Carmignac Gestion Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVO	NOVO NORDISK A/S	1,003,300	$51,048	0.7%	$50.88	—	ADR	670100205
SFM	SPROUTS FARMERS MARKET INC	530,000	$42,225	0.6%	$89.72	0.0%	COM	85208M102
REGN	REGENERON PHARMACEUTICALS INC	49,971	$38,575	0.5%	$678.68	0.0%	COM	75886F107
NFLX	NETFLIX INC	398,362	$37,350	0.5%	$107.81	0.0%	COM	64110L106
KMB	KIMBERLY-CLARK CORP	203,068	$20,488	0.3%	$108.41	0.0%	COM	494368103
CLX	CLOROX CO/THE	122,977	$12,400	0.2%	$108.27	0.0%	COM	189054109
CMA	COMERICA INC	107,873	$9,377	0.1%	$79.98	0.0%	COM	200340107
NBIX	NEUROCRINE BIOSCIENCES INC	63,600	$9,020	0.1%	$144.87	0.0%	COM	64125C109
EXAS	EXACT SCIENCES CORP	81,354	$8,262	0.1%	$80.31	0.0%	COM	30063P105
AL	AIR LEASE CORP	125,849	$8,083	0.1%	$63.69	0.0%	CL A	00912X302
—	DENNY'S CORP	1,285,703	$7,997	0.1%	$6.22	—	COM	24869P104
CSGS	CSG SYSTEMS INTERNATIONAL INC	103,097	$7,907	0.1%	$73.52	0.0%	COM	126349109
TWLO	TWILIO INC	50,000	$7,112	0.1%	$123.87	0.0%	CL A	90138F102
CWAN	CLEARWATER ANALYTICS HOLDINGS INC	288,126	$6,950	0.1%	$20.03	0.0%	CL A	185123106
VRT	VERTIV HOLDINGS CO	40,000	$6,480	0.1%	$173.58	0.0%	COM CL A	92537N108
—	DAYFORCE INC	79,728	$5,514	0.1%	$68.83	0.0%	COM	15677J108
WBD	WARNER BROS DISCOVERY INC	185,955	$5,359	0.1%	$23.37	0.0%	COM SER A	934423104
HOLX	HOLOGIC INC	56,387	$4,200	0.1%	$73.07	0.0%	COM	436440101
RNA	AVIDITY BIOSCIENCES INC	57,938	$4,179	0.1%	$64.59	0.0%	COM	05370A108
—	CIDARA THERAPEUTICS INC	18,896	$4,174	0.1%	$220.89	—	COM NEW	171757206
JHG	JANUS HENDERSON GROUP PLC	87,299	$4,153	0.1%	$44.24	0.0%	ORD SHS	G4474Y214
CFLT	CONFLUENT INC	136,922	$4,141	0.1%	$24.55	0.0%	CLASS A COM	20717M103
NGD	NEW GOLD INC	379,537	$3,306	0.0%	$7.53	0.0%	COM	644535106
CADE	CADENCE BANK	70,869	$3,036	0.0%	$39.41	0.0%	COM	12740C103
FOLD	AMICUS THERAPEUTICS INC	194,887	$2,775	0.0%	$9.82	0.0%	COM	03152W109
TXNM	TXNM ENERGY INC	47,000	$2,767	0.0%	$57.71	0.0%	COM	69349H107
—	HILLENBRAND INC	86,224	$2,735	0.0%	$31.72	—	COM	431571108
KVUE	KENVUE INC	157,574	$2,718	0.0%	$16.26	0.0%	COM	49177J102
CASY	CASEY'S GENERAL STORES INC	4,800	$2,653	0.0%	$549.62	0.0%	COM	147528103
MMYT	MAKEMYTRIP LTD	21,993	$1,806	0.0%	$82.03	0.0%	SHS	V5633W109
ADBE	ADOBE INC	5,000	$1,750	0.0%	$340.09	0.0%	COM	00724F101
ZM	ZOOM COMMUNICATIONS INC	20,000	$1,726	0.0%	$84.17	0.0%	CL A	98980L101
—	DYNAVAX TECHNOLOGIES CORP	111,974	$1,722	0.0%	$15.38	—	COM NEW	268158201
BAC	BANK OF AMERICA CORP	26,682	$1,468	0.0%	$52.67	0.0%	COM	060505104
BABA	ALIBABA GROUP HOLDING LTD	9,540	$1,398	0.0%	$146.58	—	SPONSORED ADS	01609W102
CIFR	CIPHER MINING INC	47,312	$698	0.0%	$17.65	0.0%	COM	17253J106
URI	UNITED RENTALS INC	652	$528	0.0%	$867.08	0.0%	COM	911363109
AU	ANGLOGOLD ASHANTI PLC	6,122	$522	0.0%	$77.50	0.0%	COM SHS	G0378L100
AVGO	BROADCOM INC	6,700	$0	0.0%	$161.05	+121.7%	CALL	11135F101
FE	FIRSTENERGY CORP	447,100	$0	0.0%	—	—	CALL	337932107
NVDA	NVIDIA CORP	10,000	$0	0.0%	$111.77	+66.5%	CALL	67066G104
META	META PLATFORMS INC	4,500	$0	0.0%	$560.80	+19.0%	CALL	30303M102

Increased Positions (44)

MSFT MICROSOFT CORP 6.9%

Value ($000) $513,278 (+126.6%) Shares 1,061,153 (+142.6%) Est. Cost $419.12 Unrealized +19.4%

TEAM ATLASSIAN CORP 2.6%

Value ($000) $195,601 (+6704.4%) Shares 1,206,368 (+6602.0%) Est. Cost $157.28 Unrealized -0.2%

