SRS Investment Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABNB	AIRBNB INC	2,520,021	$342,017	3.6%	$124.53	0.0%	COM CL A	009066101
TWLO	TWILIO INC	1,810,278	$257,494	2.7%	$123.87	0.0%	CL A	90138F102
RBLX	ROBLOX CORP	2,937,990	$238,065	2.5%	$106.17	0.0%	CL A	771049103
HUT	HUT 8 CORP	2,869,797	$131,838	1.4%	$44.08	0.0%	COM	44812J104
FN	FABRINET	141,220	$64,295	0.7%	$435.01	0.0%	SHS	G3323L100
WRBY	WARBY PARKER INC	1,435,383	$31,277	0.3%	$21.76	0.0%	CL A COM	93403J106
CRDO	CREDO TECHNOLOGY GROUP HOLDI	111,678	$16,069	0.2%	$153.78	0.0%	ORDINARY SHARES	G25457105
HSAI	HESAI GROUP	558,767	$12,516	0.1%	$22.40	—	SPONSORED ADS	428050108

Increased Positions (7)

NFLX NETFLIX INC 15.0%

Value ($000) $1,423,702 (-21.8%) Shares 15,184,530 (+900.0%) Est. Cost $99.19 Unrealized +8.7%

KMX CARMAX INC 2.3%

Value ($000) $217,845 (+1465.1%) Shares 5,637,803 (+1717.5%) Est. Cost $41.08 Unrealized -2.6%

AMD ADVANCED MICRO DEVICES INC 3.7%

Value ($000) $350,287 (+88.0%) Shares 1,635,630 (+42.1%) Est. Cost $180.09 Unrealized +24.7%

PLNT PLANET FITNESS INC 5.6%

Value ($000) $529,071 (+9.3%) Shares 4,877,578 (+4.5%) Est. Cost $67.44 Unrealized +52.6%

GLBE GLOBAL E ONLINE LTD 0.4%

Value ($000) $35,250 (+233.5%) Shares 896,717 (+203.4%) Est. Cost $36.40 Unrealized +1.9%

DAL DELTA AIR LINES INC DEL 0.5%

Value ($000) $51,098 (+83.9%) Shares 736,282 (+50.4%) Est. Cost $58.71 Unrealized +6.4%

NVDA NVIDIA CORPORATION 6.5%

Value ($000) $615,585 (+3.0%) Shares 3,300,724 (+3.0%) Est. Cost $135.68 Unrealized +37.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	NETFLIX INC	15,184,530 (+900.0%)	$1,423,702 (-21.8%)	15.0%	$99.19	+8.7%	COM	64110L106
KMX	CARMAX INC	5,637,803 (+1717.5%)	$217,845 (+1465.1%)	2.3%	$41.08	-2.6%	COM	143130102
AMD	ADVANCED MICRO DEVICES INC	1,635,630 (+42.1%)	$350,287 (+88.0%)	3.7%	$180.09	+24.7%	COM	007903107
PLNT	PLANET FITNESS INC	4,877,578 (+4.5%)	$529,071 (+9.3%)	5.6%	$67.44	+52.6%	CL A	72703H101
GLBE	GLOBAL E ONLINE LTD	896,717 (+203.4%)	$35,250 (+233.5%)	0.4%	$36.40	+1.9%	SHS	M5216V106
DAL	DELTA AIR LINES INC DEL	736,282 (+50.4%)	$51,098 (+83.9%)	0.5%	$58.71	+6.4%	COM NEW	247361702
NVDA	NVIDIA CORPORATION	3,300,724 (+3.0%)	$615,585 (+3.0%)	6.5%	$135.68	+37.2%	COM	67066G104

Exited Positions (5)

ALGN ALIGN TECHNOLOGY INC 0.2%

Value ($000) $18,326 Shares 146,354 Est. Cost $166.92 Unrealized -14.1%

WWW WOLVERINE WORLD WIDE INC 0.1%

Value ($000) $13,843 Shares 504,498 Est. Cost $21.52 Unrealized -6.7%

CNC CENTENE CORP DEL 0.0%

Value ($000) $4,488 Shares 125,788 Est. Cost $30.20 Unrealized +23.9%

LAD LITHIA MTRS INC 0.0%

Value ($000) $2,751 Shares 8,705 Est. Cost $309.32 Unrealized +2.7%

CAI CARIS LIFE SCIENCES INC 0.0%

Value ($000) $1,513 Shares 50,000 Est. Cost $26.95 Unrealized +4.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALGN	ALIGN TECHNOLOGY INC	146,354	$18,326	0.2%	$166.92	-14.1%	—	016255101
WWW	WOLVERINE WORLD WIDE INC	504,498	$13,843	0.1%	$21.52	-6.7%	—	978097103
CNC	CENTENE CORP DEL	125,788	$4,488	0.0%	$30.20	+23.9%	—	15135B101
LAD	LITHIA MTRS INC	8,705	$2,751	0.0%	$309.32	+2.7%	—	536797103
CAI	CARIS LIFE SCIENCES INC	50,000	$1,513	0.0%	$26.95	+4.5%	—	142152107

