Tairen Capital Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	143,149	$33,981	3.5%	$200.29	0.0%	COM	80004C200
KLAC	KLA CORP	21,020	$25,541	2.7%	$1171.91	0.0%	COM NEW	482480100
LULU	LULULEMON ATHLETICA INC	105,600	$21,945	2.3%	$181.15	0.0%	COM	550021109
HUBS	HUBSPOT INC	53,068	$21,296	2.2%	$414.24	0.0%	COM	443573100
SOLS	SOLSTICE ADVANCED MATLS INC	423,000	$20,549	2.1%	$47.08	0.0%	COM SHS	83443Q103
DDOG	DATADOG INC	144,800	$19,691	2.0%	$158.02	0.0%	CL A COM	23804L103
ICE	INTERCONTINENTAL EXCHANGE IN	116,827	$18,921	2.0%	$156.20	0.0%	COM	45866F104
ANET	ARISTA NETWORKS INC	130,000	$17,034	1.8%	$137.66	0.0%	COM SHS	040413205
COHR	COHERENT CORP	80,650	$14,886	1.5%	$149.58	0.0%	COM	19247G107
MDB	MONGODB INC	27,600	$11,583	1.2%	$363.83	0.0%	CL A	60937P106
HD	HOME DEPOT INC	32,800	$11,286	1.2%	$364.59	0.0%	COM	437076102
TSEM	TOWER SEMICONDUCTOR LTD	90,000	$10,568	1.1%	$96.32	0.0%	SHS NEW	M87915274
APP	APPLOVIN CORP	15,080	$10,161	1.1%	$630.10	0.0%	COM CL A	03831W108
FIG	FIGMA INC	260,200	$9,724	1.0%	$45.19	0.0%	CLASS A COM STK	316841105
CRDO	CREDO TECHNOLOGY GROUP HOLDI	66,300	$9,540	1.0%	$153.78	0.0%	ORDINARY SHARES	G25457105
DASH	DOORDASH INC	40,640	$9,204	1.0%	$234.56	0.0%	CL A	25809K105
SE	SEA LTD	71,300	$9,096	0.9%	$127.57	—	SPONSORD ADS	81141R100
FLS	FLOWSERVE CORP	80,000	$5,550	0.6%	$64.09	0.0%	COM	34354P105
PSTG	PURE STORAGE INC	80,000	$5,361	0.6%	$83.54	0.0%	CL A	74624M102
EL	LAUDER ESTEE COS INC	46,600	$4,880	0.5%	$96.82	0.0%	CL A	518439104
GWRE	GUIDEWIRE SOFTWARE INC	18,000	$3,618	0.4%	$221.19	0.0%	COM	40171V100
FLR	FLUOR CORP NEW	83,275	$3,300	0.3%	$44.24	0.0%	COM	343412102
SMTC	SEMTECH CORP	8,100	$597	0.1%	$70.95	0.0%	COM	816850101
AMKR	AMKOR TECHNOLOGY INC	6,500	$257	0.0%	$35.54	0.0%	COM	031652100
PONY	PONY AI INC	15,760	$229	0.0%	$14.50	—	SPONSORED ADS	732908108

Increased Positions (17)

GOOGL ALPHABET INC 10.9%

Value ($000) $105,199 (+210.5%) Shares 336,100 (+141.2%) Est. Cost $244.97 Unrealized +16.6%

LITE LUMENTUM HLDGS INC 4.1%

Value ($000) $39,531 (+956.3%) Shares 107,250 (+366.3%) Est. Cost $228.48 Unrealized +12.4%

TCOM TRIP COM GROUP LTD 3.6%

Value ($000) $34,733 (+363.3%) Shares 483,010 (+384.5%) Est. Cost $69.87 Unrealized —

CLS CELESTICA INC 2.6%

Value ($000) $25,452 (+8298.7%) Shares 86,100 (+6900.0%) Est. Cost $298.58 Unrealized +0.9%

