DJE Kapital AG Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASML	ASML HOLDING NV	119,414	$128,437	3.5%	$1075.56	—	COM	N07059210
TTE	TOTALENERGIES SE	1,597,288	$105,749	2.9%	$63.23	0.0%	COM	F92124100
AXP	AMERICAN EXPRESS CO	58,977	$22,066	0.6%	$356.97	0.0%	COM	025816109
MELI	MERCADOLIBRE INC	9,776	$19,619	0.5%	$2100.46	0.0%	COM	58733R102
ED	CONSOLIDATED EDISON INC	148,200	$14,793	0.4%	$98.79	0.0%	COM	209115104
HD	HOME DEPOT INC	29,270	$10,112	0.3%	$364.59	0.0%	COM	437076102
T	AT&T INC	396,600	$9,836	0.3%	$25.29	0.0%	COM	00206R102
NBIS	NEBIUS GROUP NV	85,500	$7,321	0.2%	$103.64	0.0%	COM	N97284108
UNH	UNITEDHEALTH GROUP INC	19,602	$6,560	0.2%	$337.21	0.0%	COM	91324P102
VRT	VERTIV HOLDINGS CO	31,367	$5,072	0.1%	$173.58	0.0%	COM	92537N108
TECK	TECK RESOURCES LTD-CLS B	80,021	$3,870	0.1%	$43.32	0.0%	COM	878742204
TD	TORONTO-DOMINION BANK/THE	36,800	$3,495	0.1%	$84.44	0.0%	COM	891160509
HAS	HASBRO INC	42,100	$3,475	0.1%	$78.03	0.0%	COM	418056107
LVS	LAS VEGAS SANDS CORP	51,500	$3,268	0.1%	$61.19	0.0%	COM	517834107
BKNG	BOOKING HOLDINGS INC	526	$2,860	0.1%	$5137.84	0.0%	COM	09857L108
TPR	TAPESTRY INC	21,700	$2,823	0.1%	$114.03	0.0%	COM	876030107
BXP	BXP INC	40,500	$2,792	0.1%	$70.38	0.0%	COM	101121101
INTC	INTEL CORP	67,600	$2,510	0.1%	$37.76	0.0%	COM	458140100
RL	RALPH LAUREN CORP	6,300	$2,243	0.1%	$340.01	0.0%	COM	751212101
SPOT	SPOTIFY TECHNOLOGY SA	3,100	$1,810	0.1%	$625.13	0.0%	COM	L8681T102
DASH	DOORDASH INC	6,800	$1,568	0.0%	$234.56	0.0%	COM	25809K105
APP	APPLOVIN CORP	1,000	$688	0.0%	$630.10	0.0%	COM	03831W108
ECL	ECOLAB INC	2,320	$613	0.0%	$265.71	0.0%	COM	278865100
LEN	LENNAR CORP-A	5,000	$520	0.0%	$120.70	0.0%	COM	526057104
LHX	L3HARRIS TECHNOLOGIES INC	1,610	$473	0.0%	$288.43	0.0%	COM	502431109
GD	GENERAL DYNAMICS CORP	950	$320	0.0%	$340.86	0.0%	COM	369550108
LMT	LOCKHEED MARTIN CORP	400	$193	0.0%	$476.18	0.0%	COM	539830109
RTX	RTX CORPORATION	742	$136	0.0%	$173.32	0.0%	COM	75513E101
FSLR	FIRST SOLAR INC. REGISTERED SHARES DL -,001	415	$108	0.0%	$252.20	0.0%	COM	336433107
NBIX	NEUROCRINE BIOSCIENCES INC	200	$28	0.0%	$144.87	0.0%	COM	64125C109
SYK	STRYKER CORP	80	$28	0.0%	$363.46	0.0%	COM	863667101
HSIC	HENRY SCHEIN INC	280	$21	0.0%	$70.36	0.0%	COM	806407102
CSCO	CISCO SYSTEMS INC	245	$19	0.0%	$73.79	0.0%	COM	17275R102

Increased Positions (31)

JNJ JOHNSON & JOHNSON 4.7%

Value ($000) $171,155 (+4986.3%) Shares 826,379 (+3633.5%) Est. Cost $195.75 Unrealized +0.6%

AAPL APPLE INC 3.9%

Value ($000) $142,658 (+803.1%) Shares 522,098 (+565.2%) Est. Cost $263.26 Unrealized +1.9%

GOOG ALPHABET INC 4.8%

Value ($000) $174,913 (+222.5%) Shares 555,669 (+82.0%) Est. Cost $224.62 Unrealized +27.5%

NFLX NETFLIX INC 0.5%

Value ($000) $17,791 (-85.6%) Shares 189,912 (+103.6%) Est. Cost $100.86 Unrealized +6.9%

