232102
LOW	LOWE'S COS INC	2,955 (-2.9%)	$719 (-6.0%)	0.2%	$220.63	+8.7%	EQUITY	548661107
DNN	DENISON MINES CORP COMP	66,311 (-17.0%)	$176 (-20.0%)	0.0%	$1.52	+79.6%	EQUITY	248356107
UUUU	ENERGY FUELS INC COMP	10,131 (-17.0%)	$147 (-21.7%)	0.0%	$4.80	+253.6%	EQUITY	292671708
WM	WASTE MANAGEMENT INC	15,139 (-1.7%)	$3,363 (-1.2%)	0.9%	$229.63	-7.4%	EQUITY	94106L109
ADBE	ADOBE SYSTEMS INC	3,270 (-2.9%)	$1,153 (-2.9%)	0.3%	$385.32	-11.7%	EQUITY	00724F101
VALE	VALE SA-SP ADR COMP	28,982 (-9.1%)	$380 (+9.7%)	0.1%	$9.71	—	EQUITY	91912E105
WDAY	WORKDAY INC-CLASS A COMP	1,050 (-2.9%)	$228 (-12.5%)	0.1%	$243.59	-6.7%	EQUITY	98138H101
NVR	NVR INC COMP	28 (-3.4%)	$205 (-11.9%)	0.1%	$7166.99	+4.3%	EQUITY	62944T105
PHM	PULTEGROUP INC COMP	1,416 (-1.7%)	$167 (-12.1%)	0.0%	$100.20	+22.2%	EQUITY	745867101
EL	ESTEE LAUDER COMPANIES-CL A COMP	1,405 (-2.9%)	$149 (+16.6%)	0.0%	$63.64	+52.1%	EQUITY	518439104
FTNT	FORTINET INC COMP	3,351 (-2.9%)	$269 (-7.2%)	0.1%	$100.89	-17.8%	EQUITY	34959E109
KBH	KB HOME	2,302 (-1.7%)	$131 (-12.1%)	0.0%	$52.42	+16.6%	EQUITY	48666K109
ALL	ALLSTATE CORP	1,342 (-2.9%)	$281 (-5.4%)	0.1%	$196.87	+3.7%	EQUITY	020002101
KLAC	KLA CORP COMP	711 (-11.7%)	$884 (+1.8%)	0.2%	$748.55	+56.6%	EQUITY	482480100
BAH	BOOZ ALLEN HAMILTON HOLDINGS COMP	772 (-2.9%)	$66 (-17.3%)	0.0%	$109.39	-19.1%	EQUITY	099502106
OKTA	OKTA INC COMP	1,980 (-1.8%)	$173 (-6.4%)	0.0%	$106.80	-18.3%	EQUITY	679295105
AVGO	BROADCOM INC COMP	52,526 (-5.6%)	$18,376 (+0.1%)	5.1%	$215.92	+65.3%	EQUITY	11135F101
BR	BROADRIDGE FINANCIAL SOLUTIO COMP	480 (-2.8%)	$108 (-8.1%)	0.0%	$235.04	-3.3%	EQUITY	11133T103
CNC	CENTENE CORP COMP	1,871 (-2.9%)	$77 (+12.2%)	0.0%	$58.65	-36.2%	EQUITY	15135B101
PEP	PEPSICO INC	14,466 (-2.9%)	$2,085 (-0.3%)	0.6%	$131.03	+11.3%	EQUITY	713448108
CME	CME GROUP INC COMP	1,791 (-2.9%)	$494 (-0.8%)	0.1%	$268.48	+0.8%	EQUITY	12572Q105
HUM	HUMANA INC	390 (-3.0%)	$101 (-3.4%)	0.0%	$246.72	+5.9%	EQUITY	444859102
SNPS	SYNOPSYS INC COMP	106 (-2.8%)	$50 (-6.5%)	0.0%	$565.30	-21.4%	EQUITY	871607107
MSCI	MSCI INC COMP	1,869 (-2.9%)	$1,088 (-0.3%)	0.3%	$549.12	+2.0%	EQUITY	55354G100
MCHP	MICROCHIP TECHNOLOGY INC COMP	1,957 (-2.9%)	$127 (-2.2%)	0.0%	$53.89	+13.9%	EQUITY	595017104
VOYA	VOYA FINANCIAL INC	1,347 (-2.9%)	$101 (-2.6%)	0.0%	$63.12	+14.9%	EQUITY	929089100