CRM SALESFORCE INC 3.6%

Value ($000) $267,072 (+127.9%) Shares 1,008,151 (+103.9%) Est. Cost $253.00 Unrealized -1.9%

ACN ACCENTURE PLC 1.9%

Value ($000) $142,747 (+297.7%) Shares 532,041 (+265.5%) Est. Cost $258.24 Unrealized -1.6%

SPGI S&P GLOBAL INC 6.1%

Value ($000) $452,004 (+28.9%) Shares 864,840 (+20.0%) Est. Cost $469.45 Unrealized +5.3%

TW TRADEWEB MARKETS INC 3.2%

Value ($000) $238,137 (+70.3%) Shares 2,214,400 (+75.8%) Est. Cost $113.99 Unrealized -5.8%

NOW SERVICENOW INC 3.6%

Value ($000) $265,793 (+48.4%) Shares 1,734,925 (+791.9%) Est. Cost $171.89 Unrealized -0.2%

XYZ BLOCK INC 3.0%

Value ($000) $222,466 (+60.6%) Shares 3,417,826 (+78.3%) Est. Cost $69.33 Unrealized -0.5%

CL COLGATE-PALMOLIVE CO 1.2%

Value ($000) $91,178 (+191.8%) Shares 1,153,391 (+195.3%) Est. Cost $80.45 Unrealized -2.7%

DOCS DOXIMITY INC 1.1%

Value ($000) $83,831 (+176.0%) Shares 1,893,026 (+355.9%) Est. Cost $52.32 Unrealized +7.3%

MCK MCKESSON CORP 4.0%

Value ($000) $294,113 (+21.2%) Shares 358,535 (+14.1%) Est. Cost $585.82 Unrealized +39.2%

FNV FRANCO-NEVADA CORP 0.6%

Value ($000) $46,744 (+734.3%) Shares 225,511 (+797.2%) Est. Cost $196.73 Unrealized +3.1%

NVDA NVIDIA CORP 9.2%

Value ($000) $677,986 (+5.4%) Shares 3,635,106 (+5.4%) Est. Cost $111.77 Unrealized +66.5%

LNTH LANTHEUS HOLDINGS INC 1.0%

Value ($000) $74,669 (+80.3%) Shares 1,122,000 (+39.0%) Est. Cost $68.50 Unrealized -15.0%

ICE INTERCONTINENTAL EXCHANGE INC 3.0%

Value ($000) $222,813 (+14.6%) Shares 1,375,560 (+19.2%) Est. Cost $99.82 Unrealized +56.5%

MELI MERCADOLIBRE INC 3.9%

Value ($000) $284,771 (-8.2%) Shares 141,373 (+6.5%) Est. Cost $1708.64 Unrealized +22.9%

GTLB GITLAB INC 0.7%

Value ($000) $49,164 (+62.8%) Shares 1,310,000 (+95.5%) Est. Cost $44.55 Unrealized -2.8%

PG PROCTER & GAMBLE CO/THE 0.7%

Value ($000) $49,684 (+61.0%) Shares 346,492 (+72.5%) Est. Cost $145.99 Unrealized +0.8%

SE SEA LTD 0.9%

Value ($000) $65,901 (+30.0%) Shares 516,426 (+82.2%) Est. Cost $93.19 Unrealized —

GL GLOBE LIFE INC 0.5%

Value ($000) $37,063 (+63.0%) Shares 265,000 (+66.7%) Est. Cost $129.09 Unrealized +4.9%

VRTX VERTEX PHARMACEUTICALS INC 1.2%

Value ($000) $86,854 (+18.2%) Shares 191,571 (+2.1%) Est. Cost $448.60 Unrealized -3.9%

MA MASTERCARD INC 2.3%

Value ($000) $171,084 (+8.0%) Shares 299,595 (+7.6%) Est. Cost $572.44 Unrealized -2.4%

AEM AGNICO EAGLE MINES LTD 0.6%

Value ($000) $45,521 (+32.4%) Shares 268,511 (+31.6%) Est. Cost $76.76 Unrealized +118.7%

ALGN ALIGN TECHNOLOGY INC 0.5%

Value ($000) $38,449 (+26.4%) Shares 246,101 (+1.3%) Est. Cost $179.22 Unrealized -20.0%

AGI ALAMOS GOLD INC 0.2%

Value ($000) $12,730 (+68.6%) Shares 329,968 (+52.4%) Est. Cost $29.84 Unrealized +16.8%

BNTX BIONTECH SE 0.2%

Value ($000) $13,718 (+30.7%) Shares 144,087 (+35.2%) Est. Cost $100.12 Unrealized —

EFX EQUIFAX INC 2.2%

Value ($000) $162,801 (+1.8%) Shares 750,015 (+20.3%) Est. Cost $252.66 Unrealized -13.5%

ANET ARISTA NETWORKS INC 1.9%

Value ($000) $143,333 (-1.9%) Shares 1,093,784 (+9.1%) Est. Cost $93.66 Unrealized +47.0%

VTMX VESTA REAL ESTATE CORP 0.3%

Value ($000) $24,284 (+11.8%) Shares 796,215 (+3.6%) Est. Cost $32.45 Unrealized —

GTLS CHART INDUSTRIES INC 0.2%

Value ($000) $11,516 (+24.3%) Shares 55,842 (+20.7%) Est. Cost $192.20 Unrealized +5.4%

PTON PELOTON INTERACTIVE INC 0.0%

Value ($000) $2,257 (+535.2%) Shares 366,439 (+828.1%) Est. Cost $7.08 Unrealized -0.6%

HD HOME DEPOT INC/THE 0.2%

Value ($000) $14,483 (-9.9%) Shares 42,046 (+6.0%) Est. Cost $380.81 Unrealized -4.3%

