CTC Alternative Strategies, Ltd. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMT	WALMART INC	88,650	$9,876	18.5%	$107.20	0.0%	COM	931142103
XLC	SELECT SECTOR SPDR TR	24,187	$2,847	5.3%	$117.72	—	STATE STREET COM	81369Y852
XLE	SELECT SECTOR SPDR TR	63,562	$2,842	5.3%	$44.71	—	STATE STREET ENE	81369Y506
XLU	SELECT SECTOR SPDR TR	66,094	$2,822	5.3%	$42.69	—	STATE STREET UTI	81369Y886
PANW	PALO ALTO NETWORKS INC	11,600	$2,137	4.0%	$201.75	0.0%	COM	697435105
AAPL	APPLE INC	5,950	$1,618	3.0%	$268.34	0.0%	COM	037833100
IYR	ISHARES TR	14,600	$1,371	2.6%	$93.89	—	U.S. REAL ES ETF	464287739
GILD	GILEAD SCIENCES INC	9,100	$1,117	2.1%	$120.88	0.0%	COM	375558103
PLD	PROLOGIS INC.	6,800	$868	1.6%	$123.86	0.0%	COM	74340W103
EQIX	EQUINIX INC	720	$552	1.0%	$781.19	0.0%	COM	29444U700
MSFT	MICROSOFT CORP	1,120	$542	1.0%	$500.58	0.0%	COM	594918104
CMI	CUMMINS INC	947	$483	0.9%	$466.32	0.0%	COM	231021106
SNDK	SANDISK CORP	1,739	$413	0.8%	$200.29	0.0%	COM	80004C200
AEP	AMERICAN ELEC PWR CO INC	3,540	$408	0.8%	$117.70	0.0%	COM	025537101
LITE	LUMENTUM HLDGS INC	962	$355	0.7%	$256.82	0.0%	COM	55024U109
STE	STERIS PLC	1,273	$323	0.6%	$251.13	0.0%	SHS USD	G8473T100
CMG	CHIPOTLE MEXICAN GRILL INC	8,370	$310	0.6%	$36.17	0.0%	COM	169656105
PYPL	PAYPAL HLDGS INC	5,120	$299	0.6%	$64.84	0.0%	COM	70450Y103
A	AGILENT TECHNOLOGIES INC	2,100	$286	0.5%	$143.72	0.0%	COM	00846U101
SRE	SEMPRA	3,200	$283	0.5%	$90.54	0.0%	COM	816851109
ROP	ROPER TECHNOLOGIES INC	627	$279	0.5%	$462.16	0.0%	COM	776696106
MLM	MARTIN MARIETTA MATLS INC	440	$274	0.5%	$621.36	0.0%	COM	573284106
AZO	AUTOZONE INC	78	$265	0.5%	$3777.86	0.0%	COM	053332102
ZTS	ZOETIS INC	2,100	$264	0.5%	$130.26	0.0%	CL A	98978V103
GL	GLOBE LIFE INC	1,809	$253	0.5%	$135.45	0.0%	COM	37959E102
APD	AIR PRODS & CHEMS INC	1,023	$253	0.5%	$251.65	0.0%	COM	009158106
COHR	COHERENT CORP	1,330	$245	0.5%	$149.58	0.0%	COM	19247G107
WDAY	WORKDAY INC	1,041	$224	0.4%	$227.21	0.0%	CL A	98138H101
AFL	AFLAC INC	2,000	$221	0.4%	$109.84	0.0%	COM	001055102
TOST	TOAST INC	5,900	$210	0.4%	$36.05	0.0%	CL A	888787108
AGNC	AGNC INVT CORP	15,000	$161	0.3%	$10.72	—	COM	00123Q104
NGD	NEW GOLD INC CDA	12,800	$111	0.2%	$7.53	0.0%	COM	644535106

Increased Positions (5)

AVGO BROADCOM INC 3.9%

Value ($000) $2,084 (+295.2%) Shares 6,020 (+276.7%) Est. Cost $343.39 Unrealized +4.0%