Unchanged Positions (52)

MSFT MICROSOFT CORP COMP 8.0%

Value ($000) $28,795 Shares 59,070 Est. Cost $432.38 Unrealized +15.8%

GFL GFL ENVIRONMENTAL INC-SUB VT COMP 0.2%

Value ($000) $659 Shares 15,070 Est. Cost $49.08 Unrealized -9.0%

CLH CLEAN HARBORS INC 0.4%

Value ($000) $1,562 Shares 6,569 Est. Cost $218.92 Unrealized +4.4%

NTNX NUTANIX INC - A COMP 0.0%

Value ($000) $57 Shares 1,090 Est. Cost $71.98 Unrealized -15.1%

O REALTY INCOME CORP 0.1%

Value ($000) $287 Shares 5,026 Est. Cost $54.47 Unrealized +5.3%

CFLT CONFLUENT INC-CLASS A COMP 0.0%

Value ($000) $52 Shares 1,740 Est. Cost $22.54 Unrealized +8.9%

CWST CASELLA WASTE SYSTEMS INC-A COMP 0.1%

Value ($000) $280 Shares 2,793 Est. Cost $115.55 Unrealized -19.7%

CNI CANADIAN NATL RAILWAY CO COMP 0.1%

Value ($000) $298 Shares 2,998 Est. Cost $100.61 Unrealized -4.4%

NSC NORFOLK SOUTHERN CORP 0.1%

Value ($000) $412 Shares 1,420 Est. Cost $233.06 Unrealized +23.8%

IP INTERNATIONAL PAPER CO 0.0%

Value ($000) $82 Shares 2,062 Est. Cost $45.98 Unrealized -11.2%

DLR DIGITAL REALTY TRUST INC 0.0%

Value ($000) $120 Shares 768 Est. Cost $160.19 Unrealized +1.8%

SEMR SEMRUSH HOLDINGS INC-A COMP 0.0%

Value ($000) $28 Shares 2,328 Est. Cost $9.68 Unrealized -3.2%

CSX CSX CORP 0.1%

Value ($000) $432 Shares 11,860 Est. Cost $29.78 Unrealized +19.9%

FR FIRST INDUSTRIAL REALTY TR 0.0%

Value ($000) $89 Shares 1,531 Est. Cost $48.13 Unrealized —

VERX VERTEX INC - CLASS A COMP 0.0%

Value ($000) $39 Shares 1,929 Est. Cost $38.05 Unrealized -43.2%

TMHC TAYLOR MORRISON HOME CORP-A 0.0%

Value ($000) $59 Shares 1,004 Est. Cost $58.10 Unrealized +5.2%

UNP UNION PACIFIC CORP 0.2%

Value ($000) $577 Shares 2,476 Est. Cost $218.47 Unrealized +4.0%

AMT AMERICAN TOWER CORP 0.0%

Value ($000) $75 Shares 427 Est. Cost $210.37 Unrealized -14.3%

EGP EASTGROUP PROPERTIES INC 0.0%

Value ($000) $79 Shares 434 Est. Cost $167.12 Unrealized —

ALKT ALKAMI TECHNOLOGY INC COMP 0.0%

Value ($000) $62 Shares 2,682 Est. Cost $27.80 Unrealized -20.6%

NNN NATIONAL RETAIL PROPERTIES 0.0%

Value ($000) $60 Shares 1,514 Est. Cost $43.18 Unrealized —

TRNO TERRENO REALTY CORP 0.0%

Value ($000) $80 Shares 1,332 Est. Cost $56.07 Unrealized —

