Select Equity Group, L.P. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	1,720,000	$1,056,613	4.6%	—	—	PUT	46090E103
CHRW	C H ROBINSON WORLDWIDE INC	1,127,837	$181,311	0.8%	$147.32	0.0%	COM NEW	12541W209
HOOD	ROBINHOOD MKTS INC	1,032,000	$116,719	0.5%	—	—	PUT	770700102
SPOT	SPOTIFY TECHNOLOGY S A	167,366	$97,191	0.4%	$625.13	0.0%	SHS	L8681T102
ONON	ON HLDG AG	1,873,818	$87,095	0.4%	$43.09	0.0%	NAMEN AKT A	H5919C104
AIZ	ASSURANT INC	348,607	$83,962	0.4%	$222.81	0.0%	COM	04621X108
NKE	NIKE INC	1,236,317	$78,766	0.3%	$64.91	0.0%	CL B	654106103
CRWV	COREWEAVE INC	687,000	$49,196	0.2%	—	—	PUT	21873S108
OKLO	OKLO INC	640,600	$45,969	0.2%	—	—	PUT	02156V109
CRM	SALESFORCE INC	159,900	$42,359	0.2%	$217.88	+13.9%	CALL	79466L302
UNP	UNION PAC CORP	179,275	$41,470	0.2%	$227.32	0.0%	COM	907818108
ACWX	ISHARES TR	600,269	$40,296	0.2%	$67.13	—	MSCI ACWI EX US	464288240
SPDW	SPDR INDEX SHS FDS	907,211	$40,289	0.2%	$44.41	—	PORTFOLIO DEVLPD	78463X889
VXUS	VANGUARD STAR FDS	533,471	$40,245	0.2%	$75.44	—	VG TL INTL STK F	921909768
VEU	VANGUARD INTL EQUITY INDEX F	546,590	$40,207	0.2%	$73.56	—	ALLWRLD EX US	922042775
IXUS	ISHARES TR	474,760	$40,184	0.2%	$84.64	—	CORE MSCI TOTAL	46432F834
OC	OWENS CORNING NEW	348,400	$38,989	0.2%	$146.73	-20.0%	CALL	690742101
BE	BLOOM ENERGY CORP	441,600	$38,371	0.2%	—	—	PUT	093712107
NKE	NIKE INC	598,000	$38,099	0.2%	$64.91	0.0%	CALL	654106103
DSGX	DESCARTES SYS GROUP INC	382,354	$33,587	0.1%	$89.38	0.0%	COM	249906108
MKC	MCCORMICK & CO INC	460,106	$31,338	0.1%	$65.92	0.0%	COM NON VTG	579780206
HLNE	HAMILTON LANE INC	219,322	$29,457	0.1%	$125.75	0.0%	CL A	407497106
INTU	INTUIT	42,400	$28,087	0.1%	$615.16	+7.4%	CALL	461202103
SSD	SIMPSON MFG INC	159,549	$25,762	0.1%	$168.74	0.0%	COM	829073105
MIDD	MIDDLEBY CORP	171,400	$25,482	0.1%	$143.94	-8.8%	CALL	596278101
FBIN	FORTUNE BRANDS INNOVATIONS I	508,600	$25,440	0.1%	$67.71	-26.5%	CALL	34964C106
IEFA	ISHARES TR	270,412	$24,191	0.1%	$89.46	—	CORE MSCI EAFE	46432F842
MSTR	STRATEGY INC	90,100	$13,691	0.1%	—	—	PUT	594972408
BLDR	BUILDERS FIRSTSOURCE INC	120,100	$12,357	0.1%	—	—	CALL	12008R107
ALH	ALLIANCE LAUNDRY HLDGS INC	481,916	$9,807	0.0%	$24.03	0.0%	COM	01862Q107
ENTG	ENTEGRIS INC	114,500	$9,647	0.0%	$87.28	-0.6%	CALL	29362U104
VO	VANGUARD INDEX FDS	29,726	$8,627	0.0%	$290.22	—	MID CAP ETF	922908629
LYB	LYONDELLBASELL INDUSTRIES N	187,677	$8,126	0.0%	$44.45	0.0%	SHS - A -	N53745100
HUN	HUNTSMAN CORP	772,685	$7,727	0.0%	$9.16	0.0%	COM	447011107
DOW	DOW INC	324,082	$7,577	0.0%	$22.78	0.0%	COM	260557103
MDLN	MEDLINE INC	170,000	$7,140	0.0%	$42.23	0.0%	COM CL A	58507V107
MID	AMERICAN CENTY ETF TR	96,535	$6,290	0.0%	$65.16	—	MID CAP GRW IMP	025072760
ESE	ESCO TECHNOLOGIES INC	29,629	$5,789	0.0%	$210.72	0.0%	COM	296315104
WLK	WESTLAKE CORPORATION	74,997	$5,545	0.0%	$70.79	0.0%	COM	960413102
NP	NEPTUNE INS HLDGS INC	140,961	$4,110	0.0%	$26.30	0.0%	CL A	64073B103
PRM	PERIMETER SOLUTIONS INC	102,072	$2,810	0.0%	$25.26	0.0%	COMMON STOCK	71385M107
IWM	ISHARES TR	1,251	$308	0.0%	$246.16	—	RUSSELL 2000 ETF	464287655

Increased Positions (57)

MKL MARKEL GROUP INC 4.0%

Value ($000) $919,797 (+25.7%) Shares 427,882 (+11.8%) Est. Cost $1884.50 Unrealized +7.5%

BRO BROWN & BROWN INC 3.2%

Value ($000) $751,954 (+31.9%) Shares 9,434,802 (+55.3%) Est. Cost $54.86 Unrealized +52.0%

TMO THERMO FISHER SCIENTIFIC INC 0.8%

Value ($000) $182,545 (+133.1%) Shares 315,032 (+95.1%) Est. Cost $505.43 Unrealized +11.8%

NDAQ NASDAQ INC 1.6%

Value ($000) $364,505 (+38.7%) Shares 3,752,757 (+26.3%) Est. Cost $87.38 Unrealized +2.7%

PAYX PAYCHEX INC 2.8%

Value ($000) $641,247 (+16.1%) Shares 5,716,237 (+31.2%) Est. Cost $117.62 Unrealized -0.9%

V VISA INC 1.1%

Value ($000) $261,428 (+47.6%) Shares 745,424 (+43.6%) Est. Cost $255.69 Unrealized +33.1%

FTV FORTIVE CORP 0.9%

Value ($000) $213,247 (+63.9%) Shares 3,862,464 (+45.4%) Est. Cost $52.19 Unrealized -0.6%

TSCO TRACTOR SUPPLY CO 2.7%

Value ($000) $627,355 (-9.1%) Shares 12,544,591 (+3.4%) Est. Cost $50.50 Unrealized +6.4%

TECH BIO-TECHNE CORP 0.7%

Value ($000) $166,852 (+33.2%) Shares 2,837,142 (+26.0%) Est. Cost $70.30 Unrealized -13.6%

DKS DICKS SPORTING GOODS INC 0.5%

Value ($000) $104,876 (+62.9%) Shares 529,756 (+82.8%) Est. Cost $210.96 Unrealized +2.9%

INTU INTUIT 0.6%

Value ($000) $137,781 (+34.7%) Shares 207,997 (+38.9%) Est. Cost $615.16 Unrealized +7.4%

CP CANADIAN PACIFIC KANSAS CITY 1.4%

Value ($000) $327,622 (+11.0%) Shares 4,444,219 (+12.1%) Est. Cost $78.28 Unrealized -6.0%

