Ninepoint Partners LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GPOR	GULFPORT ENERGY CORP	200,000	$41,598	4.6%	$199.34	0.0%	COM	402635502
—	ISHARES 20 YR TR BD ETF	295,000	$25,712	2.8%	—	—	PUT	464287952
HYMC	HYCROFT MINING HOLDING CLASS A	757,100	$17,996	2.0%	$11.07	0.0%	COM	44862P208
CDE	COEUR MINING INC	654,243	$11,665	1.3%	$17.39	0.0%	COM	192108504
HL	HECLA MINING	358,600	$6,882	0.8%	$15.27	0.0%	COM	422704106
—	HYCROFT MINING HOLDING CLASS A	210,000	$4,992	0.6%	—	—	PUT	44862P958
EXK	ENDEAVOUR SILVER CORP	434,783	$4,087	0.5%	$8.48	0.0%	COM	29258Y103
SLV	ISHARES SILVER TRUST	60,299	$3,884	0.4%	$64.42	—	COM	46428Q109
BVN	BUENAVENTURA ADR	125,466	$3,492	0.4%	$27.83	—	COM	204448104
BIP	BROOKFIELD INFRASTRUCTURE PARTNERS	85,637	$2,975	0.3%	$34.74	—	COM	G16252101
FBTC	FIDELITY WISE ORIGIN BITCOIN ETF	30,800	$2,348	0.3%	$76.23	—	COM	315948109
CSX	CSX CORP	48,988	$1,776	0.2%	$35.70	0.0%	COM	126408103
WMB	WILLIAMS INC	27,815	$1,672	0.2%	$60.06	0.0%	COM	969457100
TLN	TALEN ENERGY CORP	3,764	$1,411	0.2%	$388.68	0.0%	COM	87422Q109
CNP	CENTERPOINT ENERGY INC	35,588	$1,364	0.2%	$38.86	0.0%	COM	15189T107
DY	DYCOM INDUSTRIES INC	4,029	$1,361	0.2%	$315.29	0.0%	COM	267475101
WEC	WEC ENERGY GROUP INC	12,863	$1,357	0.2%	$110.27	0.0%	COM	92939U106
SRE	SEMPRA	15,358	$1,356	0.1%	$90.54	0.0%	COM	816851109
NEE	NEXTERA ENERGY INC	16,452	$1,321	0.1%	$82.50	0.0%	COM	65339F101
FIGR	FIGURE TECHNOLOGY SOLUTIONS	26,755	$1,093	0.1%	$40.00	0.0%	COM	349381103
RDDT	REDDIT INC CLASS A	4,546	$1,045	0.1%	$210.30	0.0%	COM	75734B100
GOOGL	ALPHABET INC CLASS A	2,672	$836	0.1%	$285.60	0.0%	COM	02079K305
GLW	CORNING INC	8,663	$759	0.1%	$85.98	0.0%	COM	219350105
PANW	PALO ALTO NETWORKS INC	4,000	$737	0.1%	$201.75	0.0%	COM	697435105
LRCX	LAM RESEARCH CORP	3,418	$585	0.1%	$155.36	0.0%	COM	512807306
ISRG	INTUITIVE SURGICAL INC	995	$564	0.1%	$532.37	0.0%	COM	46120E602
FER	FERROVIAL	8,636	$558	0.1%	$63.68	0.0%	COM	N3168P101
WFC	WELLS FARGO	5,879	$548	0.1%	$86.63	0.0%	COM	949746101
TKO	TKO GROUP HOLDINGS INC CLASS A	2,440	$510	0.1%	$193.76	0.0%	COM	87256C101
V	VISA INC CLASS A	1,426	$500	0.1%	$340.38	0.0%	COM	92826C839
IQV	IQVIA HOLDINGS INC	2,155	$486	0.1%	$217.58	0.0%	COM	46266C105
ONON	ON HOLDING AG CLASS A	9,928	$461	0.1%	$43.09	0.0%	COM	H5919C104
IREN	IREN LTD	11,306	$427	0.0%	$51.59	0.0%	COM	Q4982L109
CIFR	CIPHER MINING INC	27,600	$407	0.0%	$17.65	0.0%	COM	17253J106
CRH	CRH PLC	3,190	$398	0.0%	$119.13	0.0%	COM	G25508105
ILMN	ILLUMINA INC	2,850	$374	0.0%	$117.40	0.0%	COM	452327109
SPHR	SPHERE ENTERTAINMENT CLASS A	3,331	$317	0.0%	$76.20	0.0%	COM	55826T102
MDB	MONGODB INC CLASS A	708	$297	0.0%	$363.83	0.0%	COM	60937P106
FTI	TECHNIPFMC PLC	6,312	$281	0.0%	$42.20	0.0%	COM	G87110105
C	CITIGROUP INC	2,344	$274	0.0%	$103.64	0.0%	COM	172967424
SCHW	CHARLES SCHWAB CORP	2,643	$264	0.0%	$94.74	0.0%	COM	808513105
LHX	L3HARRIS TECHNOLOGIES INC	852	$250	0.0%	$288.43	0.0%	COM	502431109
AU	ANGLOGOLD ASHANTI PLC	67	$6	0.0%	$77.50	0.0%	COM	G0378L100
ING	ING GROEP ADR	194	$5	0.0%	$28.00	—	COM	456837103
SMFG	SUMITOMO MITSUI FIN GRP ADR	236	$5	0.0%	$19.33	—	COM	86562M209
ASML	ASML HOLDING ADR	4	$4	0.0%	$1069.75	—	COM	N07059210
AZN	ASTRAZENECA ADR	46	$4	0.0%	$91.93	—	COM	046353108
BABA	ALIBABA GROUP HOLDING ADR	27	$4	0.0%	$146.59	—	COM	01609W102
BIDU	BAIDU CLASS A	30	$4	0.0%	$130.67	—	COM	056752108
CCEP	COCA COLA EUROPACIFIC PARTNERS PLC	39	$4	0.0%	$89.63	0.0%	COM	G25839104
FUTU	FUTU HOLDINGS ADR	21	$3	0.0%	$164.19	—	COM	36118L106
NWG	NATWEST GROUP ADR	172	$3	0.0%	$17.50	—	COM	639057207
VALE	VALE S A ADR	228	$3	0.0%	$13.03	—	COM	91912E105
—	LIVANOVA PLC	45	$3	0.0%	$61.53	—	COM	53802LAB8
NVT	NVENT ELECTRIC PLC	27	$3	0.0%	$103.61	0.0%	COM	G6700G107
GLBE	GLOBAL E ONLINE LTD	53	$2	0.0%	$37.09	0.0%	COM	M5216V106
GMAB	GENMAB SPONSORED ADR	67	$2	0.0%	$30.81	—	COM	372303206
SBS	COMPANHIA DE SANEAMENTO BASICO DO	84	$2	0.0%	$23.85	—	COM	20441A102
TEAM	ATLASSIAN CORP CLASS A	10	$2	0.0%	$156.92	0.0%	COM	049468101
SQM	SOCIEDAD QUIMICA Y MINERA DE CHILE	22	$2	0.0%	$68.82	—	COM	833635105
—	CAMTEK LTD	14	$1	0.0%	$106.36	—	COM	S25852716
JMIA	JUMIA TECHNOLOGIES	113	$1	0.0%	$12.49	—	COM	48138M105