NEM NEWMONT CORP 4.3%

Value ($000) $155,086 (+172.9%) Shares 1,547,453 (+55.6%) Est. Cost $60.65 Unrealized +48.7%

GOOGL ALPHABET INC (A RG) 2.2%

Value ($000) $79,095 (+278.0%) Shares 252,410 (+114.3%) Est. Cost $232.24 Unrealized +23.0%

TJX TJX COMPANIES INC 4.4%

Value ($000) $158,032 (+44.5%) Shares 1,016,414 (+14.9%) Est. Cost $121.61 Unrealized +21.5%

ADBE ADOBE INC 1.5%

Value ($000) $54,046 (+557.5%) Shares 152,739 (+619.3%) Est. Cost $360.27 Unrealized -5.6%

MS MORGAN STANLEY 2.5%

Value ($000) $91,871 (+96.9%) Shares 513,855 (+55.2%) Est. Cost $138.83 Unrealized +19.9%

HDB HDFC BANK LTD-ADR 1.7%

Value ($000) $61,963 (-40.4%) Shares 1,692,753 (+23.9%) Est. Cost $62.79 Unrealized —

AMRZ AMRIZE LTD 1.2%

Value ($000) $41,986 (+2238.5%) Shares 762,887 (+2005.4%) Est. Cost $51.00 Unrealized +0.1%

NOW SERVICENOW 0.3%

Value ($000) $11,273 (-72.7%) Shares 73,925 (+83.5%) Est. Cost $184.58 Unrealized -7.1%

NEE NEXTERA ENERGY INC 1.0%

Value ($000) $37,270 (+394.8%) Shares 466,683 (+318.5%) Est. Cost $80.14 Unrealized +2.9%

PWR QUANTA SERVICES INC 0.9%

Value ($000) $31,015 (+199.9%) Shares 72,627 (+162.0%) Est. Cost $390.99 Unrealized +12.3%

GILD GILEAD SCIENCES INC 0.8%

Value ($000) $29,871 (+93.2%) Shares 241,923 (+71.7%) Est. Cost $110.26 Unrealized +9.6%

BABA ALIBABA GROUP HOLDING LTD 0.9%

Value ($000) $33,547 (+69.9%) Shares 226,022 (+28.2%) Est. Cost $117.55 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC 0.9%

Value ($000) $33,499 (+62.8%) Shares 66,540 (+57.4%) Est. Cost $479.01 Unrealized +3.9%

WPM WHEATON PRECIOUS METALS CORP 0.5%

Value ($000) $18,142 (+168.4%) Shares 155,590 (+101.0%) Est. Cost $84.80 Unrealized +26.3%

TSLA TESLA INC 0.6%

Value ($000) $20,466 (+101.4%) Shares 45,133 (+42.7%) Est. Cost $354.19 Unrealized +25.2%

MA MASTERCARD INC 2.0%

Value ($000) $71,726 (+13.2%) Shares 124,681 (+9.1%) Est. Cost $521.49 Unrealized +7.2%

BX BLACKSTONE INC 0.3%

Value ($000) $10,724 (+176.2%) Shares 69,414 (+171.0%) Est. Cost $157.72 Unrealized -4.0%

UBS UBS GROUP AG-REG 0.3%

Value ($000) $9,491 (+75.8%) Shares 203,050 (+25.1%) Est. Cost $34.08 Unrealized +18.6%

AU ANGLOGOLD ASHANTI PLC 0.2%

Value ($000) $6,281 (+114.8%) Shares 72,700 (+11.0%) Est. Cost $30.09 Unrealized +157.6%

FCX FREEPORT-MCMORAN INC 0.2%

Value ($000) $7,446 (+75.5%) Shares 145,577 (+48.8%) Est. Cost $42.66 Unrealized +1.5%

CRH CRH PLC 0.2%

Value ($000) $7,583 (+61.2%) Shares 59,757 (+16.8%) Est. Cost $99.74 Unrealized +19.4%

IAG IAMGOLD CORP 0.1%

Value ($000) $4,305 (+151.0%) Shares 259,800 (+9.2%) Est. Cost $6.08 Unrealized +131.6%

PEP PEPSICO INC 0.2%

Value ($000) $5,841 (+51.8%) Shares 40,300 (+38.0%) Est. Cost $151.72 Unrealized -3.8%

MNST MONSTER BEVERAGE CORP 0.1%

Value ($000) $3,824 (+60.7%) Shares 49,400 (+28.6%) Est. Cost $57.16 Unrealized +25.4%

MDLZ MONDELEZ INTERNATIONAL INC-A 0.2%

Value ($000) $5,448 (+22.9%) Shares 98,700 (+50.5%) Est. Cost $61.41 Unrealized -7.1%

YUM YUM! BRANDS INC 0.1%

Value ($000) $4,534 (+24.4%) Shares 29,700 (+20.2%) Est. Cost $134.86 Unrealized +9.5%

