Sivik Global Healthcare LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PUT - SPY 100 @ 684 EXP 01/30/2026	300	$20	5.9%	—	—	PUT	99DPSXSH4
—	PUT - SPY 100 @ 688 EXP 01/30/2026	250	$17	4.9%	—	—	PUT	99DPSWXB3
—	PUT - SPY 100 @ 680 EXP 02/20/2026	250	$17	4.9%	—	—	PUT	99DN4GS58
—	PUT - SPY 100 @ 682 EXP 02/20/2026	250	$17	4.9%	—	—	PUT	99DR62WH7
—	PUT - SPY 100 @ 679 EXP 01/30/2026	250	$17	4.9%	—	—	PUT	99DPSXS35
—	PUT - SPY 100 @ 683 EXP 01/30/2026	250	$17	4.9%	—	—	PUT	99DPSXSG6
—	PUT - SPY 100 @ 682 EXP 01/30/2026	250	$17	4.9%	—	—	PUT	99DPSXS76
—	PUT - SPY 100 @ 681 EXP 01/30/2026	250	$17	4.9%	—	—	PUT	99DPSXS84
MTD	METTLER TOLEDO	3,000	$4	1.2%	$1396.48	0.0%	COM	592688105
BDX	BECTON DICKINSON CO	20,000	$4	1.1%	$189.55	0.0%	COM	075887109
NVO	NOVO-NORDISK A/S	75,000	$4	1.1%	$0.05	—	ADR	670100205
AZN	ASTRAZENECA PLC-SPONS ADR	40,000	$4	1.1%	$0.09	—	SPONSORED ADR	046353108
BIIB	BIOGEN INC	20,000	$4	1.0%	$163.37	0.0%	COM	09062X103
GMED	GLOBUS MEDICAL	40,000	$3	1.0%	$75.90	0.0%	CL A	379577208
MRK	MERCK & CO	30,000	$3	0.9%	$93.24	0.0%	COM	58933Y105
GILD	GILEAD SCIENCES INC	25,000	$3	0.9%	$120.88	0.0%	COM	375558103
EW	EDWARDS LIFESCIENCES	35,000	$3	0.9%	$82.07	0.0%	COM	28176E108
TECH	BIO-TECHNE CORP	45,000	$3	0.8%	$60.72	0.0%	COM	09073M104
CGON	CG ONCOLOGY INC	35,000	$1	0.4%	$41.38	0.0%	COM	156944100
ARGX	ARGEN SE - ADR	1,500	$1	0.4%	$0.84	—	SPONSORED ADR	04016X101
ALNY	ALNYLAM PHARMACEUTICALS	3,000	$1	0.3%	$442.56	0.0%	COM	02043Q107

Increased Positions (9)

MCK MCKESSON CORP 2.1%

Value ($000) $7 (+36.5%) Shares 9,000 (+28.6%) Est. Cost $456.58 Unrealized +78.6%

BRKR BRUKER CORPORATION 0.9%

Value ($000) $3 (+57.1%) Shares 65,000 (+8.3%) Est. Cost $36.07 Unrealized +17.1%

GEHC GE HEALTHCARE TECHNOLOGY 0.8%

Value ($000) $3 (+52.9%) Shares 35,000 (+40.0%) Est. Cost $75.50 Unrealized +3.2%

EHC ENCOMPASS HEALTH CORP 1.5%

Value ($000) $5 (+19.4%) Shares 50,000 (+42.9%) Est. Cost $89.07 Unrealized +29.9%

SEM SELECT MEDICAL HOLDINGS CORP 0.8%

Value ($000) $3 (+25.6%) Shares 190,000 (+8.6%) Est. Cost $15.44 Unrealized -8.7%

BIO BIO-RAD LABS A 1.1%

Value ($000) $4 (+17.9%) Shares 12,000 (+9.1%) Est. Cost $242.70 Unrealized +28.6%