INTC INTEL CORP 2.6%

Value ($000) $24,723 (+2691.3%) Shares 670,000 (+2437.9%) Est. Cost $37.14 Unrealized +1.7%

PDD PDD HOLDINGS INC 2.1%

Value ($000) $20,093 (+1800.3%) Shares 177,200 (+2115.0%) Est. Cost $113.00 Unrealized —

TER TERADYNE INC 2.3%

Value ($000) $21,739 (+337.1%) Shares 112,313 (+210.8%) Est. Cost $151.42 Unrealized +13.3%

AVGO BROADCOM INC 2.2%

Value ($000) $20,839 (+348.9%) Shares 60,212 (+327.9%) Est. Cost $322.55 Unrealized +10.7%

SPOT SPOTIFY TECHNOLOGY S A 2.1%

Value ($000) $19,802 (+180.9%) Shares 34,100 (+237.6%) Est. Cost $647.08 Unrealized -3.4%

U UNITY SOFTWARE INC 2.0%

Value ($000) $19,601 (+103.8%) Shares 443,765 (+84.7%) Est. Cost $30.83 Unrealized +32.2%

VEEV VEEVA SYS INC 1.2%

Value ($000) $11,338 (+381.5%) Shares 50,792 (+542.5%) Est. Cost $256.97 Unrealized +3.3%

RBLX ROBLOX CORP 2.7%

Value ($000) $26,342 (+41.1%) Shares 325,085 (+141.2%) Est. Cost $113.68 Unrealized -6.6%

ALAB ASTERA LABS INC 1.0%

Value ($000) $9,185 (+123.9%) Shares 55,213 (+163.5%) Est. Cost $166.21 Unrealized +0.7%

HOOD ROBINHOOD MKTS INC 6.2%

Value ($000) $59,528 (-7.2%) Shares 526,330 (+17.5%) Est. Cost $75.15 Unrealized +73.1%

SHOP SHOPIFY INC 1.7%

Value ($000) $16,617 (+24.7%) Shares 103,233 (+15.1%) Est. Cost $138.85 Unrealized +15.6%

PGR PROGRESSIVE CORP 2.4%

Value ($000) $22,721 (+10.9%) Shares 99,777 (+20.2%) Est. Cost $249.42 Unrealized -14.9%

SNPS SYNOPSYS INC 2.6%

Value ($000) $24,758 (+8.0%) Shares 52,708 (+13.5%) Est. Cost $550.90 Unrealized -19.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	336,100 (+141.2%)	$105,199 (+210.5%)	10.9%	$244.97	+16.6%	CAP STK CL A	02079K305
LITE	LUMENTUM HLDGS INC	107,250 (+366.3%)	$39,531 (+956.3%)	4.1%	$228.48	+12.4%	COM	55024U109
TCOM	TRIP COM GROUP LTD	483,010 (+384.5%)	$34,733 (+363.3%)	3.6%	$69.87	—	ADS	89677Q107
CLS	CELESTICA INC	86,100 (+6900.0%)	$25,452 (+8298.7%)	2.6%	$298.58	+0.9%	COM	15101Q207
INTC	INTEL CORP	670,000 (+2437.9%)	$24,723 (+2691.3%)	2.6%	$37.14	+1.7%	COM	458140100
PDD	PDD HOLDINGS INC	177,200 (+2115.0%)	$20,093 (+1800.3%)	2.1%	$113.00	—	SPONSORED ADS	722304102
TER	TERADYNE INC	112,313 (+210.8%)	$21,739 (+337.1%)	2.3%	$151.42	+13.3%	COM	880770102
AVGO	BROADCOM INC	60,212 (+327.9%)	$20,839 (+348.9%)	2.2%	$322.55	+10.7%	COM	11135F101
SPOT	SPOTIFY TECHNOLOGY S A	34,100 (+237.6%)	$19,802 (+180.9%)	2.1%	$647.08	-3.4%	SHS	L8681T102
U	UNITY SOFTWARE INC	443,765 (+84.7%)	$19,601 (+103.8%)	2.0%	$30.83	+32.2%	COM	91332U101
VEEV	VEEVA SYS INC	50,792 (+542.5%)	$11,338 (+381.5%)	1.2%	$256.97	+3.3%	CL A COM	922475108
RBLX	ROBLOX CORP	325,085 (+141.2%)	$26,342 (+41.1%)	2.7%	$113.68	-6.6%	CL A	771049103
ALAB	ASTERA LABS INC	55,213 (+163.5%)	$9,185 (+123.9%)	1.0%	$166.21	+0.7%	COM	04626A103
HOOD	ROBINHOOD MKTS INC	526,330 (+17.5%)	$59,528 (-7.2%)	6.2%	$75.15	+73.1%	COM CL A	770700102
SHOP	SHOPIFY INC	103,233 (+15.1%)	$16,617 (+24.7%)	1.7%	$138.85	+15.6%	CL A SUB VTG SHS	82509L107
PGR	PROGRESSIVE CORP	99,777 (+20.2%)	$22,721 (+10.9%)	2.4%	$249.42	-14.9%	COM	743315103
SNPS	SYNOPSYS INC	52,708 (+13.5%)	$24,758 (+8.0%)	2.6%	$550.90	-19.4%	COM	871607107

