DISCOVERY CAPITAL MANAGEMENT, LLC / CT Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMKR	AMKOR TECHNOLOGY INC	2,614,934	$103,238	5.6%	$35.54	0.0%	COM	031652100
COHR	COHERENT CORP	328,837	$60,693	3.3%	$149.58	0.0%	COM	19247G107
GGAL	GRUPO FINANCIERO GALICIA S.A	640,629	$34,556	1.9%	$53.94	—	SPONSORED ADR	399909100
MU	MICRON TECHNOLOGY INC	105,200	$30,025	1.6%	$229.35	0.0%	COM	595112103
AVGO	BROADCOM INC	83,200	$28,796	1.6%	$357.00	0.0%	COM	11135F101
AMD	ADVANCED MICRO DEVICES INC	131,400	$28,141	1.5%	$224.60	0.0%	COM	007903107
META	META PLATFORMS INC	42,000	$27,724	1.5%	$667.32	0.0%	CL A	30303M102
LRCX	LAM RESEARCH CORP	151,900	$26,002	1.4%	$155.36	0.0%	COM NEW	512807306
LITE	LUMENTUM HLDGS INC	62,400	$23,000	1.2%	$256.82	0.0%	COM	55024U109
AWI	ARMSTRONG WORLD INDS INC NEW	118,000	$22,550	1.2%	$190.70	0.0%	COM	04247X102
CHDN	CHURCHILL DOWNS INC	168,900	$19,217	1.0%	$103.46	0.0%	COM	171484108
BA	BOEING CO	77,000	$16,718	0.9%	$205.66	0.0%	COM	097023105
ADBE	ADOBE INC	37,900	$13,265	0.7%	$340.09	0.0%	COM	00724F101
UAL	UNITED AIRLS HLDGS INC	105,000	$11,741	0.6%	$101.05	0.0%	COM	910047109
DAL	DELTA AIR LINES INC DEL	167,000	$11,590	0.6%	$62.45	0.0%	COM NEW	247361702
MCD	MCDONALDS CORP	36,800	$11,247	0.6%	$305.09	0.0%	COM	580135101
AMZN	AMAZON COM INC	43,300	$9,995	0.5%	$228.79	0.0%	COM	023135106
DPZ	DOMINOS PIZZA INC	23,700	$9,879	0.5%	$415.46	0.0%	COM	25754A201
YPF	YPF SOCIEDAD ANONIMA	270,100	$9,767	0.5%	$36.16	—	SPON ADR CL D	984245100
BBAR	BANCO BBVA ARGENTINA S A	448,100	$8,097	0.4%	$18.07	—	SPONSORED ADS	058934100
KRMN	KARMAN HLDGS INC	75,000	$5,488	0.3%	$72.41	0.0%	COMMON STOCK	485924104
JRVR	JAMES RIV GROUP HOLDINGS INC	819,355	$5,211	0.3%	$6.36	—	COM SHS	46990A102
LOAR	LOAR HOLDINGS INC	75,000	$5,100	0.3%	$72.91	0.0%	COM SHS	53947R105
NVT	NVENT ELECTRIC PLC	44,400	$4,527	0.2%	$103.61	0.0%	SHS	G6700G107
BMA	BANCO MACRO SA	49,000	$4,418	0.2%	$90.16	—	SPON ADR B	05961W105
LENZ	LENZ THERAPEUTICS INC	241,300	$3,861	0.2%	$29.15	0.0%	COM	52635N103
VIK	VIKING HOLDINGS LTD	50,000	$3,571	0.2%	$63.81	0.0%	ORD SHS	G93A5A101
ALH	ALLIANCE LAUNDRY HLDGS INC	150,000	$3,053	0.2%	$24.03	0.0%	COM	01862Q107
GLXY	GALAXY DIGITAL INC.	100,000	$2,236	0.1%	$30.98	0.0%	CL A	36317J209
BE	BLOOM ENERGY CORP	25,000	$2,172	0.1%	$105.07	0.0%	COM CL A	093712107
GSIT	GSI TECHNOLOGY INC	183,600	$1,140	0.1%	$7.13	0.0%	COM	36241U106
HYG	ISHARES TR	12,566	$1,013	0.1%	$80.63	—	IBOXX HI YD ETF	464288513
IYR	ISHARES TR	10,055	$944	0.1%	$93.89	—	U.S. REAL ES ETF	464287739
SHY	ISHARES TR	8,157	$676	0.0%	$82.82	—	1 3 YR TREAS BD	464287457
XOP	SPDR SERIES TRUST	3,215	$406	0.0%	$126.26	—	STATE STREET SPD	78468R556
GLD	SPDR GOLD TR	682	$270	0.0%	$396.31	—	GOLD SHS	78463V107

