Bronte Capital Management Pty Ltd. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
REGN	REGENERON PHARMACEUTICALS	59,300	$45,772	4.6%	$573.23	+18.4%	CALL	75886F107
TBBB	BBB FOODS INC	394,158	$13,161	1.3%	$29.90	0.0%	CL A COM	G0896C103
FICO	FAIR ISAAC CORP	1,567	$2,649	0.3%	$1721.38	0.0%	COM	303250104
TPB	TURNING PT BRANDS INC	24,372	$2,642	0.3%	$97.78	0.0%	COM	90041L105
NICE	NICE LTD	20,322	$2,297	0.2%	$113.04	—	SPONSORED ADR	653656108
OLED	UNIVERSAL DISPLAY CORP	11,653	$1,361	0.1%	$129.25	0.0%	COM	91347P105
JRVR	JAMES RIV GROUP HOLDINGS INC	123,575	$786	0.1%	$6.36	—	COM SHS	46990A102
GUTS	FRACTYL HEALTH INC	16,905	$37	0.0%	$1.61	0.0%	COM	35168W103
ALEC	ALECTOR INC	19,282	$30	0.0%	$1.77	0.0%	COM	014442107
CHRS	COHERUS ONCOLOGY INC	19,282	$27	0.0%	$1.46	0.0%	COM	19249H103
IVVD	INVIVYD INC	11,012	$27	0.0%	$2.08	0.0%	COM	00534A102
CRBU	CARIBOU BIOSCIENCES INC	15,627	$25	0.0%	$2.10	0.0%	COM	142038108
PLRX	PLIANT THERAPEUTICS INC	18,613	$23	0.0%	$1.50	0.0%	COM	729139105
FATE	FATE THERAPEUTICS INC	22,853	$22	0.0%	$1.20	0.0%	COM	31189P102
MIST	MILESTONE PHARMACEUTICALS IN	10,414	$21	0.0%	$2.15	0.0%	COM	59935V107
RANI	RANI THERAPEUTICS HLDGS INC	14,868	$20	0.0%	$1.51	0.0%	COM CL A	753018100
CCCC	C4 THERAPEUTICS INC	10,033	$19	0.0%	$2.37	0.0%	COM STK	12529R107

Increased Positions (2)

ALNY ALNYLAM PHARMACEUTICALS INC 1.5%

Value ($000) $15,454 (-13.3%) Shares 38,864 (+11.1%) Est. Cost $410.74 Unrealized +7.7%

BBWI BATH & BODY WORKS INC 0.5%

Value ($000) $5,113 (+54.7%) Shares 254,611 (+121.8%) Est. Cost $30.49 Unrealized -28.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALNY	ALNYLAM PHARMACEUTICALS INC	38,864 (+11.1%)	$15,454 (-13.3%)	1.5%	$410.74	+7.7%	COM	02043Q107
BBWI	BATH & BODY WORKS INC	254,611 (+121.8%)	$5,113 (+54.7%)	0.5%	$30.49	-28.8%	COM	070830104

Exited Positions (3)

ABVX ABIVAX SA 1.5%

Value ($000) $14,949 Shares 156,747 Est. Cost $95.37 Unrealized —

IJR ISHARES TR 1.3%

Value ($000) $12,662 Shares 95,350 Est. Cost $116.78 Unrealized —

IWO ISHARES TR 0.6%

Value ($000) $5,985 Shares 18,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	156,747	$14,949	1.5%	$95.37	—	—	00370M103
IJR	ISHARES TR	95,350	$12,662	1.3%	$116.78	—	—	464287804
IWO	ISHARES TR	18,700	$5,985	0.6%	—	—	CALL	464287648

Decreased Positions (17)

IBKR INTERACTIVE BROKERS GROUP 9.5%

Value ($000) $95,584 (-29.4%) Shares 1,486,294 (-15.6%) Est. Cost $39.78 Unrealized +68.1%

IBB ISHARES TR 1.2%

Value ($000) $12,211 (-73.1%) Shares 72,350 (-74.3%) Est. Cost $122.47 Unrealized —