AMZN AMAZON COM INC 0.6%

Value ($000) $130,482 (+32.6%) Shares 565,297 (+26.1%) Est. Cost $166.95 Unrealized +37.0%

CAE CAE INC 1.0%

Value ($000) $231,018 (+12.5%) Shares 7,586,679 (+9.5%) Est. Cost $21.65 Unrealized +29.6%

LAMR LAMAR ADVERTISING CO NEW 0.2%

Value ($000) $44,883 (+96.5%) Shares 354,586 (+90.0%) Est. Cost $4084.42 Unrealized —

CRM SALESFORCE INC 0.4%

Value ($000) $98,235 (+26.2%) Shares 370,825 (+12.9%) Est. Cost $217.88 Unrealized +13.9%

ROL ROLLINS INC 0.4%

Value ($000) $89,711 (+28.5%) Shares 1,494,681 (+25.7%) Est. Cost $54.39 Unrealized +7.9%

CLH CLEAN HARBORS INC 0.9%

Value ($000) $199,191 (+10.9%) Shares 849,499 (+9.8%) Est. Cost $160.60 Unrealized +42.3%

JOE ST JOE CO 0.3%

Value ($000) $70,143 (+38.5%) Shares 1,181,452 (+15.4%) Est. Cost $50.52 Unrealized +10.9%

SPGI S&P GLOBAL INC 0.2%

Value ($000) $39,166 (+61.4%) Shares 74,946 (+50.3%) Est. Cost $425.73 Unrealized +16.1%

WTM WHITE MTNS INS GROUP LTD 0.2%

Value ($000) $40,964 (+44.6%) Shares 19,713 (+16.3%) Est. Cost $1661.27 Unrealized +17.7%

APO APOLLO GLOBAL MGMT INC 0.5%

Value ($000) $105,321 (+13.3%) Shares 727,557 (+4.3%) Est. Cost $86.97 Unrealized +52.4%

CSW CSW INDUSTRIALS INC 0.1%

Value ($000) $31,758 (+57.5%) Shares 108,194 (+30.3%) Est. Cost $283.46 Unrealized -6.1%

MLM MARTIN MARIETTA MATLS INC 2.9%

Value ($000) $664,708 (+1.7%) Shares 1,067,530 (+3.0%) Est. Cost $246.85 Unrealized +151.7%

BN BROOKFIELD CORP 0.2%

Value ($000) $45,796 (-15.7%) Shares 996,111 (+25.8%) Est. Cost $34.21 Unrealized +33.1%

CASY CASEYS GEN STORES INC 0.2%

Value ($000) $39,656 (+25.9%) Shares 71,749 (+28.7%) Est. Cost $437.87 Unrealized +25.5%

MLAB MESA LABS INC 0.1%

Value ($000) $16,205 (+90.8%) Shares 206,435 (+62.9%) Est. Cost $101.60 Unrealized -25.2%

CWST CASELLA WASTE SYS INC 0.2%

Value ($000) $36,652 (+23.5%) Shares 374,229 (+19.6%) Est. Cost $102.99 Unrealized -9.9%

GRMN GARMIN LTD 0.5%

Value ($000) $108,333 (-6.0%) Shares 534,056 (+14.1%) Est. Cost $115.17 Unrealized +88.1%

KEX KIRBY CORP 0.1%

Value ($000) $18,040 (+57.7%) Shares 163,731 (+19.5%) Est. Cost $111.66 Unrealized -9.0%

NOW SERVICENOW INC 0.1%

Value ($000) $26,216 (-19.4%) Shares 171,131 (+384.0%) Est. Cost $175.08 Unrealized -2.0%

CHEF CHEFS WHSE INC 0.1%

Value ($000) $31,301 (+23.7%) Shares 502,188 (+15.8%) Est. Cost $54.21 Unrealized +10.9%

ZWS ZURN ELKAY WATER SOLNS CORP 0.1%

Value ($000) $18,819 (+35.7%) Shares 404,805 (+37.3%) Est. Cost $43.97 Unrealized +6.4%

NIQ NIQ GLOBAL INTELLIGENCE PLC 0.1%

Value ($000) $31,397 (+18.4%) Shares 1,903,982 (+12.7%) Est. Cost $17.09 Unrealized -14.4%

VRRM VERRA MOBILITY CORP 0.1%

Value ($000) $16,349 (+32.1%) Shares 729,528 (+45.6%) Est. Cost $23.31 Unrealized -2.0%

BMI BADGER METER INC 0.1%

Value ($000) $18,814 (+26.6%) Shares 107,870 (+29.7%) Est. Cost $194.88 Unrealized -7.7%

FELE FRANKLIN ELEC INC 0.1%

Value ($000) $17,274 (+28.0%) Shares 180,821 (+27.6%) Est. Cost $94.94 Unrealized +0.1%

KAI KADANT INC 0.1%

Value ($000) $21,711 (+19.9%) Shares 76,175 (+25.2%) Est. Cost $320.48 Unrealized -11.5%

GSHD GOOSEHEAD INS INC 0.0%

Value ($000) $8,308 (+69.6%) Shares 112,809 (+71.3%) Est. Cost $88.48 Unrealized -19.5%

ACA ARCOSA INC 0.1%

Value ($000) $12,554 (+28.0%) Shares 118,082 (+12.8%) Est. Cost $90.82 Unrealized +11.1%

BOOT BOOT BARN HLDGS INC 0.1%

Value ($000) $16,761 (+17.1%) Shares 94,981 (+10.0%) Est. Cost $143.90 Unrealized +29.6%

CINF CINCINNATI FINL CORP 0.1%

Value ($000) $24,810 (+10.2%) Shares 151,908 (+6.7%) Est. Cost $103.37 Unrealized +56.0%

PTON PELOTON INTERACTIVE INC 0.0%

Value ($000) $7,704 (-22.4%) Shares 1,250,631 (+13.4%) Est. Cost $7.01 Unrealized +0.5%

LH LABCORP HOLDINGS INC 2.3%

Value ($000) $529,552 (+0.4%) Shares 2,110,779 (+14.9%) Est. Cost $229.93 Unrealized +15.3%

GFS GLOBALFOUNDRIES INC 0.0%

Value ($000) $4,156 (+66.1%) Shares 119,027 (+70.5%) Est. Cost $35.71 Unrealized -0.4%

VFC V F CORP 0.0%

Value ($000) $5,015 (+35.7%) Shares 277,400 (+8.3%) Est. Cost — Unrealized —

ERII ENERGY RECOVERY INC 0.0%

Value ($000) $10,436 (-9.9%) Shares 773,577 (+3.0%) Est. Cost $15.37 Unrealized -1.4%

PTLO PORTILLOS INC 0.0%

Value ($000) $5,175 (-17.8%) Shares 1,139,916 (+16.8%) Est. Cost $12.97 Unrealized -59.8%

IWR ISHARES TR 0.0%

Value ($000) $1,120 (+1251.9%) Shares 11,633 (+1255.8%) Est. Cost $96.29 Unrealized —

LOAR LOAR HOLDINGS INC 0.1%

Value ($000) $12,412 (-7.6%) Shares 182,530 (+8.8%) Est. Cost $76.67 Unrealized -4.9%

BL BLACKLINE INC 0.1%

Value ($000) $15,179 (+7.1%) Shares 274,540 (+2.8%) Est. Cost $53.74 Unrealized +2.5%

ALRM ALARM COM HLDGS INC 0.1%

Value ($000) $17,552 (+5.9%) Shares 344,031 (+10.2%) Est. Cost $57.60 Unrealized -11.5%

SPSC SPS COMM INC 0.0%

Value ($000) $5,969 (-13.3%) Shares 66,972 (+1.3%) Est. Cost $144.43 Unrealized -35.8%

