Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBRS	CEREBRAS SYSTEMS INC	17,642	$3.899M	2.2%	$221.00	—	COM CL A	15675D103
KGS	KODIAK GAS SERVICES INC	50,300	$3.779M	2.1%	$75.13	—	COM	50012A108
APGE	APOGEE THERAPEUTICS INC	22,440	$2.978M	1.6%	$132.73	—	COM	03770N101
MAIR	MADISON AIR SOLUTIONS CORP	45,472	$1.773M	1.0%	$39.00	—	COM CL A	55658T105
FLY	FIREFLY AEROSPACE INC	39,723	$1.168M	0.6%	$29.40	—	COM	31816X106
ARXS	ARXIS INC	22,098	$1.02M	0.6%	$46.14	—	COM CL A	04339D105
FRVO	FERVO ENERGY CO	31,122	$910K	0.5%	$29.23	—	COM CL A	31556C106
JAN	JANUS LIVING INC	23,625	$679K	0.4%	$28.74	—	COM CL A	471024109
INGM	INGRAM MICRO HOLDING CORP	22,424	$615K	0.3%	$27.43	—	COM	457152106
XE	X ENERGY INC	21,488	$395K	0.2%	$18.36	—	COM	98386P102

Increased Positions (36)

VIK VIKING HOLDINGS LTD 5.2%

Value $9.455M (+44.8%) Shares 90,336 (+13.3%) Est. Cost $43.50 Unrealized —

RDDT REDDIT INC 6.5%

Value $11.81M (+31.5%) Shares 68,056 (+11.5%) Est. Cost $107.65 Unrealized —

BTSG BRIGHTSPRING HEALTH SERVICES 3.1%

Value $5.664M (+93.8%) Shares 81,210 (+33.3%) Est. Cost $42.58 Unrealized —

RBRK RUBRIK INC 3.5%

Value $6.347M (+75.0%) Shares 79,061 (+15.9%) Est. Cost $62.54 Unrealized —

CHYM CHIME FINANCIAL INC 1.5%

Value $2.714M (+693.8%) Shares 132,504 (+747.3%) Est. Cost $21.42 Unrealized —

MDLN MEDLINE INC 5.0%

Value $9.025M (+35.0%) Shares 228,828 (+52.2%) Est. Cost $42.99 Unrealized —

FPS FORGENT POWER SOLUTIONS 2.0%

Value $3.64M (+151.7%) Shares 65,171 (+69.5%) Est. Cost $45.10 Unrealized —

KLAR KLARNA GROUP PLC 1.2%

Value $2.098M (+819.6%) Shares 103,656 (+532.5%) Est. Cost $22.47 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIONS 1.2%

Value $2.216M (+281.0%) Shares 72,152 (+335.4%) Est. Cost $32.84 Unrealized —

KSPI JSC KASPI.KZ 2.6%

Value $4.701M (+28.5%) Shares 54,261 (+27.3%) Est. Cost $97.25 Unrealized —

CRWV COREWEAVE INC 9.3%

Value $16.81M (+6.1%) Shares 168,892 (+19.0%) Est. Cost $100.98 Unrealized —

CRCL CIRCLE INTERNET GROUP INC 3.2%

Value $5.713M (+19.6%) Shares 91,224 (+73.5%) Est. Cost $95.87 Unrealized —

EQPT EQUIPMENTSHARE.COM 0.7%

Value $1.191M (+279.5%) Shares 60,581 (+305.3%) Est. Cost $19.99 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 2.8%

