Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TXN	TEXAS INSTRS INC	575,100	$171M	16.3%	$298.07	—	COM	882508104
HWM	HOWMET AEROSPACE INC	311,800	$83.83M	8.0%	$268.86	—	COM	443201108
SIMO	SILICON MOTION TECHNOLOGY CO	181,482	$60.49M	5.7%	$333.33	—	SPONSORED ADR	82706C108
WDC	WESTERN DIGITAL CORP	25,661	$16.39M	1.6%	$638.72	—	COM	958102105
DQ	DAQO NEW ENERGY CORP	140,300	$1.879M	0.2%	$13.39	—	SPNSRD ADS NEW	23703Q203

Increased Positions (7)

CRDO CREDO TECHNOLOGY GROUP HOLDI 16.0%

Value $169M (+1774.4%) Shares 621,749 (+547.0%) Est. Cost $239.73 Unrealized —

MKSI MKS INC. 24.5%

Value $259M (+146.7%) Shares 581,687 (+27.5%) Est. Cost $272.47 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 7.5%

Value $79.31M (+111.7%) Shares 166,075 (+49.8%) Est. Cost $302.93 Unrealized —

MOD MODINE MFG CO 4.7%

Value $49.81M (+266.5%) Shares 186,524 (+197.5%) Est. Cost $236.59 Unrealized —

WWD WOODWARD INC 2.8%

Value $29.02M (+491.7%) Shares 68,200 (+397.8%) Est. Cost $410.94 Unrealized —

NVDA NVIDIA CORPORATION 0.6%

Value $6.743M (+23.9%) Shares 33,700 (+8.0%) Est. Cost $144.64 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.5%

Value $5.231M (-4.8%) Shares 54,500 (+24.4%) Est. Cost $135.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRDO	CREDO TECHNOLOGY GROUP HOLDI	621,749 (+547.0%)	$169M (+1774.4%)	16.0%	$239.73	—	ORDINARY SHARES	G25457105
MKSI	MKS INC.	581,687 (+27.5%)	$259M (+146.7%)	24.5%	$272.47	—	COM	55306N104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	166,075 (+49.8%)	$79.31M (+111.7%)	7.5%	$302.93	—	SPONSORED ADS	874039100
MOD	MODINE MFG CO	186,524 (+197.5%)	$49.81M (+266.5%)	4.7%	$236.59	—	COM	607828100
WWD	WOODWARD INC	68,200 (+397.8%)	$29.02M (+491.7%)	2.8%	$410.94	—	COM	980745103
NVDA	NVIDIA CORPORATION	33,700 (+8.0%)	$6.743M (+23.9%)	0.6%	$144.64	—	COM	67066G104
BABA	ALIBABA GROUP HLDG LTD	54,500 (+24.4%)	$5.231M (-4.8%)	0.5%	$135.09	—	SPONSORED ADS	01609W102

Exited Positions (18)

TER TERADYNE INC 5.5%

Value $58.33M Shares 196,765 Est. Cost $265.87 Unrealized —

ONON ON HLDG AG 5.5%

Value $57.82M Shares 1,699,520 Est. Cost $43.09 Unrealized —

LITE LUMENTUM HLDGS INC 3.5%

Value $37.11M Shares 52,800 Est. Cost $124.70 Unrealized —

LHX L3HARRIS TECHNOLOGIES INC 3.3%

Value $35.16M Shares 101,860 Est. Cost $288.43 Unrealized —

ASML ASML HLDG NV 3.0%

Value $32.1M Shares 24,302 Est. Cost $1222.72 Unrealized —

MTSI MACOM TECH SOLUTIONS HLDGS I 2.3%

Value $24.54M Shares 110,526 Est. Cost $158.72 Unrealized —

AVGO BROADCOM INC 1.7%

Value $18.35M Shares 59,285 Est. Cost $357.00 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 1.0%