ALKT ALKAMI TECHNOLOGY INC 0.1%

Value ($000) $20,586 (-3.5%) Shares 892,343 (+3.9%) Est. Cost $28.13 Unrealized -21.6%

CERT CERTARA INC 0.1%

Value ($000) $13,137 (-4.0%) Shares 1,491,161 (+33.1%) Est. Cost $11.72 Unrealized -12.1%

GE GE AEROSPACE 0.1%

Value ($000) $12,076 (+3.9%) Shares 39,205 (+1.4%) Est. Cost $219.76 Unrealized +36.9%

WAY WAYSTAR HLDG CORP 0.1%

Value ($000) $20,783 (+0.5%) Shares 634,610 (+16.4%) Est. Cost $37.49 Unrealized -5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKL	MARKEL GROUP INC	427,882 (+11.8%)	$919,797 (+25.7%)	4.0%	$1884.50	+7.5%	COM	570535104
BRO	BROWN & BROWN INC	9,434,802 (+55.3%)	$751,954 (+31.9%)	3.2%	$54.86	+52.0%	COM	115236101
TMO	THERMO FISHER SCIENTIFIC INC	315,032 (+95.1%)	$182,545 (+133.1%)	0.8%	$505.43	+11.8%	COM	883556102
NDAQ	NASDAQ INC	3,752,757 (+26.3%)	$364,505 (+38.7%)	1.6%	$87.38	+2.7%	COM	631103108
PAYX	PAYCHEX INC	5,716,237 (+31.2%)	$641,247 (+16.1%)	2.8%	$117.62	-0.9%	COM	704326107
V	VISA INC	745,424 (+43.6%)	$261,428 (+47.6%)	1.1%	$255.69	+33.1%	COM CL A	92826C839
FTV	FORTIVE CORP	3,862,464 (+45.4%)	$213,247 (+63.9%)	0.9%	$52.19	-0.6%	COM	34959J108
TSCO	TRACTOR SUPPLY CO	12,544,591 (+3.4%)	$627,355 (-9.1%)	2.7%	$50.50	+6.4%	COM	892356106
TECH	BIO-TECHNE CORP	2,837,142 (+26.0%)	$166,852 (+33.2%)	0.7%	$70.30	-13.6%	COM	09073M104
DKS	DICKS SPORTING GOODS INC	529,756 (+82.8%)	$104,876 (+62.9%)	0.5%	$210.96	+2.9%	COM	253393102
INTU	INTUIT	207,997 (+38.9%)	$137,781 (+34.7%)	0.6%	$615.16	+7.4%	COM	461202103
CP	CANADIAN PACIFIC KANSAS CITY	4,444,219 (+12.1%)	$327,622 (+11.0%)	1.4%	$78.28	-6.0%	COM	13646K108
AMZN	AMAZON COM INC	565,297 (+26.1%)	$130,482 (+32.6%)	0.6%	$166.95	+37.0%	COM	023135106
CAE	CAE INC	7,586,679 (+9.5%)	$231,018 (+12.5%)	1.0%	$21.65	+29.6%	COM	124765108
LAMR	LAMAR ADVERTISING CO NEW	354,586 (+90.0%)	$44,883 (+96.5%)	0.2%	$4084.42	—	CL A	512816109
CRM	SALESFORCE INC	370,825 (+12.9%)	$98,235 (+26.2%)	0.4%	$217.88	+13.9%	COM	79466L302
ROL	ROLLINS INC	1,494,681 (+25.7%)	$89,711 (+28.5%)	0.4%	$54.39	+7.9%	COM	775711104
CLH	CLEAN HARBORS INC	849,499 (+9.8%)	$199,191 (+10.9%)	0.9%	$160.60	+42.3%	COM	184496107
JOE	ST JOE CO	1,181,452 (+15.4%)	$70,143 (+38.5%)	0.3%	$50.52	+10.9%	COM	790148100
SPGI	S&P GLOBAL INC	74,946 (+50.3%)	$39,166 (+61.4%)	0.2%	$425.73	+16.1%	COM	78409V104
WTM	WHITE MTNS INS GROUP LTD	19,713 (+16.3%)	$40,964 (+44.6%)	0.2%	$1661.27	+17.7%	COM	G9618E107
APO	APOLLO GLOBAL MGMT INC	727,557 (+4.3%)	$105,321 (+13.3%)	0.5%	$86.97	+52.4%	COM	03769M106
CSW	CSW INDUSTRIALS INC	108,194 (+30.3%)	$31,758 (+57.5%)	0.1%	$283.46	-6.1%	COM	126402106
MLM	MARTIN MARIETTA MATLS INC	1,067,530 (+3.0%)	$664,708 (+1.7%)	2.9%	$246.85	+151.7%	COM	573284106
BN	BROOKFIELD CORP	996,111 (+25.8%)	$45,796 (-15.7%)	0.2%	$34.21	+33.1%	CL A LTD VT SH	11271J107
CASY	CASEYS GEN STORES INC	71,749 (+28.7%)	$39,656 (+25.9%)	0.2%	$437.87	+25.5%	COM	147528103
MLAB	MESA LABS INC	206,435 (+62.9%)	$16,205 (+90.8%)	0.1%	$101.60	-25.2%	COM	59064R109
CWST	CASELLA WASTE SYS INC	374,229 (+19.6%)	$36,652 (+23.5%)	0.2%	$102.99	-9.9%	CL A	147448104
GRMN	GARMIN LTD	534,056 (+14.1%)	$108,333 (-6.0%)	0.5%	$115.17	+88.1%	SHS	H2906T109
KEX	KIRBY CORP	163,731 (+19.5%)	$18,040 (+57.7%)	0.1%	$111.66	-9.0%	COM	497266106
NOW	SERVICENOW INC	171,131 (+384.0%)	$26,216 (-19.4%)	0.1%	$175.08	-2.0%	COM	81762P102
CHEF	CHEFS WHSE INC	502,188 (+15.8%)	$31,301 (+23.7%)	0.1%	$54.21	+10.9%	COM	163086101
ZWS	ZURN ELKAY WATER SOLNS CORP	404,805 (+37.3%)	$18,819 (+35.7%)	0.1%	$43.97	+6.4%	COM	98983L108
NIQ	NIQ GLOBAL INTELLIGENCE PLC	1,903,982 (+12.7%)	$31,397 (+18.4%)	0.1%	$17.09	-14.4%	ORDINARY SHARES	G63755105
VRRM	VERRA MOBILITY CORP	729,528 (+45.6%)	$16,349 (+32.1%)	0.1%	$23.31	-2.0%	CL A COM STK	92511U102
BMI	BADGER METER INC	107,870 (+29.7%)	$18,814 (+26.6%)	0.1%	$194.88	-7.7%	COM	056525108
FELE	FRANKLIN ELEC INC	180,821 (+27.6%)	$17,274 (+28.0%)	0.1%	$94.94	+0.1%	COM	353514102
KAI	KADANT INC	76,175 (+25.2%)	$21,711 (+19.9%)	0.1%	$320.48	-11.5%	COM	48282T104
GSHD	GOOSEHEAD INS INC	112,809 (+71.3%)	$8,308 (+69.6%)	0.0%	$88.48	-19.5%	COM CL A	38267D109
ACA	ARCOSA INC	118,082 (+12.8%)	$12,554 (+28.0%)	0.1%	$90.82	+11.1%	COM	039653100
BOOT	BOOT BARN HLDGS INC	94,981 (+10.0%)	$16,761 (+17.1%)	0.1%	$143.90	+29.6%	COM	099406100
CINF	CINCINNATI FINL CORP	151,908 (+6.7%)	$24,810 (+10.2%)	0.1%	$103.37	+56.0%	COM	172062101
PTON	PELOTON INTERACTIVE INC	1,250,631 (+13.4%)	$7,704 (-22.4%)	0.0%	$7.01	+0.5%	CL A COM	70614W100
LH	LABCORP HOLDINGS INC	2,110,779 (+14.9%)	$529,552 (+0.4%)	2.3%	$229.93	+15.3%	COM SHS	504922105
GFS	GLOBALFOUNDRIES INC	119,027 (+70.5%)	$4,156 (+66.1%)	0.0%	$35.71	-0.4%	ORDINARY SHARES	G39387108
VFC	V F CORP	277,400 (+8.3%)	$5,015 (+35.7%)	0.0%	—	—	CALL	918204108
ERII	ENERGY RECOVERY INC	773,577 (+3.0%)	$10,436 (-9.9%)	0.0%	$15.37	-1.4%	COM	29270J100
PTLO	PORTILLOS INC	1,139,916 (+16.8%)	$5,175 (-17.8%)	0.0%	$12.97	-59.8%	COM CL A	73642K106
IWR	ISHARES TR	11,633 (+1255.8%)	$1,120 (+1251.9%)	0.0%	$96.29	—	RUS MID CAP ETF	464287499
LOAR	LOAR HOLDINGS INC	182,530 (+8.8%)	$12,412 (-7.6%)	0.1%	$76.67	-4.9%	COM SHS	53947R105
BL	BLACKLINE INC	274,540 (+2.8%)	$15,179 (+7.1%)	0.1%	$53.74	+2.5%	COM	09239B109
ALRM	ALARM COM HLDGS INC	344,031 (+10.2%)	$17,552 (+5.9%)	0.1%	$57.60	-11.5%	COM	011642105
SPSC	SPS COMM INC	66,972 (+1.3%)	$5,969 (-13.3%)	0.0%	$144.43	-35.8%	COM	78463M107
ALKT	ALKAMI TECHNOLOGY INC	892,343 (+3.9%)	$20,586 (-3.5%)	0.1%	$28.13	-21.6%	COM	01644J108
CERT	CERTARA INC	1,491,161 (+33.1%)	$13,137 (-4.0%)	0.1%	$11.72	-12.1%	COM	15687V109
GE	GE AEROSPACE	39,205 (+1.4%)	$12,076 (+3.9%)	0.1%	$219.76	+36.9%	COM NEW	369604301
WAY	WAYSTAR HLDG CORP	634,610 (+16.4%)	$20,783 (+0.5%)	0.1%	$37.49	-5.0%	COM	946784105

