Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SQQQ	PROSHARES TR ULTRAPRO SHORT	453,250	$31.05M	5.1%	$68.50	—	ULTRAPRO SHORT	74350P675
FIGR	FIGURE TECHNOLOGY SOLUTIO COM CL A	681,668	$27.84M	4.6%	$40.00	0.0%	COM CL A	349381103
AAPL	APPLE INC	72,024	$19.58M	3.2%	$268.34	0.0%	COM	037833100
NVO	NOVO-NORDISK A S ADR	266,165	$13.54M	2.2%	$50.88	—	ADR	670100205
SNOW	SNOWFLAKE INC COM SHS	45,768	$10.04M	1.6%	$244.09	0.0%	COM SHS	833445109
AVGO	BROADCOM INC	16,120	$5.579M	0.9%	$357.00	0.0%	COM	11135F101
TSM	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	9,600	$2.917M	0.5%	$303.89	—	SPONSORED ADS	874039100
U	UNITY SOFTWARE INC	65,846	$2.908M	0.5%	$40.75	0.0%	COM	91332U101
SHOP	SHOPIFY INC CL A SUB VTG SHS	17,074	$2.748M	0.4%	$160.56	0.0%	CL A SUB VTG SHS	82509L107
JEF	JEFFERIES FINL GROUP INC	35,234	$2.183M	0.4%	$56.69	0.0%	COM	47233W109
YOUL	YOULIFE GROUP INC -ADR	1,000,000	$1.431M	0.2%	$1.43	—	SPONSORED ADS	98743K101
CRM	SALESFORCE INC	2,813	$745K	0.1%	$248.17	0.0%	COM	79466L302
MU	MICRON TECHNOLOGY INC	2,400	$685K	0.1%	$229.35	0.0%	COM	595112103
TPL	TEXAS PACIFIC LAND CORPORATION	1,650	$474K	0.1%	$305.03	0.0%	COM	88262P102
AMD	ADVANCED MICRO DEVICES INC	2,200	$471K	0.1%	$224.60	0.0%	COM	007903107
BE	BLOOM ENERGY CORP COM CL A	4,803	$417K	0.1%	$105.07	0.0%	COM CL A	093712107
LB	LANDBRIDGE COMPANY LLC CL A	8,141	$399K	0.1%	$58.15	0.0%	CL A	514952100
ONC	BEONE MEDICINES LTD SPONSORED ADS	487	$148K	0.0%	$303.81	—	SPONSORED ADS	07725L102

Increased Positions (6)

GOOG ALPHABET INC CAP STK CL C 16.1%

Value $98.17M (+67.6%) Shares 312,831 (+30.1%) Est. Cost $191.94 Unrealized +49.2%

META META PLATFORMS INC CL A 18.7%

Value $114M (+48.5%) Shares 173,186 (+65.2%) Est. Cost $682.03 Unrealized -2.2%

MSTR STRATEGY INC CL A NEW 3.3%

Value $20.18M (-50.3%) Shares 132,801 (+5.4%) Est. Cost $363.80 Unrealized -36.7%

AEM AGNICO EAGLE MINES LTD 6.4%

Value $38.93M (+34.9%) Shares 229,630 (+34.2%) Est. Cost $128.63 Unrealized +30.5%

MP MP MATERIALS CORP COM CL A 1.5%

Value $9.088M (+1781.9%) Shares 179,886 (+2398.4%) Est. Cost $63.39 Unrealized +0.0%

DHI D R HORTON INC 3.3%

Value $19.96M (+72.5%) Shares 138,614 (+102.9%) Est. Cost $154.29 Unrealized -1.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CAP STK CL C	312,831 (+30.1%)	$98.17M (+67.6%)	16.1%	$191.94	+49.2%	CAP STK CL C	02079K107
META	META PLATFORMS INC CL A	173,186 (+65.2%)	$114M (+48.5%)	18.7%	$682.03	-2.2%	CL A	30303M102
MSTR	STRATEGY INC CL A NEW	132,801 (+5.4%)	$20.18M (-50.3%)	3.3%	$363.80	-36.7%	CL A NEW	594972408
AEM	AGNICO EAGLE MINES LTD	229,630 (+34.2%)	$38.93M (+34.9%)	6.4%	$128.63	+30.5%	COM	008474108
MP	MP MATERIALS CORP COM CL A	179,886 (+2398.4%)	$9.088M (+1781.9%)	1.5%	$63.39	+0.0%	COM CL A	553368101
DHI	D R HORTON INC	138,614 (+102.9%)	$19.96M (+72.5%)	3.3%	$154.29	-1.5%	COM	23331A109