XLRE SELECT SECTOR SPDR TR 5.3%

Value ($000) $2,826 (+40.9%) Shares 70,031 (+47.1%) Est. Cost $41.08 Unrealized —

NVDA NVIDIA CORPORATION 7.8%

Value ($000) $4,148 (+13.0%) Shares 22,242 (+13.1%) Est. Cost $175.66 Unrealized +6.0%

AMZN AMAZON COM INC 1.5%

Value ($000) $814 (+59.2%) Shares 3,528 (+51.4%) Est. Cost $211.85 Unrealized +8.0%

FTAI FTAI AVIATION LTD 0.6%

Value ($000) $335 (+26.9%) Shares 1,700 (+7.6%) Est. Cost $143.80 Unrealized +18.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	6,020 (+276.7%)	$2,084 (+295.2%)	3.9%	$343.39	+4.0%	COM	11135F101
XLRE	SELECT SECTOR SPDR TR	70,031 (+47.1%)	$2,826 (+40.9%)	5.3%	$41.08	—	STATE STREET REA	81369Y860
NVDA	NVIDIA CORPORATION	22,242 (+13.1%)	$4,148 (+13.0%)	7.8%	$175.66	+6.0%	COM	67066G104
AMZN	AMAZON COM INC	3,528 (+51.4%)	$814 (+59.2%)	1.5%	$211.85	+8.0%	COM	023135106
FTAI	FTAI AVIATION LTD	1,700 (+7.6%)	$335 (+26.9%)	0.6%	$143.80	+18.4%	SHS	G3730V105

Exited Positions (64)

XLV SELECT SECTOR SPDR TR 5.7%

Value ($000) $3,055 Shares 21,955 Est. Cost $139.17 Unrealized —

MFG MIZUHO FINANCIAL GROUP INC 3.8%

Value ($000) $2,040 Shares 60,500 Est. Cost $33.72 Unrealized —

XLB SELECT SECTOR SPDR TR 3.7%

Value ($000) $1,979 Shares 22,080 Est. Cost $89.62 Unrealized —

SOXX ISHARES TR 3.4%

Value ($000) $1,789 Shares 6,600 Est. Cost $256.87 Unrealized —

XLP SELECT SECTOR SPDR TR 2.5%

Value ($000) $1,350 Shares 17,230 Est. Cost $78.37 Unrealized —

SPY SPDR S&P 500 ETF TR 2.1%

Value ($000) $1,099 Shares 1,650 Est. Cost $586.08 Unrealized —

PEP PEPSICO INC 1.8%

Value ($000) $966 Shares 6,881 Est. Cost $131.03 Unrealized +11.3%

AXP AMERICAN EXPRESS CO 1.8%

Value ($000) $963 Shares 2,900 Est. Cost $303.98 Unrealized +17.4%

KMB KIMBERLY-CLARK CORP 1.8%

Value ($000) $945 Shares 7,600 Est. Cost $126.80 Unrealized -14.5%

MPWR MONOLITHIC PWR SYS INC 1.7%

Value ($000) $897 Shares 974 Est. Cost $808.07 Unrealized +18.9%

IX ORIX CORP 1.7%

Value ($000) $895 Shares 34,100 Est. Cost $26.24 Unrealized —

JPM JPMORGAN CHASE & CO. 1.6%

Value ($000) $869 Shares 2,756 Est. Cost $252.18 Unrealized +22.7%

KWEB KRANESHARES TRUST 1.5%

Value ($000) $802 Shares 19,100 Est. Cost $42.01 Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 1.5%

