ELEMENT CAPITAL MANAGEMENT LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
Q	QNITY ELECTRONICS INC	205,102	$16,747	8.0%	$84.91	0.0%	COM	74743L100
SOLS	SOLSTICE ADVANCED MATLS INC	186,032	$9,037	4.3%	$47.08	0.0%	COM SHS	83443Q103
DD	DUPONT DE NEMOURS INC	220,675	$8,871	4.2%	$37.39	0.0%	COM	26614N102
MRP	MILLROSE PPTYS INC	284,259	$8,491	4.1%	$29.87	—	COM CL A	601137102
ITT	ITT INC	48,558	$8,425	4.0%	$179.17	0.0%	COM	45073V108
WBD	WARNER BROS DISCOVERY INC	250,000	$7,205	3.4%	$23.37	0.0%	COM SER A	934423104
LEN	LENNAR CORP	62,620	$6,437	3.1%	$120.70	0.0%	CL A	526057104
AVGO	BROADCOM INC	17,782	$6,154	2.9%	$357.00	0.0%	COM	11135F101
DD	DUPONT DE NEMOURS INC	150,000	$6,030	2.9%	$37.39	0.0%	CALL	26614N102
WBD	WARNER BROS DISCOVERY INC	200,000	$5,764	2.8%	$23.37	0.0%	CALL	934423104
CORZ	CORE SCIENTIFIC INC NEW	361,726	$5,267	2.5%	$17.44	0.0%	COM	21874A106
Q	QNITY ELECTRONICS INC	50,400	$4,115	2.0%	$84.91	0.0%	CALL	74743L100
NVDA	NVIDIA CORPORATION	20,524	$3,828	1.8%	$186.13	0.0%	COM	67066G104
PANW	PALO ALTO NETWORKS INC	16,836	$3,101	1.5%	$201.75	0.0%	COM	697435105
GOOGL	ALPHABET INC	9,873	$3,090	1.5%	$285.60	0.0%	CAP STK CL A	02079K305
META	META PLATFORMS INC	3,894	$2,570	1.2%	$667.32	0.0%	CL A	30303M102
JNJ	JOHNSON & JOHNSON	12,389	$2,564	1.2%	$197.01	0.0%	COM	478160104
ALH	ALLIANCE LAUNDRY HLDGS INC	125,000	$2,544	1.2%	$24.03	0.0%	COM	01862Q107
APH	AMPHENOL CORP NEW	18,286	$2,471	1.2%	$133.54	0.0%	CL A	032095101
LGN	LEGENCE CORP	56,657	$2,439	1.2%	$39.53	0.0%	CL A	52476L109
CG	CARLYLE GROUP INC	34,476	$2,038	1.0%	$56.28	0.0%	COM	14316J108
AAPL	APPLE INC	7,426	$2,019	1.0%	$268.34	0.0%	COM	037833100
SCCO	SOUTHERN COPPER CORP	14,022	$2,012	1.0%	$132.76	0.0%	COM	84265V105
AXP	AMERICAN EXPRESS CO	5,165	$1,911	0.9%	$356.97	0.0%	COM	025816109
GRMN	GARMIN LTD	9,373	$1,901	0.9%	$216.69	0.0%	SHS	H2906T109
ALM	ALMONTY INDS INC	210,513	$1,855	0.9%	$7.35	0.0%	COM NEW	020398707
LMRI	LUMEXA IMAGING HOLDINGS INC	87,352	$1,616	0.8%	$18.05	0.0%	COM	550249106
MNST	MONSTER BEVERAGE CORP NEW	20,169	$1,546	0.7%	$71.65	0.0%	COM	61174X109
AMAT	APPLIED MATLS INC	5,805	$1,492	0.7%	$239.49	0.0%	COM	038222105
LRCX	LAM RESEARCH CORP	7,967	$1,364	0.7%	$155.36	0.0%	COM NEW	512807306
CAI	CARIS LIFE SCIENCES INC	50,000	$1,349	0.6%	$28.16	0.0%	COM	142152107
ANET	ARISTA NETWORKS INC	9,929	$1,301	0.6%	$137.66	0.0%	COM SHS	040413205
KLAC	KLA CORP	1,057	$1,284	0.6%	$1171.91	0.0%	COM NEW	482480100
IBKR	INTERACTIVE BROKERS GROUP IN	19,954	$1,283	0.6%	$66.89	0.0%	COM CL A	45841N107
WLTH	WEALTHFRONT CORP	94,034	$1,278	0.6%	$13.20	0.0%	COM	947002101
ROL	ROLLINS INC	21,287	$1,278	0.6%	$58.66	0.0%	COM	775711104
QCOM	QUALCOMM INC	7,456	$1,275	0.6%	$170.79	0.0%	COM	747525103
MIAX	MIAMI INTL HLDGS INC	27,855	$1,236	0.6%	$44.60	0.0%	COM	59356Q108
NTAP	NETAPP INC	11,084	$1,187	0.6%	$113.62	0.0%	COM	64110D104
ICE	INTERCONTINENTAL EXCHANGE IN	6,993	$1,133	0.5%	$156.20	0.0%	COM	45866F104
TDG	TRANSDIGM GROUP INC	839	$1,116	0.5%	$1310.75	0.0%	COM	893641100
CTRA	COTERRA ENERGY INC	38,986	$1,026	0.5%	$25.10	0.0%	COM	127097103
VEEV	VEEVA SYS INC	4,566	$1,019	0.5%	$265.35	0.0%	CL A COM	922475108
APA	APA CORPORATION	41,186	$1,007	0.5%	$24.13	0.0%	COM	03743Q108
NBIX	NEUROCRINE BIOSCIENCES INC	7,017	$995	0.5%	$144.87	0.0%	COM	64125C109
NOW	SERVICENOW INC	6,380	$977	0.5%	$171.54	0.0%	COM	81762P102
AERO	GRUPO AEROMEXICO SAB DE CV	36,345	$798	0.4%	$21.96	—	SPONSORED ADS	40054J109
ACGL	ARCH CAP GROUP LTD	7,704	$739	0.4%	$91.50	0.0%	ORD	G0450A105
STC	STEWART INFORMATION SVCS COR	6,742	$474	0.2%	$72.01	0.0%	COM	860372101