Exited Positions (16)

COIN COINBASE GLOBAL INC COM CL A 6.3%

Value $38.49M Shares 114,051 Est. Cost $233.78 Unrealized +27.5%

HOOD ROBINHOOD MKTS INC COM CL A 5.7%

Value $34.6M Shares 241,680 Est. Cost $109.05 Unrealized +19.3%

MRNA MODERNA INC 2.8%

Value $17.02M Shares 658,881 Est. Cost $31.07 Unrealized -12.6%

NBIS NEBIUS GROUP N.V. SHS CLASS A 1.9%

Value $11.85M Shares 105,505 Est. Cost $67.95 Unrealized +52.5%

DUOL DUOLINGO INC CL A COM 1.9%

Value $11.57M Shares 35,961 Est. Cost $334.45 Unrealized -29.5%

— PROSHARES TR ULTRAPRO SHT QQQ 1.4%

Value $8.394M Shares 551,130 Est. Cost $15.23 Unrealized —

GBTC GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 1.3%

Value $7.689M Shares 85,657 Est. Cost $66.02 Unrealized —

ORCL ORACLE CORP 0.9%

Value $5.517M Shares 19,616 Est. Cost $254.17 Unrealized -6.3%

ZTO ZTO EXPRESS CAYMAN INC SPONSORED ADS A 0.8%

Value $4.895M Shares 254,948 Est. Cost $19.41 Unrealized —

REGN REGENERON PHARMACEUTICALS 0.8%

Value $4.865M Shares 8,652 Est. Cost $608.13 Unrealized +11.6%

SRAD SPORTRADAR GROUP AG CLASS A ORD SHS 0.7%

Value $4.107M Shares 152,682 Est. Cost $28.08 Unrealized —

NVDL GRANITESHARES ETF TR 2X LONG NVDA DAI 0.5%

Value $3.183M Shares 34,000 Est. Cost $93.62 Unrealized —

NTES NETEASE INC SPONSORED ADS 0.5%

Value $3.024M Shares 19,895 Est. Cost $95.58 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.5%

Value $2.819M Shares 8,163 Est. Cost $374.94 Unrealized -10.1%

BILI BILIBILI INC SPONS ADS REP Z 0.4%

Value $2.603M Shares 92,683 Est. Cost $27.37 Unrealized —

EBAY EBAY INC. 0.2%

Value $1.526M Shares 16,776 Est. Cost $68.66 Unrealized +25.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC COM CL A	114,051	$38.49M	6.3%	$233.78	+27.5%	—	19260Q107
HOOD	ROBINHOOD MKTS INC COM CL A	241,680	$34.6M	5.7%	$109.05	+19.3%	—	770700102
MRNA	MODERNA INC	658,881	$17.02M	2.8%	$31.07	-12.6%	—	60770K107
NBIS	NEBIUS GROUP N.V. SHS CLASS A	105,505	$11.85M	1.9%	$67.95	+52.5%	—	N97284108
DUOL	DUOLINGO INC CL A COM	35,961	$11.57M	1.9%	$334.45	-29.5%	—	26603R106
—	PROSHARES TR ULTRAPRO SHT QQQ	551,130	$8.394M	1.4%	$15.23	—	—	74347G192
GBTC	GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT	85,657	$7.689M	1.3%	$66.02	—	—	389637109
ORCL	ORACLE CORP	19,616	$5.517M	0.9%	$254.17	-6.3%	—	68389X105
ZTO	ZTO EXPRESS CAYMAN INC SPONSORED ADS A	254,948	$4.895M	0.8%	$19.41	—	—	98980A105
REGN	REGENERON PHARMACEUTICALS	8,652	$4.865M	0.8%	$608.13	+11.6%	—	75886F107
SRAD	SPORTRADAR GROUP AG CLASS A ORD SHS	152,682	$4.107M	0.7%	$28.08	—	—	H8088L103
NVDL	GRANITESHARES ETF TR 2X LONG NVDA DAI	34,000	$3.183M	0.5%	$93.62	—	—	38747R827
NTES	NETEASE INC SPONSORED ADS	19,895	$3.024M	0.5%	$95.58	—	—	64110W102
UNH	UNITEDHEALTH GROUP INC	8,163	$2.819M	0.5%	$374.94	-10.1%	—	91324P102
BILI	BILIBILI INC SPONS ADS REP Z	92,683	$2.603M	0.4%	$27.37	—	—	090040106
EBAY	EBAY INC.	16,776	$1.526M	0.2%	$68.66	+25.8%	—	278642103