Increased Positions (45)

VNOM VIPER ENERGY INC CLASS A 5.1%

Value ($000) $46,356 (+708.6%) Shares 1,200,000 (+700.0%) Est. Cost $37.89 Unrealized -0.1%

CVE CENOVUS ENERGY INC 8.4%

Value ($000) $76,140 (+26.6%) Shares 4,500,000 (+27.1%) Est. Cost $15.98 Unrealized +8.7%

VZLA VIZSLA SILVER CORP 2.1%

Value ($000) $18,653 (+208.0%) Shares 3,410,000 (+143.2%) Est. Cost $3.66 Unrealized +28.2%

CCJ CAMECO CORP 2.4%

Value ($000) $21,938 (+128.7%) Shares 239,783 (+109.7%) Est. Cost $77.61 Unrealized +15.9%

WPM WHEATON PRECIOUS METALS CORP 1.6%

Value ($000) $14,684 (+438.3%) Shares 124,948 (+412.3%) Est. Cost $99.15 Unrealized +8.0%

CNI CANADIAN NATIONAL RAILWAY 1.8%

Value ($000) $16,497 (+233.6%) Shares 121,522 (+131.7%) Est. Cost $96.09 Unrealized +0.1%

SHOP SHOPIFY SUBORDINATE VOTING INC CLA 1.9%

Value ($000) $17,480 (+177.3%) Shares 108,591 (+156.0%) Est. Cost $150.80 Unrealized +6.5%

AR ANTERO RESOURCES CORP 9.5%

Value ($000) $86,150 (+14.1%) Shares 2,500,000 (+11.1%) Est. Cost $36.02 Unrealized -6.0%