Exited Positions (26)

IWM ISHARES TR 0.9%

Value ($000) $215,344 Shares 890,000 Est. Cost $246.16 Unrealized —

CSX CSX CORP 0.6%

Value ($000) $135,741 Shares 3,822,600 Est. Cost — Unrealized —

IWM ISHARES TR 0.4%

Value ($000) $93,832 Shares 387,800 Est. Cost $246.16 Unrealized —

NVDA NVIDIA CORPORATION 0.4%

Value ($000) $89,801 Shares 481,300 Est. Cost $125.82 Unrealized +47.9%

COO COOPER COS INC 0.4%

Value ($000) $86,743 Shares 1,265,211 Est. Cost $85.04 Unrealized -12.0%

OWL BLUE OWL CAPITAL INC 0.3%

Value ($000) $63,305 Shares 3,739,246 Est. Cost $20.70 Unrealized -24.5%

PYPL PAYPAL HLDGS INC 0.2%

Value ($000) $48,393 Shares 721,641 Est. Cost $73.23 Unrealized -11.5%

TER TERADYNE INC 0.2%

Value ($000) $46,839 Shares 340,300 Est. Cost — Unrealized —

MHK MOHAWK INDS INC 0.2%

Value ($000) $41,823 Shares 324,409 Est. Cost $101.09 Unrealized +13.6%

ZTS ZOETIS INC 0.2%

Value ($000) $41,252 Shares 281,933 Est. Cost $162.73 Unrealized -20.0%

VCTR VICTORY CAP HLDGS INC 0.2%

Value ($000) $39,940 Shares 616,742 Est. Cost $67.78 Unrealized -6.6%

NET CLOUDFLARE INC 0.1%

Value ($000) $33,133 Shares 154,400 Est. Cost $137.09 Unrealized +54.3%

WT WISDOMTREE INC 0.1%

Value ($000) $32,131 Shares 2,311,611 Est. Cost $13.36 Unrealized -9.6%

DOCU DOCUSIGN INC 0.1%

Value ($000) $32,053 Shares 444,621 Est. Cost $75.57 Unrealized -8.5%

FMC FMC CORP 0.1%

Value ($000) $27,345 Shares 813,100 Est. Cost — Unrealized —

FXI ISHARES TR 0.1%

Value ($000) $16,341 Shares 397,200 Est. Cost — Unrealized —

MTN VAIL RESORTS INC 0.0%

Value ($000) $10,266 Shares 68,636 Est. Cost $155.21 Unrealized -5.2%

SAIA SAIA INC 0.0%

Value ($000) $7,093 Shares 23,693 Est. Cost $301.66 Unrealized +0.2%

ITRI ITRON INC 0.0%

Value ($000) $6,539 Shares 52,500 Est. Cost $127.18 Unrealized -14.3%

GDDY GODADDY INC 0.0%

Value ($000) $4,750 Shares 34,716 Est. Cost $179.44 Unrealized -27.9%

— MERIDIANLINK INC 0.0%

Value ($000) $3,360 Shares 168,583 Est. Cost $18.76 Unrealized —

EL LAUDER ESTEE COS INC 0.0%

Value ($000) $2,194 Shares 24,900 Est. Cost $88.48 Unrealized +9.4%

HGV HILTON GRAND VACATIONS INC 0.0%

Value ($000) $2,170 Shares 51,904 Est. Cost $46.03 Unrealized -7.7%

TENB TENABLE HLDGS INC 0.0%

Value ($000) $1,526 Shares 52,349 Est. Cost $37.73 Unrealized -27.6%

TRI THOMSON REUTERS CORP 0.0%

Value ($000) $325 Shares 2,093 Est. Cost $161.76 Unrealized -12.7%

EL LAUDER ESTEE COS INC 0.0%

Value ($000) $38 Shares 436 Est. Cost $88.48 Unrealized +9.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	890,000	$215,344	0.9%	$246.16	—	PUT	464287655
CSX	CSX CORP	3,822,600	$135,741	0.6%	—	—	CALL	126408103
IWM	ISHARES TR	387,800	$93,832	0.4%	$246.16	—	CALL	464287655
NVDA	NVIDIA CORPORATION	481,300	$89,801	0.4%	$125.82	+47.9%	PUT	67066G104
COO	COOPER COS INC	1,265,211	$86,743	0.4%	$85.04	-12.0%	—	216648501
OWL	BLUE OWL CAPITAL INC	3,739,246	$63,305	0.3%	$20.70	-24.5%	—	09581B103
PYPL	PAYPAL HLDGS INC	721,641	$48,393	0.2%	$73.23	-11.5%	—	70450Y103
TER	TERADYNE INC	340,300	$46,839	0.2%	—	—	CALL	880770102
MHK	MOHAWK INDS INC	324,409	$41,823	0.2%	$101.09	+13.6%	—	608190104
ZTS	ZOETIS INC	281,933	$41,252	0.2%	$162.73	-20.0%	—	98978V103
VCTR	VICTORY CAP HLDGS INC	616,742	$39,940	0.2%	$67.78	-6.6%	—	92645B103
NET	CLOUDFLARE INC	154,400	$33,133	0.1%	$137.09	+54.3%	CALL	18915M107
WT	WISDOMTREE INC	2,311,611	$32,131	0.1%	$13.36	-9.6%	—	97717P104
DOCU	DOCUSIGN INC	444,621	$32,053	0.1%	$75.57	-8.5%	—	256163106
FMC	FMC CORP	813,100	$27,345	0.1%	—	—	CALL	302491303
FXI	ISHARES TR	397,200	$16,341	0.1%	—	—	CALL	464287184
MTN	VAIL RESORTS INC	68,636	$10,266	0.0%	$155.21	-5.2%	—	91879Q109
SAIA	SAIA INC	23,693	$7,093	0.0%	$301.66	+0.2%	—	78709Y105
ITRI	ITRON INC	52,500	$6,539	0.0%	$127.18	-14.3%	—	465741106
GDDY	GODADDY INC	34,716	$4,750	0.0%	$179.44	-27.9%	—	380237107
—	MERIDIANLINK INC	168,583	$3,360	0.0%	$18.76	—	—	58985J105
EL	LAUDER ESTEE COS INC	24,900	$2,194	0.0%	$88.48	+9.4%	CALL	518439104
HGV	HILTON GRAND VACATIONS INC	51,904	$2,170	0.0%	$46.03	-7.7%	—	43283X105