Value ($000) $776 Shares 5,330 Est. Cost $122.39 Unrealized +25.7%

FLEX FLEX LTD 1.4%

Value ($000) $752 Shares 12,971 Est. Cost $53.12 Unrealized +16.3%

AMP AMERIPRISE FINL INC 1.3%

Value ($000) $693 Shares 1,410 Est. Cost $510.14 Unrealized -7.1%

ALNY ALNYLAM PHARMACEUTICALS INC 1.3%

Value ($000) $682 Shares 1,496 Est. Cost $407.20 Unrealized +8.7%

FIX COMFORT SYS USA INC 1.3%

Value ($000) $669 Shares 811 Est. Cost $677.11 Unrealized +36.3%

STX SEAGATE TECHNOLOGY HLDNGS PL 1.2%

Value ($000) $637 Shares 2,700 Est. Cost $169.71 Unrealized +52.6%

QQQ INVESCO QQQ TR 1.2%

Value ($000) $630 Shares 1,050 Est. Cost $511.23 Unrealized —

EW EDWARDS LIFESCIENCES CORP 1.2%

Value ($000) $630 Shares 8,100 Est. Cost $78.13 Unrealized +5.0%

RJF RAYMOND JAMES FINL INC 1.2%

Value ($000) $621 Shares 3,600 Est. Cost $155.79 Unrealized +3.3%

FFIV F5 INC 1.1%

Value ($000) $582 Shares 1,800 Est. Cost $313.03 Unrealized -14.1%

RMD RESMED INC 1.1%

Value ($000) $575 Shares 2,100 Est. Cost $272.23 Unrealized -6.2%

MCO MOODYS CORP 1.1%

Value ($000) $572 Shares 1,200 Est. Cost $502.63 Unrealized -3.0%

STNE STONECO LTD 1.1%

Value ($000) $570 Shares 30,125 Est. Cost $18.91 Unrealized —

DOV DOVER CORP 1.1%

Value ($000) $567 Shares 3,400 Est. Cost $178.62 Unrealized +1.8%

FER FERROVIAL SE 1.1%

Value ($000) $563 Shares 9,600 Est. Cost $53.87 Unrealized +18.2%

GOOG ALPHABET INC 1.0%

Value ($000) $557 Shares 2,288 Est. Cost $164.85 Unrealized +73.7%

QCOM QUALCOMM INC 1.0%

Value ($000) $530 Shares 3,188 Est. Cost $145.02 Unrealized +17.8%

COST COSTCO WHSL CORP NEW 1.0%

Value ($000) $523 Shares 565 Est. Cost $974.52 Unrealized -7.1%

XOM EXXON MOBIL CORP 0.9%

Value ($000) $496 Shares 4,400 Est. Cost $105.94 Unrealized +9.0%

CRCL CIRCLE INTERNET GROUP INC 0.9%

Value ($000) $491 Shares 3,700 Est. Cost $158.24 Unrealized -34.7%

NBIS NEBIUS GROUP N.V. 0.9%

Value ($000) $483 Shares 4,300 Est. Cost $69.43 Unrealized +49.3%

SATS ECHOSTAR CORP 0.8%

Value ($000) $451 Shares 5,900 Est. Cost $45.28 Unrealized +79.8%

AMAT APPLIED MATLS INC 0.8%

Value ($000) $427 Shares 2,084 Est. Cost $157.45 Unrealized +52.1%

WFC WELLS FARGO CO NEW 0.8%

Value ($000) $419 Shares 5,000 Est. Cost $72.38 Unrealized +19.7%

INSM INSMED INC 0.8%

Value ($000) $410 Shares 2,850 Est. Cost $122.51 Unrealized +49.0%

CSCO CISCO SYS INC 0.7%

Value ($000) $390 Shares 5,700 Est. Cost $60.15 Unrealized +22.7%

EME EMCOR GROUP INC 0.7%

Value ($000) $390 Shares 600 Est. Cost $606.37 Unrealized +6.8%

ALAB ASTERA LABS INC 0.7%

Value ($000) $389 Shares 1,985 Est. Cost $164.44 Unrealized +1.7%

LRCX LAM RESEARCH CORP 0.7%

Value ($000) $388 Shares 2,900 Est. Cost $105.52 Unrealized +47.2%

SPG SIMON PPTY GROUP INC NEW 0.7%

Value ($000) $375 Shares 2,000 Est. Cost $169.06 Unrealized +6.5%

LIN LINDE PLC 0.6%

Value ($000) $344 Shares 725 Est. Cost $450.39 Unrealized -5.1%

CDNS CADENCE DESIGN SYSTEM INC 0.6%

Value ($000) $334 Shares 951 Est. Cost $344.03 Unrealized -5.1%