TD TORONTO DOMINION 1.1%

Value ($000) $9,640 (+327.7%) Shares 102,340 (+263.0%) Est. Cost $81.86 Unrealized +3.2%

BCE BCE INC 0.9%

Value ($000) $8,218 (+364.4%) Shares 345,023 (+356.0%) Est. Cost $23.14 Unrealized -0.5%

KGC KINROSS GOLD CORP 1.9%

Value ($000) $17,316 (+49.3%) Shares 614,920 (+31.7%) Est. Cost $14.78 Unrealized +75.8%

CNQ CANADIAN NATURAL RESOURCES LTD 0.9%

Value ($000) $7,737 (+180.8%) Shares 228,553 (+165.2%) Est. Cost $32.60 Unrealized -0.5%

PAAS PAN AMERICAN SILVER CORP 0.7%

Value ($000) $5,990 (+224.6%) Shares 115,621 (+142.6%) Est. Cost $34.47 Unrealized +21.4%

SU SUNCOR ENERGY INC 1.0%

Value ($000) $8,876 (+50.7%) Shares 200,098 (+42.0%) Est. Cost $39.46 Unrealized +7.1%

RY ROYAL BANK OF CANADA 1.1%

Value ($000) $9,668 (+38.8%) Shares 56,706 (+20.0%) Est. Cost $122.97 Unrealized +24.9%

GOOG ALPHABET INC CLASS C 0.4%

Value ($000) $3,597 (+199.0%) Shares 11,462 (+132.1%) Est. Cost $235.45 Unrealized +21.6%

ENB ENBRIDGE INC 1.7%

Value ($000) $15,447 (+16.5%) Shares 322,950 (+23.0%) Est. Cost $41.61 Unrealized +13.2%

NDAQ NASDAQ INC 0.2%

Value ($000) $1,764 (+692.7%) Shares 18,163 (+621.9%) Est. Cost $90.07 Unrealized -0.4%

AMZN AMAZON INC 0.2%

Value ($000) $2,164 (+117.5%) Shares 9,377 (+106.9%) Est. Cost $188.94 Unrealized +21.1%

ORLA ORLA MINING LTD 0.3%

Value ($000) $2,997 (+58.6%) Shares 222,500 (+27.1%) Est. Cost $11.02 Unrealized +10.2%

NVDA NVIDIA CORP 0.6%

Value ($000) $5,258 (+24.9%) Shares 28,192 (+24.9%) Est. Cost $123.84 Unrealized +50.3%

NU NU HOLDINGS LTD CLASS A 0.1%

Value ($000) $632 (+464.0%) Shares 37,733 (+439.4%) Est. Cost $15.68 Unrealized +2.5%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $1,352 (+56.8%) Shares 6,313 (+18.5%) Est. Cost $128.83 Unrealized +74.3%

AER AERCAP HOLDINGS NV 0.1%

Value ($000) $589 (+394.9%) Shares 4,099 (+316.6%) Est. Cost $128.65 Unrealized +3.0%

NTRA NATERA INC 0.1%

Value ($000) $624 (+183.6%) Shares 2,726 (+99.3%) Est. Cost $183.30 Unrealized +13.8%

WELL WELLTOWER INC 0.1%

Value ($000) $646 (+147.3%) Shares 3,479 (+137.3%) Est. Cost $176.76 Unrealized +5.5%

TRP TC ENERGY CORP 0.5%

Value ($000) $4,951 (+7.9%) Shares 90,005 (+6.7%) Est. Cost $48.05 Unrealized +11.0%

APP APPLOVIN CORP CLASS A 0.1%

Value ($000) $553 (+174.6%) Shares 820 (+192.9%) Est. Cost $572.41 Unrealized +10.1%

TJX TJX INC 0.1%

Value ($000) $1,135 (+42.3%) Shares 7,389 (+33.9%) Est. Cost $102.58 Unrealized +44.0%

PL PLANET LABS CLASS A 0.0%

Value ($000) $430 (+254.5%) Shares 21,807 (+133.3%) Est. Cost $11.50 Unrealized +24.7%

ASND ASCENDIS PHARMA ADR 0.0%

Value ($000) $451 (+202.9%) Shares 2,115 (+182.4%) Est. Cost $208.13 Unrealized —

ARGX ARGENX SE ADR 0.0%

Value ($000) $436 (+195.9%) Shares 519 (+159.5%) Est. Cost $801.11 Unrealized —

CLS CELESTICA INC 0.0%

Value ($000) $409 (+241.2%) Shares 1,382 (+184.4%) Est. Cost $266.29 Unrealized +13.2%