PYPL PAYPAL HOLDINGS INC 0.2%

Value ($000) $7,401 (-8.8%) Shares 124,527 (+13.8%) Est. Cost $78.49 Unrealized -17.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	JOHNSON & JOHNSON	826,379 (+3633.5%)	$171,155 (+4986.3%)	4.7%	$195.75	+0.6%	COM	478160104
AAPL	APPLE INC	522,098 (+565.2%)	$142,658 (+803.1%)	3.9%	$263.26	+1.9%	COM	037833100
GOOG	ALPHABET INC	555,669 (+82.0%)	$174,913 (+222.5%)	4.8%	$224.62	+27.5%	COM	02079K107
NFLX	NETFLIX INC	189,912 (+103.6%)	$17,791 (-85.6%)	0.5%	$100.86	+6.9%	COM	64110L106
NEM	NEWMONT CORP	1,547,453 (+55.6%)	$155,086 (+172.9%)	4.3%	$60.65	+48.7%	COM	651639106
GOOGL	ALPHABET INC (A RG)	252,410 (+114.3%)	$79,095 (+278.0%)	2.2%	$232.24	+23.0%	COM	02079K305
TJX	TJX COMPANIES INC	1,016,414 (+14.9%)	$158,032 (+44.5%)	4.4%	$121.61	+21.5%	COM	872540109
ADBE	ADOBE INC	152,739 (+619.3%)	$54,046 (+557.5%)	1.5%	$360.27	-5.6%	COM	00724F101
MS	MORGAN STANLEY	513,855 (+55.2%)	$91,871 (+96.9%)	2.5%	$138.83	+19.9%	COM	617446448
HDB	HDFC BANK LTD-ADR	1,692,753 (+23.9%)	$61,963 (-40.4%)	1.7%	$62.79	—	COM	40415F101
AMRZ	AMRIZE LTD	762,887 (+2005.4%)	$41,986 (+2238.5%)	1.2%	$51.00	+0.1%	COM	H2927K103
NOW	SERVICENOW	73,925 (+83.5%)	$11,273 (-72.7%)	0.3%	$184.58	-7.1%	COM	81762P102
NEE	NEXTERA ENERGY INC	466,683 (+318.5%)	$37,270 (+394.8%)	1.0%	$80.14	+2.9%	COM	65339F101
PWR	QUANTA SERVICES INC	72,627 (+162.0%)	$31,015 (+199.9%)	0.9%	$390.99	+12.3%	COM	74762E102
GILD	GILEAD SCIENCES INC	241,923 (+71.7%)	$29,871 (+93.2%)	0.8%	$110.26	+9.6%	COM	375558103
BABA	ALIBABA GROUP HOLDING LTD	226,022 (+28.2%)	$33,547 (+69.9%)	0.9%	$117.55	—	COM	01609W102
BRK/B	BERKSHIRE HATHAWAY INC	66,540 (+57.4%)	$33,499 (+62.8%)	0.9%	$479.01	+3.9%	COM	084670702
WPM	WHEATON PRECIOUS METALS CORP	155,590 (+101.0%)	$18,142 (+168.4%)	0.5%	$84.80	+26.3%	COM	962879102
TSLA	TESLA INC	45,133 (+42.7%)	$20,466 (+101.4%)	0.6%	$354.19	+25.2%	COM	88160R101
MA	MASTERCARD INC	124,681 (+9.1%)	$71,726 (+13.2%)	2.0%	$521.49	+7.2%	COM	57636Q104
BX	BLACKSTONE INC	69,414 (+171.0%)	$10,724 (+176.2%)	0.3%	$157.72	-4.0%	COM	09260D107
UBS	UBS GROUP AG-REG	203,050 (+25.1%)	$9,491 (+75.8%)	0.3%	$34.08	+18.6%	COM	H42097107
AU	ANGLOGOLD ASHANTI PLC	72,700 (+11.0%)	$6,281 (+114.8%)	0.2%	$30.09	+157.6%	COM	G0378L100
FCX	FREEPORT-MCMORAN INC	145,577 (+48.8%)	$7,446 (+75.5%)	0.2%	$42.66	+1.5%	COM	35671D857
CRH	CRH PLC	59,757 (+16.8%)	$7,583 (+61.2%)	0.2%	$99.74	+19.4%	COM	G25508105
IAG	IAMGOLD CORP	259,800 (+9.2%)	$4,305 (+151.0%)	0.1%	$6.08	+131.6%	COM	450913108
PEP	PEPSICO INC	40,300 (+38.0%)	$5,841 (+51.8%)	0.2%	$151.72	-3.8%	COM	713448108
MNST	MONSTER BEVERAGE CORP	49,400 (+28.6%)	$3,824 (+60.7%)	0.1%	$57.16	+25.4%	COM	61174X109
MDLZ	MONDELEZ INTERNATIONAL INC-A	98,700 (+50.5%)	$5,448 (+22.9%)	0.2%	$61.41	-7.1%	COM	609207105
YUM	YUM! BRANDS INC	29,700 (+20.2%)	$4,534 (+24.4%)	0.1%	$134.86	+9.5%	COM	988498101
PYPL	PAYPAL HOLDINGS INC	124,527 (+13.8%)	$7,401 (-8.8%)	0.2%	$78.49	-17.4%	COM	70450Y103