Decreased Positions (12)

TSLA TESLA INC 0.6%

Value $3.826M (-88.3%) Shares 8,508 (-88.4%) Est. Cost $346.84 Unrealized +27.8%

RKLB ROCKET LAB CORP 0.9%

Value $5.455M (-78.1%) Shares 78,200 (-84.9%) Est. Cost $45.36 Unrealized +26.4%

CEG CONSTELLATION ENERGY CORP 1.6%

Value $9.624M (-58.0%) Shares 27,242 (-60.9%) Est. Cost $261.47 Unrealized +38.9%

PDD PDD HOLDINGS INC SPONSORED ADS 6.3%

Value $38.58M (-15.6%) Shares 340,228 (-1.6%) Est. Cost $116.22 Unrealized —

LEU CENTRUS ENERGY CORP CL A 3.6%

Value $22.08M (-24.1%) Shares 90,972 (-3.1%) Est. Cost $158.10 Unrealized +91.0%

Z ZILLOW GROUP INC CL C CAP STK 4.1%

Value $24.99M (-20.3%) Shares 366,272 (-10.0%) Est. Cost $57.83 Unrealized +25.2%

INTC INTEL CORP 7.5%

Value $45.63M (-11.0%) Shares 1,236,692 (-19.1%) Est. Cost $20.72 Unrealized +82.2%

APP APPLOVIN CORP COM CL A 0.1%

Value $823K (-80.6%) Shares 1,221 (-79.3%) Est. Cost $461.14 Unrealized +36.6%

YMM FULL TRUCK ALLIANCE CO LTD SPONSORED ADS 0.8%

Value $5.026M (-24.8%) Shares 468,434 (-9.1%) Est. Cost $8.84 Unrealized —

TCOM TRIP COM GROUP LTD ADS 1.1%

Value $6.495M (-13.0%) Shares 90,320 (-9.1%) Est. Cost $75.20 Unrealized —

TME TENCENT MUSIC ENTMT GROUP SPON ADS 0.3%

Value $1.659M (-31.7%) Shares 94,650 (-9.1%) Est. Cost $11.19 Unrealized —

TAL TAL EDUCATION GROUP SPONSORED ADS 0.7%

Value $4.373M (-11.4%) Shares 400,810 (-9.1%) Est. Cost $10.22 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	8,508 (-88.4%)	$3.826M (-88.3%)	0.6%	$346.84	+27.8%	COM	88160R101
RKLB	ROCKET LAB CORP	78,200 (-84.9%)	$5.455M (-78.1%)	0.9%	$45.36	+26.4%	COM	773121108
CEG	CONSTELLATION ENERGY CORP	27,242 (-60.9%)	$9.624M (-58.0%)	1.6%	$261.47	+38.9%	COM	21037T109
PDD	PDD HOLDINGS INC SPONSORED ADS	340,228 (-1.6%)	$38.58M (-15.6%)	6.3%	$116.22	—	SPONSORED ADS	722304102
LEU	CENTRUS ENERGY CORP CL A	90,972 (-3.1%)	$22.08M (-24.1%)	3.6%	$158.10	+91.0%	CL A	15643U104
Z	ZILLOW GROUP INC CL C CAP STK	366,272 (-10.0%)	$24.99M (-20.3%)	4.1%	$57.83	+25.2%	CL C CAP STK	98954M200
INTC	INTEL CORP	1,236,692 (-19.1%)	$45.63M (-11.0%)	7.5%	$20.72	+82.2%	COM	458140100
APP	APPLOVIN CORP COM CL A	1,221 (-79.3%)	$823K (-80.6%)	0.1%	$461.14	+36.6%	COM CL A	03831W108
YMM	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS	468,434 (-9.1%)	$5.026M (-24.8%)	0.8%	$8.84	—	SPONSORED ADS	35969L108
TCOM	TRIP COM GROUP LTD ADS	90,320 (-9.1%)	$6.495M (-13.0%)	1.1%	$75.20	—	ADS	89677Q107
TME	TENCENT MUSIC ENTMT GROUP SPON ADS	94,650 (-9.1%)	$1.659M (-31.7%)	0.3%	$11.19	—	SPON ADS	88034P109
TAL	TAL EDUCATION GROUP SPONSORED ADS	400,810 (-9.1%)	$4.373M (-11.4%)	0.7%	$10.22	—	SPONSORED ADS	874080104