LPX LOUISIANA-PACIFIC CORP 0.0%

Value ($000) $50 Shares 603 Est. Cost $88.86 Unrealized -4.9%

ZETA ZETA GLOBAL HOLDINGS CORP-A COMP 0.0%

Value ($000) $88 Shares 4,224 Est. Cost $13.28 Unrealized +40.6%

STAG STAG INDUSTRIAL INC 0.0%

Value ($000) $73 Shares 1,968 Est. Cost $36.28 Unrealized —

CCI CROWN CASTLE INTL CORP 0.0%

Value ($000) $44 Shares 497 Est. Cost $98.04 Unrealized -7.1%

EXR EXTRA SPACE STORAGE INC COMP 0.0%

Value ($000) $48 Shares 364 Est. Cost $140.89 Unrealized -4.2%

INVH INVITATION HOMES INC 0.0%

Value ($000) $64 Shares 2,274 Est. Cost $32.60 Unrealized -15.2%

TPH TRI POINTE GROUP INC 0.0%

Value ($000) $42 Shares 1,308 Est. Cost $30.68 Unrealized +5.9%

CUBE CUBESMART COMP 0.0%

Value ($000) $20 Shares 548 Est. Cost $42.50 Unrealized —

AMH AMERICAN HOMES 4 RENT- A 0.0%

Value ($000) $74 Shares 2,282 Est. Cost $36.07 Unrealized —

LGIH LGI HOMES INC 0.0%

Value ($000) $11 Shares 263 Est. Cost $54.71 Unrealized -14.3%

REXR REXFORD INDUSTRIAL REALTY IN 0.0%

Value ($000) $54 Shares 1,370 Est. Cost $35.57 Unrealized —

MTH MERITAGE HOMES CORP 0.0%

Value ($000) $21 Shares 311 Est. Cost $66.27 Unrealized +4.5%

AVB AVALONBAY COMMUNITIES INC 0.0%

Value ($000) $35 Shares 189 Est. Cost $199.04 Unrealized -9.7%

EQIX EQUINIX INC 0.0%

Value ($000) $88 Shares 114 Est. Cost $835.67 Unrealized -6.5%

QTWO Q2 HOLDINGS INC COMP 0.0%

Value ($000) $92 Shares 1,255 Est. Cost $84.37 Unrealized -18.6%

DT DYNATRACE INC COMP 0.0%

Value ($000) $13 Shares 298 Est. Cost $50.09 Unrealized -6.9%

IRT INDEPENDENCE REALTY TRUST IN COMP 0.0%

Value ($000) $16 Shares 896 Est. Cost $17.69 Unrealized —

— JAMF HOLDING CORP COMP 0.0%

Value ($000) $7 Shares 529 Est. Cost $9.51 Unrealized —

CPT CAMDEN PROPERTY TRUST 0.0%

Value ($000) $33 Shares 301 Est. Cost $112.08 Unrealized -8.0%

TOL TOLL BROTHERS INC COMP 0.0%

Value ($000) $67 Shares 487 Est. Cost $103.77 Unrealized +30.8%

SUI SUN COMMUNITIES INC 0.0%

Value ($000) $26 Shares 211 Est. Cost $126.49 Unrealized —

TOST TOAST INC-CLASS A COMP 0.0%

Value ($000) $112 Shares 3,092 Est. Cost $39.30 Unrealized -8.3%

NSA NATIONAL STORAGE AFFILIATES COMP 0.0%

Value ($000) $11 Shares 380 Est. Cost $31.99 Unrealized —

