THAMES CAPITAL MANAGEMENT LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
URI	UNITED RENTALS INC	26,964	$21,823	3.2%	$867.08	0.0%	COM	911363109
MU	MICRON TECHNOLOGY INC	72,852	$20,793	3.0%	$229.35	0.0%	COM	595112103
C	CITIGROUP INC	152,640	$17,812	2.6%	$103.64	0.0%	COM NEW	172967424
COHR	COHERENT CORP	83,171	$15,351	2.2%	$149.58	0.0%	COM	19247G107
CE	CELANESE CORP DEL	331,276	$14,006	2.0%	$40.78	0.0%	COM	150870103
ASH	ASHLAND INC	176,276	$10,342	1.5%	$52.60	0.0%	COM	044186104
JCI	JOHNSON CTLS INTL PLC	66,704	$7,988	1.2%	$114.81	0.0%	SHS	G51502105
BKD	BROOKDALE SR LIVING INC	531,255	$5,732	0.8%	$9.83	0.0%	COM	112463104
SNDK	SANDISK CORP	22,636	$5,373	0.8%	$200.29	0.0%	COM	80004C200
VTR	VENTAS INC	61,830	$4,784	0.7%	$74.98	0.0%	COM	92276F100
WELL	WELLTOWER INC	25,195	$4,676	0.7%	$186.47	0.0%	COM	95040Q104
AHR	AMERICAN HEALTHCARE REIT INC	85,883	$4,042	0.6%	$47.06	—	COM SHS	398182303

Increased Positions (12)

STT STATE STR CORP 4.9%

Value ($000) $33,813 (+254.5%) Shares 262,094 (+218.8%) Est. Cost $110.06 Unrealized +8.1%

AXP AMERICAN EXPRESS CO 4.3%

Value ($000) $29,767 (+222.6%) Shares 80,463 (+189.6%) Est. Cost $330.17 Unrealized +8.1%

NVDA NVIDIA CORPORATION 4.6%

Value ($000) $31,478 (+86.5%) Shares 168,785 (+86.6%) Est. Cost $141.80 Unrealized +31.3%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.4%

Value ($000) $23,335 (+28.3%) Shares 76,789 (+17.9%) Est. Cost $230.61 Unrealized —

AGX ARGAN INC 2.4%

Value ($000) $16,228 (+45.2%) Shares 51,794 (+25.2%) Est. Cost $246.14 Unrealized +28.7%

APH AMPHENOL CORP NEW 3.0%

Value ($000) $20,638 (+18.9%) Shares 152,712 (+8.9%) Est. Cost $51.49 Unrealized +159.3%

V VISA INC 2.6%

Value ($000) $18,085 (+16.5%) Shares 51,568 (+13.4%) Est. Cost $145.39 Unrealized +134.1%

MA MASTERCARD INCORPORATED 3.2%

Value ($000) $21,782 (+11.2%) Shares 38,155 (+10.8%) Est. Cost $203.63 Unrealized +174.5%

META META PLATFORMS INC 3.2%

Value ($000) $22,289 (+10.5%) Shares 33,767 (+23.0%) Est. Cost $360.77 Unrealized +85.0%

AMZN AMAZON COM INC 1.3%

Value ($000) $8,958 (+21.0%) Shares 38,810 (+15.1%) Est. Cost $157.82 Unrealized +45.0%

MSFT MICROSOFT CORP 3.2%

Value ($000) $21,868 (+3.4%) Shares 45,217 (+10.7%) Est. Cost $127.54 Unrealized +292.5%

APP APPLOVIN CORP 1.8%

Value ($000) $12,619 (+5.1%) Shares 18,727 (+12.1%) Est. Cost $422.54 Unrealized +49.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STT	STATE STR CORP	262,094 (+218.8%)	$33,813 (+254.5%)	4.9%	$110.06	+8.1%	COM	857477103
AXP	AMERICAN EXPRESS CO	80,463 (+189.6%)	$29,767 (+222.6%)	4.3%	$330.17	+8.1%	COM	025816109
NVDA	NVIDIA CORPORATION	168,785 (+86.6%)	$31,478 (+86.5%)	4.6%	$141.80	+31.3%	COM	67066G104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	76,789 (+17.9%)	$23,335 (+28.3%)	3.4%	$230.61	—	SPONSORED ADS	874039100
AGX	ARGAN INC	51,794 (+25.2%)	$16,228 (+45.2%)	2.4%	$246.14	+28.7%	COM	04010E109
APH	AMPHENOL CORP NEW	152,712 (+8.9%)	$20,638 (+18.9%)	3.0%	$51.49	+159.3%	CL A	032095101
V	VISA INC	51,568 (+13.4%)	$18,085 (+16.5%)	2.6%	$145.39	+134.1%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	38,155 (+10.8%)	$21,782 (+11.2%)	3.2%	$203.63	+174.5%	CL A	57636Q104
META	META PLATFORMS INC	33,767 (+23.0%)	$22,289 (+10.5%)	3.2%	$360.77	+85.0%	CL A	30303M102
AMZN	AMAZON COM INC	38,810 (+15.1%)	$8,958 (+21.0%)	1.3%	$157.82	+45.0%	COM	023135106
MSFT	MICROSOFT CORP	45,217 (+10.7%)	$21,868 (+3.4%)	3.2%	$127.54	+292.5%	COM	594918104
APP	APPLOVIN CORP	18,727 (+12.1%)	$12,619 (+5.1%)	1.8%	$422.54	+49.1%	COM CL A	03831W108