TENB	TENABLE HLDGS INC	52,349	$1,526	0.0%	$37.73	-27.6%	—	88025T102
TRI	THOMSON REUTERS CORP	2,093	$325	0.0%	$161.76	-12.7%	—	884903808
EL	LAUDER ESTEE COS INC	436	$38	0.0%	$88.48	+9.4%	—	518439104

Decreased Positions (79)

CDW CDW CORP 1.3%

Value ($000) $310,195 (-53.1%) Shares 2,277,495 (-45.2%) Est. Cost $115.60 Unrealized +27.2%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value ($000) $308,065 (-50.3%) Shares 1,013,739 (-54.3%) Est. Cost $2802.49 Unrealized —

SHOP SHOPIFY INC 0.4%

Value ($000) $96,365 (-70.7%) Shares 598,647 (-72.9%) Est. Cost $85.37 Unrealized +88.1%

EME EMCOR GROUP INC 1.2%

Value ($000) $282,956 (-40.8%) Shares 462,505 (-37.1%) Est. Cost $258.39 Unrealized +150.6%

CRH CRH PLC 3.6%

Value ($000) $846,073 (-18.1%) Shares 6,779,428 (-21.4%) Est. Cost $58.12 Unrealized +105.0%

PWR QUANTA SVCS INC 0.6%

Value ($000) $128,456 (-58.4%) Shares 304,355 (-59.2%) Est. Cost $244.62 Unrealized +79.6%

MORN MORNINGSTAR INC 1.4%

Value ($000) $330,853 (-32.2%) Shares 1,522,492 (-27.6%) Est. Cost $245.34 Unrealized -11.7%

PTC PTC INC 0.4%

Value ($000) $99,051 (-57.5%) Shares 568,572 (-50.5%) Est. Cost $161.02 Unrealized +15.4%

TDY TELEDYNE TECHNOLOGIES INC 0.4%

Value ($000) $101,221 (-55.8%) Shares 198,189 (-49.3%) Est. Cost $421.63 Unrealized +25.0%

NEM NEWMONT CORP 0.3%

Value ($000) $58,572 (-67.8%) Shares 586,600 (-72.8%) Est. Cost $52.90 Unrealized +70.5%

CNM CORE & MAIN INC 1.7%

Value ($000) $404,242 (-22.5%) Shares 7,778,376 (-19.7%) Est. Cost $36.89 Unrealized +39.0%

PKG PACKAGING CORP AMER 0.4%

Value ($000) $100,454 (-53.8%) Shares 487,098 (-51.2%) Est. Cost $209.05 Unrealized -3.2%

FBIN FORTUNE BRANDS INNOVATIONS I 0.5%

Value ($000) $117,418 (-49.5%) Shares 2,347,419 (-46.1%) Est. Cost $67.71 Unrealized -26.5%

MIDD MIDDLEBY CORP 1.9%

Value ($000) $450,216 (-19.3%) Shares 3,028,289 (-27.8%) Est. Cost $143.94 Unrealized -8.8%

IDXX IDEXX LABS INC 0.4%

Value ($000) $88,887 (-50.7%) Shares 131,386 (-53.4%) Est. Cost $442.63 Unrealized +53.9%

AVGO BROADCOM INC 0.1%

Value ($000) $28,510 (-74.5%) Shares 82,374 (-75.7%) Est. Cost $214.08 Unrealized +66.8%

NEM NEWMONT CORP 0.2%

Value ($000) $35,357 (-69.5%) Shares 354,102 (-74.3%) Est. Cost $52.90 Unrealized +70.5%

ITT ITT INC 2.7%

Value ($000) $629,021 (-10.7%) Shares 3,625,271 (-8.0%) Est. Cost $109.34 Unrealized +63.9%

SIG SIGNET JEWELERS LIMITED 1.3%

Value ($000) $294,772 (-20.1%) Shares 3,556,612 (-7.5%) Est. Cost $43.55 Unrealized +118.1%

NVDA NVIDIA CORPORATION 0.6%

Value ($000) $130,712 (-34.7%) Shares 700,870 (-34.7%) Est. Cost $125.82 Unrealized +47.9%

OC OWENS CORNING NEW 0.0%

Value ($000) $4,181 (-93.7%) Shares 37,357 (-92.1%) Est. Cost $146.73 Unrealized -20.0%

META META PLATFORMS INC 0.2%

Value ($000) $46,940 (-55.9%) Shares 71,111 (-51.0%) Est. Cost $582.02 Unrealized +14.7%

SGI SOMNIGROUP INTERNATIONAL INC 4.0%

Value ($000) $931,105 (-5.7%) Shares 10,429,043 (-11.0%) Est. Cost $34.81 Unrealized +150.9%

BWXT BWX TECHNOLOGIES INC 0.3%

Value ($000) $74,341 (-43.0%) Shares 430,113 (-39.2%) Est. Cost $130.67 Unrealized +43.4%

TRMB TRIMBLE INC 2.5%

Value ($000) $571,820 (-8.4%) Shares 7,298,271 (-4.5%) Est. Cost $66.02 Unrealized +20.7%

SCI SERVICE CORP INTL 2.2%

Value ($000) $501,081 (-8.9%) Shares 6,426,585 (-2.8%) Est. Cost $65.54 Unrealized +22.0%

NET CLOUDFLARE INC 0.1%

Value ($000) $25,782 (-62.9%) Shares 130,773 (-59.6%) Est. Cost $137.09 Unrealized +54.3%

VIK VIKING HOLDINGS LTD 4.3%

Value ($000) $993,090 (+4.3%) Shares 13,906,877 (-9.2%) Est. Cost $35.77 Unrealized +78.4%

JLL JONES LANG LASALLE INC 1.3%

Value ($000) $306,767 (-9.9%) Shares 911,723 (-20.2%) Est. Cost $248.33 Unrealized +26.2%

BJ BJS WHSL CLUB HLDGS INC 1.0%

Value ($000) $242,368 (-11.2%) Shares 2,692,084 (-8.1%) Est. Cost $104.79 Unrealized -12.4%

APH AMPHENOL CORP NEW 0.4%

Value ($000) $89,902 (-21.9%) Shares 665,251 (-28.5%) Est. Cost $57.78 Unrealized +131.1%

ENTG ENTEGRIS INC 0.5%

Value ($000) $104,667 (-18.7%) Shares 1,242,342 (-10.8%) Est. Cost $87.28 Unrealized -0.6%