Unchanged Positions (14)

SY SO-YOUNG INTERNATIONAL-ADR 1.3%

Value $7.854M Shares 3,067,873 Est. Cost $10.85 Unrealized —

PSKY PARAMOUNT SKYDANCE CORP COM CL B 0.9%

Value $5.215M Shares 389,191 Est. Cost $14.51 Unrealized +7.3%

MOGU MOGU INC-ADR 0.2%

Value $1.468M Shares 689,100 Est. Cost $3.52 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $418K Shares 720 Est. Cost $558.87 Unrealized +11.9%

CNH CNH INDL N V 0.1%

Value $431K Shares 46,709 Est. Cost $12.31 Unrealized -18.9%

ALNY ALNYLAM PHARMACEUTICALS INC 0.1%

Value $451K Shares 1,133 Est. Cost $257.00 Unrealized +72.2%

DB DEUTSCHE BANK A G NAMEN AKT 0.1%

Value $571K Shares 14,807 Est. Cost $34.09 Unrealized +5.9%

GS GOLDMAN SACHS GROUP INC 0.1%

Value $393K Shares 447 Est. Cost $571.74 Unrealized +42.3%

CLF CLEVELAND-CLIFFS INC NEW 0.1%

Value $363K Shares 27,358 Est. Cost $7.43 Unrealized +69.9%

YJ YUNJI INC-ADR 0.0%

Value $38,055 Shares 32,250 Est. Cost $2.32 Unrealized —

IDXX IDEXX LABS INC 0.1%

Value $416K Shares 615 Est. Cost $606.98 Unrealized +12.2%

AZO AUTOZONE INC 0.0%

Value $64,439 Shares 19 Est. Cost $4011.66 Unrealized -5.8%

PLTR PALANTIR TECHNOLOGIES INC CL A 0.1%

Value $515K Shares 2,900 Est. Cost $162.07 Unrealized +11.7%

BNTX BIONTECH SE SPONSORED ADS 0.0%

Value $200K Shares 2,104 Est. Cost $91.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SY	SO-YOUNG INTERNATIONAL-ADR	3,067,873	$7.854M	1.3%	$10.85	—	SPONSORED ADS	83356Q108
PSKY	PARAMOUNT SKYDANCE CORP COM CL B	389,191	$5.215M	0.9%	$14.51	+7.3%	COM CL B	69932A204
MOGU	MOGU INC-ADR	689,100	$1.468M	0.2%	$3.52	—	SPON ADS	608012308
SPOT	SPOTIFY TECHNOLOGY S A	720	$418K	0.1%	$558.87	+11.9%	SHS	L8681T102
CNH	CNH INDL N V	46,709	$431K	0.1%	$12.31	-18.9%	SHS	N20944109
ALNY	ALNYLAM PHARMACEUTICALS INC	1,133	$451K	0.1%	$257.00	+72.2%	COM	02043Q107
DB	DEUTSCHE BANK A G NAMEN AKT	14,807	$571K	0.1%	$34.09	+5.9%	NAMEN AKT	D18190898
GS	GOLDMAN SACHS GROUP INC	447	$393K	0.1%	$571.74	+42.3%	COM	38141G104
CLF	CLEVELAND-CLIFFS INC NEW	27,358	$363K	0.1%	$7.43	+69.9%	COM	185899101
YJ	YUNJI INC-ADR	32,250	$38,055	0.0%	$2.32	—	SPONSORED ADS A	98873N305
IDXX	IDEXX LABS INC	615	$416K	0.1%	$606.98	+12.2%	COM	45168D104
AZO	AUTOZONE INC	19	$64,439	0.0%	$4011.66	-5.8%	COM	053332102
PLTR	PALANTIR TECHNOLOGIES INC CL A	2,900	$515K	0.1%	$162.07	+11.7%	CL A	69608A108
BNTX	BIONTECH SE SPONSORED ADS	2,104	$200K	0.0%	$91.06	—	SPONSORED ADS	09075V102