A AGILENT TECHNOLOGIES INC 1.4%

Value ($000) $5 (+12.4%) Shares 35,000 (+6.1%) Est. Cost $135.79 Unrealized +5.8%

THC TENET HEALTHCARE 2.2%

Value ($000) $7 (+4.9%) Shares 37,500 (+7.1%) Est. Cost $88.82 Unrealized +127.5%

ABT ABBOTT LABS 1.5%

Value ($000) $5 (-0.2%) Shares 40,000 (+6.7%) Est. Cost $108.33 Unrealized +17.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCK	MCKESSON CORP	9,000 (+28.6%)	$7 (+36.5%)	2.1%	$456.58	+78.6%	COM	58155Q103
BRKR	BRUKER CORPORATION	65,000 (+8.3%)	$3 (+57.1%)	0.9%	$36.07	+17.1%	COM	116794108
GEHC	GE HEALTHCARE TECHNOLOGY	35,000 (+40.0%)	$3 (+52.9%)	0.8%	$75.50	+3.2%	COMMON STOCK	36266G107
EHC	ENCOMPASS HEALTH CORP	50,000 (+42.9%)	$5 (+19.4%)	1.5%	$89.07	+29.9%	COM	29261A100
SEM	SELECT MEDICAL HOLDINGS CORP	190,000 (+8.6%)	$3 (+25.6%)	0.8%	$15.44	-8.7%	COM	81619Q105
BIO	BIO-RAD LABS A	12,000 (+9.1%)	$4 (+17.9%)	1.1%	$242.70	+28.6%	CL A	090572207
A	AGILENT TECHNOLOGIES INC	35,000 (+6.1%)	$5 (+12.4%)	1.4%	$135.79	+5.8%	COM	00846U101
THC	TENET HEALTHCARE	37,500 (+7.1%)	$7 (+4.9%)	2.2%	$88.82	+127.5%	COM NEW	88033G407
ABT	ABBOTT LABS	40,000 (+6.7%)	$5 (-0.2%)	1.5%	$108.33	+17.5%	COM	002824100

Exited Positions (16)

— PUT - SPY 100 @ 645 EXP 10/31/2025 5.8%

Value ($000) $20 Shares 300 Est. Cost — Unrealized —

— PUT - SPY 100 @ 655 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 660 EXP 11/21/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 658 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 659 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 635 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 660 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 659 EXP 11/21/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