Exited Positions (32)

TSLA TESLA INC 6.8%

Value ($000) $64,977 Shares 146,108 Est. Cost $346.84 Unrealized +27.8%

BABA ALIBABA GROUP HLDG LTD 4.5%

Value ($000) $43,052 Shares 240,876 Est. Cost $178.73 Unrealized —

SHW SHERWIN WILLIAMS CO 2.9%

Value ($000) $28,047 Shares 81,000 Est. Cost $351.37 Unrealized -4.9%

MSFT MICROSOFT CORP 2.7%

Value ($000) $25,949 Shares 50,100 Est. Cost $477.70 Unrealized +4.8%

CEG CONSTELLATION ENERGY CORP 2.3%

Value ($000) $22,245 Shares 67,600 Est. Cost $322.17 Unrealized +12.7%

MU MICRON TECHNOLOGY INC 2.1%

Value ($000) $20,305 Shares 121,356 Est. Cost $95.73 Unrealized +139.6%

FICO FAIR ISAAC CORP 2.0%

Value ($000) $19,530 Shares 13,050 Est. Cost $1503.82 Unrealized +14.5%

NTES NETEASE INC 2.0%

Value ($000) $19,108 Shares 125,718 Est. Cost $151.99 Unrealized —

SNOW SNOWFLAKE INC 2.0%

Value ($000) $18,862 Shares 83,625 Est. Cost $155.33 Unrealized +57.1%

WDC WESTERN DIGITAL CORP 1.9%

Value ($000) $18,009 Shares 150,000 Est. Cost $81.60 Unrealized +85.7%

TWLO TWILIO INC 1.7%

Value ($000) $15,946 Shares 159,318 Est. Cost $115.17 Unrealized +7.6%

OKTA OKTA INC 1.3%

Value ($000) $12,810 Shares 139,700 Est. Cost $99.60 Unrealized -12.4%

BIRK BIRKENSTOCK HOLDING PLC 1.3%

Value ($000) $12,498 Shares 276,200 Est. Cost $51.91 Unrealized -18.4%

ONON ON HLDG AG 1.2%

Value ($000) $11,388 Shares 268,900 Est. Cost $47.59 Unrealized -9.5%

ONTO ONTO INNOVATION INC 1.2%

Value ($000) $11,157 Shares 86,344 Est. Cost $107.03 Unrealized +32.7%

RMBS RAMBUS INC DEL 1.1%

Value ($000) $10,740 Shares 103,073 Est. Cost $77.09 Unrealized +27.7%

AMD ADVANCED MICRO DEVICES INC 1.0%

Value ($000) $10,015 Shares 61,900 Est. Cost $161.38 Unrealized +39.2%

GDS GDS HLDGS LTD 1.0%

Value ($000) $9,333 Shares 241,156 Est. Cost $38.70 Unrealized —

RSG REPUBLIC SVCS INC 0.9%

Value ($000) $8,628 Shares 37,600 Est. Cost $233.57 Unrealized -8.1%

QUBT QUANTUM COMPUTING INC 0.7%

Value ($000) $6,310 Shares 342,750 Est. Cost $17.16 Unrealized -17.1%

AAPL APPLE INC 0.6%

Value ($000) $6,160 Shares 24,190 Est. Cost $229.05 Unrealized +17.2%

TTD THE TRADE DESK INC 0.5%