CSCO CISCO SYSTEMS INC 0.1%

Value ($000) $4,494 (+32.4%) Shares 58,345 (+17.6%) Est. Cost $53.17 Unrealized +38.8%

EDU NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 0.3%

Value ($000) $20,333 (+5.4%) Shares 369,289 (+1.7%) Est. Cost $50.94 Unrealized —

YETI YETI HOLDINGS INC 0.0%

Value ($000) $2,165 (+74.9%) Shares 49,010 (+31.4%) Est. Cost $32.03 Unrealized +20.1%

MAR MARRIOTT INTERNATIONAL INC/MD 0.0%

Value ($000) $3,252 (+31.0%) Shares 10,482 (+10.0%) Est. Cost $194.39 Unrealized +46.8%

JPM JPMORGAN CHASE & CO 0.0%

Value ($000) $3,673 (+24.3%) Shares 11,400 (+21.7%) Est. Cost $261.34 Unrealized +18.4%

HLT HILTON WORLDWIDE HOLDINGS INC 0.0%

Value ($000) $3,173 (+27.3%) Shares 11,045 (+15.0%) Est. Cost $192.10 Unrealized +41.7%

TME TENCENT MUSIC ENTERTAINMENT GROUP 0.0%

Value ($000) $1,846 (-21.0%) Shares 105,310 (+5.1%) Est. Cost $11.82 Unrealized —

EA ELECTRONIC ARTS INC 0.1%

Value ($000) $5,872 (+8.5%) Shares 28,740 (+7.1%) Est. Cost $167.65 Unrealized +20.3%

OC OWENS CORNING 0.2%

Value ($000) $11,840 (-1.5%) Shares 105,800 (+24.5%) Est. Cost $140.95 Unrealized -16.7%

EH EHANG HOLDINGS LTD 0.0%

Value ($000) $1,015 (-12.8%) Shares 76,985 (+22.8%) Est. Cost $17.63 Unrealized —

COST COSTCO WHOLESALE CORP 0.1%

Value ($000) $4,012 (+2.1%) Shares 4,653 (+9.6%) Est. Cost $641.32 Unrealized +41.2%