Value $10.75M Shares 32,500 Est. Cost $442.56 Unrealized —

CRS CARPENTER TECHNOLOGY CORP 0.9%

Value $9.854M Shares 25,000 Est. Cost $300.56 Unrealized —

MSFT MICROSOFT CORP 0.9%

Value $9.698M Shares 26,200 Est. Cost $434.61 Unrealized —

ADI ANALOG DEVICES INC 0.9%

Value $9.539M Shares 29,985 Est. Cost $238.95 Unrealized —

AA ALCOA CORP 0.7%

Value $7.3M Shares 110,062 Est. Cost $61.09 Unrealized —

B BARRICK MNG CORP 0.5%

Value $5.741M Shares 140,750 Est. Cost $48.30 Unrealized —

TAL TAL ED GROUP 0.2%

Value $1.841M Shares 161,900 Est. Cost $11.40 Unrealized —

JOYY JOYY INC 0.1%

Value $1.577M Shares 27,000 Est. Cost $58.39 Unrealized —

NTES NETEASE COM INC 0.1%

Value $1.388M Shares 12,400 Est. Cost $137.62 Unrealized —

SE SEA LTD 0.1%

Value $1.308M Shares 15,800 Est. Cost $115.39 Unrealized —

TME TENCENT MUSIC ENTMT GROUP 0.1%

Value $1.161M Shares 125,100 Est. Cost $9.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TER	TERADYNE INC	196,765	$58.33M	5.5%	$265.87	—	—	880770102
ONON	ON HLDG AG	1,699,520	$57.82M	5.5%	$43.09	—	—	H5919C104
LITE	LUMENTUM HLDGS INC	52,800	$37.11M	3.5%	$124.70	—	—	55024U109
LHX	L3HARRIS TECHNOLOGIES INC	101,860	$35.16M	3.3%	$288.43	—	—	502431109
ASML	ASML HLDG NV	24,302	$32.1M	3.0%	$1222.72	—	—	N07059210
MTSI	MACOM TECH SOLUTIONS HLDGS I	110,526	$24.54M	2.3%	$158.72	—	—	55405Y100
AVGO	BROADCOM INC	59,285	$18.35M	1.7%	$357.00	—	—	11135F101
ALNY	ALNYLAM PHARMACEUTICALS INC	32,500	$10.75M	1.0%	$442.56	—	—	02043Q107
CRS	CARPENTER TECHNOLOGY CORP	25,000	$9.854M	0.9%	$300.56	—	—	144285103
MSFT	MICROSOFT CORP	26,200	$9.698M	0.9%	$434.61	—	—	594918104
ADI	ANALOG DEVICES INC	29,985	$9.539M	0.9%	$238.95	—	—	032654105
AA	ALCOA CORP	110,062	$7.3M	0.7%	$61.09	—	—	013872106
B	BARRICK MNG CORP	140,750	$5.741M	0.5%	$48.30	—	—	06849F108
TAL	TAL ED GROUP	161,900	$1.841M	0.2%	$11.40	—	—	874080104
JOYY	JOYY INC	27,000	$1.577M	0.1%	$58.39	—	—	46591M109
NTES	NETEASE COM INC	12,400	$1.388M	0.1%	$137.62	—	—	64110W102
SE	SEA LTD	15,800	$1.308M	0.1%	$115.39	—	—	81141R100
TME	TENCENT MUSIC ENTMT GROUP	125,100	$1.161M	0.1%	$9.28	—	—	88034P109

Decreased Positions (6)

BWXT BWX TECHNOLOGIES INC 1.3%

Value $13.79M (-82.9%) Shares 36,740 (-90.7%) Est. Cost $202.99 Unrealized —

GOOGL ALPHABET INC 0.5%

Value $5.289M (-85.8%) Shares 14,800 (-88.6%) Est. Cost $280.88 Unrealized —

ALAB ASTERA LABS INC 2.4%

Value $25.12M (+208.5%) Shares 52,000 (-30.0%) Est. Cost $79.01 Unrealized —

CIEN CIENA CORP 2.4%

Value $25.35M (-26.9%) Shares 51,667 (-42.1%) Est. Cost $159.09 Unrealized —

AMD ADVANCED MICRO DEVICES INC 1.6%

Value $16.45M (-24.0%) Shares 28,320 (-73.4%) Est. Cost $147.58 Unrealized —

SITM SITIME CORP 3.4%

Value $36.3M (-2.4%) Shares 48,690 (-54.8%) Est. Cost $312.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BWXT	BWX TECHNOLOGIES INC	36,740 (-90.7%)	$13.79M (-82.9%)	1.3%	$202.99	—	COM	05605H100
GOOGL	ALPHABET INC	14,800 (-88.6%)	$5.289M (-85.8%)	0.5%	$280.88	—	CAP STK CL A	02079K305
ALAB	ASTERA LABS INC	52,000 (-30.0%)	$25.12M (+208.5%)	2.4%	$79.01	—	COM	04626A103
CIEN	CIENA CORP	51,667 (-42.1%)	$25.35M (-26.9%)	2.4%	$159.09	—	COM NEW	171779309
AMD	ADVANCED MICRO DEVICES INC	28,320 (-73.4%)	$16.45M (-24.0%)	1.6%	$147.58	—	COM	007903107
SITM	SITIME CORP	48,690 (-54.8%)	$36.3M (-2.4%)	3.4%	$312.93	—	COM	82982T106