Increased Positions (27)

ORBS EIGHTCO HOLDINGS INC 1.4%

Value ($000) $25,725 (-80.5%) Shares 14,869,791 (+3.4%) Est. Cost $5.44 Unrealized -13.7%

METC RAMACO RES INC 5.4%

Value ($000) $99,204 (-45.2%) Shares 5,511,360 (+1.1%) Est. Cost $20.28 Unrealized +29.5%

VNET VNET GROUP INC 2.9%

Value ($000) $53,460 (+220.5%) Shares 6,319,100 (+291.4%) Est. Cost $8.94 Unrealized —

JBS JBS N.V. 2.3%

Value ($000) $42,429 (+491.8%) Shares 2,942,400 (+512.7%) Est. Cost $13.81 Unrealized -0.5%

PPTA PERPETUA RESOURCES CORP 1.7%

Value ($000) $31,635 (+197.2%) Shares 1,306,700 (+148.4%) Est. Cost $21.50 Unrealized +14.4%

JPM JPMORGAN CHASE & CO. 4.0%

Value ($000) $73,208 (+35.9%) Shares 227,200 (+33.0%) Est. Cost $267.53 Unrealized +15.7%

TV GRUPO TELEVISA S A B 3.4%

Value ($000) $63,493 (+30.3%) Shares 21,819,041 (+20.4%) Est. Cost $4.10 Unrealized —

COMP COMPASS INC 1.8%

Value ($000) $32,636 (+78.8%) Shares 3,087,561 (+35.8%) Est. Cost $13.23 Unrealized -31.0%

COF CAPITAL ONE FINL CORP 3.0%

Value ($000) $56,278 (+30.9%) Shares 232,210 (+14.8%) Est. Cost $189.83 Unrealized +17.0%

EAT BRINKER INTL INC 1.9%

Value ($000) $35,896 (+49.7%) Shares 250,111 (+32.1%) Est. Cost $149.08 Unrealized -12.1%

SATS ECHOSTAR CORP 1.0%

Value ($000) $18,805 (+107.1%) Shares 173,000 (+45.5%) Est. Cost $56.59 Unrealized +43.9%

ACMR ACM RESH INC 0.6%

Value ($000) $11,685 (+348.4%) Shares 296,200 (+344.7%) Est. Cost $35.56 Unrealized +4.8%

GDS GDS HLDGS LTD 2.7%

Value ($000) $49,838 (+21.9%) Shares 1,428,017 (+35.2%) Est. Cost $37.71 Unrealized —

BAP CREDICORP LTD 1.3%

Value ($000) $23,678 (+42.7%) Shares 82,500 (+32.4%) Est. Cost $187.23 Unrealized +41.4%

SOLV SOLVENTUM CORP 0.6%

Value ($000) $11,672 (+99.4%) Shares 147,300 (+83.7%) Est. Cost $74.80 Unrealized +2.4%

PSN PARSONS CORP DEL 1.7%

Value ($000) $30,844 (-15.1%) Shares 499,100 (+13.9%) Est. Cost $80.27 Unrealized -2.5%

PINS PINTEREST INC 0.9%

Value ($000) $16,083 (+41.0%) Shares 621,200 (+75.2%) Est. Cost $31.03 Unrealized -7.2%