PTON PELOTON INTERACTIVE INC 0.0%

Value ($000) $0 (-100.0%) Shares 4,064,500 (+130.2%) Est. Cost $7.08 Unrealized -0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,061,153 (+142.6%)	$513,278 (+126.6%)	6.9%	$419.12	+19.4%	COM	594918104
TEAM	ATLASSIAN CORP	1,206,368 (+6602.0%)	$195,601 (+6704.4%)	2.6%	$157.28	-0.2%	CL A	049468101
CRM	SALESFORCE INC	1,008,151 (+103.9%)	$267,072 (+127.9%)	3.6%	$253.00	-1.9%	COM	79466L302
ACN	ACCENTURE PLC	532,041 (+265.5%)	$142,747 (+297.7%)	1.9%	$258.24	-1.6%	SHS CLASS A	G1151C101
SPGI	S&P GLOBAL INC	864,840 (+20.0%)	$452,004 (+28.9%)	6.1%	$469.45	+5.3%	COM	78409V104
TW	TRADEWEB MARKETS INC	2,214,400 (+75.8%)	$238,137 (+70.3%)	3.2%	$113.99	-5.8%	CL A	892672106
NOW	SERVICENOW INC	1,734,925 (+791.9%)	$265,793 (+48.4%)	3.6%	$171.89	-0.2%	COM	81762P102
XYZ	BLOCK INC	3,417,826 (+78.3%)	$222,466 (+60.6%)	3.0%	$69.33	-0.5%	CL A	852234103
CL	COLGATE-PALMOLIVE CO	1,153,391 (+195.3%)	$91,178 (+191.8%)	1.2%	$80.45	-2.7%	COM	194162103
DOCS	DOXIMITY INC	1,893,026 (+355.9%)	$83,831 (+176.0%)	1.1%	$52.32	+7.3%	CL A	26622P107
MCK	MCKESSON CORP	358,535 (+14.1%)	$294,113 (+21.2%)	4.0%	$585.82	+39.2%	COM	58155Q103
FNV	FRANCO-NEVADA CORP	225,511 (+797.2%)	$46,744 (+734.3%)	0.6%	$196.73	+3.1%	COM	351858105
NVDA	NVIDIA CORP	3,635,106 (+5.4%)	$677,986 (+5.4%)	9.2%	$111.77	+66.5%	COM	67066G104
LNTH	LANTHEUS HOLDINGS INC	1,122,000 (+39.0%)	$74,669 (+80.3%)	1.0%	$68.50	-15.0%	COM	516544103
ICE	INTERCONTINENTAL EXCHANGE INC	1,375,560 (+19.2%)	$222,813 (+14.6%)	3.0%	$99.82	+56.5%	COM	45866F104
MELI	MERCADOLIBRE INC	141,373 (+6.5%)	$284,771 (-8.2%)	3.9%	$1708.64	+22.9%	COM	58733R102
GTLB	GITLAB INC	1,310,000 (+95.5%)	$49,164 (+62.8%)	0.7%	$44.55	-2.8%	CLASS A COM	37637K108
PG	PROCTER & GAMBLE CO/THE	346,492 (+72.5%)	$49,684 (+61.0%)	0.7%	$145.99	+0.8%	COM	742718109
SE	SEA LTD	516,426 (+82.2%)	$65,901 (+30.0%)	0.9%	$93.19	—	SPONSORD ADS	81141R100
GL	GLOBE LIFE INC	265,000 (+66.7%)	$37,063 (+63.0%)	0.5%	$129.09	+4.9%	COM	37959E102
VRTX	VERTEX PHARMACEUTICALS INC	191,571 (+2.1%)	$86,854 (+18.2%)	1.2%	$448.60	-3.9%	COM	92532F100
MA	MASTERCARD INC	299,595 (+7.6%)	$171,084 (+8.0%)	2.3%	$572.44	-2.4%	CL A	57636Q104
AEM	AGNICO EAGLE MINES LTD	268,511 (+31.6%)	$45,521 (+32.4%)	0.6%	$76.76	+118.7%	COM	008474108
ALGN	ALIGN TECHNOLOGY INC	246,101 (+1.3%)	$38,449 (+26.4%)	0.5%	$179.22	-20.0%	COM	016255101
AGI	ALAMOS GOLD INC	329,968 (+52.4%)	$12,730 (+68.6%)	0.2%	$29.84	+16.8%	COM CL A	011532108
BNTX	BIONTECH SE	144,087 (+35.2%)	$13,718 (+30.7%)	0.2%	$100.12	—	SPONSORED ADS	09075V102
EFX	EQUIFAX INC	750,015 (+20.3%)	$162,801 (+1.8%)	2.2%	$252.66	-13.5%	COM	294429105
ANET	ARISTA NETWORKS INC	1,093,784 (+9.1%)	$143,333 (-1.9%)	1.9%	$93.66	+47.0%	COM SHS	040413205
VTMX	VESTA REAL ESTATE CORP	796,215 (+3.6%)	$24,284 (+11.8%)	0.3%	$32.45	—	ADS	92540K109
GTLS	CHART INDUSTRIES INC	55,842 (+20.7%)	$11,516 (+24.3%)	0.2%	$192.20	+5.4%	COM	16115Q308
PTON	PELOTON INTERACTIVE INC	366,439 (+828.1%)	$2,257 (+535.2%)	0.0%	$7.08	-0.6%	CL A COM	70614W100
HD	HOME DEPOT INC/THE	42,046 (+6.0%)	$14,483 (-9.9%)	0.2%	$380.81	-4.3%	COM	437076102
CSCO	CISCO SYSTEMS INC	58,345 (+17.6%)	$4,494 (+32.4%)	0.1%	$53.17	+38.8%	COM	17275R102
EDU	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC	369,289 (+1.7%)	$20,333 (+5.4%)	0.3%	$50.94	—	SPON ADR	647581206
YETI	YETI HOLDINGS INC	49,010 (+31.4%)	$2,165 (+74.9%)	0.0%	$32.03	+20.1%	COM	98585X104
MAR	MARRIOTT INTERNATIONAL INC/MD	10,482 (+10.0%)	$3,252 (+31.0%)	0.0%	$194.39	+46.8%	CL A	571903202
JPM	JPMORGAN CHASE & CO	11,400 (+21.7%)	$3,673 (+24.3%)	0.0%	$261.34	+18.4%	COM	46625H100
HLT	HILTON WORLDWIDE HOLDINGS INC	11,045 (+15.0%)	$3,173 (+27.3%)	0.0%	$192.10	+41.7%	COM	43300A203
TME	TENCENT MUSIC ENTERTAINMENT GROUP	105,310 (+5.1%)	$1,846 (-21.0%)	0.0%	$11.82	—	SPON ADS	88034P109
EA	ELECTRONIC ARTS INC	28,740 (+7.1%)	$5,872 (+8.5%)	0.1%	$167.65	+20.3%	COM	285512109
OC	OWENS CORNING	105,800 (+24.5%)	$11,840 (-1.5%)	0.2%	$140.95	-16.7%	COM	690742101
EH	EHANG HOLDINGS LTD	76,985 (+22.8%)	$1,015 (-12.8%)	0.0%	$17.63	—	ADS	26853E102
COST	COSTCO WHOLESALE CORP	4,653 (+9.6%)	$4,012 (+2.1%)	0.1%	$641.32	+41.2%	COM	22160K105
PTON	PELOTON INTERACTIVE INC	4,064,500 (+130.2%)	$0 (-100.0%)	0.0%	$7.08	-0.6%	CALL	70614W100

Exited Positions (50)