REGN REGENERON PHARMACEUTICALS 13.6%

Value ($000) $136,442 (+20.4%) Shares 176,768 (-1.9%) Est. Cost $573.23 Unrealized +18.4%

COF CAPITAL ONE FINL CORP 4.2%

Value ($000) $42,544 (-32.2%) Shares 175,540 (-33.5%) Est. Cost $185.05 Unrealized +20.1%

BRK/B BERKSHIRE HATHAWAY INC DEL 8.1%

Value ($000) $81,594 (-16.9%) Shares 162,327 (-7.1%) Est. Cost $303.07 Unrealized +64.2%

GOOGL ALPHABET INC 13.0%

Value ($000) $130,196 (+12.2%) Shares 415,963 (-2.6%) Est. Cost $109.27 Unrealized +161.4%

— VANECK ETF TRUST 0.3%

Value ($000) $3,159 (-81.1%) Shares 27,763 (-81.6%) Est. Cost $44.71 Unrealized —

PM PHILIP MORRIS INTL INC 6.4%

Value ($000) $63,928 (-15.6%) Shares 398,556 (-4.6%) Est. Cost $90.27 Unrealized +70.1%

PINS PINTEREST INC 1.3%

Value ($000) $13,261 (-43.2%) Shares 512,196 (-21.1%) Est. Cost $27.28 Unrealized +5.5%

SBH SALLY BEAUTY HLDGS INC 1.0%

Value ($000) $10,513 (-46.6%) Shares 737,250 (-31.8%) Est. Cost $9.70 Unrealized +55.4%

— VANECK ETF TRUST 1.9%

Value ($000) $18,668 (-28.8%) Shares 217,657 (-29.2%) Est. Cost $30.84 Unrealized —

AMZN AMAZON COM INC 6.4%

Value ($000) $64,085 (-10.3%) Shares 277,641 (-4.7%) Est. Cost $131.04 Unrealized +74.6%

FCNCA FIRST CTZNS BANCSHARES INC N 3.7%

Value ($000) $36,640 (-11.1%) Shares 17,072 (-17.2%) Est. Cost $935.46 Unrealized +101.4%

HLF HERBALIFE NUTRITION LTD 1.4%

Value ($000) $14,439 (+12.6%) Shares 1,120,175 (-17.6%) Est. Cost $27.58 Unrealized -61.6%

MDLZ MONDELEZ INTL INC 0.3%

Value ($000) $3,475 (-24.4%) Shares 64,547 (-2.0%) Est. Cost $57.29 Unrealized -0.4%

B BARRICK MNG CORP 0.7%

Value ($000) $7,179 (-8.0%) Shares 164,856 (-22.6%) Est. Cost $19.29 Unrealized +94.0%