Exited Positions (30)

LRCX LAM RESEARCH CORP 3.5%

Value ($000) $125,789 Shares 1,294,931 Est. Cost $78.18 Unrealized +98.7%

LIN LINDE PLC 3.3%

Value ($000) $119,115 Shares 256,133 Est. Cost $448.71 Unrealized -4.8%

LLY ELI LILLY 2.6%

Value ($000) $94,471 Shares 121,967 Est. Cost $819.31 Unrealized +16.6%

TSM TAIWAN SEMICON.MANU.ADR/5 2.5%

Value ($000) $89,881 Shares 398,132 Est. Cost $198.51 Unrealized —

CRM SALESFORCE INC 2.3%

Value ($000) $81,644 Shares 298,879 Est. Cost $288.78 Unrealized -14.1%

CVX CHEVRON CORP 1.7%

Value ($000) $62,732 Shares 438,675 Est. Cost $147.12 Unrealized +2.9%

EBAY EBAY INC 1.3%

Value ($000) $48,215 Shares 650,940 Est. Cost $63.49 Unrealized +36.0%

MRK MERCK & CO INC 1.3%

Value ($000) $48,064 Shares 608,720 Est. Cost $93.44 Unrealized -0.2%

AVGO BROADCOM INC 1.1%

Value ($000) $38,188 Shares 139,818 Est. Cost $183.71 Unrealized +94.3%

FOXA FOX CORP - CLASS A 0.8%

Value ($000) $28,509 Shares 504,443 Est. Cost $52.48 Unrealized +24.5%

TCEHY TENCENT HOLDINGS LTD 0.7%

Value ($000) $26,388 Shares 59,439 Est. Cost $443.94 Unrealized —

TRV TRAVELERS COS INC/THE 0.7%

Value ($000) $24,672 Shares 93,329 Est. Cost $244.86 Unrealized +14.6%

TTWO TAKE-TWO INTERACTIVE SOFTW. INC. REGISTERED SHARES DL -,01 0.4%

Value ($000) $15,939 Shares 65,705 Est. Cost $174.30 Unrealized +43.0%

LUXE LUXEXPERIENCE BV 0.4%

Value ($000) $15,763 Shares 1,970,416 Est. Cost $7.07 Unrealized —

DELL DELL TECHNOLOGIES INC 0.3%

Value ($000) $11,376 Shares 92,020 Est. Cost $112.65 Unrealized +24.9%

CCJ CAMECO CORP 0.2%

Value ($000) $6,361 Shares 87,040 Est. Cost $53.62 Unrealized +67.7%

AG FIRST MAJESTIC SILVER CORP 0.2%

Value ($000) $5,615 Shares 695,400 Est. Cost $6.72 Unrealized +106.7%

ROK ROCKWELL AUTOMATION INC 0.1%

Value ($000) $4,518 Shares 13,686 Est. Cost $282.18 Unrealized +33.0%

KO COCA-COLA CO 0.1%

Value ($000) $3,339 Shares 47,200 Est. Cost $63.09 Unrealized +10.0%

EXK ENDEAVOUR SILVER CORP 0.1%

Value ($000) $2,794 Shares 574,900 Est. Cost $4.02 Unrealized +111.1%

LULU LULULEMON ATHLETICA INC 0.1%

Value ($000) $2,651 Shares 11,279 Est. Cost $275.46 Unrealized -34.2%

SBSW SIBANYE-STILLWATER LTD-ADR 0.1%

Value ($000) $2,645 Shares 364,800 Est. Cost $7.25 Unrealized —

NGD NEW GOLD INC 0.1%

Value ($000) $2,571 Shares 529,100 Est. Cost $3.94 Unrealized +91.2%

DHR DANAHER CORP 0.1%

Value ($000) $2,474 Shares 12,525 Est. Cost $243.95 Unrealized -10.0%

— OR ROYALTIES INC 0.1%

Value ($000) $2,359 Shares 93,900 Est. Cost $18.02 Unrealized —

ANET ARISTA NE RG 0.1%

Value ($000) $2,151 Shares 21,125 Est. Cost $95.78 Unrealized +43.7%

BRBR BELLRING INTERMEDIATE HOLDIN 0.1%

Value ($000) $1,856 Shares 31,600 Est. Cost $71.05 Unrealized -56.3%

CAVA CAVA GROUP INC 0.0%

Value ($000) $1,292 Shares 15,800 Est. Cost $85.28 Unrealized -34.6%

MAT MATTEL INC 0.0%