ETN EATON CORP PLC 1.1%

Value ($000) $81,100 Shares 216,700 Est. Cost $307.06 Unrealized +15.4%

LIN LINDE PLC 0.6%

Value ($000) $44,552 Shares 93,794 Est. Cost $402.77 Unrealized +6.1%

FIX COMFORT SYSTEMS USA INC 0.5%

Value ($000) $39,939 Shares 48,400 Est. Cost $402.00 Unrealized +129.6%

CLS CELESTICA INC 0.5%

Value ($000) $38,928 Shares 158,000 Est. Cost $106.12 Unrealized +184.0%

ORLY O'REILLY AUTOMOTIVE INC 0.5%

Value ($000) $34,126 Shares 316,540 Est. Cost $89.94 Unrealized +8.6%

CNC CENTENE CORP 0.4%

Value ($000) $30,257 Shares 848,000 Est. Cost $69.12 Unrealized -45.8%

SNPS SYNOPSYS INC 0.3%

Value ($000) $20,186 Shares 40,964 Est. Cost $533.62 Unrealized -16.8%

CRS CARPENTER TECHNOLOGY CORP 0.2%

Value ($000) $16,942 Shares 69,000 Est. Cost $161.65 Unrealized +85.9%

— MERUS NV 0.2%

Value ($000) $15,765 Shares 167,532 Est. Cost $46.85 Unrealized —

— TRIUMPH GROUP INC 0.2%

Value ($000) $14,928 Shares 139,896 Est. Cost $51.43 Unrealized —

TAP MOLSON COORS BEVERAGE CO 0.2%

Value ($000) $11,991 Shares 265,000 Est. Cost $54.92 Unrealized -16.6%

— WNS HOLDINGS LTD 0.2%

Value ($000) $11,871 Shares 155,639 Est. Cost $74.74 Unrealized —

SAP SAP SE 0.1%

Value ($000) $10,020 Shares 37,500 Est. Cost $267.21 Unrealized —

— KELLANOVA 0.1%

Value ($000) $9,603 Shares 117,086 Est. Cost $78.61 Unrealized +5.1%

— HANESBRANDS INC 0.1%

Value ($000) $9,571 Shares 1,452,361 Est. Cost $6.59 Unrealized —

— INFORMATICA INC 0.1%

Value ($000) $9,164 Shares 368,908 Est. Cost $24.58 Unrealized —

DHR DANAHER CORP 0.1%

Value ($000) $8,722 Shares 44,359 Est. Cost $245.79 Unrealized -10.7%

— MRC GLOBAL INC 0.1%

Value ($000) $7,947 Shares 551,126 Est. Cost $14.31 Unrealized —

LBTYA LIBERTY GLOBAL LTD 0.1%

Value ($000) $5,305 Shares 158,207 Est. Cost $11.00 Unrealized +0.6%

— VIMEO INC 0.1%

Value ($000) $4,709 Shares 607,609 Est. Cost $7.75 Unrealized —

— AVIDXCHANGE HOLDINGS INC 0.1%

Value ($000) $3,739 Shares 375,768 Est. Cost $9.86 Unrealized —

— GUILD HOLDINGS CO 0.0%

Value ($000) $3,634 Shares 182,235 Est. Cost $19.83 Unrealized —

— ENSTAR GROUP LIMITED 0.0%

Value ($000) $3,503 Shares 35,000 Est. Cost $291.16 Unrealized —

— SANDSTORM GOLD LTD 0.0%

Value ($000) $3,392 Shares 270,957 Est. Cost $12.52 Unrealized —

SPOT SPOTIFY TECHNOLOGY SA 0.0%

Value ($000) $2,715 Shares 3,890 Est. Cost $683.93 Unrealized -8.6%

— INTEGRAL AD SCIENCE HOLDING CORP 0.0%

Value ($000) $2,705 Shares 266,001 Est. Cost $10.17 Unrealized —

— TOURMALINE BIO INC 0.0%

Value ($000) $2,650 Shares 55,412 Est. Cost $47.83 Unrealized —

— PROS HOLDINGS INC 0.0%

Value ($000) $2,636 Shares 115,061 Est. Cost $22.91 Unrealized —

— MAC COPPER LTD 0.0%

Value ($000) $2,595 Shares 212,545 Est. Cost $12.21 Unrealized —

TASK TASKUS INC 0.0%

Value ($000) $2,169 Shares 121,507 Est. Cost $21.16 Unrealized -39.6%

ORLA ORLA MINING LTD 0.0%

Value ($000) $1,943 Shares 179,881 Est. Cost $10.71 Unrealized +13.3%

— CUREVAC NV 0.0%

Value ($000) $1,268 Shares 235,180 Est. Cost $5.40 Unrealized —

LAUR LAUREATE EDUCATION INC 0.0%

Value ($000) $1,262 Shares 40,000 Est. Cost $14.96 Unrealized +106.3%

ALAB ASTERA LABS INC 0.0%

Value ($000) $1,175 Shares 6,000 Est. Cost $85.24 Unrealized +96.3%

ORCL ORACLE CORP 0.0%

Value ($000) $1,125 Shares 4,000 Est. Cost $97.85 Unrealized +143.3%

— SAPIENS INTERNATIONAL CORP NV 0.0%

Value ($000) $861 Shares 20,027 Est. Cost $43.00 Unrealized —

— SURMODICS INC 0.0%

Value ($000) $826 Shares 27,622 Est. Cost $38.78 Unrealized —

DELL DELL TECHNOLOGIES INC 0.0%

Value ($000) $594 Shares 4,193 Est. Cost $106.68 Unrealized +31.9%

FSLR FIRST SOLAR INC 0.0%

Value ($000) $481 Shares 2,180 Est. Cost $191.94 Unrealized +31.4%

— CLEARSIDE BIOMEDICAL INC 0.0%

Value ($000) $399 Shares 100,556 Est. Cost $2.00 Unrealized —

GLOB GLOBANT SA 0.0%

Value ($000) $230 Shares 4,000 Est. Cost $166.16 Unrealized -62.2%

TSLA TESLA INC 0.0%

Value ($000) $222 Shares 500 Est. Cost $321.74 Unrealized +37.8%

GRMN GARMIN LTD 0.0%

Value ($000) $197 Shares 800 Est. Cost $114.91 Unrealized +88.6%

COIN COINBASE GLOBAL INC 0.0%

Value ($000) $189 Shares 559 Est. Cost $339.07 Unrealized -12.1%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $72 Shares 209,900 Est. Cost — Unrealized —