JNJ JOHNSON & JOHNSON 0.6%

Value ($000) $326 Shares 121,150 Est. Cost $168.97 Unrealized +16.6%

REGN REGENERON PHARMACEUTICALS 0.6%

Value ($000) $307 Shares 546 Est. Cost $564.28 Unrealized +20.3%

ACN ACCENTURE PLC IRELAND 0.5%

Value ($000) $291 Shares 1,180 Est. Cost $302.88 Unrealized -16.1%

GS GOLDMAN SACHS GROUP INC 0.5%

Value ($000) $287 Shares 360 Est. Cost $571.74 Unrealized +42.3%

THC TENET HEALTHCARE CORP 0.5%

Value ($000) $285 Shares 1,403 Est. Cost $177.42 Unrealized +13.9%

FISV FISERV INC 0.5%

Value ($000) $284 Shares 2,200 Est. Cost $167.52 Unrealized -49.9%

INTC INTEL CORP 0.5%

Value ($000) $282 Shares 8,400 Est. Cost $24.23 Unrealized +55.9%

HON HONEYWELL INTL INC 0.5%

Value ($000) $264 Shares 1,253 Est. Cost $199.16 Unrealized -2.1%

MS MORGAN STANLEY 0.5%

Value ($000) $254 Shares 1,600 Est. Cost $120.96 Unrealized +37.6%

V VISA INC 0.5%

Value ($000) $250 Shares 731 Est. Cost $345.14 Unrealized -1.4%

AMD ADVANCED MICRO DEVICES INC 0.5%

Value ($000) $243 Shares 1,500 Est. Cost $161.38 Unrealized +39.2%

META META PLATFORMS INC 0.4%

Value ($000) $238 Shares 324 Est. Cost $743.23 Unrealized -10.2%

IR INGERSOLL RAND INC 0.4%

Value ($000) $235 Shares 2,846 Est. Cost $81.93 Unrealized -3.6%

BLK BLACKROCK INC 0.4%

Value ($000) $233 Shares 200 Est. Cost $1108.77 Unrealized -1.7%

SNPS SYNOPSYS INC 0.4%

Value ($000) $232 Shares 471 Est. Cost $565.30 Unrealized -21.4%

ELAN ELANCO ANIMAL HEALTH INC 0.4%

Value ($000) $220 Shares 10,900 Est. Cost $16.75 Unrealized +29.9%

— LIBERTY MEDIA CORP DEL 0.4%

Value ($000) $213 Shares 2,200 Est. Cost $96.97 Unrealized —

— SANDSTORM GOLD LTD 0.4%

Value ($000) $200 Shares 16,000 Est. Cost $12.52 Unrealized —

MQ MARQETA INC 0.1%

Value ($000) $55 Shares 10,400 Est. Cost $5.92 Unrealized -18.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLV	SELECT SECTOR SPDR TR	21,955	$3,055	5.7%	$139.17	—	—	81369Y209
MFG	MIZUHO FINANCIAL GROUP INC	60,500	$2,040	3.8%	$33.72	—	—	60687Y109
XLB	SELECT SECTOR SPDR TR	22,080	$1,979	3.7%	$89.62	—	—	81369Y100
SOXX	ISHARES TR	6,600	$1,789	3.4%	$256.87	—	—	464287523
XLP	SELECT SECTOR SPDR TR	17,230	$1,350	2.5%	$78.37	—	—	81369Y308
SPY	SPDR S&P 500 ETF TR	1,650	$1,099	2.1%	$586.08	—	—	78462F103
PEP	PEPSICO INC	6,881	$966	1.8%	$131.03	+11.3%	—	713448108
AXP	AMERICAN EXPRESS CO	2,900	$963	1.8%	$303.98	+17.4%	—	025816109
KMB	KIMBERLY-CLARK CORP	7,600	$945	1.8%	$126.80	-14.5%	—	494368103
MPWR	MONOLITHIC PWR SYS INC	974	$897	1.7%	$808.07	+18.9%	—	609839105
IX	ORIX CORP	34,100	$895	1.7%	$26.24	—	—	686330101
JPM	JPMORGAN CHASE & CO.	2,756	$869	1.6%	$252.18	+22.7%	—	46625H100
KWEB	KRANESHARES TRUST	19,100	$802	1.5%	$42.01	—	—	500767306
CRDO	CREDO TECHNOLOGY GROUP HOLDI	5,330	$776	1.5%	$122.39	+25.7%	—	G25457105
FLEX	FLEX LTD	12,971	$752	1.4%	$53.12	+16.3%	—	Y2573F102
AMP	AMERIPRISE FINL INC	1,410	$693	1.3%	$510.14	-7.1%	—	03076C106
ALNY	ALNYLAM PHARMACEUTICALS INC	1,496	$682	1.3%	$407.20	+8.7%	—	02043Q107