MSFT MICROSOFT CORP 0.4%

Value ($000) $102,707 (-17.1%) Shares 212,372 (-11.2%) Est. Cost $341.49 Unrealized +46.6%

WAB WABTEC 3.3%

Value ($000) $759,758 (+2.7%) Shares 3,559,419 (-3.5%) Est. Cost $88.50 Unrealized +132.0%

SSB SOUTHSTATE BK CORP 0.1%

Value ($000) $30,411 (-38.9%) Shares 323,140 (-35.8%) Est. Cost $96.71 Unrealized -5.0%

APG API GROUP CORP 0.3%

Value ($000) $66,110 (-21.7%) Shares 1,727,924 (-29.7%) Est. Cost $25.22 Unrealized +46.6%

ADBE ADOBE INC 0.4%

Value ($000) $97,682 (-13.1%) Shares 279,098 (-12.4%) Est. Cost $453.86 Unrealized -25.1%

MTD METTLER TOLEDO INTERNATIONAL 0.1%

Value ($000) $34,386 (-26.9%) Shares 24,664 (-35.6%) Est. Cost $1117.50 Unrealized +25.0%

USLM UNITED STS LIME & MINERALS I 0.2%

Value ($000) $43,981 (-20.2%) Shares 367,305 (-12.3%) Est. Cost $98.39 Unrealized +26.0%

KRMN KARMAN HLDGS INC 0.0%

Value ($000) $4,763 (-69.7%) Shares 65,096 (-70.1%) Est. Cost $33.36 Unrealized +117.0%

GOOG ALPHABET INC 0.6%

Value ($000) $149,644 (-6.8%) Shares 476,878 (-27.6%) Est. Cost $145.84 Unrealized +96.3%

CARG CARGURUS INC 0.2%

Value ($000) $35,251 (-21.3%) Shares 919,189 (-23.6%) Est. Cost $28.98 Unrealized +24.4%

CIEN CIENA CORP 0.0%

Value ($000) $3,531 (-71.0%) Shares 15,098 (-81.9%) Est. Cost $82.78 Unrealized +134.4%

MIR MIRION TECHNOLOGIES INC 0.1%

Value ($000) $18,011 (-32.2%) Shares 769,033 (-32.6%) Est. Cost $9.40 Unrealized +165.2%

GOGO GOGO INC 0.0%

Value ($000) $1,387 (-85.7%) Shares 297,731 (-73.7%) Est. Cost $10.97 Unrealized -33.2%

WSM WILLIAMS SONOMA INC 0.2%

Value ($000) $41,488 (-16.1%) Shares 232,307 (-8.2%) Est. Cost $88.00 Unrealized +112.8%

BIP BROOKFIELD INFRAST PARTNERS 0.0%

Value ($000) $2,187 (-76.9%) Shares 62,951 (-78.2%) Est. Cost $1925.79 Unrealized —

DHR DANAHER CORPORATION 0.3%

Value ($000) $78,504 (-8.1%) Shares 342,933 (-20.4%) Est. Cost $195.32 Unrealized +12.4%

COHR COHERENT CORP 0.0%

Value ($000) $5,461 (-55.4%) Shares 29,590 (-74.0%) Est. Cost $54.84 Unrealized +172.8%

DOO BRP INC 0.0%

Value ($000) $3,427 (-64.8%) Shares 48,397 (-69.8%) Est. Cost $52.08 Unrealized +30.5%

ALC ALCON AG 2.1%

Value ($000) $496,679 (-0.9%) Shares 6,218,304 (-7.6%) Est. Cost $92.39 Unrealized -16.7%

CPAY CORPAY INC 1.5%

Value ($000) $337,621 (+1.3%) Shares 1,121,925 (-3.1%) Est. Cost $359.47 Unrealized -19.2%

IRDM IRIDIUM COMMUNICATIONS INC 0.1%

Value ($000) $14,528 (-21.6%) Shares 835,881 (-21.3%) Est. Cost $32.02 Unrealized -44.8%

CR CRANE COMPANY 0.4%

Value ($000) $101,657 (-3.6%) Shares 551,194 (-3.8%) Est. Cost $150.85 Unrealized +22.9%

ONON ON HLDG AG 0.2%

Value ($000) $48,883 (+8.3%) Shares 1,051,700 (-1.3%) Est. Cost $43.09 Unrealized 0.0%

WINA WINMARK CORP 0.1%

Value ($000) $12,292 (-21.4%) Shares 30,355 (-3.4%) Est. Cost $371.01 Unrealized +15.3%

ADEA ADEIA INC 0.0%

Value ($000) $8,196 (-27.1%) Shares 475,156 (-29.0%) Est. Cost $11.19 Unrealized +32.2%

CDRE CADRE HLDGS INC 0.1%

Value ($000) $29,365 (+9.6%) Shares 719,024 (-2.0%) Est. Cost $33.34 Unrealized +24.3%

BWIN THE BALDWIN INSURANCE GRP IN 0.0%

Value ($000) $3,682 (-40.7%) Shares 153,228 (-30.4%) Est. Cost $40.10 Unrealized -36.5%

MRCY MERCURY SYS INC 0.0%

Value ($000) $5,682 (-29.3%) Shares 77,821 (-25.1%) Est. Cost $50.44 Unrealized +47.5%

QXO QXO INC 0.3%

Value ($000) $66,796 (-3.3%) Shares 3,462,708 (-4.4%) Est. Cost $16.86 Unrealized +13.7%

CLFD CLEARFIELD INC 0.0%

Value ($000) $3,102 (-41.5%) Shares 106,407 (-31.0%) Est. Cost $33.78 Unrealized -4.9%

PRLB PROTO LABS INC 0.0%

Value ($000) $603 (-77.0%) Shares 11,919 (-77.3%) Est. Cost $45.82 Unrealized +11.6%

OSW ONESPAWORLD HOLDINGS LIMITED 0.1%

Value ($000) $33,188 (-4.5%) Shares 1,600,177 (-2.6%) Est. Cost $12.06 Unrealized +73.3%

AMRZ AMRIZE LTD 0.1%

Value ($000) $15,035 (-8.8%) Shares 273,393 (-20.0%) Est. Cost $50.45 Unrealized +1.1%

MYRG MYR GROUP INC DEL 0.0%

Value ($000) $10,689 (-10.8%) Shares 48,919 (-15.1%) Est. Cost $137.58 Unrealized +58.2%

ECG EVERUS CONSTR GROUP 0.0%

Value ($000) $11,456 (-10.0%) Shares 133,897 (-9.8%) Est. Cost $74.30 Unrealized +20.4%

MCO MOODYS CORP 0.1%

Value ($000) $26,190 (+4.9%) Shares 51,267 (-2.2%) Est. Cost $406.28 Unrealized +20.0%

CLBT CELLEBRITE DI LTD 0.0%

Value ($000) $11,181 (-9.5%) Shares 620,142 (-7.0%) Est. Cost $16.81 Unrealized +6.8%

FNV FRANCO NEV CORP 0.0%

Value ($000) $8,796 (-9.3%) Shares 42,377 (-2.7%) Est. Cost $165.23 Unrealized +22.7%

ROST ROSS STORES INC 0.1%

Value ($000) $11,674 (-6.3%) Shares 64,807 (-20.8%) Est. Cost $137.79 Unrealized +20.9%

LLY ELI LILLY & CO 0.0%

Value ($000) $3,546 (+25.6%) Shares 3,300 (-10.8%) Est. Cost — Unrealized —

LQDT LIQUIDITY SVCS INC 0.1%

Value ($000) $17,199 (-3.7%) Shares 567,434 (-12.8%) Est. Cost $25.72 Unrealized +4.4%