UPS UNITED PARCEL SERVICE INC 0.0%

Value ($000) $31 Shares 369,200 Est. Cost — Unrealized —

AMZN AMAZON.COM INC 0.0%

Value ($000) $3 Shares 12,000 Est. Cost $131.51 Unrealized +74.0%

— MERIDIANLINK INC 0.0%

Value ($000) $2 Shares 107 Est. Cost $19.93 Unrealized —

NKE NIKE INC 0.0%

Value ($000) $1 Shares 19,900 Est. Cost — Unrealized —

RKLB ROCKET LAB CORP 0.0%

Value ($000) $1 Shares 24,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETN	EATON CORP PLC	216,700	$81,100	1.1%	$307.06	+15.4%	—	G29183103
LIN	LINDE PLC	93,794	$44,552	0.6%	$402.77	+6.1%	—	G54950103
FIX	COMFORT SYSTEMS USA INC	48,400	$39,939	0.5%	$402.00	+129.6%	—	199908104
CLS	CELESTICA INC	158,000	$38,928	0.5%	$106.12	+184.0%	—	15101Q207
ORLY	O'REILLY AUTOMOTIVE INC	316,540	$34,126	0.5%	$89.94	+8.6%	—	67103H107
CNC	CENTENE CORP	848,000	$30,257	0.4%	$69.12	-45.8%	—	15135B101
SNPS	SYNOPSYS INC	40,964	$20,186	0.3%	$533.62	-16.8%	—	871607107
CRS	CARPENTER TECHNOLOGY CORP	69,000	$16,942	0.2%	$161.65	+85.9%	—	144285103
—	MERUS NV	167,532	$15,765	0.2%	$46.85	—	—	N5749R100
—	TRIUMPH GROUP INC	139,896	$14,928	0.2%	$51.43	—	—	896818101
TAP	MOLSON COORS BEVERAGE CO	265,000	$11,991	0.2%	$54.92	-16.6%	—	60871R209
—	WNS HOLDINGS LTD	155,639	$11,871	0.2%	$74.74	—	—	G98196101
SAP	SAP SE	37,500	$10,020	0.1%	$267.21	—	—	803054204
—	KELLANOVA	117,086	$9,603	0.1%	$78.61	+5.1%	—	487836108
—	HANESBRANDS INC	1,452,361	$9,571	0.1%	$6.59	—	—	410345102
—	INFORMATICA INC	368,908	$9,164	0.1%	$24.58	—	—	45674M101
DHR	DANAHER CORP	44,359	$8,722	0.1%	$245.79	-10.7%	—	235851102
—	MRC GLOBAL INC	551,126	$7,947	0.1%	$14.31	—	—	55345K103
LBTYA	LIBERTY GLOBAL LTD	158,207	$5,305	0.1%	$11.00	+0.6%	—	G61188101
—	VIMEO INC	607,609	$4,709	0.1%	$7.75	—	—	92719V100
—	AVIDXCHANGE HOLDINGS INC	375,768	$3,739	0.1%	$9.86	—	—	05368X102
—	GUILD HOLDINGS CO	182,235	$3,634	0.0%	$19.83	—	—	40172N107
—	ENSTAR GROUP LIMITED	35,000	$3,503	0.0%	$291.16	—	—	G3075P101
—	SANDSTORM GOLD LTD	270,957	$3,392	0.0%	$12.52	—	—	80013R206
SPOT	SPOTIFY TECHNOLOGY SA	3,890	$2,715	0.0%	$683.93	-8.6%	—	L8681T102
—	INTEGRAL AD SCIENCE HOLDING CORP	266,001	$2,705	0.0%	$10.17	—	—	45828L108
—	TOURMALINE BIO INC	55,412	$2,650	0.0%	$47.83	—	—	89157D105
—	PROS HOLDINGS INC	115,061	$2,636	0.0%	$22.91	—	—	74346Y103
—	MAC COPPER LTD	212,545	$2,595	0.0%	$12.21	—	—	G60409110
TASK	TASKUS INC	121,507	$2,169	0.0%	$21.16	-39.6%	—	87652V109
ORLA	ORLA MINING LTD	179,881	$1,943	0.0%	$10.71	+13.3%	—	68634K106
—	CUREVAC NV	235,180	$1,268	0.0%	$5.40	—	—	N2451R105
LAUR	LAUREATE EDUCATION INC	40,000	$1,262	0.0%	$14.96	+106.3%	—	518613203
ALAB	ASTERA LABS INC	6,000	$1,175	0.0%	$85.24	+96.3%	—	04626A103
ORCL	ORACLE CORP	4,000	$1,125	0.0%	$97.85	+143.3%	—	68389X105
—	SAPIENS INTERNATIONAL CORP NV	20,027	$861	0.0%	$43.00	—	—	G7T16G103
—	SURMODICS INC	27,622	$826	0.0%	$38.78	—	—	868873100
DELL	DELL TECHNOLOGIES INC	4,193	$594	0.0%	$106.68	+31.9%	—	24703L202
FSLR	FIRST SOLAR INC	2,180	$481	0.0%	$191.94	+31.4%	—	336433107
—	CLEARSIDE BIOMEDICAL INC	100,556	$399	0.0%	$2.00	—	—	185063104
GLOB	GLOBANT SA	4,000	$230	0.0%	$166.16	-62.2%	—	L44385109
TSLA	TESLA INC	500	$222	0.0%	$321.74	+37.8%	—	88160R101
GRMN	GARMIN LTD	800	$197	0.0%	$114.91	+88.6%	—	H2906T109
COIN	COINBASE GLOBAL INC	559	$189	0.0%	$339.07	-12.1%	—	19260Q107
UNH	UNITEDHEALTH GROUP INC	209,900	$72	0.0%	—	—	CALL	91324P102
UPS	UNITED PARCEL SERVICE INC	369,200	$31	0.0%	—	—	CALL	911312106
AMZN	AMAZON.COM INC	12,000	$3	0.0%	$131.51	+74.0%	CALL	023135106
—	MERIDIANLINK INC	107	$2	0.0%	$19.93	—	—	58985J105
NKE	NIKE INC	19,900	$1	0.0%	—	—	CALL	654106103
RKLB	ROCKET LAB CORP	24,100	$1	0.0%	—	—	CALL	773121108

Decreased Positions (22)

META META PLATFORMS INC 0.4%

Value ($000) $29,262 (-85.2%) Shares 44,331 (-83.6%) Est. Cost $560.80 Unrealized +19.0%

GOOGL ALPHABET INC 5.7%

Value ($000) $421,653 (-25.7%) Shares 1,347,106 (-42.3%) Est. Cost $153.61 Unrealized +85.9%