DOCN DIGITALOCEAN HOLDINGS INC 0.0%

Value ($000) $366 (+375.6%) Shares 7,596 (+237.6%) Est. Cost $40.38 Unrealized +9.0%

DG DOLLAR GENERAL CORP 0.1%

Value ($000) $577 (+92.4%) Shares 4,348 (+49.8%) Est. Cost $109.79 Unrealized +1.6%

HDB HDFC BANK ADR 0.1%

Value ($000) $556 (+99.2%) Shares 15,219 (+86.3%) Est. Cost $35.26 Unrealized —

KO COCA-COLA 0.1%

Value ($000) $504 (+105.6%) Shares 7,212 (+95.0%) Est. Cost $68.64 Unrealized +1.1%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $509 (+100.6%) Shares 878 (+67.9%) Est. Cost $505.36 Unrealized +11.8%

CAT CATERPILLAR INC 0.1%

Value ($000) $524 (+88.9%) Shares 914 (+57.3%) Est. Cost $472.79 Unrealized +17.5%

AAPL APPLE INC 0.2%

Value ($000) $1,567 (+14.7%) Shares 5,764 (+7.4%) Est. Cost $220.92 Unrealized +21.5%

TCEHY TENCENT HOLDINGS ADR LTD 0.1%

Value ($000) $462 (+65.2%) Shares 6,031 (+83.8%) Est. Cost $81.23 Unrealized —

CME CME GROUP INC CLASS A 0.1%

Value ($000) $669 (+16.8%) Shares 2,451 (+15.6%) Est. Cost $180.59 Unrealized +49.9%

TSM TAIWAN SEMICONDUCTOR MANUFACTURING 0.1%

Value ($000) $648 (+16.0%) Shares 2,131 (+6.6%) Est. Cost $280.81 Unrealized —

MTZ MASTEC INC 0.2%

Value ($000) $1,848 (+3.8%) Shares 8,500 (+1.7%) Est. Cost $183.55 Unrealized +14.3%