Value ($000) $1,199 Shares 61,200 Est. Cost $18.90 Unrealized +2.2%

YUMC YUM CHINA HOLDINGS INC 0.0%

Value ($000) $632 Shares 14,200 Est. Cost $47.42 Unrealized -3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	1,294,931	$125,789	3.5%	$78.18	+98.7%	—	512807306
LIN	LINDE PLC	256,133	$119,115	3.3%	$448.71	-4.8%	—	G54950103
LLY	ELI LILLY	121,967	$94,471	2.6%	$819.31	+16.6%	—	532457108
TSM	TAIWAN SEMICON.MANU.ADR/5	398,132	$89,881	2.5%	$198.51	—	—	874039100
CRM	SALESFORCE INC	298,879	$81,644	2.3%	$288.78	-14.1%	—	79466L302
CVX	CHEVRON CORP	438,675	$62,732	1.7%	$147.12	+2.9%	—	166764100
EBAY	EBAY INC	650,940	$48,215	1.3%	$63.49	+36.0%	—	278642103
MRK	MERCK & CO INC	608,720	$48,064	1.3%	$93.44	-0.2%	—	58933Y105
AVGO	BROADCOM INC	139,818	$38,188	1.1%	$183.71	+94.3%	—	11135F101
FOXA	FOX CORP - CLASS A	504,443	$28,509	0.8%	$52.48	+24.5%	—	35137L105
TCEHY	TENCENT HOLDINGS LTD	59,439	$26,388	0.7%	$443.94	—	—	88032Q109
TRV	TRAVELERS COS INC/THE	93,329	$24,672	0.7%	$244.86	+14.6%	—	89417E109
TTWO	TAKE-TWO INTERACTIVE SOFTW. INC. REGISTERED SHARES DL -,01	65,705	$15,939	0.4%	$174.30	+43.0%	—	874054109
LUXE	LUXEXPERIENCE BV	1,970,416	$15,763	0.4%	$7.07	—	—	55406W103
DELL	DELL TECHNOLOGIES INC	92,020	$11,376	0.3%	$112.65	+24.9%	—	24703L202
CCJ	CAMECO CORP	87,040	$6,361	0.2%	$53.62	+67.7%	—	13321L108
AG	FIRST MAJESTIC SILVER CORP	695,400	$5,615	0.2%	$6.72	+106.7%	—	32076V103
ROK	ROCKWELL AUTOMATION INC	13,686	$4,518	0.1%	$282.18	+33.0%	—	773903109
KO	COCA-COLA CO	47,200	$3,339	0.1%	$63.09	+10.0%	—	191216100
EXK	ENDEAVOUR SILVER CORP	574,900	$2,794	0.1%	$4.02	+111.1%	—	29258Y103
LULU	LULULEMON ATHLETICA INC	11,279	$2,651	0.1%	$275.46	-34.2%	—	550021109
SBSW	SIBANYE-STILLWATER LTD-ADR	364,800	$2,645	0.1%	$7.25	—	—	82575P107
NGD	NEW GOLD INC	529,100	$2,571	0.1%	$3.94	+91.2%	—	644535106
DHR	DANAHER CORP	12,525	$2,474	0.1%	$243.95	-10.0%	—	235851102
—	OR ROYALTIES INC	93,900	$2,359	0.1%	$18.02	—	—	68827L101
ANET	ARISTA NE RG	21,125	$2,151	0.1%	$95.78	+43.7%	—	040413205
BRBR	BELLRING INTERMEDIATE HOLDIN	31,600	$1,856	0.1%	$71.05	-56.3%	—	07831C103
CAVA	CAVA GROUP INC	15,800	$1,292	0.0%	$85.28	-34.6%	—	148929102
MAT	MATTEL INC	61,200	$1,199	0.0%	$18.90	+2.2%	—	577081102
YUMC	YUM CHINA HOLDINGS INC	14,200	$632	0.0%	$47.42	-3.4%	—	98850P109

Decreased Positions (41)

ORCL ORACLE CORP 0.5%

Value ($000) $18,927 (-78.1%) Shares 97,248 (-75.1%) Est. Cost $168.04 Unrealized +41.7%

META META PLATFORMS INC 4.1%

Value ($000) $149,610 (-29.1%) Shares 225,172 (-21.3%) Est. Cost $588.32 Unrealized +13.4%

NVDA NVIDIA 3.6%

Value ($000) $128,686 (-32.1%) Shares 688,822 (-43.0%) Est. Cost $136.29 Unrealized +36.6%

V VISA INC 1.7%

Value ($000) $60,791 (-49.2%) Shares 171,638 (-49.6%) Est. Cost $298.33 Unrealized +14.1%

MSFT MICROSOFT CORP 4.1%

Value ($000) $148,801 (-26.7%) Shares 306,304 (-25.1%) Est. Cost $425.03 Unrealized +17.8%