Value $5.077M (+19.9%) Shares 97,359 (+16.7%) Est. Cost $47.79 Unrealized —

SARO STANDARDAERO INC 1.9%

Value $3.482M (+28.4%) Shares 116,429 (+6.7%) Est. Cost $29.19 Unrealized —

ULS UL SOLUTIONS INC 2.2%

Value $3.988M (+20.4%) Shares 39,150 (+7.0%) Est. Cost $52.59 Unrealized —

AS AMER SPORTS INC 1.7%

Value $3.169M (+26.9%) Shares 93,637 (+31.5%) Est. Cost $26.16 Unrealized —

LOAR LOAR HOLDINGS INC 1.0%

Value $1.812M (+58.6%) Shares 22,473 (+10.4%) Est. Cost $76.93 Unrealized —

TEM TEMPUS AI INC 1.8%

Value $3.176M (+21.3%) Shares 54,824 (+16.2%) Est. Cost $56.61 Unrealized —

FIG FIGMA INC 1.1%

Value $1.967M (+29.5%) Shares 108,721 (+26.7%) Est. Cost $34.95 Unrealized —

LGN LEGENCE CORP 1.4%

Value $2.492M (+18.7%) Shares 29,243 (+21.1%) Est. Cost $55.15 Unrealized —

CAI CARIS LIFE SCIENCES INC 0.6%

Value $1.121M (+35.6%) Shares 62,887 (+44.6%) Est. Cost $23.78 Unrealized —

PACS PACS GROUP INC 0.5%

Value $988K (+41.5%) Shares 23,163 (+11.4%) Est. Cost $38.68 Unrealized —

LINE LINEAGE INC REIT 0.8%

Value $1.531M (+23.2%) Shares 35,406 (+5.0%) Est. Cost $67.62 Unrealized —

PONY PONY AI INC 0.5%

Value $914K (-22.5%) Shares 131,574 (+10.0%) Est. Cost $10.33 Unrealized —

KVYO KLAVIYO INC 0.6%

Value $1.071M (-18.1%) Shares 70,905 (+9.0%) Est. Cost $30.18 Unrealized —

MWH SOLV ENERGY INC 0.3%

Value $632K (+57.6%) Shares 18,551 (+84.4%) Est. Cost $37.19 Unrealized —

NTSK NETSKOPE INC 0.4%

Value $636K (+56.8%) Shares 58,147 (+42.7%) Est. Cost $16.67 Unrealized —

LB LANDBRIDGE CO LLC 0.5%

Value $983K (+24.5%) Shares 12,411 (+8.0%) Est. Cost $59.50 Unrealized —

SAIL SAILPOINT INC 0.3%

Value $490K (+49.4%) Shares 33,445 (+16.6%) Est. Cost $20.18 Unrealized —

BLLN BILLIONTOONE INC 0.2%

Value $285K (+96.9%) Shares 2,373 (+23.1%) Est. Cost $104.89 Unrealized —

VG VENTURE GLOBAL INC 0.5%

Value $853K (+16.4%) Shares 76,595 (+38.8%) Est. Cost $13.47 Unrealized —

KRMN KARMAN HOLDINGS INC 1.0%

Value $1.742M (+5.6%) Shares 34,889 (+43.8%) Est. Cost $65.56 Unrealized —

CBC CENTRAL BANCOMPANY 0.2%

Value $302K (+19.8%) Shares 9,957 (+6.6%) Est. Cost $24.59 Unrealized —

BETA BETA TECHNOLOGIES INC 0.2%

Value $283K (+13.0%) Shares 16,871 (+7.5%) Est. Cost $28.93 Unrealized —

SFD SMITHFIELD FOODS INC 0.3%

Value $569K (+0.4%) Shares 23,461 (+8.8%) Est. Cost $22.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VIK	VIKING HOLDINGS LTD	90,336 (+13.3%)	$9.455M (+44.8%)	5.2%	$43.50	—	COM	G93A5A101
RDDT	REDDIT INC	68,056 (+11.5%)	$11.81M (+31.5%)	6.5%	$107.65	—	COM CL A	75734B100
BTSG	BRIGHTSPRING HEALTH SERVICES	81,210 (+33.3%)	$5.664M (+93.8%)	3.1%	$42.58	—	COM	10950A106
RBRK	RUBRIK INC	79,061 (+15.9%)	$6.347M (+75.0%)	3.5%	$62.54	—	COM	781154109