Value ($000) $4,646 Shares 94,800 Est. Cost $63.45 Unrealized -30.1%

DUOL DUOLINGO INC 0.2%

Value ($000) $2,221 Shares 6,900 Est. Cost $334.45 Unrealized -29.5%

BIL SPDR SERIES TRUST 0.1%

Value ($000) $1,018 Shares 11,100 Est. Cost $91.73 Unrealized —

LRCX LAM RESEARCH CORP 0.1%

Value ($000) $984 Shares 7,350 Est. Cost $105.52 Unrealized +47.2%

BTDR BITDEER TECHNOLOGIES GROUP 0.1%

Value ($000) $824 Shares 48,200 Est. Cost $14.04 Unrealized +14.8%

SMCI SUPER MICRO COMPUTER INC 0.1%

Value ($000) $575 Shares 12,000 Est. Cost $47.75 Unrealized -13.8%

VST VISTRA CORP 0.1%

Value ($000) $574 Shares 2,930 Est. Cost $197.68 Unrealized -8.0%

BE BLOOM ENERGY CORP 0.0%

Value ($000) $372 Shares 4,400 Est. Cost $46.44 Unrealized +126.3%

LABX INVESTMENT MANAGERS SER TR I 0.0%

Value ($000) $284 Shares 10,300 Est. Cost $27.57 Unrealized —

ORCL ORACLE CORP 0.0%

Value ($000) $211 Shares 750 Est. Cost $160.80 Unrealized +48.0%

LX LEXINFINTECH HLDGS LTD 0.0%

Value ($000) $59 Shares 11,120 Est. Cost $5.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	146,108	$64,977	6.8%	$346.84	+27.8%	—	88160R101
BABA	ALIBABA GROUP HLDG LTD	240,876	$43,052	4.5%	$178.73	—	—	01609W102
SHW	SHERWIN WILLIAMS CO	81,000	$28,047	2.9%	$351.37	-4.9%	—	824348106
MSFT	MICROSOFT CORP	50,100	$25,949	2.7%	$477.70	+4.8%	—	594918104
CEG	CONSTELLATION ENERGY CORP	67,600	$22,245	2.3%	$322.17	+12.7%	—	21037T109
MU	MICRON TECHNOLOGY INC	121,356	$20,305	2.1%	$95.73	+139.6%	—	595112103
FICO	FAIR ISAAC CORP	13,050	$19,530	2.0%	$1503.82	+14.5%	—	303250104
NTES	NETEASE INC	125,718	$19,108	2.0%	$151.99	—	—	64110W102
SNOW	SNOWFLAKE INC	83,625	$18,862	2.0%	$155.33	+57.1%	—	833445109
WDC	WESTERN DIGITAL CORP	150,000	$18,009	1.9%	$81.60	+85.7%	—	958102105
TWLO	TWILIO INC	159,318	$15,946	1.7%	$115.17	+7.6%	—	90138F102
OKTA	OKTA INC	139,700	$12,810	1.3%	$99.60	-12.4%	—	679295105
BIRK	BIRKENSTOCK HOLDING PLC	276,200	$12,498	1.3%	$51.91	-18.4%	—	M2029K104
ONON	ON HLDG AG	268,900	$11,388	1.2%	$47.59	-9.5%	—	H5919C104
ONTO	ONTO INNOVATION INC	86,344	$11,157	1.2%	$107.03	+32.7%	—	683344105
RMBS	RAMBUS INC DEL	103,073	$10,740	1.1%	$77.09	+27.7%	—	750917106