Increased Positions (6)

COF CAPITAL ONE FINL CORP 10.1%

Value ($000) $21,059 (+195.9%) Shares 86,890 (+159.6%) Est. Cost $220.50 Unrealized +0.8%

KR KROGER CO 6.0%

Value ($000) $12,569 (+209.8%) Shares 201,172 (+234.2%) Est. Cost $66.37 Unrealized -1.7%

HCA HCA HEALTHCARE INC 4.3%

Value ($000) $9,070 (+78.3%) Shares 19,427 (+62.8%) Est. Cost $416.25 Unrealized +11.4%

MRK MERCK & CO INC 1.2%

Value ($000) $2,576 (+382.4%) Shares 24,475 (+284.6%) Est. Cost $90.06 Unrealized +3.5%

CME CME GROUP INC 4.4%

Value ($000) $9,204 (+13.6%) Shares 33,706 (+12.4%) Est. Cost $163.97 Unrealized +65.1%

MO ALTRIA GROUP INC 0.5%

Value ($000) $998 (+98.4%) Shares 17,307 (+127.3%) Est. Cost $60.27 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	86,890 (+159.6%)	$21,059 (+195.9%)	10.1%	$220.50	+0.8%	COM	14040H105
KR	KROGER CO	201,172 (+234.2%)	$12,569 (+209.8%)	6.0%	$66.37	-1.7%	COM	501044101
HCA	HCA HEALTHCARE INC	19,427 (+62.8%)	$9,070 (+78.3%)	4.3%	$416.25	+11.4%	COM	40412C101
MRK	MERCK & CO INC	24,475 (+284.6%)	$2,576 (+382.4%)	1.2%	$90.06	+3.5%	COM	58933Y105
CME	CME GROUP INC	33,706 (+12.4%)	$9,204 (+13.6%)	4.4%	$163.97	+65.1%	COM	12572Q105
MO	ALTRIA GROUP INC	17,307 (+127.3%)	$998 (+98.4%)	0.5%	$60.27	-1.5%	COM	02209S103

Exited Positions (41)

SNPS SYNOPSYS INC 2.9%

Value ($000) $6,068 Shares 12,299 Est. Cost $565.30 Unrealized -21.4%

UNP UNION PAC CORP 2.9%

Value ($000) $6,030 Shares 25,511 Est. Cost $223.15 Unrealized +1.9%

XHB SPDR SERIES TRUST 2.6%

Value ($000) $5,540 Shares 50,000 Est. Cost $96.90 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.4%

Value ($000) $5,018 Shares 14,532 Est. Cost $298.94 Unrealized +12.8%

MIR MIRION TECHNOLOGIES INC 1.3%

Value ($000) $2,688 Shares 115,578 Est. Cost $21.62 Unrealized +15.4%

LTM LATAM AIRLINES GROUP SA 0.6%

Value ($000) $1,288 Shares 28,456 Est. Cost $45.25 Unrealized —

JXN JACKSON FINANCIAL INC 0.6%

Value ($000) $1,244 Shares 12,288 Est. Cost $92.07 Unrealized +7.4%

WBI WATERBRIDGE INFRASTRUCTURE L 0.4%

Value ($000) $794 Shares 31,500 Est. Cost $23.45 Unrealized -1.0%

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $528 Shares 13,470 Est. Cost $43.20 Unrealized +0.3%

