Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	258,070	$76.88M	12.3%	$297.89	—	COM	573874104
SNDK	SANDISK CORP	28,484	$64.76M	10.4%	$2273.73	—	COM	80004C200
WDC	WESTERN DIGITAL CORP	64,052	$40.91M	6.6%	$638.72	—	COM	958102105
STX	SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS	14,652	$14.14M	2.3%	$965.00	—	ORD SHS	G7997R103
GLW	CORNING INC	46,800	$11.95M	1.9%	$255.43	—	COM	219350105
NU	NU HLDGS LTD ORD SHS CL A	889,639	$11.89M	1.9%	$13.36	—	ORD SHS CL A	G6683N103
COHR	COHERENT CORP	28,939	$11.42M	1.8%	$394.47	—	COM	19247G107
ZM	ZOOM COMMUNICATIONS INC CL A	120,224	$10.38M	1.7%	$86.31	—	CL A	98980L101
MU	MICRON TECHNOLOGY INC	5,280	$6.095M	1.0%	$1154.29	—	COM	595112103
GEV	GE VERNOVA INC	5,085	$5.974M	1.0%	$1174.86	—	COM	36828A101
OKLO	OKLO INC COM CL A	38,021	$1.99M	0.3%	$52.33	—	COM CL A	02156V109
MRNA	MODERNA INC	8,700	$609K	0.1%	$70.03	—	COM	60770K107
ALAB	ASTERA LABS INC	1,215	$587K	0.1%	$483.02	—	COM	04626A103
RBLX	ROBLOX CORP CL A	10,211	$555K	0.1%	$54.38	—	CL A	771049103
AVGO	BROADCOM INC	1,152	$435K	0.1%	$377.75	—	COM	11135F101

Increased Positions (5)

INTC INTEL CORP 13.2%

Value $81.96M (+553.3%) Shares 586,946 (+106.5%) Est. Cost $82.04 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACT SPONSORED ADS 12.1%

Value $75.64M (+729.0%) Shares 158,390 (+486.6%) Est. Cost $451.71 Unrealized —

GOOG ALPHABET INC CAP STK CL C 9.0%

Value $56.3M (+134.5%) Shares 159,334 (+90.4%) Est. Cost $268.55 Unrealized —

PSKY PARAMOUNT SKYDANCE CORP COM CL B 1.5%

Value $9.265M (+35.5%) Shares 939,682 (+23.9%) Est. Cost $12.38 Unrealized —

AGQ PROSHARES TR II ULTRA SILVER NEW 0.6%

Value $4.007M (+20.8%) Shares 58,920 (+112.2%) Est. Cost $92.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	586,946 (+106.5%)	$81.96M (+553.3%)	13.2%	$82.04	—	COM	458140100
TSM	TAIWAN SEMICONDUCTOR MANUFACT SPONSORED ADS	158,390 (+486.6%)	$75.64M (+729.0%)	12.1%	$451.71	—	SPONSORED ADS	874039100
GOOG	ALPHABET INC CAP STK CL C	159,334 (+90.4%)	$56.3M (+134.5%)	9.0%	$268.55	—	CAP STK CL C	02079K107
PSKY	PARAMOUNT SKYDANCE CORP COM CL B	939,682 (+23.9%)	$9.265M (+35.5%)	1.5%	$12.38	—	COM CL B	69932A204
AGQ	PROSHARES TR II ULTRA SILVER NEW	58,920 (+112.2%)	$4.007M (+20.8%)	0.6%	$92.28	—	ULTRA SILVER NEW	74347W353

Exited Positions (17)