AMD	ADVANCED MICRO DEVICES INC	61,900	$10,015	1.0%	$161.38	+39.2%	—	007903107
GDS	GDS HLDGS LTD	241,156	$9,333	1.0%	$38.70	—	—	36165L108
RSG	REPUBLIC SVCS INC	37,600	$8,628	0.9%	$233.57	-8.1%	—	760759100
QUBT	QUANTUM COMPUTING INC	342,750	$6,310	0.7%	$17.16	-17.1%	—	74766W108
AAPL	APPLE INC	24,190	$6,160	0.6%	$229.05	+17.2%	—	037833100
TTD	THE TRADE DESK INC	94,800	$4,646	0.5%	$63.45	-30.1%	—	88339J105
DUOL	DUOLINGO INC	6,900	$2,221	0.2%	$334.45	-29.5%	—	26603R106
BIL	SPDR SERIES TRUST	11,100	$1,018	0.1%	$91.73	—	—	78468R663
LRCX	LAM RESEARCH CORP	7,350	$984	0.1%	$105.52	+47.2%	—	512807306
BTDR	BITDEER TECHNOLOGIES GROUP	48,200	$824	0.1%	$14.04	+14.8%	—	G11448100
SMCI	SUPER MICRO COMPUTER INC	12,000	$575	0.1%	$47.75	-13.8%	—	86800U302
VST	VISTRA CORP	2,930	$574	0.1%	$197.68	-8.0%	—	92840M102
BE	BLOOM ENERGY CORP	4,400	$372	0.0%	$46.44	+126.3%	—	093712107
LABX	INVESTMENT MANAGERS SER TR I	10,300	$284	0.0%	$27.57	—	—	46092D715
ORCL	ORACLE CORP	750	$211	0.0%	$160.80	+48.0%	—	68389X105
LX	LEXINFINTECH HLDGS LTD	11,120	$59	0.0%	$5.33	—	—	528877103

Decreased Positions (11)

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.2%

Value ($000) $1,990 (-95.5%) Shares 6,550 (-95.9%) Est. Cost $166.00 Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.2%

Value ($000) $2,272 (-91.9%) Shares 26,736 (-92.0%) Est. Cost $72.05 Unrealized +21.4%

ASML ASML HOLDING N V 1.8%

Value ($000) $17,621 (-52.1%) Shares 16,470 (-56.7%) Est. Cost $968.09 Unrealized —

AS AMER SPORTS INC 0.1%

Value ($000) $977 (-94.9%) Shares 26,150 (-95.2%) Est. Cost $28.23 Unrealized +21.5%

NVDA NVIDIA CORPORATION 4.8%

Value ($000) $46,383 (-18.4%) Shares 248,700 (-18.3%) Est. Cost $157.06 Unrealized +18.5%

DOCS DOXIMITY INC 0.5%

Value ($000) $4,428 (-62.2%) Shares 100,000 (-37.6%) Est. Cost $61.92 Unrealized -9.3%

WAB WABTEC 1.1%

Value ($000) $10,842 (-37.1%) Shares 50,794 (-40.9%) Est. Cost $196.92 Unrealized +4.3%

GOOG ALPHABET INC 0.9%

Value ($000) $8,667 (-23.7%) Shares 27,620 (-40.8%) Est. Cost $164.85 Unrealized +73.7%

SNAP SNAP INC 0.9%

Value ($000) $8,635 (-20.0%) Shares 1,070,000 (-23.6%) Est. Cost $8.30 Unrealized -4.7%