AGRO ADECOAGRO S A 0.5%

Value ($000) $9,544 (+95.8%) Shares 1,203,535 (+93.5%) Est. Cost $8.65 Unrealized -9.3%

FISV FISERV INC 0.9%

Value ($000) $17,404 (+36.1%) Shares 259,100 (+161.2%) Est. Cost $106.62 Unrealized -21.3%

CLF CLEVELAND-CLIFFS INC NEW 1.4%

Value ($000) $26,264 (+21.1%) Shares 1,977,700 (+11.3%) Est. Cost $10.73 Unrealized +17.7%

APP APPLOVIN CORP 1.4%

Value ($000) $25,093 (+15.1%) Shares 37,240 (+22.7%) Est. Cost $201.80 Unrealized +212.2%

STUB STUBHUB HLDGS INC 0.7%

Value ($000) $12,996 (+30.1%) Shares 960,507 (+61.9%) Est. Cost $17.34 Unrealized -9.3%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.9%

Value ($000) $35,052 (+5.6%) Shares 136,907 (+6.5%) Est. Cost $166.32 Unrealized +49.9%

BCO BRINKS CO 0.4%

Value ($000) $6,888 (+27.3%) Shares 59,006 (+27.5%) Est. Cost $106.24 Unrealized +7.4%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $1,023 (+408.4%) Shares 1,500 (+396.7%) Est. Cost $669.02 Unrealized —

MLPX GLOBAL X FDS 0.0%

Value ($000) $744 (+270.0%) Shares 12,286 (+283.3%) Est. Cost $61.10 Unrealized —

METCB RAMACO RES INC 0.1%

Value ($000) $1,476 (+18.1%) Shares 125,612 (+69.4%) Est. Cost $12.49 Unrealized +13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORBS	EIGHTCO HOLDINGS INC	14,869,791 (+3.4%)	$25,725 (-80.5%)	1.4%	$5.44	-13.7%	COM	22890A302
METC	RAMACO RES INC	5,511,360 (+1.1%)	$99,204 (-45.2%)	5.4%	$20.28	+29.5%	COM CL A	75134P600
VNET	VNET GROUP INC	6,319,100 (+291.4%)	$53,460 (+220.5%)	2.9%	$8.94	—	SPONSORED ADS A	90138A103
JBS	JBS N.V.	2,942,400 (+512.7%)	$42,429 (+491.8%)	2.3%	$13.81	-0.5%	CL A SHS	N4732M103
PPTA	PERPETUA RESOURCES CORP	1,306,700 (+148.4%)	$31,635 (+197.2%)	1.7%	$21.50	+14.4%	COM	714266103
JPM	JPMORGAN CHASE & CO.	227,200 (+33.0%)	$73,208 (+35.9%)	4.0%	$267.53	+15.7%	COM	46625H100
TV	GRUPO TELEVISA S A B	21,819,041 (+20.4%)	$63,493 (+30.3%)	3.4%	$4.10	—	SPON ADR REP ORD	40049J206
COMP	COMPASS INC	3,087,561 (+35.8%)	$32,636 (+78.8%)	1.8%	$13.23	-31.0%	CL A	20464U100
COF	CAPITAL ONE FINL CORP	232,210 (+14.8%)	$56,278 (+30.9%)	3.0%	$189.83	+17.0%	COM	14040H105
EAT	BRINKER INTL INC	250,111 (+32.1%)	$35,896 (+49.7%)	1.9%	$149.08	-12.1%	COM	109641100
SATS	ECHOSTAR CORP	173,000 (+45.5%)	$18,805 (+107.1%)	1.0%	$56.59	+43.9%	CL A	278768106
ACMR	ACM RESH INC	296,200 (+344.7%)	$11,685 (+348.4%)	0.6%	$35.56	+4.8%	COM CL A	00108J109
GDS	GDS HLDGS LTD	1,428,017 (+35.2%)	$49,838 (+21.9%)	2.7%	$37.71	—	SPONSORED ADS	36165L108
BAP	CREDICORP LTD	82,500 (+32.4%)	$23,678 (+42.7%)	1.3%	$187.23	+41.4%	COM	G2519Y108
SOLV	SOLVENTUM CORP	147,300 (+83.7%)	$11,672 (+99.4%)	0.6%	$74.80	+2.4%	COM SHS	83444M101
PSN	PARSONS CORP DEL	499,100 (+13.9%)	$30,844 (-15.1%)	1.7%	$80.27	-2.5%	COM	70202L102
PINS	PINTEREST INC	621,200 (+75.2%)	$16,083 (+41.0%)	0.9%	$31.03	-7.2%	CL A	72352L106
AGRO	ADECOAGRO S A	1,203,535 (+93.5%)	$9,544 (+95.8%)	0.5%	$8.65	-9.3%	COM	L00849106
FISV	FISERV INC	259,100 (+161.2%)	$17,404 (+36.1%)	0.9%	$106.62	-21.3%	COM	337738108
CLF	CLEVELAND-CLIFFS INC NEW	1,977,700 (+11.3%)	$26,264 (+21.1%)	1.4%	$10.73	+17.7%	COM	185899101
APP	APPLOVIN CORP	37,240 (+22.7%)	$25,093 (+15.1%)	1.4%	$201.80	+212.2%	COM CL A	03831W108
STUB	STUBHUB HLDGS INC	960,507 (+61.9%)	$12,996 (+30.1%)	0.7%	$17.34	-9.3%	CL A	86384P109
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	136,907 (+6.5%)	$35,052 (+5.6%)	1.9%	$166.32	+49.9%	COM	874054109
BCO	BRINKS CO	59,006 (+27.5%)	$6,888 (+27.3%)	0.4%	$106.24	+7.4%	COM	109696104
SPY	SPDR S&P 500 ETF TR	1,500 (+396.7%)	$1,023 (+408.4%)	0.1%	$669.02	—	TR UNIT	78462F103
MLPX	GLOBAL X FDS	12,286 (+283.3%)	$744 (+270.0%)	0.0%	$61.10	—	GLB X MLP ENRG I	37954Y293
METCB	RAMACO RES INC	125,612 (+69.4%)	$1,476 (+18.1%)	0.1%	$12.49	+13.6%	COM CL B	75134P501