— SOTERA HEALTH CO 1.5%

Value ($000) $15,434 (-0.9%) Shares 874,926 (-1.2%) Est. Cost $17.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBKR	INTERACTIVE BROKERS GROUP	1,486,294 (-15.6%)	$95,584 (-29.4%)	9.5%	$39.78	+68.1%	COM CL A	45841N107
IBB	ISHARES TR	72,350 (-74.3%)	$12,211 (-73.1%)	1.2%	$122.47	—	ISHARES BIOTECH	464287556
REGN	REGENERON PHARMACEUTICALS	176,768 (-1.9%)	$136,442 (+20.4%)	13.6%	$573.23	+18.4%	COM	75886F107
COF	CAPITAL ONE FINL CORP	175,540 (-33.5%)	$42,544 (-32.2%)	4.2%	$185.05	+20.1%	COM	14040H105
BRK/B	BERKSHIRE HATHAWAY INC DEL	162,327 (-7.1%)	$81,594 (-16.9%)	8.1%	$303.07	+64.2%	CL B NEW	084670702
GOOGL	ALPHABET INC	415,963 (-2.6%)	$130,196 (+12.2%)	13.0%	$109.27	+161.4%	CAP STK CL A	02079K305
—	VANECK ETF TRUST	27,763 (-81.6%)	$3,159 (-81.1%)	0.3%	$44.71	—	JUNIOR GOLD MINE	83601L104
PM	PHILIP MORRIS INTL INC	398,556 (-4.6%)	$63,928 (-15.6%)	6.4%	$90.27	+70.1%	COM	718172109
PINS	PINTEREST INC	512,196 (-21.1%)	$13,261 (-43.2%)	1.3%	$27.28	+5.5%	CL A	72352L106
SBH	SALLY BEAUTY HLDGS INC	737,250 (-31.8%)	$10,513 (-46.6%)	1.0%	$9.70	+55.4%	COM	79546E104
—	VANECK ETF TRUST	217,657 (-29.2%)	$18,668 (-28.8%)	1.9%	$30.84	—	GOLD MINERS ETF	M8216R110
AMZN	AMAZON COM INC	277,641 (-4.7%)	$64,085 (-10.3%)	6.4%	$131.04	+74.6%	COM	023135106
FCNCA	FIRST CTZNS BANCSHARES INC N	17,072 (-17.2%)	$36,640 (-11.1%)	3.7%	$935.46	+101.4%	CL A	31946M103
HLF	HERBALIFE NUTRITION LTD	1,120,175 (-17.6%)	$14,439 (+12.6%)	1.4%	$27.58	-61.6%	COM SHS	G4412G101
MDLZ	MONDELEZ INTL INC	64,547 (-2.0%)	$3,475 (-24.4%)	0.3%	$57.29	-0.4%	CL A	609207105
B	BARRICK MNG CORP	164,856 (-22.6%)	$7,179 (-8.0%)	0.7%	$19.29	+94.0%	COM SHS	06849F108
—	SOTERA HEALTH CO	874,926 (-1.2%)	$15,434 (-0.9%)	1.5%	$17.01	—	COM	83601L103

Unchanged Positions (8)

— VISA INC-CLASS A SHARES 8.2%

Value ($000) $82,471 Shares 235,154 Est. Cost $252.05 Unrealized —

CTVA CORTEVA INC 3.8%

Value ($000) $38,142 Shares 569,033 Est. Cost $33.19 Unrealized +94.5%

SQM SOCIEDAD QUIMICA Y MINERA DE 1.1%

Value ($000) $11,246 Shares 163,457 Est. Cost $59.17 Unrealized —

GHC GRAHAM HLDGS CO 1.5%

Value ($000) $14,672 Shares 13,355 Est. Cost $562.77 Unrealized +89.5%

NEM NEWMONT CORP 0.8%

Value ($000) $7,774 Shares 77,856 Est. Cost $52.90 Unrealized +70.5%

RAMP LIVERAMP HLDGS INC 0.7%

Value ($000) $6,814 Shares 231,994 Est. Cost $35.03 Unrealized -18.1%

RSKD RISKIFIED LTD 0.3%

Value ($000) $2,553 Shares 513,676 Est. Cost $4.73 Unrealized +1.8%

ENVX ENOVIX CORPORATION 0.0%

Value ($000) $84 Shares 11,550 Est. Cost $11.35 Unrealized -14.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VISA INC-CLASS A SHARES	235,154	$82,471	8.2%	$252.05	—	COM	83601L105
CTVA	CORTEVA INC	569,033	$38,142	3.8%	$33.19	+94.5%	COM	22052L104
SQM	SOCIEDAD QUIMICA Y MINERA DE	163,457	$11,246	1.1%	$59.17	—	SPON ADR SER B	833635105
GHC	GRAHAM HLDGS CO	13,355	$14,672	1.5%	$562.77	+89.5%	COM CL B	384637104
NEM	NEWMONT CORP	77,856	$7,774	0.8%	$52.90	+70.5%	COM	651639106
RAMP	LIVERAMP HLDGS INC	231,994	$6,814	0.7%	$35.03	-18.1%	COM	53815P108
RSKD	RISKIFIED LTD	513,676	$2,553	0.3%	$4.73	+1.8%	SHS CL A	M8216R109
ENVX	ENOVIX CORPORATION	11,550	$84	0.0%	$11.35	-14.7%	COM	293594107