FIGR FIGURE TECHNOLOGY SOLUTIO COM CL A 5.4%

Value $33.86M Shares 997,433 Est. Cost $42.97 Unrealized —

OXY OCCIDENTAL PETE CORP 5.4%

Value $33.46M Shares 514,702 Est. Cost $45.43 Unrealized —

AEM AGNICO EAGLE MINES LTD 3.3%

Value $20.31M Shares 100,073 Est. Cost $128.63 Unrealized —

SQQQ PROSHARES TR ULTRAPRO SHORT 2.9%

Value $17.79M Shares 220,987 Est. Cost $68.50 Unrealized —

LMND LEMONADE INC 2.4%

Value $14.78M Shares 235,818 Est. Cost $75.26 Unrealized —

XOM EXXON MOBIL CORP 2.2%

Value $13.51M Shares 79,653 Est. Cost $138.74 Unrealized —

LNG CHENIERE ENERGY INC COM NEW 1.5%

Value $9.071M Shares 31,966 Est. Cost $209.78 Unrealized —

MP MP MATERIALS CORP COM CL A 1.0%

Value $6.244M Shares 129,376 Est. Cost $63.39 Unrealized —

EQT EQT CORP 0.8%

Value $4.906M Shares 77,095 Est. Cost $55.27 Unrealized —

ET ENERGY TRANSFER L P COM UT LTD PTN 0.8%

Value $4.844M Shares 251,006 Est. Cost $19.30 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.6%

Value $3.493M Shares 12,508 Est. Cost $261.47 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L P 0.4%

Value $2.439M Shares 64,451 Est. Cost $37.84 Unrealized —

KORU DIREXION SHARES ETF TRUST DAILY MSCI SOUTH 0.4%

Value $2.353M Shares 8,283 Est. Cost $284.12 Unrealized —

LITE LUMENTUM HLDGS INC 0.3%

Value $1.592M Shares 2,266 Est. Cost $467.14 Unrealized —

CHWY CHEWY INC CL A 0.2%

Value $1.387M Shares 51,372 Est. Cost $29.26 Unrealized —

CF CF INDUSTRIES HOLD 0.2%

Value $1.375M Shares 10,590 Est. Cost $90.08 Unrealized —

AXTI AXT INC 0.1%

Value $556K Shares 9,760 Est. Cost $22.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FIGR	FIGURE TECHNOLOGY SOLUTIO COM CL A	997,433	$33.86M	5.4%	$42.97	—	—	349381103
OXY	OCCIDENTAL PETE CORP	514,702	$33.46M	5.4%	$45.43	—	—	674599105
AEM	AGNICO EAGLE MINES LTD	100,073	$20.31M	3.3%	$128.63	—	—	008474108
SQQQ	PROSHARES TR ULTRAPRO SHORT	220,987	$17.79M	2.9%	$68.50	—	—	74350P675
LMND	LEMONADE INC	235,818	$14.78M	2.4%	$75.26	—	—	52567D107
XOM	EXXON MOBIL CORP	79,653	$13.51M	2.2%	$138.74	—	—	30231G102
LNG	CHENIERE ENERGY INC COM NEW	31,966	$9.071M	1.5%	$209.78	—	—	16411R208
MP	MP MATERIALS CORP COM CL A	129,376	$6.244M	1.0%	$63.39	—	—	553368101
EQT	EQT CORP	77,095	$4.906M	0.8%	$55.27	—	—	26884L109
ET	ENERGY TRANSFER L P COM UT LTD PTN	251,006	$4.844M	0.8%	$19.30	—	—	29273V100
CEG	CONSTELLATION ENERGY CORP	12,508	$3.493M	0.6%	$261.47	—	—	21037T109
EPD	ENTERPRISE PRODS PARTNERS L P	64,451	$2.439M	0.4%	$37.84	—	—	293792107
KORU	DIREXION SHARES ETF TRUST DAILY MSCI SOUTH	8,283	$2.353M	0.4%	$284.12	—	—	25461A387
LITE	LUMENTUM HLDGS INC	2,266	$1.592M	0.3%	$467.14	—	—	55024U109
CHWY	CHEWY INC CL A	51,372	$1.387M	0.2%	$29.26	—	—	16679L109
CF	CF INDUSTRIES HOLD	10,590	$1.375M	0.2%	$90.08	—	—	125269100
AXTI	AXT INC	9,760	$556K	0.1%	$22.70	—	—	00246W103

Decreased Positions (10)