Exited Positions (34)

VIST VISTA ENERGY S.A.B. DE C.V. 2.2%

Value ($000) $40,749 Shares 1,184,578 Est. Cost $17.00 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 1.5%

Value ($000) $27,304 Shares 84,500 Est. Cost $308.14 Unrealized +9.3%

AMTM AMENTUM HOLDINGS INC 1.5%

Value ($000) $27,282 Shares 1,139,112 Est. Cost $21.34 Unrealized +19.8%

CI THE CIGNA GROUP 1.4%

Value ($000) $26,260 Shares 91,100 Est. Cost $293.19 Unrealized -4.8%

SEI SOLARIS ENERGY INFRAS INC 1.2%

Value ($000) $22,751 Shares 569,200 Est. Cost $31.12 Unrealized +55.2%

JBL JABIL INC 1.1%

Value ($000) $21,218 Shares 97,700 Est. Cost $217.63 Unrealized -2.0%

ECH ISHARES INC 1.1%

Value ($000) $20,936 Shares 635,200 Est. Cost $32.58 Unrealized —

GOOGL ALPHABET INC 1.0%

Value ($000) $17,722 Shares 72,900 Est. Cost $209.20 Unrealized +36.5%

LBRT LIBERTY ENERGY INC 0.6%

Value ($000) $11,158 Shares 904,200 Est. Cost $11.56 Unrealized +44.5%

BKR BAKER HUGHES COMPANY 0.6%

Value ($000) $10,363 Shares 212,700 Est. Cost $43.83 Unrealized +8.0%

IR INGERSOLL RAND INC 0.5%

Value ($000) $10,162 Shares 123,000 Est. Cost $81.93 Unrealized -3.6%

PHM PULTE GROUP INC 0.5%

Value ($000) $9,011 Shares 68,200 Est. Cost $123.78 Unrealized -1.1%

ATI ATI INC 0.5%

Value ($000) $8,549 Shares 105,100 Est. Cost $81.04 Unrealized +20.3%

MSOS ADVISORSHARES TR 0.4%

Value ($000) $6,826 Shares 1,425,000 Est. Cost $4.79 Unrealized —

TKC TURKCELL ILETISIM HIZMETLERI 0.4%

Value ($000) $6,761 Shares 1,123,037 Est. Cost $6.18 Unrealized —

PCG PG&E CORP 0.3%

Value ($000) $5,077 Shares 336,700 Est. Cost $14.52 Unrealized +9.7%

CTRN CITI TRENDS INC 0.3%

Value ($000) $4,744 Shares 152,896 Est. Cost $25.47 Unrealized +55.0%

JRVR JAMES RIV GROUP LTD 0.2%

Value ($000) $4,547 Shares 819,355 Est. Cost $10.09 Unrealized -43.0%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $3,467 Shares 19,400 Est. Cost $121.37 Unrealized —

FDX FEDEX CORP 0.2%

Value ($000) $3,066 Shares 13,000 Est. Cost $228.30 Unrealized +14.6%

XHB SPDR SERIES TRUST 0.2%

Value ($000) $2,958 Shares 26,700 Est. Cost $110.80 Unrealized —

VVV VALVOLINE INC 0.2%

Value ($000) $2,884 Shares 80,300 Est. Cost $34.96 Unrealized -8.2%

ONMD ONEMEDNET CORP 0.1%

Value ($000) $2,509 Shares 2,301,791 Est. Cost $0.97 Unrealized +83.6%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.1%