Exited Positions (22)

IREN IREN LIMITED 3.5%

Value ($000) $24,075 Shares 512,993 Est. Cost $24.29 Unrealized +112.4%

BITF BITFARMS LTD 2.9%

Value ($000) $19,834 Shares 7,033,331 Est. Cost $1.55 Unrealized +120.7%

CIFR CIPHER MINING INC 2.8%

Value ($000) $19,070 Shares 1,514,664 Est. Cost $7.54 Unrealized +134.0%

BE BLOOM ENERGY CORP 2.6%

Value ($000) $18,090 Shares 213,901 Est. Cost $46.44 Unrealized +126.3%

ETHU VOLATILITY SHS TR 2.4%

Value ($000) $16,305 Shares 125,556 Est. Cost $129.86 Unrealized —

NFLX NETFLIX INC 1.7%

Value ($000) $11,945 Shares 9,963 Est. Cost $113.07 Unrealized -4.6%

BMNR BITMINE IMMERSION TECNOLOGIE 1.7%

Value ($000) $11,868 Shares 228,531 Est. Cost $50.65 Unrealized -20.0%

RIOT RIOT PLATFORMS INC 1.6%

Value ($000) $11,208 Shares 588,943 Est. Cost $13.85 Unrealized +23.5%

VST VISTRA CORP 1.4%

Value ($000) $9,335 Shares 47,648 Est. Cost $147.45 Unrealized +23.4%

CCJ CAMECO CORP 1.3%

Value ($000) $8,978 Shares 107,062 Est. Cost $62.92 Unrealized +42.9%

LYV LIVE NATION ENTERTAINMENT IN 1.2%

Value ($000) $8,165 Shares 49,972 Est. Cost $137.67 Unrealized +4.4%

BETRW BETTER HOME & FINANCE HOLDIN 1.2%

Value ($000) $8,148 Shares 145,138 Est. Cost $56.14 Unrealized —

OPEN OPENDOOR TECHNOLOGIES INC 1.1%

Value ($000) $7,817 Shares 980,809 Est. Cost $4.19 Unrealized +74.2%

TLN TALEN ENERGY CORP 0.9%

Value ($000) $5,891 Shares 13,849 Est. Cost $361.29 Unrealized +7.6%

GLXY GALAXY DIGITAL INC. 0.8%

Value ($000) $5,760 Shares 170,358 Est. Cost $26.97 Unrealized +14.9%

EME EMCOR GROUP INC 0.7%

Value ($000) $5,061 Shares 7,791 Est. Cost $606.37 Unrealized +6.8%

ORCL ORACLE CORP 0.7%

Value ($000) $4,595 Shares 16,340 Est. Cost $183.00 Unrealized +30.1%

PGY PAGAYA TECHNOLOGIES LTD 0.6%

Value ($000) $4,091 Shares 137,778 Est. Cost $32.30 Unrealized -21.1%

BW BABCOCK & WILCOX ENTERPRISES 0.6%

Value ($000) $4,033 Shares 1,390,658 Est. Cost $1.77 Unrealized +178.7%

BKKT/WS BAKKT HOLDINGS INC 0.6%

Value ($000) $3,889 Shares 115,577 Est. Cost $33.65 Unrealized —

NBIS NEBIUS GROUP N.V. 0.5%

Value ($000) $3,715 Shares 33,087 Est. Cost $34.43 Unrealized +201.0%

GLW CORNING INC 0.1%

Value ($000) $729 Shares 8,888 Est. Cost $64.97 Unrealized +32.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IREN	IREN LIMITED	512,993	$24,075	3.5%	$24.29	+112.4%	—	Q4982L109
BITF	BITFARMS LTD	7,033,331	$19,834	2.9%	$1.55	+120.7%	—	09173B107
CIFR	CIPHER MINING INC	1,514,664	$19,070	2.8%	$7.54	+134.0%	—	17253J106
BE	BLOOM ENERGY CORP	213,901	$18,090	2.6%	$46.44	+126.3%	—	093712107
ETHU	VOLATILITY SHS TR	125,556	$16,305	2.4%	$129.86	—	—	92864M798
NFLX	NETFLIX INC	9,963	$11,945	1.7%	$113.07	-4.6%	—	64110L106
BMNR	BITMINE IMMERSION TECNOLOGIE	228,531	$11,868	1.7%	$50.65	-20.0%	—	09175A206