EQR EQUITY RESIDENTIAL 0.0%

Value ($000) $26 Shares 417 Est. Cost $66.62 Unrealized -8.9%

ESS ESSEX PROPERTY TRUST INC 0.0%

Value ($000) $23 Shares 88 Est. Cost $273.00 Unrealized -6.1%

CXM SPRINKLR INC-A COMP 0.0%

Value ($000) $22 Shares 2,770 Est. Cost $8.01 Unrealized -5.0%

SBAC SBA COMMUNICATIONS CORP 0.0%

Value ($000) $33 Shares 168 Est. Cost $225.89 Unrealized -14.7%

UDR UDR INC 0.0%

Value ($000) $30 Shares 801 Est. Cost $40.44 Unrealized -12.2%

ELS EQUITY LIFESTYLE PROPERTIES 0.0%

Value ($000) $34 Shares 552 Est. Cost $61.67 Unrealized —

MAA MID-AMERICA APARTMENT COMM 0.0%

Value ($000) $46 Shares 330 Est. Cost $152.49 Unrealized -12.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP COMP	59,070	$28,795	8.0%	$432.38	+15.8%	EQUITY	594918104
GFL	GFL ENVIRONMENTAL INC-SUB VT COMP	15,070	$659	0.2%	$49.08	-9.0%	EQUITY	36168Q104
CLH	CLEAN HARBORS INC	6,569	$1,562	0.4%	$218.92	+4.4%	EQUITY	184496107
NTNX	NUTANIX INC - A COMP	1,090	$57	0.0%	$71.98	-15.1%	EQUITY	67059N108
O	REALTY INCOME CORP	5,026	$287	0.1%	$54.47	+5.3%	EQUITY	756109104
CFLT	CONFLUENT INC-CLASS A COMP	1,740	$52	0.0%	$22.54	+8.9%	EQUITY	20717M103
CWST	CASELLA WASTE SYSTEMS INC-A COMP	2,793	$280	0.1%	$115.55	-19.7%	EQUITY	147448104
CNI	CANADIAN NATL RAILWAY CO COMP	2,998	$298	0.1%	$100.61	-4.4%	EQUITY	136375102
NSC	NORFOLK SOUTHERN CORP	1,420	$412	0.1%	$233.06	+23.8%	EQUITY	655844108
IP	INTERNATIONAL PAPER CO	2,062	$82	0.0%	$45.98	-11.2%	EQUITY	460146103
DLR	DIGITAL REALTY TRUST INC	768	$120	0.0%	$160.19	+1.8%	EQUITY	253868103
SEMR	SEMRUSH HOLDINGS INC-A COMP	2,328	$28	0.0%	$9.68	-3.2%	EQUITY	81686C104
CSX	CSX CORP	11,860	$432	0.1%	$29.78	+19.9%	EQUITY	126408103
FR	FIRST INDUSTRIAL REALTY TR	1,531	$89	0.0%	$48.13	—	EQUITY	32054K103
VERX	VERTEX INC - CLASS A COMP	1,929	$39	0.0%	$38.05	-43.2%	EQUITY	92538J106
TMHC	TAYLOR MORRISON HOME CORP-A	1,004	$59	0.0%	$58.10	+5.2%	EQUITY	87724P106
UNP	UNION PACIFIC CORP	2,476	$577	0.2%	$218.47	+4.0%	EQUITY	907818108
AMT	AMERICAN TOWER CORP	427	$75	0.0%	$210.37	-14.3%	EQUITY	03027X100
EGP	EASTGROUP PROPERTIES INC	434	$79	0.0%	$167.12	—	EQUITY	277276101
ALKT	ALKAMI TECHNOLOGY INC COMP	2,682	$62	0.0%	$27.80	-20.6%	EQUITY	01644J108