Value ($000) $2,000 Shares 55,000 Est. Cost $38.84 Unrealized +3.0%

EPSM EPSIUM ENTERPRISE LTD 0.1%

Value ($000) $1,647 Shares 154,108 Est. Cost $25.33 Unrealized -54.8%

ABX ABACUS GLOBAL MGMT INC 0.1%

Value ($000) $1,576 Shares 275,000 Est. Cost $8.14 Unrealized -20.6%

LGN LEGENCE CORP 0.1%

Value ($000) $1,541 Shares 50,000 Est. Cost $31.48 Unrealized +25.6%

TIP ISHARES TR 0.1%

Value ($000) $1,001 Shares 9,001 Est. Cost $108.14 Unrealized —

IEF ISHARES TR 0.1%

Value ($000) $1,001 Shares 10,377 Est. Cost $96.85 Unrealized —

RGC REGENCELL BIOSCIENCE HLDGS L 0.0%

Value ($000) $713 Shares 46,166 Est. Cost $14.34 Unrealized +13.4%

GLTR ABRDN PRECIOUS METALS BASKET 0.0%

Value ($000) $336 Shares 2,032 Est. Cost $130.85 Unrealized —

USO UNITED STS OIL FD LP 0.0%

Value ($000) $334 Shares 4,526 Est. Cost $73.12 Unrealized —

XLU SELECT SECTOR SPDR TR 0.0%

Value ($000) $333 Shares 3,822 Est. Cost $81.66 Unrealized —

ONEG ONECONSTRUCTION GROUP LTD 0.0%

Value ($000) $170 Shares 15,000 Est. Cost $9.19 Unrealized -31.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIST	VISTA ENERGY S.A.B. DE C.V.	1,184,578	$40,749	2.2%	$17.00	—	—	92837L109
ELV	ELEVANCE HEALTH INC FORMERLY	84,500	$27,304	1.5%	$308.14	+9.3%	—	036752103
AMTM	AMENTUM HOLDINGS INC	1,139,112	$27,282	1.5%	$21.34	+19.8%	—	023939101
CI	THE CIGNA GROUP	91,100	$26,260	1.4%	$293.19	-4.8%	—	125523100
SEI	SOLARIS ENERGY INFRAS INC	569,200	$22,751	1.2%	$31.12	+55.2%	—	83418M103
JBL	JABIL INC	97,700	$21,218	1.1%	$217.63	-2.0%	—	466313103
ECH	ISHARES INC	635,200	$20,936	1.1%	$32.58	—	—	464286640
GOOGL	ALPHABET INC	72,900	$17,722	1.0%	$209.20	+36.5%	—	02079K305
LBRT	LIBERTY ENERGY INC	904,200	$11,158	0.6%	$11.56	+44.5%	—	53115L104
BKR	BAKER HUGHES COMPANY	212,700	$10,363	0.6%	$43.83	+8.0%	—	05722G100
IR	INGERSOLL RAND INC	123,000	$10,162	0.5%	$81.93	-3.6%	—	45687V106