AMZN AMAZON.COM INC 4.9%

Value ($000) $364,199 (-19.4%) Shares 1,577,739 (-23.4%) Est. Cost $131.51 Unrealized +74.0%

CDNS CADENCE DESIGN SYSTEMS INC 0.0%

Value ($000) $3,628 (-95.3%) Shares 11,586 (-94.7%) Est. Cost $279.31 Unrealized +16.8%

LLY ELI LILLY & CO 0.0%

Value ($000) $2,557 (-96.5%) Shares 2,379 (-97.5%) Est. Cost $436.67 Unrealized +118.8%

VIPS VIPSHOP HOLDINGS LTD 1.0%

Value ($000) $73,678 (-42.4%) Shares 4,161,154 (-36.2%) Est. Cost $14.32 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.1%

Value ($000) $81,156 (-32.1%) Shares 140,037 (-43.2%) Est. Cost $475.63 Unrealized +18.8%

ITUB ITAU UNIBANCO HOLDING SA 0.7%

Value ($000) $51,213 (-38.2%) Shares 7,152,585 (-36.6%) Est. Cost $6.73 Unrealized —

SLB SLB LTD 2.4%

Value ($000) $179,214 (-9.3%) Shares 4,669,456 (-18.7%) Est. Cost $34.34 Unrealized +5.0%

AVGO BROADCOM INC 0.7%

Value ($000) $48,136 (-27.0%) Shares 139,080 (-30.4%) Est. Cost $161.05 Unrealized +121.7%

APH AMPHENOL CORP 2.2%

Value ($000) $161,384 (-3.3%) Shares 1,194,200 (-15.1%) Est. Cost $67.01 Unrealized +99.3%

LULU LULULEMON ATHLETICA INC 0.2%

Value ($000) $15,440 (-18.1%) Shares 74,300 (-29.9%) Est. Cost $243.13 Unrealized -25.5%

INTU INTUIT INC 0.1%

Value ($000) $6,088 (-34.1%) Shares 9,179 (-32.0%) Est. Cost $464.28 Unrealized +42.3%

NEM NEWMONT CORP 0.4%

Value ($000) $26,773 (-9.4%) Shares 268,134 (-23.5%) Est. Cost $52.93 Unrealized +70.4%

TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 0.0%

Value ($000) $638 (-81.2%) Shares 2,100 (-82.7%) Est. Cost $155.15 Unrealized —

KSPI KASPI.KZ JSC 0.2%

Value ($000) $17,901 (-12.5%) Shares 228,970 (-8.6%) Est. Cost $113.49 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 0.6%

Value ($000) $43,279 (+5.2%) Shares 213,000 (-9.4%) Est. Cost $152.03 Unrealized +22.1%

AAPL APPLE INC 0.1%

Value ($000) $4,072 (-28.6%) Shares 14,979 (-33.1%) Est. Cost $211.95 Unrealized +26.6%

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $19,529 (+4.9%) Shares 384,504 (-19.0%) Est. Cost $43.20 Unrealized +0.3%

KLAC KLA CORP 0.1%

Value ($000) $4,860 (-9.9%) Shares 4,000 (-20.0%) Est. Cost $699.02 Unrealized +67.7%

SHW SHERWIN-WILLIAMS CO/THE 0.0%

Value ($000) $1,884 (-21.9%) Shares 5,814 (-16.5%) Est. Cost $348.12 Unrealized -4.0%

HTHT H WORLD GROUP LTD 0.3%

Value ($000) $22,092 (-2.2%) Shares 469,601 (-18.6%) Est. Cost $33.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	44,331 (-83.6%)	$29,262 (-85.2%)	0.4%	$560.80	+19.0%	CL A	30303M102
GOOGL	ALPHABET INC	1,347,106 (-42.3%)	$421,653 (-25.7%)	5.7%	$153.61	+85.9%	CAP STK CL A	02079K305
AMZN	AMAZON.COM INC	1,577,739 (-23.4%)	$364,199 (-19.4%)	4.9%	$131.51	+74.0%	COM	023135106
CDNS	CADENCE DESIGN SYSTEMS INC	11,586 (-94.7%)	$3,628 (-95.3%)	0.0%	$279.31	+16.8%	COM	127387108
LLY	ELI LILLY & CO	2,379 (-97.5%)	$2,557 (-96.5%)	0.0%	$436.67	+118.8%	COM	532457108
VIPS	VIPSHOP HOLDINGS LTD	4,161,154 (-36.2%)	$73,678 (-42.4%)	1.0%	$14.32	—	SPONSORED ADS A	92763W103
TMO	THERMO FISHER SCIENTIFIC INC	140,037 (-43.2%)	$81,156 (-32.1%)	1.1%	$475.63	+18.8%	COM	883556102
ITUB	ITAU UNIBANCO HOLDING SA	7,152,585 (-36.6%)	$51,213 (-38.2%)	0.7%	$6.73	—	SPON ADR REP PFD	465562106
SLB	SLB LTD	4,669,456 (-18.7%)	$179,214 (-9.3%)	2.4%	$34.34	+5.0%	COM STK	806857108
AVGO	BROADCOM INC	139,080 (-30.4%)	$48,136 (-27.0%)	0.7%	$161.05	+121.7%	COM	11135F101
APH	AMPHENOL CORP	1,194,200 (-15.1%)	$161,384 (-3.3%)	2.2%	$67.01	+99.3%	CL A	032095101
LULU	LULULEMON ATHLETICA INC	74,300 (-29.9%)	$15,440 (-18.1%)	0.2%	$243.13	-25.5%	COM	550021109
INTU	INTUIT INC	9,179 (-32.0%)	$6,088 (-34.1%)	0.1%	$464.28	+42.3%	COM	461202103
NEM	NEWMONT CORP	268,134 (-23.5%)	$26,773 (-9.4%)	0.4%	$52.93	+70.4%	COM	651639106
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	2,100 (-82.7%)	$638 (-81.2%)	0.0%	$155.15	—	SPONSORED ADS	874039100
KSPI	KASPI.KZ JSC	228,970 (-8.6%)	$17,901 (-12.5%)	0.2%	$113.49	—	SPONSORED ADS	48581R205
KEYS	KEYSIGHT TECHNOLOGIES INC	213,000 (-9.4%)	$43,279 (+5.2%)	0.6%	$152.03	+22.1%	COM	49338L103
AAPL	APPLE INC	14,979 (-33.1%)	$4,072 (-28.6%)	0.1%	$211.95	+26.6%	COM	037833100
FCX	FREEPORT-MCMORAN INC	384,504 (-19.0%)	$19,529 (+4.9%)	0.3%	$43.20	+0.3%	CL B	35671D857
KLAC	KLA CORP	4,000 (-20.0%)	$4,860 (-9.9%)	0.1%	$699.02	+67.7%	COM NEW	482480100
SHW	SHERWIN-WILLIAMS CO/THE	5,814 (-16.5%)	$1,884 (-21.9%)	0.0%	$348.12	-4.0%	COM	824348106
HTHT	H WORLD GROUP LTD	469,601 (-18.6%)	$22,092 (-2.2%)	0.3%	$33.76	—	SPONSORED ADS	44332N106