NNN	NATIONAL RETAIL PROPERTIES	1,514	$60	0.0%	$43.18	—	EQUITY	637417106
TRNO	TERRENO REALTY CORP	1,332	$80	0.0%	$56.07	—	EQUITY	88146M101
LPX	LOUISIANA-PACIFIC CORP	603	$50	0.0%	$88.86	-4.9%	EQUITY	546347105
ZETA	ZETA GLOBAL HOLDINGS CORP-A COMP	4,224	$88	0.0%	$13.28	+40.6%	EQUITY	98956A105
STAG	STAG INDUSTRIAL INC	1,968	$73	0.0%	$36.28	—	EQUITY	85254J102
CCI	CROWN CASTLE INTL CORP	497	$44	0.0%	$98.04	-7.1%	EQUITY	22822V101
EXR	EXTRA SPACE STORAGE INC COMP	364	$48	0.0%	$140.89	-4.2%	EQUITY	30225T102
INVH	INVITATION HOMES INC	2,274	$64	0.0%	$32.60	-15.2%	EQUITY	46187W107
TPH	TRI POINTE GROUP INC	1,308	$42	0.0%	$30.68	+5.9%	EQUITY	87265H109
CUBE	CUBESMART COMP	548	$20	0.0%	$42.50	—	EQUITY	229663109
AMH	AMERICAN HOMES 4 RENT- A	2,282	$74	0.0%	$36.07	—	EQUITY	02665T306
LGIH	LGI HOMES INC	263	$11	0.0%	$54.71	-14.3%	EQUITY	50187T106
REXR	REXFORD INDUSTRIAL REALTY IN	1,370	$54	0.0%	$35.57	—	EQUITY	76169C100
MTH	MERITAGE HOMES CORP	311	$21	0.0%	$66.27	+4.5%	EQUITY	59001A102
AVB	AVALONBAY COMMUNITIES INC	189	$35	0.0%	$199.04	-9.7%	EQUITY	053484101
EQIX	EQUINIX INC	114	$88	0.0%	$835.67	-6.5%	EQUITY	29444U700
QTWO	Q2 HOLDINGS INC COMP	1,255	$92	0.0%	$84.37	-18.6%	EQUITY	74736L109
DT	DYNATRACE INC COMP	298	$13	0.0%	$50.09	-6.9%	EQUITY	268150109
IRT	INDEPENDENCE REALTY TRUST IN COMP	896	$16	0.0%	$17.69	—	EQUITY	45378A106
—	JAMF HOLDING CORP COMP	529	$7	0.0%	$9.51	—	EQUITY	47074L105
CPT	CAMDEN PROPERTY TRUST	301	$33	0.0%	$112.08	-8.0%	EQUITY	133131102
TOL	TOLL BROTHERS INC COMP	487	$67	0.0%	$103.77	+30.8%	EQUITY	889478103
SUI	SUN COMMUNITIES INC	211	$26	0.0%	$126.49	—	EQUITY	866674104
TOST	TOAST INC-CLASS A COMP	3,092	$112	0.0%	$39.30	-8.3%	EQUITY	888787108
NSA	NATIONAL STORAGE AFFILIATES COMP	380	$11	0.0%	$31.99	—	EQUITY	637870106
EQR	EQUITY RESIDENTIAL	417	$26	0.0%	$66.62	-8.9%	EQUITY	29476L107
ESS	ESSEX PROPERTY TRUST INC	88	$23	0.0%	$273.00	-6.1%	EQUITY	297178105
CXM	SPRINKLR INC-A COMP	2,770	$22	0.0%	$8.01	-5.0%	EQUITY	85208T107
SBAC	SBA COMMUNICATIONS CORP	168	$33	0.0%	$225.89	-14.7%	EQUITY	78410G104
UDR	UDR INC	801	$30	0.0%	$40.44	-12.2%	EQUITY	902653104
ELS	EQUITY LIFESTYLE PROPERTIES	552	$34	0.0%	$61.67	—	EQUITY	29472R108
MAA	MID-AMERICA APARTMENT COMM	330	$46	0.0%	$152.49	-12.8%	EQUITY	59522J103