PHM	PULTE GROUP INC	68,200	$9,011	0.5%	$123.78	-1.1%	—	745867101
ATI	ATI INC	105,100	$8,549	0.5%	$81.04	+20.3%	—	01741R102
MSOS	ADVISORSHARES TR	1,425,000	$6,826	0.4%	$4.79	—	—	00768Y453
TKC	TURKCELL ILETISIM HIZMETLERI	1,123,037	$6,761	0.4%	$6.18	—	—	900111204
PCG	PG&E CORP	336,700	$5,077	0.3%	$14.52	+9.7%	—	69331C108
CTRN	CITI TRENDS INC	152,896	$4,744	0.3%	$25.47	+55.0%	—	17306X102
JRVR	JAMES RIV GROUP LTD	819,355	$4,547	0.2%	$10.09	-43.0%	—	G5005R107
BABA	ALIBABA GROUP HLDG LTD	19,400	$3,467	0.2%	$121.37	—	—	01609W102
FDX	FEDEX CORP	13,000	$3,066	0.2%	$228.30	+14.6%	—	31428X106
XHB	SPDR SERIES TRUST	26,700	$2,958	0.2%	$110.80	—	—	78464A888
VVV	VALVOLINE INC	80,300	$2,884	0.2%	$34.96	-8.2%	—	92047W101
ONMD	ONEMEDNET CORP	2,301,791	$2,509	0.1%	$0.97	+83.6%	—	68270C103
FIGR	FIGURE TECHNOLOGY SOLUTIO	55,000	$2,000	0.1%	$38.84	+3.0%	—	349381103
EPSM	EPSIUM ENTERPRISE LTD	154,108	$1,647	0.1%	$25.33	-54.8%	—	G3090S106
ABX	ABACUS GLOBAL MGMT INC	275,000	$1,576	0.1%	$8.14	-20.6%	—	00258Y104
LGN	LEGENCE CORP	50,000	$1,541	0.1%	$31.48	+25.6%	—	52476L109
TIP	ISHARES TR	9,001	$1,001	0.1%	$108.14	—	—	464287176
IEF	ISHARES TR	10,377	$1,001	0.1%	$96.85	—	—	464287440
RGC	REGENCELL BIOSCIENCE HLDGS L	46,166	$713	0.0%	$14.34	+13.4%	—	G7487R100
GLTR	ABRDN PRECIOUS METALS BASKET	2,032	$336	0.0%	$130.85	—	—	003263100
USO	UNITED STS OIL FD LP	4,526	$334	0.0%	$73.12	—	—	91232N207
XLU	SELECT SECTOR SPDR TR	3,822	$333	0.0%	$81.66	—	—	81369Y886
ONEG	ONECONSTRUCTION GROUP LTD	15,000	$170	0.0%	$9.19	-31.5%	—	G6826S100

Decreased Positions (20)

GDLC GRAYSCALE COINDESK CRYPTO 0.9%

Value ($000) $17,485 (-82.7%) Shares 423,129 (-76.6%) Est. Cost $55.90 Unrealized —

IREN IREN LIMITED 5.3%

Value ($000) $97,577 (-38.2%) Shares 2,583,458 (-23.2%) Est. Cost $9.42 Unrealized +447.4%

CLS CELESTICA INC 0.1%

Value ($000) $2,188 (-92.8%) Shares 7,400 (-94.0%) Est. Cost $106.30 Unrealized +183.5%