PII POLARIS INC 0.0%

Value ($000) $2,441 (-20.3%) Shares 38,600 (-26.8%) Est. Cost $61.44 Unrealized +7.2%

FORM FORMFACTOR INC 0.1%

Value ($000) $23,808 (-2.1%) Shares 426,819 (-36.0%) Est. Cost $34.39 Unrealized +46.5%

MSCI MSCI INC 0.1%

Value ($000) $23,288 (-1.6%) Shares 40,591 (-2.7%) Est. Cost $492.32 Unrealized +13.7%

STE STERIS PLC 2.1%

Value ($000) $488,795 (-0.1%) Shares 1,928,033 (-2.5%) Est. Cost $209.44 Unrealized +19.9%

INTC INTEL CORP 0.0%

Value ($000) $6,192 (+4.6%) Shares 167,817 (-4.9%) Est. Cost $23.72 Unrealized +59.2%

PII POLARIS INC 0.1%

Value ($000) $31,627 (-0.2%) Shares 500,028 (-8.3%) Est. Cost $61.44 Unrealized +7.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDW	CDW CORP	2,277,495 (-45.2%)	$310,195 (-53.1%)	1.3%	$115.60	+27.2%	COM	12514G108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,013,739 (-54.3%)	$308,065 (-50.3%)	1.3%	$2802.49	—	SPONSORED ADS	874039100
SHOP	SHOPIFY INC	598,647 (-72.9%)	$96,365 (-70.7%)	0.4%	$85.37	+88.1%	CL A SUB VTG SHS	82509L107
EME	EMCOR GROUP INC	462,505 (-37.1%)	$282,956 (-40.8%)	1.2%	$258.39	+150.6%	COM	29084Q100
CRH	CRH PLC	6,779,428 (-21.4%)	$846,073 (-18.1%)	3.6%	$58.12	+105.0%	ORD	G25508105
PWR	QUANTA SVCS INC	304,355 (-59.2%)	$128,456 (-58.4%)	0.6%	$244.62	+79.6%	COM	74762E102
MORN	MORNINGSTAR INC	1,522,492 (-27.6%)	$330,853 (-32.2%)	1.4%	$245.34	-11.7%	COM	617700109
PTC	PTC INC	568,572 (-50.5%)	$99,051 (-57.5%)	0.4%	$161.02	+15.4%	COM	69370C100
TDY	TELEDYNE TECHNOLOGIES INC	198,189 (-49.3%)	$101,221 (-55.8%)	0.4%	$421.63	+25.0%	COM	879360105
NEM	NEWMONT CORP	586,600 (-72.8%)	$58,572 (-67.8%)	0.3%	$52.90	+70.5%	CALL	651639106
CNM	CORE & MAIN INC	7,778,376 (-19.7%)	$404,242 (-22.5%)	1.7%	$36.89	+39.0%	CL A	21874C102
PKG	PACKAGING CORP AMER	487,098 (-51.2%)	$100,454 (-53.8%)	0.4%	$209.05	-3.2%	COM	695156109
FBIN	FORTUNE BRANDS INNOVATIONS I	2,347,419 (-46.1%)	$117,418 (-49.5%)	0.5%	$67.71	-26.5%	COM	34964C106
MIDD	MIDDLEBY CORP	3,028,289 (-27.8%)	$450,216 (-19.3%)	1.9%	$143.94	-8.8%	COM	596278101
IDXX	IDEXX LABS INC	131,386 (-53.4%)	$88,887 (-50.7%)	0.4%	$442.63	+53.9%	COM	45168D104
AVGO	BROADCOM INC	82,374 (-75.7%)	$28,510 (-74.5%)	0.1%	$214.08	+66.8%	COM	11135F101
NEM	NEWMONT CORP	354,102 (-74.3%)	$35,357 (-69.5%)	0.2%	$52.90	+70.5%	COM	651639106
ITT	ITT INC	3,625,271 (-8.0%)	$629,021 (-10.7%)	2.7%	$109.34	+63.9%	COM	45073V108
SIG	SIGNET JEWELERS LIMITED	3,556,612 (-7.5%)	$294,772 (-20.1%)	1.3%	$43.55	+118.1%	SHS	G81276100
NVDA	NVIDIA CORPORATION	700,870 (-34.7%)	$130,712 (-34.7%)	0.6%	$125.82	+47.9%	COM	67066G104
OC	OWENS CORNING NEW	37,357 (-92.1%)	$4,181 (-93.7%)	0.0%	$146.73	-20.0%	COM	690742101
META	META PLATFORMS INC	71,111 (-51.0%)	$46,940 (-55.9%)	0.2%	$582.02	+14.7%	CL A	30303M102
SGI	SOMNIGROUP INTERNATIONAL INC	10,429,043 (-11.0%)	$931,105 (-5.7%)	4.0%	$34.81	+150.9%	COM	88023U101
BWXT	BWX TECHNOLOGIES INC	430,113 (-39.2%)	$74,341 (-43.0%)	0.3%	$130.67	+43.4%	COM	05605H100
TRMB	TRIMBLE INC	7,298,271 (-4.5%)	$571,820 (-8.4%)	2.5%	$66.02	+20.7%	COM	896239100
SCI	SERVICE CORP INTL	6,426,585 (-2.8%)	$501,081 (-8.9%)	2.2%	$65.54	+22.0%	COM	817565104
NET	CLOUDFLARE INC	130,773 (-59.6%)	$25,782 (-62.9%)	0.1%	$137.09	+54.3%	CL A COM	18915M107
VIK	VIKING HOLDINGS LTD	13,906,877 (-9.2%)	$993,090 (+4.3%)	4.3%	$35.77	+78.4%	ORD SHS	G93A5A101
JLL	JONES LANG LASALLE INC	911,723 (-20.2%)	$306,767 (-9.9%)	1.3%	$248.33	+26.2%	COM	48020Q107
BJ	BJS WHSL CLUB HLDGS INC	2,692,084 (-8.1%)	$242,368 (-11.2%)	1.0%	$104.79	-12.4%	COM	05550J101
APH	AMPHENOL CORP NEW	665,251 (-28.5%)	$89,902 (-21.9%)	0.4%	$57.78	+131.1%	CL A	032095101
ENTG	ENTEGRIS INC	1,242,342 (-10.8%)	$104,667 (-18.7%)	0.5%	$87.28	-0.6%	COM	29362U104
MSFT	MICROSOFT CORP	212,372 (-11.2%)	$102,707 (-17.1%)	0.4%	$341.49	+46.6%	COM	594918104
WAB	WABTEC	3,559,419 (-3.5%)	$759,758 (+2.7%)	3.3%	$88.50	+132.0%	COM	929740108
SSB	SOUTHSTATE BK CORP	323,140 (-35.8%)	$30,411 (-38.9%)	0.1%	$96.71	-5.0%	COM	84472E102
APG	API GROUP CORP	1,727,924 (-29.7%)	$66,110 (-21.7%)	0.3%	$25.22	+46.6%	COM STK	00187Y100
ADBE	ADOBE INC	279,098 (-12.4%)	$97,682 (-13.1%)	0.4%	$453.86	-25.1%	COM	00724F101
MTD	METTLER TOLEDO INTERNATIONAL	24,664 (-35.6%)	$34,386 (-26.9%)	0.1%	$1117.50	+25.0%	COM	592688105
USLM	UNITED STS LIME & MINERALS I	367,305 (-12.3%)	$43,981 (-20.2%)	0.2%	$98.39	+26.0%	COM	911922102