Decreased Positions (5)

PDD PDD HOLDINGS INC 1.2%

Value ($000) $115,302 (-67.1%) Shares 1,016,859 (-61.7%) Est. Cost $90.33 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.6%

Value ($000) $154,597 (-30.2%) Shares 508,726 (-35.8%) Est. Cost $102.96 Unrealized —

MDB MONGODB INC 2.3%

Value ($000) $220,593 (+31.7%) Shares 525,609 (-2.6%) Est. Cost $243.68 Unrealized +49.3%

CVS CVS HEALTH CORP 0.5%

Value ($000) $48,630 (-47.0%) Shares 612,778 (-49.7%) Est. Cost $57.99 Unrealized +35.7%

CLS CELESTICA INC 3.2%

Value ($000) $299,812 (-11.3%) Shares 1,014,214 (-26.1%) Est. Cost $141.42 Unrealized +113.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	1,016,859 (-61.7%)	$115,302 (-67.1%)	1.2%	$90.33	—	SPONSORED ADS	722304102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	508,726 (-35.8%)	$154,597 (-30.2%)	1.6%	$102.96	—	SPONSORED ADS	874039100
MDB	MONGODB INC	525,609 (-2.6%)	$220,593 (+31.7%)	2.3%	$243.68	+49.3%	CL A	60937P106
CVS	CVS HEALTH CORP	612,778 (-49.7%)	$48,630 (-47.0%)	0.5%	$57.99	+35.7%	COM	126650100
CLS	CELESTICA INC	1,014,214 (-26.1%)	$299,812 (-11.3%)	3.2%	$141.42	+113.1%	COM	15101Q207

Unchanged Positions (11)

CAR AVIS BUDGET GROUP 23.5%

Value ($000) $2,236,731 Shares 17,430,882 Est. Cost $32.79 Unrealized +325.5%

TPR TAPESTRY INC 6.8%

Value ($000) $644,727 Shares 5,045,999 Est. Cost $74.61 Unrealized +52.8%

META META PLATFORMS INC 5.2%

Value ($000) $490,777 Shares 743,500 Est. Cost $216.12 Unrealized +208.8%

UAL UNITED AIRLS HLDGS INC 3.4%

Value ($000) $324,689 Shares 2,903,678 Est. Cost $60.61 Unrealized +66.7%

BURL BURLINGTON STORES INC 3.5%

Value ($000) $333,252 Shares 1,153,720 Est. Cost $220.39 Unrealized +23.1%

SPOT SPOTIFY TECHNOLOGY S A 0.9%

Value ($000) $85,428 Shares 147,109 Est. Cost $114.48 Unrealized +446.0%

HD HOME DEPOT INC 0.7%

Value ($000) $62,042 Shares 180,302 Est. Cost $389.16 Unrealized -6.3%

ELV ELEVANCE HEALTH INC 0.5%

Value ($000) $51,522 Shares 146,976 Est. Cost $394.28 Unrealized -14.6%

TCOM TRIP COM GROUP LTD 0.6%

Value ($000) $54,377 Shares 756,185 Est. Cost $63.58 Unrealized —

CMCSA COMCAST CORP NEW 0.3%

Value ($000) $28,984 Shares 969,699 Est. Cost $44.34 Unrealized -35.7%

LOW LOWES COS INC 0.3%

Value ($000) $30,504 Shares 126,488 Est. Cost $244.20 Unrealized -1.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAR	AVIS BUDGET GROUP	17,430,882	$2,236,731	23.5%	$32.79	+325.5%	COM	053774105
TPR	TAPESTRY INC	5,045,999	$644,727	6.8%	$74.61	+52.8%	COM	876030107
META	META PLATFORMS INC	743,500	$490,777	5.2%	$216.12	+208.8%	CL A	30303M102
UAL	UNITED AIRLS HLDGS INC	2,903,678	$324,689	3.4%	$60.61	+66.7%	COM	910047109
BURL	BURLINGTON STORES INC	1,153,720	$333,252	3.5%	$220.39	+23.1%	COM	122017106
SPOT	SPOTIFY TECHNOLOGY S A	147,109	$85,428	0.9%	$114.48	+446.0%	SHS	L8681T102
HD	HOME DEPOT INC	180,302	$62,042	0.7%	$389.16	-6.3%	COM	437076102
ELV	ELEVANCE HEALTH INC	146,976	$51,522	0.5%	$394.28	-14.6%	COM	036752103
TCOM	TRIP COM GROUP LTD	756,185	$54,377	0.6%	$63.58	—	ADS	89677Q107
CMCSA	COMCAST CORP NEW	969,699	$28,984	0.3%	$44.34	-35.7%	CL A	20030N101
LOW	LOWES COS INC	126,488	$30,504	0.3%	$244.20	-1.8%	COM	548661107