FIX	COMFORT SYS USA INC	811	$669	1.3%	$677.11	+36.3%	—	199908104
STX	SEAGATE TECHNOLOGY HLDNGS PL	2,700	$637	1.2%	$169.71	+52.6%	—	G7997R103
QQQ	INVESCO QQQ TR	1,050	$630	1.2%	$511.23	—	—	46090E103
EW	EDWARDS LIFESCIENCES CORP	8,100	$630	1.2%	$78.13	+5.0%	—	28176E108
RJF	RAYMOND JAMES FINL INC	3,600	$621	1.2%	$155.79	+3.3%	—	754730109
FFIV	F5 INC	1,800	$582	1.1%	$313.03	-14.1%	—	315616102
RMD	RESMED INC	2,100	$575	1.1%	$272.23	-6.2%	—	761152107
MCO	MOODYS CORP	1,200	$572	1.1%	$502.63	-3.0%	—	615369105
STNE	STONECO LTD	30,125	$570	1.1%	$18.91	—	—	G85158106
DOV	DOVER CORP	3,400	$567	1.1%	$178.62	+1.8%	—	260003108
FER	FERROVIAL SE	9,600	$563	1.1%	$53.87	+18.2%	—	N3168P101
GOOG	ALPHABET INC	2,288	$557	1.0%	$164.85	+73.7%	—	02079K107
QCOM	QUALCOMM INC	3,188	$530	1.0%	$145.02	+17.8%	—	747525103
COST	COSTCO WHSL CORP NEW	565	$523	1.0%	$974.52	-7.1%	—	22160K105
XOM	EXXON MOBIL CORP	4,400	$496	0.9%	$105.94	+9.0%	—	30231G102
CRCL	CIRCLE INTERNET GROUP INC	3,700	$491	0.9%	$158.24	-34.7%	—	172573107
NBIS	NEBIUS GROUP N.V.	4,300	$483	0.9%	$69.43	+49.3%	—	N97284108
SATS	ECHOSTAR CORP	5,900	$451	0.8%	$45.28	+79.8%	—	278768106
AMAT	APPLIED MATLS INC	2,084	$427	0.8%	$157.45	+52.1%	—	038222105
WFC	WELLS FARGO CO NEW	5,000	$419	0.8%	$72.38	+19.7%	—	949746101
INSM	INSMED INC	2,850	$410	0.8%	$122.51	+49.0%	—	457669307
CSCO	CISCO SYS INC	5,700	$390	0.7%	$60.15	+22.7%	—	17275R102
EME	EMCOR GROUP INC	600	$390	0.7%	$606.37	+6.8%	—	29084Q100
ALAB	ASTERA LABS INC	1,985	$389	0.7%	$164.44	+1.7%	—	04626A103
LRCX	LAM RESEARCH CORP	2,900	$388	0.7%	$105.52	+47.2%	—	512807306
SPG	SIMON PPTY GROUP INC NEW	2,000	$375	0.7%	$169.06	+6.5%	—	828806109
LIN	LINDE PLC	725	$344	0.6%	$450.39	-5.1%	—	G54950103
CDNS	CADENCE DESIGN SYSTEM INC	951	$334	0.6%	$344.03	-5.1%	—	127387108
JNJ	JOHNSON & JOHNSON	121,150	$326	0.6%	$168.97	+16.6%	—	478160104
REGN	REGENERON PHARMACEUTICALS	546	$307	0.6%	$564.28	+20.3%	—	75886F107
ACN	ACCENTURE PLC IRELAND	1,180	$291	0.5%	$302.88	-16.1%	—	G1151C101
GS	GOLDMAN SACHS GROUP INC	360	$287	0.5%	$571.74	+42.3%	—	38141G104
THC	TENET HEALTHCARE CORP	1,403	$285	0.5%	$177.42	+13.9%	—	88033G407
FISV	FISERV INC	2,200	$284	0.5%	$167.52	-49.9%	—	337738108
INTC	INTEL CORP	8,400	$282	0.5%	$24.23	+55.9%	—	458140100
HON	HONEYWELL INTL INC	1,253	$264	0.5%	$199.16	-2.1%	—	438516106
MS	MORGAN STANLEY	1,600	$254	0.5%	$120.96	+37.6%	—	617446448
V	VISA INC	731	$250	0.5%	$345.14	-1.4%	—	92826C839
AMD	ADVANCED MICRO DEVICES INC	1,500	$243	0.5%	$161.38	+39.2%	—	007903107
META	META PLATFORMS INC	324	$238	0.4%	$743.23	-10.2%	—	30303M102
IR	INGERSOLL RAND INC	2,846	$235	0.4%	$81.93	-3.6%	—	45687V106
BLK	BLACKROCK INC	200	$233	0.4%	$1108.77	-1.7%	—	09290D101
SNPS	SYNOPSYS INC	471	$232	0.4%	$565.30	-21.4%	—	871607107
ELAN	ELANCO ANIMAL HEALTH INC	10,900	$220	0.4%	$16.75	+29.9%	—	28414H103
—	LIBERTY MEDIA CORP DEL	2,200	$213	0.4%	$96.97	—	—	531229722
—	SANDSTORM GOLD LTD	16,000	$200	0.4%	$12.52	—	—	80013R206
MQ	MARQETA INC	10,400	$55	0.1%	$5.92	-18.9%	—	57142B104