KRMN	KARMAN HLDGS INC	65,096 (-70.1%)	$4,763 (-69.7%)	0.0%	$33.36	+117.0%	COMMON STOCK	485924104
GOOG	ALPHABET INC	476,878 (-27.6%)	$149,644 (-6.8%)	0.6%	$145.84	+96.3%	CAP STK CL C	02079K107
CARG	CARGURUS INC	919,189 (-23.6%)	$35,251 (-21.3%)	0.2%	$28.98	+24.4%	COM CL A	141788109
CIEN	CIENA CORP	15,098 (-81.9%)	$3,531 (-71.0%)	0.0%	$82.78	+134.4%	COM NEW	171779309
MIR	MIRION TECHNOLOGIES INC	769,033 (-32.6%)	$18,011 (-32.2%)	0.1%	$9.40	+165.2%	COM CL A	60471A101
GOGO	GOGO INC	297,731 (-73.7%)	$1,387 (-85.7%)	0.0%	$10.97	-33.2%	COM	38046C109
WSM	WILLIAMS SONOMA INC	232,307 (-8.2%)	$41,488 (-16.1%)	0.2%	$88.00	+112.8%	COM	969904101
BIP	BROOKFIELD INFRAST PARTNERS	62,951 (-78.2%)	$2,187 (-76.9%)	0.0%	$1925.79	—	LP INT UNIT	G16252101
DHR	DANAHER CORPORATION	342,933 (-20.4%)	$78,504 (-8.1%)	0.3%	$195.32	+12.4%	COM	235851102
COHR	COHERENT CORP	29,590 (-74.0%)	$5,461 (-55.4%)	0.0%	$54.84	+172.8%	COM	19247G107
DOO	BRP INC	48,397 (-69.8%)	$3,427 (-64.8%)	0.0%	$52.08	+30.5%	COM SUN VTG	05577W200
ALC	ALCON AG	6,218,304 (-7.6%)	$496,679 (-0.9%)	2.1%	$92.39	-16.7%	ORD SHS	H01301128
CPAY	CORPAY INC	1,121,925 (-3.1%)	$337,621 (+1.3%)	1.5%	$359.47	-19.2%	COM SHS	219948106
IRDM	IRIDIUM COMMUNICATIONS INC	835,881 (-21.3%)	$14,528 (-21.6%)	0.1%	$32.02	-44.8%	COM	46269C102
CR	CRANE COMPANY	551,194 (-3.8%)	$101,657 (-3.6%)	0.4%	$150.85	+22.9%	COMMON STOCK	224408104
ONON	ON HLDG AG	1,051,700 (-1.3%)	$48,883 (+8.3%)	0.2%	$43.09	0.0%	CALL	H5919C104
WINA	WINMARK CORP	30,355 (-3.4%)	$12,292 (-21.4%)	0.1%	$371.01	+15.3%	COM	974250102
ADEA	ADEIA INC	475,156 (-29.0%)	$8,196 (-27.1%)	0.0%	$11.19	+32.2%	COM	00676P107
CDRE	CADRE HLDGS INC	719,024 (-2.0%)	$29,365 (+9.6%)	0.1%	$33.34	+24.3%	COM	12763L105
BWIN	THE BALDWIN INSURANCE GRP IN	153,228 (-30.4%)	$3,682 (-40.7%)	0.0%	$40.10	-36.5%	COM CL A	05589G102
MRCY	MERCURY SYS INC	77,821 (-25.1%)	$5,682 (-29.3%)	0.0%	$50.44	+47.5%	COM	589378108
QXO	QXO INC	3,462,708 (-4.4%)	$66,796 (-3.3%)	0.3%	$16.86	+13.7%	COM NEW	82846H405
CLFD	CLEARFIELD INC	106,407 (-31.0%)	$3,102 (-41.5%)	0.0%	$33.78	-4.9%	COM	18482P103
PRLB	PROTO LABS INC	11,919 (-77.3%)	$603 (-77.0%)	0.0%	$45.82	+11.6%	COM	743713109
OSW	ONESPAWORLD HOLDINGS LIMITED	1,600,177 (-2.6%)	$33,188 (-4.5%)	0.1%	$12.06	+73.3%	COM	P73684113
AMRZ	AMRIZE LTD	273,393 (-20.0%)	$15,035 (-8.8%)	0.1%	$50.45	+1.1%	SHS	H2927K103
MYRG	MYR GROUP INC DEL	48,919 (-15.1%)	$10,689 (-10.8%)	0.0%	$137.58	+58.2%	COM	55405W104
ECG	EVERUS CONSTR GROUP	133,897 (-9.8%)	$11,456 (-10.0%)	0.0%	$74.30	+20.4%	COM	300426103
MCO	MOODYS CORP	51,267 (-2.2%)	$26,190 (+4.9%)	0.1%	$406.28	+20.0%	COM	615369105
CLBT	CELLEBRITE DI LTD	620,142 (-7.0%)	$11,181 (-9.5%)	0.0%	$16.81	+6.8%	ORDINARY SHARES	M2197Q107
FNV	FRANCO NEV CORP	42,377 (-2.7%)	$8,796 (-9.3%)	0.0%	$165.23	+22.7%	COM	351858105
ROST	ROSS STORES INC	64,807 (-20.8%)	$11,674 (-6.3%)	0.1%	$137.79	+20.9%	COM	778296103
LLY	ELI LILLY & CO	3,300 (-10.8%)	$3,546 (+25.6%)	0.0%	—	—	PUT	532457108
LQDT	LIQUIDITY SVCS INC	567,434 (-12.8%)	$17,199 (-3.7%)	0.1%	$25.72	+4.4%	COM	53635B107
PII	POLARIS INC	38,600 (-26.8%)	$2,441 (-20.3%)	0.0%	$61.44	+7.2%	CALL	731068102
FORM	FORMFACTOR INC	426,819 (-36.0%)	$23,808 (-2.1%)	0.1%	$34.39	+46.5%	COM	346375108
MSCI	MSCI INC	40,591 (-2.7%)	$23,288 (-1.6%)	0.1%	$492.32	+13.7%	COM	55354G100
STE	STERIS PLC	1,928,033 (-2.5%)	$488,795 (-0.1%)	2.1%	$209.44	+19.9%	SHS USD	G8473T100
INTC	INTEL CORP	167,817 (-4.9%)	$6,192 (+4.6%)	0.0%	$23.72	+59.2%	COM	458140100
PII	POLARIS INC	500,028 (-8.3%)	$31,627 (-0.2%)	0.1%	$61.44	+7.2%	COM	731068102

Unchanged Positions (4)

LYV LIVE NATION ENTERTAINMENT IN 3.4%

Value ($000) $796,030 Shares 5,586,172 Est. Cost $89.73 Unrealized +60.2%

WDAY WORKDAY INC 0.7%

Value ($000) $156,297 Shares 727,709 Est. Cost $226.80 Unrealized +0.2%

OUT OUTFRONT MEDIA INC 0.0%

Value ($000) $10,913 Shares 452,806 Est. Cost $16.17 Unrealized —

UBER UBER TECHNOLOGIES INC 0.0%

Value ($000) $4,227 Shares 51,729 Est. Cost $72.04 Unrealized +25.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LYV	LIVE NATION ENTERTAINMENT IN	5,586,172	$796,030	3.4%	$89.73	+60.2%	COM	538034109
WDAY	WORKDAY INC	727,709	$156,297	0.7%	$226.80	+0.2%	CL A	98138H101
OUT	OUTFRONT MEDIA INC	452,806	$10,913	0.0%	$16.17	—	COM NEW	69007J304
UBER	UBER TECHNOLOGIES INC	51,729	$4,227	0.0%	$72.04	+25.0%	COM	90353T100