GEV GE VERNOVA INC 0.0%

Value ($000) $284 (+15.3%) Shares 435 (+8.5%) Est. Cost $368.54 Unrealized +65.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VNOM	VIPER ENERGY INC CLASS A	1,200,000 (+700.0%)	$46,356 (+708.6%)	5.1%	$37.89	-0.1%	COM	64361Q101
CVE	CENOVUS ENERGY INC	4,500,000 (+27.1%)	$76,140 (+26.6%)	8.4%	$15.98	+8.7%	COM	15135U109
VZLA	VIZSLA SILVER CORP	3,410,000 (+143.2%)	$18,653 (+208.0%)	2.1%	$3.66	+28.2%	COM	92859G608
CCJ	CAMECO CORP	239,783 (+109.7%)	$21,938 (+128.7%)	2.4%	$77.61	+15.9%	COM	13321L108
WPM	WHEATON PRECIOUS METALS CORP	124,948 (+412.3%)	$14,684 (+438.3%)	1.6%	$99.15	+8.0%	COM	962879102
CNI	CANADIAN NATIONAL RAILWAY	121,522 (+131.7%)	$16,497 (+233.6%)	1.8%	$96.09	+0.1%	COM	136375102
SHOP	SHOPIFY SUBORDINATE VOTING INC CLA	108,591 (+156.0%)	$17,480 (+177.3%)	1.9%	$150.80	+6.5%	COM	82509L107
AR	ANTERO RESOURCES CORP	2,500,000 (+11.1%)	$86,150 (+14.1%)	9.5%	$36.02	-6.0%	COM	03674X106
TD	TORONTO DOMINION	102,340 (+263.0%)	$9,640 (+327.7%)	1.1%	$81.86	+3.2%	COM	891160509
BCE	BCE INC	345,023 (+356.0%)	$8,218 (+364.4%)	0.9%	$23.14	-0.5%	COM	05534B760
KGC	KINROSS GOLD CORP	614,920 (+31.7%)	$17,316 (+49.3%)	1.9%	$14.78	+75.8%	COM	496902404
CNQ	CANADIAN NATURAL RESOURCES LTD	228,553 (+165.2%)	$7,737 (+180.8%)	0.9%	$32.60	-0.5%	COM	136385101
PAAS	PAN AMERICAN SILVER CORP	115,621 (+142.6%)	$5,990 (+224.6%)	0.7%	$34.47	+21.4%	COM	697900108
SU	SUNCOR ENERGY INC	200,098 (+42.0%)	$8,876 (+50.7%)	1.0%	$39.46	+7.1%	COM	867224107
RY	ROYAL BANK OF CANADA	56,706 (+20.0%)	$9,668 (+38.8%)	1.1%	$122.97	+24.9%	COM	780087102
GOOG	ALPHABET INC CLASS C	11,462 (+132.1%)	$3,597 (+199.0%)	0.4%	$235.45	+21.6%	COM	02079K107
ENB	ENBRIDGE INC	322,950 (+23.0%)	$15,447 (+16.5%)	1.7%	$41.61	+13.2%	COM	29250N105
NDAQ	NASDAQ INC	18,163 (+621.9%)	$1,764 (+692.7%)	0.2%	$90.07	-0.4%	COM	631103108
AMZN	AMAZON INC	9,377 (+106.9%)	$2,164 (+117.5%)	0.2%	$188.94	+21.1%	COM	023135106
ORLA	ORLA MINING LTD	222,500 (+27.1%)	$2,997 (+58.6%)	0.3%	$11.02	+10.2%	COM	68634K106
NVDA	NVIDIA CORP	28,192 (+24.9%)	$5,258 (+24.9%)	0.6%	$123.84	+50.3%	COM	67066G104
NU	NU HOLDINGS LTD CLASS A	37,733 (+439.4%)	$632 (+464.0%)	0.1%	$15.68	+2.5%	COM	G6683N103
AMD	ADVANCED MICRO DEVICES INC	6,313 (+18.5%)	$1,352 (+56.8%)	0.1%	$128.83	+74.3%	COM	007903107
AER	AERCAP HOLDINGS NV	4,099 (+316.6%)	$589 (+394.9%)	0.1%	$128.65	+3.0%	COM	N00985106
NTRA	NATERA INC	2,726 (+99.3%)	$624 (+183.6%)	0.1%	$183.30	+13.8%	COM	632307104
WELL	WELLTOWER INC	3,479 (+137.3%)	$646 (+147.3%)	0.1%	$176.76	+5.5%	COM	95040Q104
TRP	TC ENERGY CORP	90,005 (+6.7%)	$4,951 (+7.9%)	0.5%	$48.05	+11.0%	COM	87807B107
APP	APPLOVIN CORP CLASS A	820 (+192.9%)	$553 (+174.6%)	0.1%	$572.41	+10.1%	COM	03831W108
TJX	TJX INC	7,389 (+33.9%)	$1,135 (+42.3%)	0.1%	$102.58	+44.0%	COM	872540109
PL	PLANET LABS CLASS A	21,807 (+133.3%)	$430 (+254.5%)	0.0%	$11.50	+24.7%	COM	72703X106
ASND	ASCENDIS PHARMA ADR	2,115 (+182.4%)	$451 (+202.9%)	0.0%	$208.13	—	COM	04351P101
ARGX	ARGENX SE ADR	519 (+159.5%)	$436 (+195.9%)	0.0%	$801.11	—	COM	04016X101
CLS	CELESTICA INC	1,382 (+184.4%)	$409 (+241.2%)	0.0%	$266.29	+13.2%	COM	15101Q207
DOCN	DIGITALOCEAN HOLDINGS INC	7,596 (+237.6%)	$366 (+375.6%)	0.0%	$40.38	+9.0%	COM	25402D102
DG	DOLLAR GENERAL CORP	4,348 (+49.8%)	$577 (+92.4%)	0.1%	$109.79	+1.6%	COM	256677105
HDB	HDFC BANK ADR	15,219 (+86.3%)	$556 (+99.2%)	0.1%	$35.26	—	COM	40415F101
KO	COCA-COLA	7,212 (+95.0%)	$504 (+105.6%)	0.1%	$68.64	+1.1%	COM	191216100
TMO	THERMO FISHER SCIENTIFIC INC	878 (+67.9%)	$509 (+100.6%)	0.1%	$505.36	+11.8%	COM	883556102
CAT	CATERPILLAR INC	914 (+57.3%)	$524 (+88.9%)	0.1%	$472.79	+17.5%	COM	149123101
AAPL	APPLE INC	5,764 (+7.4%)	$1,567 (+14.7%)	0.2%	$220.92	+21.5%	COM	037833100
TCEHY	TENCENT HOLDINGS ADR LTD	6,031 (+83.8%)	$462 (+65.2%)	0.1%	$81.23	—	COM	88032Q109
CME	CME GROUP INC CLASS A	2,451 (+15.6%)	$669 (+16.8%)	0.1%	$180.59	+49.9%	COM	12572Q105
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING	2,131 (+6.6%)	$648 (+16.0%)	0.1%	$280.81	—	COM	874039100
MTZ	MASTEC INC	8,500 (+1.7%)	$1,848 (+3.8%)	0.2%	$183.55	+14.3%	COM	576323109
GEV	GE VERNOVA INC	435 (+8.5%)	$284 (+15.3%)	0.0%	$368.54	+65.3%	COM	36828A101