EWW ISHARES INC 0.4%

Value ($000) $7,290 (-71.0%) Shares 105,150 (-71.5%) Est. Cost $67.61 Unrealized —

GENI GENIUS SPORTS LIMITED 2.5%

Value ($000) $45,902 (-27.6%) Shares 4,165,345 (-18.7%) Est. Cost $6.91 Unrealized +57.8%

PRMB PRIMO BRANDS CORPORATION 1.5%

Value ($000) $28,385 (-28.1%) Shares 1,736,100 (-2.8%) Est. Cost $26.64 Unrealized -30.6%

AMX AMERICA MOVIL SAB DE CV 4.8%

Value ($000) $88,703 (-9.8%) Shares 4,291,383 (-8.3%) Est. Cost $17.18 Unrealized —

QXO QXO INC 1.4%

Value ($000) $25,975 (-25.7%) Shares 1,346,538 (-26.6%) Est. Cost $16.42 Unrealized +16.7%

IBIT ISHARES BITCOIN TRUST ETF 0.0%

Value ($000) $339 (-96.3%) Shares 6,825 (-95.2%) Est. Cost $65.00 Unrealized —

CX CEMEX SAB DE CV 1.9%

Value ($000) $35,524 (+23.6%) Shares 3,091,700 (-3.3%) Est. Cost $5.62 Unrealized —

GEO GEO GROUP INC NEW 1.1%

Value ($000) $21,148 (-24.0%) Shares 1,311,900 (-3.4%) Est. Cost $20.62 Unrealized -19.1%

DDOG DATADOG INC 0.6%

Value ($000) $11,314 (-28.4%) Shares 83,200 (-25.0%) Est. Cost $137.70 Unrealized +14.8%

NU NU HLDGS LTD 0.4%

Value ($000) $7,153 (-35.4%) Shares 427,300 (-38.2%) Est. Cost $12.22 Unrealized +31.5%

GLNG GOLAR LNG LTD 0.4%

Value ($000) $7,144 (-32.3%) Shares 191,987 (-26.5%) Est. Cost $37.82 Unrealized +0.7%

SNAP SNAP INC 0.4%

Value ($000) $8,292 (-21.8%) Shares 1,027,500 (-25.3%) Est. Cost $12.17 Unrealized -35.0%

FRO FRONTLINE PLC 0.2%

Value ($000) $3,493 (-38.7%) Shares 160,100 (-36.0%) Est. Cost $17.96 Unrealized +30.2%

SLM SLM CORP 0.2%

Value ($000) $3,014 (-39.2%) Shares 111,400 (-37.8%) Est. Cost $24.73 Unrealized +10.9%

EEM ISHARES TR 0.0%

Value ($000) $405 (-49.5%) Shares 7,405 (-50.8%) Est. Cost $43.24 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.5%

Value ($000) $8,544 (-2.5%) Shares 50,400 (-3.1%) Est. Cost $94.57 Unrealized +77.5%