CHYM	CHIME FINANCIAL INC	132,504 (+747.3%)	$2.714M (+693.8%)	1.5%	$21.42	—	COM CL A	16935C109
MDLN	MEDLINE INC	228,828 (+52.2%)	$9.025M (+35.0%)	5.0%	$42.99	—	COM CL A	58507V107
FPS	FORGENT POWER SOLUTIONS	65,171 (+69.5%)	$3.64M (+151.7%)	2.0%	$45.10	—	COM CL A	34631F102
KLAR	KLARNA GROUP PLC	103,656 (+532.5%)	$2.098M (+819.6%)	1.2%	$22.47	—	COM	G5279N105
FIGR	FIGURE TECHNOLOGY SOLUTIONS	72,152 (+335.4%)	$2.216M (+281.0%)	1.2%	$32.84	—	COM CL A	349381103
KSPI	JSC KASPI.KZ	54,261 (+27.3%)	$4.701M (+28.5%)	2.6%	$97.25	—	ADR	48581R205
CRWV	COREWEAVE INC	168,892 (+19.0%)	$16.81M (+6.1%)	9.3%	$100.98	—	COM CL A	21873S108
CRCL	CIRCLE INTERNET GROUP INC	91,224 (+73.5%)	$5.713M (+19.6%)	3.2%	$95.87	—	COM	172573107
EQPT	EQUIPMENTSHARE.COM	60,581 (+305.3%)	$1.191M (+279.5%)	0.7%	$19.99	—	COM CL A	29445S100
AHR	AMERICAN HEALTHCARE REIT INC	97,359 (+16.7%)	$5.077M (+19.9%)	2.8%	$47.79	—	COM	398182303
SARO	STANDARDAERO INC	116,429 (+6.7%)	$3.482M (+28.4%)	1.9%	$29.19	—	COM CL A	85423L103
ULS	UL SOLUTIONS INC	39,150 (+7.0%)	$3.988M (+20.4%)	2.2%	$52.59	—	COM CL A	903731107
AS	AMER SPORTS INC	93,637 (+31.5%)	$3.169M (+26.9%)	1.7%	$26.16	—	COM	G0260P102
LOAR	LOAR HOLDINGS INC	22,473 (+10.4%)	$1.812M (+58.6%)	1.0%	$76.93	—	COM	53947R105
TEM	TEMPUS AI INC	54,824 (+16.2%)	$3.176M (+21.3%)	1.8%	$56.61	—	COM	88023B103
FIG	FIGMA INC	108,721 (+26.7%)	$1.967M (+29.5%)	1.1%	$34.95	—	COM	316841105
LGN	LEGENCE CORP	29,243 (+21.1%)	$2.492M (+18.7%)	1.4%	$55.15	—	COM CL A	52476L109
CAI	CARIS LIFE SCIENCES INC	62,887 (+44.6%)	$1.121M (+35.6%)	0.6%	$23.78	—	COM	142152107
PACS	PACS GROUP INC	23,163 (+11.4%)	$988K (+41.5%)	0.5%	$38.68	—	COM	69380Q107
LINE	LINEAGE INC REIT	35,406 (+5.0%)	$1.531M (+23.2%)	0.8%	$67.62	—	COM	53566V106
PONY	PONY AI INC	131,574 (+10.0%)	$914K (-22.5%)	0.5%	$10.33	—	ADR	732908108
KVYO	KLAVIYO INC	70,905 (+9.0%)	$1.071M (-18.1%)	0.6%	$30.18	—	COM CL A	49845K101
MWH	SOLV ENERGY INC	18,551 (+84.4%)	$632K (+57.6%)	0.3%	$37.19	—	COM CL A	78475V103
NTSK	NETSKOPE INC	58,147 (+42.7%)	$636K (+56.8%)	0.4%	$16.67	—	COM CL A	64119N608
LB	LANDBRIDGE CO LLC	12,411 (+8.0%)	$983K (+24.5%)	0.5%	$59.50	—	COM CL A	514952100
SAIL	SAILPOINT INC	33,445 (+16.6%)	$490K (+49.4%)	0.3%	$20.18	—	COM	78781J109
BLLN	BILLIONTOONE INC	2,373 (+23.1%)	$285K (+96.9%)	0.2%	$104.89	—	COM CL A	090168105
VG	VENTURE GLOBAL INC	76,595 (+38.8%)	$853K (+16.4%)	0.5%	$13.47	—	COM L A	92333F101
KRMN	KARMAN HOLDINGS INC	34,889 (+43.8%)	$1.742M (+5.6%)	1.0%	$65.56	—	COM	485924104
CBC	CENTRAL BANCOMPANY	9,957 (+6.6%)	$302K (+19.8%)	0.2%	$24.59	—	COM	152413100
BETA	BETA TECHNOLOGIES INC	16,871 (+7.5%)	$283K (+13.0%)	0.2%	$28.93	—	COM CL A	086921103
SFD	SMITHFIELD FOODS INC	23,461 (+8.8%)	$569K (+0.4%)	0.3%	$22.05	—	COM	832248207