Exited Positions (34)

RRC RANGE RESOURCES CORP 8.3%

Value ($000) $75,280 Shares 2,000,000 Est. Cost $37.20 Unrealized +0.1%

RIG TRANSOCEAN LTD 2.1%

Value ($000) $18,720 Shares 6,000,000 Est. Cost $3.02 Unrealized +28.7%

SLF SUN LIFE FINANCIAL INC 0.3%

Value ($000) $2,916 Shares 48,580 Est. Cost $53.52 Unrealized +12.9%

TU TELUS CORP 0.3%

Value ($000) $2,900 Shares 183,906 Est. Cost $17.22 Unrealized -18.2%

NSC NORFOLK SOUTHERN CORP 0.2%

Value ($000) $1,762 Shares 5,865 Est. Cost $276.03 Unrealized +4.6%

PPL PPL CORP 0.2%

Value ($000) $1,755 Shares 47,235 Est. Cost $26.80 Unrealized +33.7%

DUK DUKE ENERGY CORP 0.2%

Value ($000) $1,639 Shares 13,248 Est. Cost $107.74 Unrealized +12.8%

WTRG ESSENTIAL UTILITIES INC 0.2%

Value ($000) $1,556 Shares 38,999 Est. Cost $38.12 Unrealized +3.2%

DLR DIGITAL REALTY TRUST 0.2%

Value ($000) $1,532 Shares 8,860 Est. Cost $168.66 Unrealized -3.3%

ACM AECOM 0.2%

Value ($000) $1,492 Shares 11,437 Est. Cost $120.14 Unrealized -2.4%

HUT HUT 8 CORP 0.2%

Value ($000) $1,490 Shares 42,798 Est. Cost $12.34 Unrealized +257.2%

LNG CHENIERE ENERGY INC 0.2%

Value ($000) $1,478 Shares 6,291 Est. Cost $128.21 Unrealized +63.8%

RBLX ROBLOX CORP CLASS A 0.1%

Value ($000) $1,296 Shares 9,356 Est. Cost $50.32 Unrealized +111.0%

PYPL PAYPAL HOLDINGS INC 0.1%

Value ($000) $1,117 Shares 16,658 Est. Cost $66.64 Unrealized -2.7%

NEM NEWMONT 0.1%

Value ($000) $927 Shares 11,000 Est. Cost $69.39 Unrealized +30.0%

GEMI GEMINI SPACE STATION INC CLASS A 0.1%

Value ($000) $719 Shares 30,000 Est. Cost $25.81 Unrealized -39.6%

ORCL ORACLE CORP 0.1%

Value ($000) $652 Shares 2,318 Est. Cost $160.80 Unrealized +48.0%

CRCL CIRCLE INTERNET GROUP INC CLASS A 0.1%

Value ($000) $563 Shares 4,250 Est. Cost $159.89 Unrealized -35.4%

BLK BLACKROCK INC 0.1%

Value ($000) $522 Shares 448 Est. Cost $991.05 Unrealized +9.9%

SAP SAP 0.1%

Value ($000) $488 Shares 1,825 Est. Cost $304.10 Unrealized —

HD HOME DEPOT INC 0.1%

Value ($000) $483 Shares 1,193 Est. Cost $389.16 Unrealized -6.3%

DIS WALT DISNEY 0.0%

Value ($000) $248 Shares 2,166 Est. Cost $116.99 Unrealized -6.4%

GRAB GRAB HOLDINGS LTD CLASS A 0.0%

Value ($000) $216 Shares 35,870 Est. Cost $5.31 Unrealized +4.1%

ZG ZILLOW GROUP INC CLASS A 0.0%

Value ($000) $190 Shares 2,556 Est. Cost $78.72 Unrealized -10.7%

RDNT RADNET INC 0.0%

Value ($000) $163 Shares 2,134 Est. Cost $64.93 Unrealized +18.9%

WAY WAYSTAR HOLDING CORP 0.0%

Value ($000) $161 Shares 4,252 Est. Cost $37.06 Unrealized -3.9%

MPWR MONOLITHIC POWER SYSTEMS INC 0.0%

Value ($000) $149 Shares 162 Est. Cost $808.07 Unrealized +18.9%

BE BLOOM ENERGY CLASS A 0.0%

Value ($000) $137 Shares 1,624 Est. Cost $46.44 Unrealized +126.3%

NBIS NEBIUS NV CLASS A 0.0%