IWM ISHARES TR 0.0%

Value ($000) $608 (-9.8%) Shares 2,469 (-11.4%) Est. Cost $239.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDLC	GRAYSCALE COINDESK CRYPTO	423,129 (-76.6%)	$17,485 (-82.7%)	0.9%	$55.90	—	USD SHS	G40705108
IREN	IREN LIMITED	2,583,458 (-23.2%)	$97,577 (-38.2%)	5.3%	$9.42	+447.4%	ORDINARY SHARES	Q4982L109
CLS	CELESTICA INC	7,400 (-94.0%)	$2,188 (-92.8%)	0.1%	$106.30	+183.5%	COM	15101Q207
EWW	ISHARES INC	105,150 (-71.5%)	$7,290 (-71.0%)	0.4%	$67.61	—	MSCI MEXICO ETF	464286822
GENI	GENIUS SPORTS LIMITED	4,165,345 (-18.7%)	$45,902 (-27.6%)	2.5%	$6.91	+57.8%	SHARES CL A	G3934V109
PRMB	PRIMO BRANDS CORPORATION	1,736,100 (-2.8%)	$28,385 (-28.1%)	1.5%	$26.64	-30.6%	CLASS A COM SHS	741623102
AMX	AMERICA MOVIL SAB DE CV	4,291,383 (-8.3%)	$88,703 (-9.8%)	4.8%	$17.18	—	SPON ADS RP CL B	02390A101
QXO	QXO INC	1,346,538 (-26.6%)	$25,975 (-25.7%)	1.4%	$16.42	+16.7%	COM NEW	82846H405
IBIT	ISHARES BITCOIN TRUST ETF	6,825 (-95.2%)	$339 (-96.3%)	0.0%	$65.00	—	SHS BEN INT	46438F101
CX	CEMEX SAB DE CV	3,091,700 (-3.3%)	$35,524 (+23.6%)	1.9%	$5.62	—	SPON ADR NEW	151290889
GEO	GEO GROUP INC NEW	1,311,900 (-3.4%)	$21,148 (-24.0%)	1.1%	$20.62	-19.1%	COM	36162J106
DDOG	DATADOG INC	83,200 (-25.0%)	$11,314 (-28.4%)	0.6%	$137.70	+14.8%	CL A COM	23804L103
NU	NU HLDGS LTD	427,300 (-38.2%)	$7,153 (-35.4%)	0.4%	$12.22	+31.5%	ORD SHS CL A	G6683N103
GLNG	GOLAR LNG LTD	191,987 (-26.5%)	$7,144 (-32.3%)	0.4%	$37.82	+0.7%	SHS	G9456A100
SNAP	SNAP INC	1,027,500 (-25.3%)	$8,292 (-21.8%)	0.4%	$12.17	-35.0%	CL A	83304A106
FRO	FRONTLINE PLC	160,100 (-36.0%)	$3,493 (-38.7%)	0.2%	$17.96	+30.2%	COM	M46528101
SLM	SLM CORP	111,400 (-37.8%)	$3,014 (-39.2%)	0.2%	$24.73	+10.9%	COM	78442P106
EEM	ISHARES TR	7,405 (-50.8%)	$405 (-49.5%)	0.0%	$43.24	—	MSCI EMG MKT ETF	464287234
AEM	AGNICO EAGLE MINES LTD	50,400 (-3.1%)	$8,544 (-2.5%)	0.5%	$94.57	+77.5%	COM	008474108
IWM	ISHARES TR	2,469 (-11.4%)	$608 (-9.8%)	0.0%	$239.12	—	RUSSELL 2000 ETF	464287655

Unchanged Positions (5)

ESTA ESTABLISHMENT LABS HLDGS INC 0.6%

Value ($000) $11,316 Shares 155,275 Est. Cost $39.37 Unrealized +53.4%

HTZWW HERTZ GLOBAL HLDGS INC 0.7%

Value ($000) $12,530 Shares 4,675,405 Est. Cost $5.07 Unrealized —

HDB HDFC BANK LTD 1.5%

Value ($000) $27,610 Shares 755,600 Est. Cost $59.34 Unrealized —

SN SHARKNINJA INC 0.2%

Value ($000) $2,798 Shares 25,000 Est. Cost $114.21 Unrealized -13.7%

BIDU BAIDU INC 0.5%

Value ($000) $9,904 Shares 75,800 Est. Cost $131.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESTA	ESTABLISHMENT LABS HLDGS INC	155,275	$11,316	0.6%	$39.37	+53.4%	COM	G31249108
HTZWW	HERTZ GLOBAL HLDGS INC	4,675,405	$12,530	0.7%	$5.07	—	*W EXP 06/30/205	42806J148
HDB	HDFC BANK LTD	755,600	$27,610	1.5%	$59.34	—	SPONSORED ADS	40415F101
SN	SHARKNINJA INC	25,000	$2,798	0.2%	$114.21	-13.7%	COM SHS	G8068L108
BIDU	BAIDU INC	75,800	$9,904	0.5%	$131.77	—	SPON ADR REP A	056752108