— PUT - SPY 100 @ 639 EXP 10/31/2025 4.8%

Value ($000) $17 Shares 250 Est. Cost — Unrealized —

JNJ JOHNSON&JOHNSON 1.3%

Value ($000) $5 Shares 25,000 Est. Cost $169.51 Unrealized +16.2%

CI CIGNA GROUP/THE 1.2%

Value ($000) $4 Shares 14,000 Est. Cost $312.49 Unrealized -10.6%

ZBH ZIMMER BIOMET HOLDINGS INC 1.1%

Value ($000) $4 Shares 40,000 Est. Cost $98.59 Unrealized -4.1%

WST WEST PHARMACEUTICAL SERVICES INC 1.1%

Value ($000) $4 Shares 15,000 Est. Cost $264.56 Unrealized +3.4%

DGX QUEST DIAGNOSTIC INC 1.1%

Value ($000) $4 Shares 20,000 Est. Cost $172.09 Unrealized +5.8%

LH LABCORP HOLDINGS INC 0.8%

Value ($000) $3 Shares 10,000 Est. Cost $266.78 Unrealized -0.6%

STVN STEVANATO GROUP SPA 0.6%

Value ($000) $2 Shares 85,000 Est. Cost $24.68 Unrealized -5.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PUT - SPY 100 @ 645 EXP 10/31/2025	300	$20	5.8%	—	—	PUT	99DL4TS62
—	PUT - SPY 100 @ 655 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DL4TSB1
—	PUT - SPY 100 @ 660 EXP 11/21/2025	250	$17	4.8%	—	—	PUT	99DM7LGM2
—	PUT - SPY 100 @ 658 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DMTT6H3
—	PUT - SPY 100 @ 659 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DMTT6M2
—	PUT - SPY 100 @ 635 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DL4TRW6
—	PUT - SPY 100 @ 660 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DL4TS96
—	PUT - SPY 100 @ 659 EXP 11/21/2025	250	$17	4.8%	—	—	PUT	99DNNVD92
—	PUT - SPY 100 @ 639 EXP 10/31/2025	250	$17	4.8%	—	—	PUT	99DMTTJ89
JNJ	JOHNSON&JOHNSON	25,000	$5	1.3%	$169.51	+16.2%	—	478160104
CI	CIGNA GROUP/THE	14,000	$4	1.2%	$312.49	-10.6%	—	125523100
ZBH	ZIMMER BIOMET HOLDINGS INC	40,000	$4	1.1%	$98.59	-4.1%	—	98956P102
WST	WEST PHARMACEUTICAL SERVICES INC	15,000	$4	1.1%	$264.56	+3.4%	—	955306105
DGX	QUEST DIAGNOSTIC INC	20,000	$4	1.1%	$172.09	+5.8%	—	74834L100
LH	LABCORP HOLDINGS INC	10,000	$3	0.8%	$266.78	-0.6%	—	504922105
STVN	STEVANATO GROUP SPA	85,000	$2	0.6%	$24.68	-5.9%	—	T9224W109

Decreased Positions (14)

HUM HUMANA INC. 1.1%

Value ($000) $4 (-40.9%) Shares 15,000 (-40.0%) Est. Cost $309.80 Unrealized -15.6%

XBI STATE STREET SPDR S&P BIOTECH 8.0%

Value ($000) $27 (+9.5%) Shares 225,000 (-10.0%) Est. Cost $0.10 Unrealized —

SNN SMITH & NEPHEW 1.2%

Value ($000) $4 (-29.4%) Shares 125,000 (-21.9%) Est. Cost $0.03 Unrealized —

DHR DANAHER CORP 1.5%

Value ($000) $5 (-24.1%) Shares 23,000 (-34.3%) Est. Cost $181.81 Unrealized +20.8%

SGRY SURGERY PARTNERS INC 0.9%

Value ($000) $3 (-35.1%) Shares 200,000 (-9.1%) Est. Cost $29.08 Unrealized -36.8%

MDT MEDTRONIC INC 1.3%

Value ($000) $4 (-24.3%) Shares 45,000 (-25.0%) Est. Cost $87.16 Unrealized +11.4%

CAH CARDINAL HEALTH 1.9%

Value ($000) $7 (+13.5%) Shares 32,500 (-13.3%) Est. Cost $75.21 Unrealized +149.6%

VRTX VERTEX PHARMACEUTICALS INC. 1.8%

Value ($000) $6 (+13.9%) Shares 13,770 (-1.6%) Est. Cost $417.92 Unrealized +3.1%

RGEN REPLIGEN CORP 1.2%

Value ($000) $4 (+11.5%) Shares 25,000 (-9.1%) Est. Cost $127.25 Unrealized +23.1%

HCA HCA HEALTHCARE INC 2.0%

Value ($000) $7 (-3.3%) Shares 15,000 (-11.8%) Est. Cost $261.64 Unrealized +77.2%

COR CENCORA INC 1.8%

Value ($000) $6 (-2.7%) Shares 18,000 (-10.0%) Est. Cost $228.58 Unrealized +49.0%

TMO THERMO FISHER SCIENTIFIC INC. 2.0%

Value ($000) $7 (+2.4%) Shares 12,000 (-14.3%) Est. Cost $464.78 Unrealized +21.6%

ISRG INTUITIVE SURG 1.6%

Value ($000) $6 (-2.6%) Shares 10,000 (-23.1%) Est. Cost $553.02 Unrealized -3.7%