Exited Positions (5)

KVUE KENVUE 6.7%

Value $12.13M Shares 692,188 Est. Cost $20.76 Unrealized —

CAVA CAVA GROUP 2.5%

Value $4.448M Shares 47,623 Est. Cost $72.09 Unrealized —

ATMU ATMUS FILTRATION TECHNOLOGIES 1.4%

Value $2.466M Shares 38,890 Est. Cost $59.01 Unrealized —

WAY WAYSTAR HOLDING 0.6%

Value $1.112M Shares 52,021 Est. Cost $35.62 Unrealized —

FRMI FERMI 0.0%

Value $89,770 Shares 17,499 Est. Cost $19.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KVUE	KENVUE	692,188	$12.13M	6.7%	$20.76	—	—	49177J102
CAVA	CAVA GROUP	47,623	$4.448M	2.5%	$72.09	—	—	148929102
ATMU	ATMUS FILTRATION TECHNOLOGIES	38,890	$2.466M	1.4%	$59.01	—	—	04956D107
WAY	WAYSTAR HOLDING	52,021	$1.112M	0.6%	$35.62	—	—	946784105
FRMI	FERMI	17,499	$89,770	0.0%	$19.51	—	—	314911108

Decreased Positions (5)

ALAB ASTERA LABS INC 12.3%

Value $22.34M (+89.8%) Shares 46,255 (-23.5%) Est. Cost $88.95 Unrealized —

ARM ARM HOLDINGS PLC 8.7%

Value $15.81M (+27.1%) Shares 44,595 (-24.6%) Est. Cost $107.87 Unrealized —

BLSH BULLISH 0.1%

Value $248K (-57.0%) Shares 10,593 (-30.8%) Est. Cost $61.33 Unrealized —

TTAN SERVICETITAN INC 1.2%

Value $2.16M (+15.2%) Shares 30,554 (-3.2%) Est. Cost $98.03 Unrealized —

CART MAPLEBEAR INC 2.0%

Value $3.699M (+6.2%) Shares 78,118 (-5.0%) Est. Cost $37.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALAB	ASTERA LABS INC	46,255 (-23.5%)	$22.34M (+89.8%)	12.3%	$88.95	—	COM	04626A103
ARM	ARM HOLDINGS PLC	44,595 (-24.6%)	$15.81M (+27.1%)	8.7%	$107.87	—	ADR	042068205
BLSH	BULLISH	10,593 (-30.8%)	$248K (-57.0%)	0.1%	$61.33	—	COM	G16910120
TTAN	SERVICETITAN INC	30,554 (-3.2%)	$2.16M (+15.2%)	1.2%	$98.03	—	COM	81764X103
CART	MAPLEBEAR INC	78,118 (-5.0%)	$3.699M (+6.2%)	2.0%	$37.98	—	COM	565394103

Unchanged Positions (1)

BIRK BIRKENSTOCK HOLDING PLC 0.5%

Value $881K Shares 20,481 Est. Cost $49.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIRK	BIRKENSTOCK HOLDING PLC	20,481	$881K	0.5%	$49.85	—	COM	M2029K104