INTU INTUIT INC 0.6%

Value ($000) $20,786 (-72.0%) Shares 31,061 (-67.3%) Est. Cost $674.49 Unrealized -2.0%

UBER UBER TECHNOLOGIES INC 0.3%

Value ($000) $9,840 (-84.2%) Shares 120,107 (-82.3%) Est. Cost $73.99 Unrealized +21.7%

JPM JPMORGAN CHASE & CO 3.4%

Value ($000) $122,990 (-29.8%) Shares 380,248 (-37.0%) Est. Cost $229.80 Unrealized +34.7%

DE DEERE & CO 0.0%

Value ($000) $330 (-99.3%) Shares 700 (-99.2%) Est. Cost $458.01 Unrealized +2.1%

GFI GOLD FIELDS LTD-SPONS ADR 3.9%

Value ($000) $142,009 (+34.9%) Shares 3,186,462 (-29.4%) Est. Cost $17.06 Unrealized —

BLK BLACKROCK INC 3.1%

Value ($000) $114,000 (-22.5%) Shares 105,144 (-24.9%) Est. Cost $983.96 Unrealized +10.7%

PANW PALO ALTO NET 2.4%

Value ($000) $86,321 (-27.1%) Shares 464,875 (-20.6%) Est. Cost $188.56 Unrealized +7.0%

LNG CHENIERE ENERGY INC 0.0%

Value ($000) $560 (-98.2%) Shares 2,910 (-97.7%) Est. Cost $212.57 Unrealized -1.2%

WAB WABTEC 0.7%

Value ($000) $25,010 (-49.9%) Shares 116,128 (-51.4%) Est. Cost $192.50 Unrealized +6.7%

COIN COINBASE GLB RG-A 0.8%

Value ($000) $30,262 (-41.7%) Shares 130,939 (-10.2%) Est. Cost $239.65 Unrealized +24.3%

IBM INTL BUSINESS MACHINES CORP 2.3%

Value ($000) $81,968 (-16.7%) Shares 270,336 (-19.8%) Est. Cost $248.20 Unrealized +20.4%

DIS THE WALT DISNEY CO., 0.1%

Value ($000) $5,396 (-73.3%) Shares 47,041 (-71.2%) Est. Cost $103.52 Unrealized +5.8%

CL COLGATE-PALMOLIVE CO 0.1%

Value ($000) $5,341 (-71.7%) Shares 66,871 (-68.1%) Est. Cost $93.07 Unrealized -15.9%

NKE NIKE 1.0%

Value ($000) $36,497 (-24.3%) Shares 594,196 (-13.4%) Est. Cost $76.48 Unrealized -15.1%

WMT WAL-MART STORES INC. REGISTERED SHARES DL -,10 0.5%

Value ($000) $16,495 (-36.3%) Shares 146,637 (-44.7%) Est. Cost $86.06 Unrealized +24.6%

AEM AGNICO EAGLE MINES LTD 2.5%

Value ($000) $89,666 (-7.1%) Shares 524,869 (-36.4%) Est. Cost $101.03 Unrealized +66.1%

MRVL MARVELL TECHNOLOGY INC 0.1%

Value ($000) $3,604 (-61.2%) Shares 42,415 (-64.7%) Est. Cost $82.50 Unrealized +6.0%

VZ VERIZON COMMUNICATIONS INC 1.9%

Value ($000) $67,576 (-7.3%) Shares 1,668,820 (-2.4%) Est. Cost $39.41 Unrealized +2.7%

CRWD CROWDSTRIKE HOLDINGS INC 0.0%

Value ($000) $1,657 (-71.4%) Shares 3,497 (-69.6%) Est. Cost $433.57 Unrealized +17.4%

PG PROCTER & GAMBLE CO 0.0%

Value ($000) $1,659 (-70.7%) Shares 11,500 (-67.6%) Est. Cost $165.52 Unrealized -11.1%

CDNS CADENCE DESIGN 0.0%

Value ($000) $16 (-99.6%) Shares 50 (-99.6%) Est. Cost $290.76 Unrealized +12.2%

AMAT APPLIED MATERIALS INC 0.4%

Value ($000) $16,147 (+30.1%) Shares 62,445 (-7.9%) Est. Cost $174.86 Unrealized +37.0%

MKC MCCORMICK & CO INC/MD 0.0%

Value ($000) $1,539 (-68.1%) Shares 22,100 (-64.9%) Est. Cost $75.81 Unrealized -13.0%

FAST FASTENAL CO 0.4%

Value ($000) $14,016 (-16.5%) Shares 341,800 (-14.2%) Est. Cost $39.08 Unrealized +7.5%

RACE FERRARI NV 0.2%

Value ($000) $6,512 (-29.2%) Shares 17,348 (-7.5%) Est. Cost $451.22 Unrealized -11.3%