LLY ELI LILLY & CO 2.2%

Value ($000) $8 (-1.4%) Shares 7,000 (-30.0%) Est. Cost $387.18 Unrealized +146.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUM	HUMANA INC.	15,000 (-40.0%)	$4 (-40.9%)	1.1%	$309.80	-15.6%	COM	444859102
XBI	STATE STREET SPDR S&P BIOTECH	225,000 (-10.0%)	$27 (+9.5%)	8.0%	$0.10	—	S&P BIOTECH	78464A870
SNN	SMITH & NEPHEW	125,000 (-21.9%)	$4 (-29.4%)	1.2%	$0.03	—	SPDN ADR NEW	83175M205
DHR	DANAHER CORP	23,000 (-34.3%)	$5 (-24.1%)	1.5%	$181.81	+20.8%	COM	235851102
SGRY	SURGERY PARTNERS INC	200,000 (-9.1%)	$3 (-35.1%)	0.9%	$29.08	-36.8%	COM	86881A100
MDT	MEDTRONIC INC	45,000 (-25.0%)	$4 (-24.3%)	1.3%	$87.16	+11.4%	SHS	G5960L103
CAH	CARDINAL HEALTH	32,500 (-13.3%)	$7 (+13.5%)	1.9%	$75.21	+149.6%	COM	14149Y108
VRTX	VERTEX PHARMACEUTICALS INC.	13,770 (-1.6%)	$6 (+13.9%)	1.8%	$417.92	+3.1%	COM	92532F100
RGEN	REPLIGEN CORP	25,000 (-9.1%)	$4 (+11.5%)	1.2%	$127.25	+23.1%	COM	759916109
HCA	HCA HEALTHCARE INC	15,000 (-11.8%)	$7 (-3.3%)	2.0%	$261.64	+77.2%	COM	40412C101
COR	CENCORA INC	18,000 (-10.0%)	$6 (-2.7%)	1.8%	$228.58	+49.0%	COM	03073E105
TMO	THERMO FISHER SCIENTIFIC INC.	12,000 (-14.3%)	$7 (+2.4%)	2.0%	$464.78	+21.6%	COM	883556102
ISRG	INTUITIVE SURG	10,000 (-23.1%)	$6 (-2.6%)	1.6%	$553.02	-3.7%	COM NEW	46120E602
LLY	ELI LILLY & CO	7,000 (-30.0%)	$8 (-1.4%)	2.2%	$387.18	+146.8%	COM	532457108

Unchanged Positions (5)

UHS UNIV HEALTH SVC 1.8%

Value ($000) $6 Shares 28,000 Est. Cost $150.82 Unrealized +46.5%

SYK STRYKER CORP 1.3%

Value ($000) $5 Shares 13,000 Est. Cost $241.03 Unrealized +50.8%

UNH UNITEDHEALTH GRP 1.1%

Value ($000) $4 Shares 12,000 Est. Cost $434.26 Unrealized -22.3%

BSX BOSTON SCIENTIFIC CORPORATION 1.9%

Value ($000) $7 Shares 70,000 Est. Cost $42.40 Unrealized +131.3%

ABBV ABBVIE INC 1.3%

Value ($000) $5 Shares 20,000 Est. Cost $201.95 Unrealized +12.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UHS	UNIV HEALTH SVC	28,000	$6	1.8%	$150.82	+46.5%	CLASS B	913903100
SYK	STRYKER CORP	13,000	$5	1.3%	$241.03	+50.8%	COM	863667101
UNH	UNITEDHEALTH GRP	12,000	$4	1.1%	$434.26	-22.3%	COM	91324P102
BSX	BOSTON SCIENTIFIC CORPORATION	70,000	$7	1.9%	$42.40	+131.3%	COM	101137107
ABBV	ABBVIE INC	20,000	$5	1.3%	$201.95	+12.7%	COM	00287Y109