Value ($000) $118 Shares 1,048 Est. Cost $69.43 Unrealized +49.3%

MELI MERCADOLIBRE INC 0.0%

Value ($000) $112 Shares 48 Est. Cost $2400.46 Unrealized -12.5%

ALAB ASTERA LABS INC 0.0%

Value ($000) $110 Shares 561 Est. Cost $164.44 Unrealized +1.7%

CPNG COUPANG INC CLASS A 0.0%

Value ($000) $109 Shares 3,399 Est. Cost $30.23 Unrealized -5.9%

CTVA CORTEVA INC 0.0%

Value ($000) $80 Shares 1,176 Est. Cost $72.16 Unrealized -10.6%

SPOT SPOTIFY TECHNOLOGY SA 0.0%

Value ($000) $76 Shares 109 Est. Cost $699.24 Unrealized -10.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RRC	RANGE RESOURCES CORP	2,000,000	$75,280	8.3%	$37.20	+0.1%	—	75281A109
RIG	TRANSOCEAN LTD	6,000,000	$18,720	2.1%	$3.02	+28.7%	—	H8817H100
SLF	SUN LIFE FINANCIAL INC	48,580	$2,916	0.3%	$53.52	+12.9%	—	866796105
TU	TELUS CORP	183,906	$2,900	0.3%	$17.22	-18.2%	—	87971M103
NSC	NORFOLK SOUTHERN CORP	5,865	$1,762	0.2%	$276.03	+4.6%	—	655844108
PPL	PPL CORP	47,235	$1,755	0.2%	$26.80	+33.7%	—	69351T106
DUK	DUKE ENERGY CORP	13,248	$1,639	0.2%	$107.74	+12.8%	—	26441C204
WTRG	ESSENTIAL UTILITIES INC	38,999	$1,556	0.2%	$38.12	+3.2%	—	29670G102
DLR	DIGITAL REALTY TRUST	8,860	$1,532	0.2%	$168.66	-3.3%	—	253868103
ACM	AECOM	11,437	$1,492	0.2%	$120.14	-2.4%	—	00766T100
HUT	HUT 8 CORP	42,798	$1,490	0.2%	$12.34	+257.2%	—	44812J104
LNG	CHENIERE ENERGY INC	6,291	$1,478	0.2%	$128.21	+63.8%	—	16411R208
RBLX	ROBLOX CORP CLASS A	9,356	$1,296	0.1%	$50.32	+111.0%	—	771049103
PYPL	PAYPAL HOLDINGS INC	16,658	$1,117	0.1%	$66.64	-2.7%	—	70450Y103
NEM	NEWMONT	11,000	$927	0.1%	$69.39	+30.0%	—	651639106
GEMI	GEMINI SPACE STATION INC CLASS A	30,000	$719	0.1%	$25.81	-39.6%	—	36866J105
ORCL	ORACLE CORP	2,318	$652	0.1%	$160.80	+48.0%	—	68389X105
CRCL	CIRCLE INTERNET GROUP INC CLASS A	4,250	$563	0.1%	$159.89	-35.4%	—	172573107
BLK	BLACKROCK INC	448	$522	0.1%	$991.05	+9.9%	—	09290D101
SAP	SAP	1,825	$488	0.1%	$304.10	—	—	803054204
HD	HOME DEPOT INC	1,193	$483	0.1%	$389.16	-6.3%	—	437076102
DIS	WALT DISNEY	2,166	$248	0.0%	$116.99	-6.4%	—	254687106
GRAB	GRAB HOLDINGS LTD CLASS A	35,870	$216	0.0%	$5.31	+4.1%	—	G4124C109
ZG	ZILLOW GROUP INC CLASS A	2,556	$190	0.0%	$78.72	-10.7%	—	98954M101
RDNT	RADNET INC	2,134	$163	0.0%	$64.93	+18.9%	—	750491102
WAY	WAYSTAR HOLDING CORP	4,252	$161	0.0%	$37.06	-3.9%	—	946784105
MPWR	MONOLITHIC POWER SYSTEMS INC	162	$149	0.0%	$808.07	+18.9%	—	609839105
BE	BLOOM ENERGY CLASS A	1,624	$137	0.0%	$46.44	+126.3%	—	093712107
NBIS	NEBIUS NV CLASS A	1,048	$118	0.0%	$69.43	+49.3%	—	N97284108
MELI	MERCADOLIBRE INC	48	$112	0.0%	$2400.46	-12.5%	—	58733R102
ALAB	ASTERA LABS INC	561	$110	0.0%	$164.44	+1.7%	—	04626A103
CPNG	COUPANG INC CLASS A	3,399	$109	0.0%	$30.23	-5.9%	—	22266T109
CTVA	CORTEVA INC	1,176	$80	0.0%	$72.16	-10.6%	—	22052L104
SPOT	SPOTIFY TECHNOLOGY SA	109	$76	0.0%	$699.24	-10.6%	—	L8681T102