TME TENCENT MUSIC ENTERTAINM-ADR 0.0%

Value ($000) $1,250 (-55.8%) Shares 70,400 (-51.6%) Est. Cost $11.49 Unrealized —

KGC KINROSS GOLD CORP 0.2%

Value ($000) $7,336 (+25.3%) Shares 257,546 (-34.1%) Est. Cost $9.86 Unrealized +163.6%

PINS PINTEREST INC- CLASS A 0.0%

Value ($000) $1,144 (-55.7%) Shares 44,100 (-39.1%) Est. Cost $31.29 Unrealized -8.0%

RGLD ROYAL GOLD INC 0.1%

Value ($000) $4,426 (-23.3%) Shares 19,530 (-41.7%) Est. Cost $159.45 Unrealized +24.4%

EL ESTEE LAUDER COMPANIES-CL A 1.4%

Value ($000) $51,073 (-2.1%) Shares 481,189 (-26.8%) Est. Cost $67.91 Unrealized +42.6%

AMZN AMAZON.COM INC 6.4%

Value ($000) $230,897 (+0.4%) Shares 999,281 (-3.7%) Est. Cost $203.85 Unrealized +12.2%

IBN ICICI BANK LTD-SPON ADR 0.0%

Value ($000) $788 (-47.6%) Shares 26,425 (-41.2%) Est. Cost $30.08 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value ($000) $3,861 (-10.0%) Shares 31,843 (-19.7%) Est. Cost $111.90 Unrealized +3.2%

AGI ALAMOS GOLD INC-CLASS A 0.2%

Value ($000) $6,951 (+5.7%) Shares 178,230 (-31.2%) Est. Cost $19.63 Unrealized +77.5%

NTR NUTRIEN LTD 0.2%

Value ($000) $6,586 (+5.6%) Shares 104,161 (-3.9%) Est. Cost $55.98 Unrealized +5.1%