ZTS ZOETIS INC 0.2%

Value ($000) $511 Shares 3,494 Est. Cost $150.53 Unrealized -13.5%

TT TRANE TECHNOLOGIES PLC 0.2%

Value ($000) $509 Shares 1,207 Est. Cost $426.60 Unrealized -3.0%

IDXX IDEXX LABS INC 0.2%

Value ($000) $507 Shares 793 Est. Cost $606.98 Unrealized +12.2%

VRSK VERISK ANALYTICS INC 0.2%

Value ($000) $505 Shares 2,009 Est. Cost $273.52 Unrealized -17.6%

CPRT COPART INC 0.2%

Value ($000) $504 Shares 11,213 Est. Cost $47.13 Unrealized -12.0%

BRO BROWN & BROWN INC 0.2%

Value ($000) $504 Shares 5,375 Est. Cost $111.89 Unrealized -25.5%

MSI MOTOROLA SOLUTIONS INC 0.2%

Value ($000) $503 Shares 1,101 Est. Cost $448.33 Unrealized -10.6%

MRSH MARSH & MCLENNAN COS INC 0.2%

Value ($000) $503 Shares 2,498 Est. Cost $204.01 Unrealized -8.6%

CTAS CINTAS CORP 0.2%

Value ($000) $503 Shares 2,452 Est. Cost $212.83 Unrealized -11.6%

AME AMETEK INC 0.2%

Value ($000) $503 Shares 2,676 Est. Cost $183.47 Unrealized +5.9%

ALSN ALLISON TRANSMISSION HLDGS I 0.2%

Value ($000) $503 Shares 5,926 Est. Cost $88.55 Unrealized -1.2%

LECO LINCOLN ELEC HLDGS INC 0.2%

Value ($000) $503 Shares 2,132 Est. Cost $234.18 Unrealized +1.1%

PH PARKER-HANNIFIN CORP 0.2%

Value ($000) $503 Shares 663 Est. Cost $735.10 Unrealized +11.2%

ADI ANALOG DEVICES INC 0.2%

Value ($000) $502 Shares 2,043 Est. Cost $238.95 Unrealized +4.9%

V VISA INC 0.2%

Value ($000) $502 Shares 1,470 Est. Cost $345.14 Unrealized -1.4%

IEX IDEX CORP 0.2%

Value ($000) $502 Shares 3,083 Est. Cost $168.10 Unrealized +1.6%

MCD MCDONALDS CORP 0.2%

Value ($000) $501 Shares 1,650 Est. Cost $301.40 Unrealized +1.2%

AMD ADVANCED MICRO DEVICES INC 0.2%

Value ($000) $501 Shares 3,099 Est. Cost $161.38 Unrealized +39.2%

ADP AUTOMATIC DATA PROCESSING IN 0.2%

Value ($000) $501 Shares 1,708 Est. Cost $297.80 Unrealized -11.1%

RSG REPUBLIC SVCS INC 0.2%

Value ($000) $501 Shares 2,183 Est. Cost $233.28 Unrealized -8.0%

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $501 Shares 880 Est. Cost $573.47 Unrealized -2.5%