UGL PROSHARES TR II ULTRA GOLD 2.0%

Value $12.49M (-70.9%) Shares 284,736 (-59.2%) Est. Cost $61.46 Unrealized —

META META PLATFORMS INC CL A 9.2%

Value $57.48M (-25.6%) Shares 102,040 (-24.4%) Est. Cost $682.03 Unrealized —

RKLB ROCKET LAB CORP 0.9%

Value $5.357M (-76.8%) Shares 52,703 (-85.3%) Est. Cost $71.89 Unrealized —

PDD PDD HOLDINGS INC SPONSORED ADS 2.8%

Value $17.55M (-49.5%) Shares 230,128 (-32.4%) Est. Cost $116.22 Unrealized —

NOK NOKIA CORP SPONSORED ADR 0.5%

Value $3.221M (-72.1%) Shares 242,550 (-83.1%) Est. Cost $8.04 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.0%

Value $6.515M (-49.0%) Shares 15,675 (-66.8%) Est. Cost $308.69 Unrealized —

LEU CENTRUS ENERGY CORP CL A 2.1%

Value $12.92M (-32.3%) Shares 76,946 (-30.0%) Est. Cost $176.91 Unrealized —

TCOM TRIP COM GROUP LTD ADS 1.8%

Value $11.44M (-29.5%) Shares 287,220 (-11.9%) Est. Cost $56.83 Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD SPONSORED ADS 0.5%

Value $3.352M (-13.8%) Shares 412,834 (-11.9%) Est. Cost $8.84 Unrealized —

TME TENCENT MUSIC ENTMT GROUP SPON ADS 0.1%

Value $696K (-20.8%) Shares 83,350 (-11.9%) Est. Cost $11.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UGL	PROSHARES TR II ULTRA GOLD	284,736 (-59.2%)	$12.49M (-70.9%)	2.0%	$61.46	—	ULTRA GOLD	74347W601
META	META PLATFORMS INC CL A	102,040 (-24.4%)	$57.48M (-25.6%)	9.2%	$682.03	—	CL A	30303M102
RKLB	ROCKET LAB CORP	52,703 (-85.3%)	$5.357M (-76.8%)	0.9%	$71.89	—	COM	773121108
PDD	PDD HOLDINGS INC SPONSORED ADS	230,128 (-32.4%)	$17.55M (-49.5%)	2.8%	$116.22	—	SPONSORED ADS	722304102
NOK	NOKIA CORP SPONSORED ADR	242,550 (-83.1%)	$3.221M (-72.1%)	0.5%	$8.04	—	SPONSORED ADR	654902204
UNH	UNITEDHEALTH GROUP INC	15,675 (-66.8%)	$6.515M (-49.0%)	1.0%	$308.69	—	COM	91324P102
LEU	CENTRUS ENERGY CORP CL A	76,946 (-30.0%)	$12.92M (-32.3%)	2.1%	$176.91	—	CL A	15643U104
TCOM	TRIP COM GROUP LTD ADS	287,220 (-11.9%)	$11.44M (-29.5%)	1.8%	$56.83	—	ADS	89677Q107
YMM	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS	412,834 (-11.9%)	$3.352M (-13.8%)	0.5%	$8.84	—	SPONSORED ADS	35969L108
TME	TENCENT MUSIC ENTMT GROUP SPON ADS	83,350 (-11.9%)	$696K (-20.8%)	0.1%	$11.19	—	SPON ADS	88034P109

Unchanged Positions (4)

SY SO-YOUNG INTERNATIONAL-ADR 0.7%

Value $4.54M Shares 3,067,873 Est. Cost $10.85 Unrealized —

YOUL YOULIFE GROUP INC -ADR 0.1%

Value $562K Shares 1,000,000 Est. Cost $1.43 Unrealized —

MOGU MOGU INC-ADR 0.2%

Value $1.143M Shares 684,136 Est. Cost $3.52 Unrealized —

YJ YUNJI INC-ADR 0.0%

Value $45,636 Shares 32,138 Est. Cost $2.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SY	SO-YOUNG INTERNATIONAL-ADR	3,067,873	$4.54M	0.7%	$10.85	—	SPONSORED ADS	83356Q108
YOUL	YOULIFE GROUP INC -ADR	1,000,000	$562K	0.1%	$1.43	—	SPONSORED ADS	98743K101
MOGU	MOGU INC-ADR	684,136	$1.143M	0.2%	$3.52	—	SPON ADS	608012308
YJ	YUNJI INC-ADR	32,138	$45,636	0.0%	$2.32	—	SPONSORED ADS A	98873N305