TTMI TTM TECHNOLOGIES INC 0.1%

Value ($000) $552 (+10.2%) Shares 8,000 (-8.0%) Est. Cost $27.65 Unrealized +136.0%

STX SEAGATE TECHNOLOGY HLDNGS PL 0.1%

Value ($000) $501 (+9.4%) Shares 1,820 (-6.2%) Est. Cost $92.81 Unrealized +179.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6,550 (-95.9%)	$1,990 (-95.5%)	0.2%	$166.00	—	SPONSORED ADS	874039100
MRVL	MARVELL TECHNOLOGY INC	26,736 (-92.0%)	$2,272 (-91.9%)	0.2%	$72.05	+21.4%	COM	573874104
ASML	ASML HOLDING N V	16,470 (-56.7%)	$17,621 (-52.1%)	1.8%	$968.09	—	N Y REGISTRY SHS	N07059210
AS	AMER SPORTS INC	26,150 (-95.2%)	$977 (-94.9%)	0.1%	$28.23	+21.5%	COM SHS	G0260P102
NVDA	NVIDIA CORPORATION	248,700 (-18.3%)	$46,383 (-18.4%)	4.8%	$157.06	+18.5%	COM	67066G104
DOCS	DOXIMITY INC	100,000 (-37.6%)	$4,428 (-62.2%)	0.5%	$61.92	-9.3%	CL A	26622P107
WAB	WABTEC	50,794 (-40.9%)	$10,842 (-37.1%)	1.1%	$196.92	+4.3%	COM	929740108
GOOG	ALPHABET INC	27,620 (-40.8%)	$8,667 (-23.7%)	0.9%	$164.85	+73.7%	CAP STK CL C	02079K107
SNAP	SNAP INC	1,070,000 (-23.6%)	$8,635 (-20.0%)	0.9%	$8.30	-4.7%	CL A	83304A106
TTMI	TTM TECHNOLOGIES INC	8,000 (-8.0%)	$552 (+10.2%)	0.1%	$27.65	+136.0%	COM	87305R109
STX	SEAGATE TECHNOLOGY HLDNGS PL	1,820 (-6.2%)	$501 (+9.4%)	0.1%	$92.81	+179.0%	ORD SHS	G7997R103

Unchanged Positions (6)

ROOT ROOT INC 1.2%

Value ($000) $11,614 Shares 160,798 Est. Cost $128.14 Unrealized -37.8%

LIN LINDE PLC 1.9%

Value ($000) $17,823 Shares 41,800 Est. Cost $464.32 Unrealized -8.0%

VRSK VERISK ANALYTICS INC 1.1%

Value ($000) $10,759 Shares 48,100 Est. Cost $273.52 Unrealized -17.6%

PH PARKER-HANNIFIN CORP 0.8%

Value ($000) $7,383 Shares 8,400 Est. Cost $648.59 Unrealized +26.1%

EDU NEW ORIENTAL ED & TECHNOLOGY 0.9%

Value ($000) $8,546 Shares 155,300 Est. Cost $53.07 Unrealized —

BTI BRITISH AMERN TOB PLC 0.1%

Value ($000) $922 Shares 16,290 Est. Cost $53.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROOT	ROOT INC	160,798	$11,614	1.2%	$128.14	-37.8%	CL A NEW	77664L207
LIN	LINDE PLC	41,800	$17,823	1.9%	$464.32	-8.0%	SHS	G54950103
VRSK	VERISK ANALYTICS INC	48,100	$10,759	1.1%	$273.52	-17.6%	COM	92345Y106
PH	PARKER-HANNIFIN CORP	8,400	$7,383	0.8%	$648.59	+26.1%	COM	701094104
EDU	NEW ORIENTAL ED & TECHNOLOGY	155,300	$8,546	0.9%	$53.07	—	SPON ADR	647581206
BTI	BRITISH AMERN TOB PLC	16,290	$922	0.1%	$53.08	—	SPONSORED ADR	110448107