MSCI MSCI INC 0.2%

Value ($000) $499 Shares 880 Est. Cost $562.63 Unrealized -0.5%

ACN ACCENTURE PLC IRELAND 0.2%

Value ($000) $499 Shares 2,023 Est. Cost $260.61 Unrealized -2.5%

NDAQ NASDAQ INC 0.2%

Value ($000) $499 Shares 5,636 Est. Cost $92.14 Unrealized -2.6%

NFLX NETFLIX INC 0.2%

Value ($000) $496 Shares 414 Est. Cost $122.05 Unrealized -11.7%

SPGI S&P GLOBAL INC 0.2%

Value ($000) $495 Shares 1,017 Est. Cost $533.84 Unrealized -7.4%

MANH MANHATTAN ASSOCIATES INC 0.2%

Value ($000) $494 Shares 2,408 Est. Cost $211.48 Unrealized -13.6%

PAYX PAYCHEX INC 0.2%

Value ($000) $493 Shares 3,890 Est. Cost $137.17 Unrealized -15.0%

FDS FACTSET RESH SYS INC 0.2%

Value ($000) $493 Shares 1,720 Est. Cost $379.72 Unrealized -26.3%

AMP AMERIPRISE FINL INC 0.2%

Value ($000) $492 Shares 1,001 Est. Cost $510.14 Unrealized -7.1%

CRM SALESFORCE INC 0.2%

Value ($000) $483 Shares 2,040 Est. Cost $251.43 Unrealized -1.3%

GDDY GODADDY INC 0.2%

Value ($000) $482 Shares 3,525 Est. Cost $153.92 Unrealized -15.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	12,299	$6,068	2.9%	$565.30	-21.4%	—	871607107
UNP	UNION PAC CORP	25,511	$6,030	2.9%	$223.15	+1.9%	—	907818108
XHB	SPDR SERIES TRUST	50,000	$5,540	2.6%	$96.90	—	—	78464A888
UNH	UNITEDHEALTH GROUP INC	14,532	$5,018	2.4%	$298.94	+12.8%	—	91324P102
MIR	MIRION TECHNOLOGIES INC	115,578	$2,688	1.3%	$21.62	+15.4%	—	60471A101
LTM	LATAM AIRLINES GROUP SA	28,456	$1,288	0.6%	$45.25	—	—	51817R205
JXN	JACKSON FINANCIAL INC	12,288	$1,244	0.6%	$92.07	+7.4%	—	46817M107
WBI	WATERBRIDGE INFRASTRUCTURE L	31,500	$794	0.4%	$23.45	-1.0%	—	940923105
FCX	FREEPORT-MCMORAN INC	13,470	$528	0.3%	$43.20	+0.3%	—	35671D857
ZTS	ZOETIS INC	3,494	$511	0.2%	$150.53	-13.5%	—	98978V103
TT	TRANE TECHNOLOGIES PLC	1,207	$509	0.2%	$426.60	-3.0%	—	G8994E103
IDXX	IDEXX LABS INC	793	$507	0.2%	$606.98	+12.2%	—	45168D104
VRSK	VERISK ANALYTICS INC	2,009	$505	0.2%	$273.52	-17.6%	—	92345Y106
CPRT	COPART INC	11,213	$504	0.2%	$47.13	-12.0%	—	217204106
BRO	BROWN & BROWN INC	5,375	$504	0.2%	$111.89	-25.5%	—	115236101
MSI	MOTOROLA SOLUTIONS INC	1,101	$503	0.2%	$448.33	-10.6%	—	620076307
MRSH	MARSH & MCLENNAN COS INC	2,498	$503	0.2%	$204.01	-8.6%	—	571748102
CTAS	CINTAS CORP	2,452	$503	0.2%	$212.83	-11.6%	—	172908105
AME	AMETEK INC	2,676	$503	0.2%	$183.47	+5.9%	—	031100100
ALSN	ALLISON TRANSMISSION HLDGS I	5,926	$503	0.2%	$88.55	-1.2%	—	01973R101
LECO	LINCOLN ELEC HLDGS INC	2,132	$503	0.2%	$234.18	+1.1%	—	533900106
PH	PARKER-HANNIFIN CORP	663	$503	0.2%	$735.10	+11.2%	—	701094104
ADI	ANALOG DEVICES INC	2,043	$502	0.2%	$238.95	+4.9%	—	032654105
V	VISA INC	1,470	$502	0.2%	$345.14	-1.4%	—	92826C839
IEX	IDEX CORP	3,083	$502	0.2%	$168.10	+1.6%	—	45167R104
MCD	MCDONALDS CORP	1,650	$501	0.2%	$301.40	+1.2%	—	580135101
AMD	ADVANCED MICRO DEVICES INC	3,099	$501	0.2%	$161.38	+39.2%	—	007903107
ADP	AUTOMATIC DATA PROCESSING IN	1,708	$501	0.2%	$297.80	-11.1%	—	053015103
RSG	REPUBLIC SVCS INC	2,183	$501	0.2%	$233.28	-8.0%	—	760759100
MA	MASTERCARD INCORPORATED	880	$501	0.2%	$573.47	-2.5%	—	57636Q104
MSCI	MSCI INC	880	$499	0.2%	$562.63	-0.5%	—	55354G100
ACN	ACCENTURE PLC IRELAND	2,023	$499	0.2%	$260.61	-2.5%	—	G1151C101
NDAQ	NASDAQ INC	5,636	$499	0.2%	$92.14	-2.6%	—	631103108
NFLX	NETFLIX INC	414	$496	0.2%	$122.05	-11.7%	—	64110L106
SPGI	S&P GLOBAL INC	1,017	$495	0.2%	$533.84	-7.4%	—	78409V104
MANH	MANHATTAN ASSOCIATES INC	2,408	$494	0.2%	$211.48	-13.6%	—	562750109
PAYX	PAYCHEX INC	3,890	$493	0.2%	$137.17	-15.0%	—	704326107
FDS	FACTSET RESH SYS INC	1,720	$493	0.2%	$379.72	-26.3%	—	303075105
AMP	AMERIPRISE FINL INC	1,001	$492	0.2%	$510.14	-7.1%	—	03076C106
CRM	SALESFORCE INC	2,040	$483	0.2%	$251.43	-1.3%	—	79466L302
GDDY	GODADDY INC	3,525	$482	0.2%	$153.92	-15.9%	—	380237107