MCD MCDONALD'S CORP 0.3%

Value ($000) $12,436 (-1.1%) Shares 40,417 (-5.9%) Est. Cost $291.79 Unrealized +4.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	97,248 (-75.1%)	$18,927 (-78.1%)	0.5%	$168.04	+41.7%	COM	68389X105
META	META PLATFORMS INC	225,172 (-21.3%)	$149,610 (-29.1%)	4.1%	$588.32	+13.4%	COM	30303M102
NVDA	NVIDIA	688,822 (-43.0%)	$128,686 (-32.1%)	3.6%	$136.29	+36.6%	COM	67066G104
V	VISA INC	171,638 (-49.6%)	$60,791 (-49.2%)	1.7%	$298.33	+14.1%	COM	92826C839
MSFT	MICROSOFT CORP	306,304 (-25.1%)	$148,801 (-26.7%)	4.1%	$425.03	+17.8%	COM	594918104
INTU	INTUIT INC	31,061 (-67.3%)	$20,786 (-72.0%)	0.6%	$674.49	-2.0%	COM	461202103
UBER	UBER TECHNOLOGIES INC	120,107 (-82.3%)	$9,840 (-84.2%)	0.3%	$73.99	+21.7%	COM	90353T100
JPM	JPMORGAN CHASE & CO	380,248 (-37.0%)	$122,990 (-29.8%)	3.4%	$229.80	+34.7%	COM	46625H100
DE	DEERE & CO	700 (-99.2%)	$330 (-99.3%)	0.0%	$458.01	+2.1%	COM	244199105
GFI	GOLD FIELDS LTD-SPONS ADR	3,186,462 (-29.4%)	$142,009 (+34.9%)	3.9%	$17.06	—	COM	38059T106
BLK	BLACKROCK INC	105,144 (-24.9%)	$114,000 (-22.5%)	3.1%	$983.96	+10.7%	COM	09290D101
PANW	PALO ALTO NET	464,875 (-20.6%)	$86,321 (-27.1%)	2.4%	$188.56	+7.0%	COM	697435105
LNG	CHENIERE ENERGY INC	2,910 (-97.7%)	$560 (-98.2%)	0.0%	$212.57	-1.2%	COM	16411R208
WAB	WABTEC	116,128 (-51.4%)	$25,010 (-49.9%)	0.7%	$192.50	+6.7%	COM	929740108
COIN	COINBASE GLB RG-A	130,939 (-10.2%)	$30,262 (-41.7%)	0.8%	$239.65	+24.3%	COM	19260Q107
IBM	INTL BUSINESS MACHINES CORP	270,336 (-19.8%)	$81,968 (-16.7%)	2.3%	$248.20	+20.4%	COM	459200101
DIS	THE WALT DISNEY CO.,	47,041 (-71.2%)	$5,396 (-73.3%)	0.1%	$103.52	+5.8%	COM	254687106
CL	COLGATE-PALMOLIVE CO	66,871 (-68.1%)	$5,341 (-71.7%)	0.1%	$93.07	-15.9%	COM	194162103
NKE	NIKE	594,196 (-13.4%)	$36,497 (-24.3%)	1.0%	$76.48	-15.1%	COM	654106103
WMT	WAL-MART STORES INC. REGISTERED SHARES DL -,10	146,637 (-44.7%)	$16,495 (-36.3%)	0.5%	$86.06	+24.6%	COM	931142103
AEM	AGNICO EAGLE MINES LTD	524,869 (-36.4%)	$89,666 (-7.1%)	2.5%	$101.03	+66.1%	COM	008474108
MRVL	MARVELL TECHNOLOGY INC	42,415 (-64.7%)	$3,604 (-61.2%)	0.1%	$82.50	+6.0%	COM	573874104
VZ	VERIZON COMMUNICATIONS INC	1,668,820 (-2.4%)	$67,576 (-7.3%)	1.9%	$39.41	+2.7%	COM	92343V104
CRWD	CROWDSTRIKE HOLDINGS INC	3,497 (-69.6%)	$1,657 (-71.4%)	0.0%	$433.57	+17.4%	COM	22788C105
PG	PROCTER & GAMBLE CO	11,500 (-67.6%)	$1,659 (-70.7%)	0.0%	$165.52	-11.1%	COM	742718109
CDNS	CADENCE DESIGN	50 (-99.6%)	$16 (-99.6%)	0.0%	$290.76	+12.2%	COM	127387108
AMAT	APPLIED MATERIALS INC	62,445 (-7.9%)	$16,147 (+30.1%)	0.4%	$174.86	+37.0%	COM	038222105
MKC	MCCORMICK & CO INC/MD	22,100 (-64.9%)	$1,539 (-68.1%)	0.0%	$75.81	-13.0%	COM	579780206
FAST	FASTENAL CO	341,800 (-14.2%)	$14,016 (-16.5%)	0.4%	$39.08	+7.5%	COM	311900104
RACE	FERRARI NV	17,348 (-7.5%)	$6,512 (-29.2%)	0.2%	$451.22	-11.3%	COM	N3167Y103
TME	TENCENT MUSIC ENTERTAINM-ADR	70,400 (-51.6%)	$1,250 (-55.8%)	0.0%	$11.49	—	COM	88034P109
KGC	KINROSS GOLD CORP	257,546 (-34.1%)	$7,336 (+25.3%)	0.2%	$9.86	+163.6%	COM	496902404
PINS	PINTEREST INC- CLASS A	44,100 (-39.1%)	$1,144 (-55.7%)	0.0%	$31.29	-8.0%	COM	72352L106
RGLD	ROYAL GOLD INC	19,530 (-41.7%)	$4,426 (-23.3%)	0.1%	$159.45	+24.4%	COM	780287108
EL	ESTEE LAUDER COMPANIES-CL A	481,189 (-26.8%)	$51,073 (-2.1%)	1.4%	$67.91	+42.6%	COM	518439104
AMZN	AMAZON.COM INC	999,281 (-3.7%)	$230,897 (+0.4%)	6.4%	$203.85	+12.2%	COM	023135106
IBN	ICICI BANK LTD-SPON ADR	26,425 (-41.2%)	$788 (-47.6%)	0.0%	$30.08	—	COM	45104G104
XOM	EXXON MOBIL CORP	31,843 (-19.7%)	$3,861 (-10.0%)	0.1%	$111.90	+3.2%	COM	30231G102
AGI	ALAMOS GOLD INC-CLASS A	178,230 (-31.2%)	$6,951 (+5.7%)	0.2%	$19.63	+77.5%	COM	011532108
NTR	NUTRIEN LTD	104,161 (-3.9%)	$6,586 (+5.6%)	0.2%	$55.98	+5.1%	COM	67077M108
MCD	MCDONALD'S CORP	40,417 (-5.9%)	$12,436 (-1.1%)	0.3%	$291.79	+4.6%	COM	580135101

Unchanged Positions (3)

PAAS PAN AMERICAN SILVER CORP 0.2%

Value ($000) $7,814 Shares 148,802 Est. Cost $22.55 Unrealized +85.7%

FNV FRANCO-NEVADA CORP 0.1%

Value ($000) $4,573 Shares 21,900 Est. Cost $136.57 Unrealized +48.5%

ETSY ETSY INC 0.0%

Value ($000) $1,377 Shares 24,700 Est. Cost $52.49 Unrealized +16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PAAS	PAN AMERICAN SILVER CORP	148,802	$7,814	0.2%	$22.55	+85.7%	COM	697900108
FNV	FRANCO-NEVADA CORP	21,900	$4,573	0.1%	$136.57	+48.5%	COM	351858105
ETSY	ETSY INC	24,700	$1,377	0.0%	$52.49	+16.3%	COM	29786A106