RIOT	RIOT PLATFORMS INC	588,943	$11,208	1.6%	$13.85	+23.5%	—	767292105
VST	VISTRA CORP	47,648	$9,335	1.4%	$147.45	+23.4%	—	92840M102
CCJ	CAMECO CORP	107,062	$8,978	1.3%	$62.92	+42.9%	—	13321L108
LYV	LIVE NATION ENTERTAINMENT IN	49,972	$8,165	1.2%	$137.67	+4.4%	—	538034109
BETRW	BETTER HOME & FINANCE HOLDIN	145,138	$8,148	1.2%	$56.14	—	—	08774B110
OPEN	OPENDOOR TECHNOLOGIES INC	980,809	$7,817	1.1%	$4.19	+74.2%	—	683712103
TLN	TALEN ENERGY CORP	13,849	$5,891	0.9%	$361.29	+7.6%	—	87422Q109
GLXY	GALAXY DIGITAL INC.	170,358	$5,760	0.8%	$26.97	+14.9%	—	36317J209
EME	EMCOR GROUP INC	7,791	$5,061	0.7%	$606.37	+6.8%	—	29084Q100
ORCL	ORACLE CORP	16,340	$4,595	0.7%	$183.00	+30.1%	—	68389X105
PGY	PAGAYA TECHNOLOGIES LTD	137,778	$4,091	0.6%	$32.30	-21.1%	—	M7S64L123
BW	BABCOCK & WILCOX ENTERPRISES	1,390,658	$4,033	0.6%	$1.77	+178.7%	—	05614L209
BKKT/WS	BAKKT HOLDINGS INC	115,577	$3,889	0.6%	$33.65	—	—	05759B115
NBIS	NEBIUS GROUP N.V.	33,087	$3,715	0.5%	$34.43	+201.0%	—	N97284108
GLW	CORNING INC	8,888	$729	0.1%	$64.97	+32.3%	—	219350105

Decreased Positions (8)

WULF TERAWULF INC 1.3%

Value ($000) $8,850 (-46.5%) Shares 770,267 (-46.8%) Est. Cost $4.33 Unrealized +209.4%

UBER UBER TECHNOLOGIES INC 1.3%

Value ($000) $8,598 (-44.4%) Shares 105,224 (-33.4%) Est. Cost $43.10 Unrealized +108.9%

QS QUANTUMSCAPE CORP 0.6%

Value ($000) $3,852 (-54.5%) Shares 369,686 (-46.2%) Est. Cost $6.41 Unrealized +115.1%

RKT ROCKET COS INC 2.6%

Value ($000) $18,172 (-15.2%) Shares 938,659 (-15.1%) Est. Cost $14.54 Unrealized +22.9%

HUT HUT 8 CORP 3.5%

Value ($000) $24,268 (-3.3%) Shares 528,246 (-26.7%) Est. Cost $25.41 Unrealized +73.4%

IDR IDAHO STRATEGIC RESOURCES 0.5%

Value ($000) $3,705 (-14.1%) Shares 91,929 (-28.0%) Est. Cost $23.61 Unrealized +61.9%

ONDS ONDAS HLDGS INC 2.3%

Value ($000) $15,584 (+2.8%) Shares 1,596,709 (-18.7%) Est. Cost $4.15 Unrealized +93.6%

CRM SALESFORCE INC 1.1%

Value ($000) $7,353 (-5.1%) Shares 27,755 (-15.1%) Est. Cost $233.15 Unrealized +6.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WULF	TERAWULF INC	770,267 (-46.8%)	$8,850 (-46.5%)	1.3%	$4.33	+209.4%	COM	88080T104
UBER	UBER TECHNOLOGIES INC	105,224 (-33.4%)	$8,598 (-44.4%)	1.3%	$43.10	+108.9%	COM	90353T100
QS	QUANTUMSCAPE CORP	369,686 (-46.2%)	$3,852 (-54.5%)	0.6%	$6.41	+115.1%	COM CL A	74767V109
RKT	ROCKET COS INC	938,659 (-15.1%)	$18,172 (-15.2%)	2.6%	$14.54	+22.9%	COM CL A	77311W101
HUT	HUT 8 CORP	528,246 (-26.7%)	$24,268 (-3.3%)	3.5%	$25.41	+73.4%	COM	44812J104
IDR	IDAHO STRATEGIC RESOURCES	91,929 (-28.0%)	$3,705 (-14.1%)	0.5%	$23.61	+61.9%	COM NEW	645827205
ONDS	ONDAS HLDGS INC	1,596,709 (-18.7%)	$15,584 (+2.8%)	2.3%	$4.15	+93.6%	COM NEW	68236H204
CRM	SALESFORCE INC	27,755 (-15.1%)	$7,353 (-5.1%)	1.1%	$233.15	+6.4%	COM	79466L302