Decreased Positions (5)

COIN COINBASE GLOBAL INC 1.3%

Value ($000) $670 (-69.6%) Shares 2,962 (-54.6%) Est. Cost $240.32 Unrealized +24.0%

MSTR STRATEGY INC 1.2%

Value ($000) $663 (-65.6%) Shares 4,366 (-27.1%) Est. Cost $322.48 Unrealized -28.6%

TSLA TESLA INC 13.5%

Value ($000) $7,178 (-13.2%) Shares 15,961 (-14.1%) Est. Cost $316.05 Unrealized +40.3%

XLI SELECT SECTOR SPDR TR 3.3%

Value ($000) $1,762 (-36.0%) Shares 11,362 (-36.4%) Est. Cost $154.23 Unrealized —

EOG EOG RES INC 0.5%

Value ($000) $284 (-48.4%) Shares 2,700 (-44.9%) Est. Cost $117.95 Unrealized -9.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	2,962 (-54.6%)	$670 (-69.6%)	1.3%	$240.32	+24.0%	COM CL A	19260Q107
MSTR	STRATEGY INC	4,366 (-27.1%)	$663 (-65.6%)	1.2%	$322.48	-28.6%	CL A NEW	594972408
TSLA	TESLA INC	15,961 (-14.1%)	$7,178 (-13.2%)	13.5%	$316.05	+40.3%	COM	88160R101
XLI	SELECT SECTOR SPDR TR	11,362 (-36.4%)	$1,762 (-36.0%)	3.3%	$154.23	—	STATE STREET IND	81369Y704
EOG	EOG RES INC	2,700 (-44.9%)	$284 (-48.4%)	0.5%	$117.95	-9.1%	COM	26875P101

Unchanged Positions (1)

MNKD MANNKIND CORP 0.2%

Value ($000) $93 Shares 16,400 Est. Cost $4.39 Unrealized +25.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MNKD	MANNKIND CORP	16,400	$93	0.2%	$4.39	+25.5%	COM NEW	56400P706