Unchanged Positions (16)

COR CENCORA INC 4.0%

Value ($000) $295,571 Shares 875,095 Est. Cost $230.57 Unrealized +47.7%

ABNB AIRBNB INC 0.9%

Value ($000) $63,567 Shares 468,370 Est. Cost $127.12 Unrealized -2.0%

AMWD AMERICAN WOODMARK CORP 0.1%

Value ($000) $6,212 Shares 115,255 Est. Cost $61.36 Unrealized -4.6%

VNET VNET GROUP INC 0.0%

Value ($000) $3,338 Shares 394,616 Est. Cost $8.37 Unrealized —

GOTU GAOTU TECHEDU INC 0.0%

Value ($000) $1,023 Shares 440,947 Est. Cost $2.75 Unrealized —

QFIN QFIN HOLDINGS INC 0.0%

Value ($000) $753 Shares 39,081 Est. Cost $28.78 Unrealized —

— FRONTIER COMMUNICATIONS PARENT INC 0.1%

Value ($000) $11,072 Shares 290,833 Est. Cost $36.34 Unrealized —

TGNA TEGNA INC 0.0%

Value ($000) $2,401 Shares 123,716 Est. Cost $19.06 Unrealized +3.7%

V VISA INC 0.1%

Value ($000) $3,701 Shares 10,552 Est. Cost $262.61 Unrealized +29.6%

— SOHO HOUSE & CO INC 0.1%

Value ($000) $6,646 Shares 741,722 Est. Cost $8.85 Unrealized —

IMXI INTERNATIONAL MONEY EXPRESS INC 0.0%

Value ($000) $704 Shares 45,802 Est. Cost $12.39 Unrealized +21.2%

CTLP CANTALOUPE INC 0.1%

Value ($000) $10,377 Shares 977,158 Est. Cost $10.16 Unrealized +4.4%

QCOM QUALCOMM INC 0.0%

Value ($000) $1,368 Shares 8,000 Est. Cost $157.20 Unrealized +8.6%

PRA PROASSURANCE CORP 0.1%

Value ($000) $5,249 Shares 217,263 Est. Cost $21.02 Unrealized +14.4%

— CITY OFFICE REIT INC 0.0%

Value ($000) $2,623 Shares 375,233 Est. Cost $6.96 Unrealized —

— WIDEOPENWEST INC 0.0%

Value ($000) $208 Shares 40,038 Est. Cost $5.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COR	CENCORA INC	875,095	$295,571	4.0%	$230.57	+47.7%	COM	03073E105
ABNB	AIRBNB INC	468,370	$63,567	0.9%	$127.12	-2.0%	COM CL A	009066101
AMWD	AMERICAN WOODMARK CORP	115,255	$6,212	0.1%	$61.36	-4.6%	COM	030506109
VNET	VNET GROUP INC	394,616	$3,338	0.0%	$8.37	—	SPONSORED ADS A	90138A103
GOTU	GAOTU TECHEDU INC	440,947	$1,023	0.0%	$2.75	—	SPONSORED ADS	36257Y109
QFIN	QFIN HOLDINGS INC	39,081	$753	0.0%	$28.78	—	AMERICAN DEP	88557W101
—	FRONTIER COMMUNICATIONS PARENT INC	290,833	$11,072	0.1%	$36.34	—	COM	35909D109
TGNA	TEGNA INC	123,716	$2,401	0.0%	$19.06	+3.7%	COM	87901J105
V	VISA INC	10,552	$3,701	0.1%	$262.61	+29.6%	COM CL A	92826C839
—	SOHO HOUSE & CO INC	741,722	$6,646	0.1%	$8.85	—	COM CL A	586001109
IMXI	INTERNATIONAL MONEY EXPRESS INC	45,802	$704	0.0%	$12.39	+21.2%	COM	46005L101
CTLP	CANTALOUPE INC	977,158	$10,377	0.1%	$10.16	+4.4%	COM	138103106
QCOM	QUALCOMM INC	8,000	$1,368	0.0%	$157.20	+8.6%	COM	747525103
PRA	PROASSURANCE CORP	217,263	$5,249	0.1%	$21.02	+14.4%	COM	74267C106
—	CITY OFFICE REIT INC	375,233	$2,623	0.0%	$6.96	—	COM	178587101
—	WIDEOPENWEST INC	40,038	$208	0.0%	$5.16	—	COM	96758W101