Unchanged Positions (16)

SPOT SPOTIFY TECHNOLOGY S A 2.4%

Value ($000) $16,191 Shares 27,881 Est. Cost $224.56 Unrealized +178.4%

GOOGL ALPHABET INC 1.9%

Value ($000) $12,740 Shares 40,702 Est. Cost $209.20 Unrealized +36.5%

GEV GE VERNOVA INC 5.2%

Value ($000) $35,580 Shares 54,439 Est. Cost $161.13 Unrealized +278.0%

VRT VERTIV HOLDINGS CO 4.2%

Value ($000) $28,997 Shares 178,980 Est. Cost $43.13 Unrealized +302.5%

AIP ARTERIS INC 0.7%

Value ($000) $4,557 Shares 293,973 Est. Cost $6.87 Unrealized +110.9%

AMPX AMPRIUS TECHNOLOGIES INC 0.6%

Value ($000) $4,157 Shares 526,832 Est. Cost $7.87 Unrealized +45.3%

PRIM PRIMORIS SVCS CORP 1.8%

Value ($000) $12,415 Shares 100,005 Est. Cost $107.37 Unrealized +21.6%

TMO THERMO FISHER SCIENTIFIC INC 1.1%

Value ($000) $7,650 Shares 13,202 Est. Cost $281.44 Unrealized +100.8%

AAPL APPLE INC 2.4%

Value ($000) $16,803 Shares 61,806 Est. Cost $97.24 Unrealized +176.0%

CHWY CHEWY INC 0.7%

Value ($000) $4,687 Shares 141,813 Est. Cost $28.96 Unrealized +19.9%

NOVT NOVANTA INC 0.9%

Value ($000) $6,342 Shares 53,301 Est. Cost $61.67 Unrealized +84.7%

FIX COMFORT SYS USA INC 1.3%

Value ($000) $8,654 Shares 9,273 Est. Cost $677.11 Unrealized +36.3%

CLS CELESTICA INC 0.8%

Value ($000) $5,810 Shares 19,655 Est. Cost $201.61 Unrealized +49.5%

CECO CECO ENVIRONMENTAL CORP 0.6%

Value ($000) $4,154 Shares 69,403 Est. Cost $42.33 Unrealized +26.4%

GE GE AEROSPACE 2.8%

Value ($000) $19,117 Shares 62,061 Est. Cost $106.02 Unrealized +183.7%

EVR EVERCORE INC 2.3%

Value ($000) $15,951 Shares 46,881 Est. Cost $269.36 Unrealized +19.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPOT	SPOTIFY TECHNOLOGY S A	27,881	$16,191	2.4%	$224.56	+178.4%	SHS	L8681T102
GOOGL	ALPHABET INC	40,702	$12,740	1.9%	$209.20	+36.5%	CAP STK CL A	02079K305
GEV	GE VERNOVA INC	54,439	$35,580	5.2%	$161.13	+278.0%	COM	36828A101
VRT	VERTIV HOLDINGS CO	178,980	$28,997	4.2%	$43.13	+302.5%	COM CL A	92537N108
AIP	ARTERIS INC	293,973	$4,557	0.7%	$6.87	+110.9%	COM	04302A104
AMPX	AMPRIUS TECHNOLOGIES INC	526,832	$4,157	0.6%	$7.87	+45.3%	COMMON STOCK	03214Q108
PRIM	PRIMORIS SVCS CORP	100,005	$12,415	1.8%	$107.37	+21.6%	COM	74164F103
TMO	THERMO FISHER SCIENTIFIC INC	13,202	$7,650	1.1%	$281.44	+100.8%	COM	883556102
AAPL	APPLE INC	61,806	$16,803	2.4%	$97.24	+176.0%	COM	037833100
CHWY	CHEWY INC	141,813	$4,687	0.7%	$28.96	+19.9%	CL A	16679L109
NOVT	NOVANTA INC	53,301	$6,342	0.9%	$61.67	+84.7%	COM	67000B104
FIX	COMFORT SYS USA INC	9,273	$8,654	1.3%	$677.11	+36.3%	COM	199908104
CLS	CELESTICA INC	19,655	$5,810	0.8%	$201.61	+49.5%	COM	15101Q207
CECO	CECO ENVIRONMENTAL CORP	69,403	$4,154	0.6%	$42.33	+26.4%	COM	125141101
GE	GE AEROSPACE	62,061	$19,117	2.8%	$106.02	+183.7%	COM NEW	369604301
EVR	EVERCORE INC	46,881	$15,951	2.3%	$269.36	+19.1%	CLASS A	29977A105