Decreased Positions (31)

FANG DIAMONDBACK ENERGY INC 0.3%

Value ($000) $3,007 (-93.3%) Shares 20,000 (-93.7%) Est. Cost $140.85 Unrealized +4.4%

EXE EXPAND ENERGY CORP 9.8%

Value ($000) $88,288 (-7.7%) Shares 800,000 (-11.1%) Est. Cost $95.57 Unrealized +15.8%

— SPDR S&P 500 3.4%

Value ($000) $31,027 (-9.6%) Shares 45,500 (-11.7%) Est. Cost — Unrealized —

CP CANADIAN PACIFIC KANSAS CITY LTD 0.0%

Value ($000) $156 (-90.0%) Shares 2,113 (-89.9%) Est. Cost $76.95 Unrealized -4.4%

MA MASTERCARD INC CLASS A 0.0%

Value ($000) $192 (-86.9%) Shares 337 (-86.9%) Est. Cost $465.12 Unrealized +20.2%

COIN COINBASE GLOBAL INC CLASS A 0.1%

Value ($000) $1,172 (-47.5%) Shares 5,181 (-21.6%) Est. Cost $78.29 Unrealized +280.6%

HOOD ROBINHOOD MARKETS INC CLASS A 0.2%

Value ($000) $1,452 (-40.8%) Shares 12,834 (-25.1%) Est. Cost $55.45 Unrealized +134.5%

SOBO SOUTH BOW CORP 0.8%

Value ($000) $6,868 (-11.9%) Shares 250,000 (-9.3%) Est. Cost $24.96 Unrealized +8.8%

ERO ERO COPPER CORP 0.1%

Value ($000) $707 (-53.4%) Shares 25,000 (-66.7%) Est. Cost $13.34 Unrealized +74.6%

MSFT MICROSOFT CORP 0.3%

Value ($000) $3,078 (-19.6%) Shares 6,365 (-13.9%) Est. Cost $310.55 Unrealized +61.2%

B BARRICK MINING CORP 1.1%

Value ($000) $9,617 (+8.4%) Shares 220,835 (-18.4%) Est. Cost $25.15 Unrealized +48.8%

AMT AMERICAN TOWER CORP 0.2%

Value ($000) $1,807 (-23.1%) Shares 10,295 (-15.7%) Est. Cost $190.91 Unrealized -5.6%

META META PLATFORMS INC CLASS A 0.1%

Value ($000) $694 (-39.8%) Shares 1,051 (-33.0%) Est. Cost $527.14 Unrealized +26.6%

VST VISTRA CORP 0.1%

Value ($000) $1,211 (-25.6%) Shares 7,504 (-9.7%) Est. Cost $197.68 Unrealized -8.0%

PWR QUANTA SERVICES INC 0.1%

Value ($000) $1,316 (-21.8%) Shares 3,119 (-23.3%) Est. Cost $388.50 Unrealized +13.1%

SPY SPDR S&P 500 3.7%

Value ($000) $33,278 (-1.1%) Shares 48,800 (-3.4%) Est. Cost $308.13 Unrealized —

ETR ENTERGY CORP 0.1%

Value ($000) $1,342 (-20.5%) Shares 14,516 (-19.9%) Est. Cost $87.11 Unrealized +8.5%

ABBV ABBVIE INC 0.0%

Value ($000) $182 (-65.5%) Shares 797 (-65.1%) Est. Cost $201.95 Unrealized +12.7%

AEE AMEREN CORP 0.2%

Value ($000) $1,368 (-19.9%) Shares 13,696 (-16.2%) Est. Cost $80.87 Unrealized +26.1%

AEP AMERICAN ELECTRIC POWER INC 0.1%

Value ($000) $1,342 (-18.3%) Shares 11,636 (-20.3%) Est. Cost $94.05 Unrealized +25.1%

CEG CONSTELLATION ENERGY CORP 0.2%

Value ($000) $1,630 (-13.2%) Shares 4,613 (-19.2%) Est. Cost $266.66 Unrealized +36.2%

LLY ELI LILLY 0.1%

Value ($000) $650 (+29.5%) Shares 605 (-8.1%) Est. Cost $742.24 Unrealized +28.7%

JPM JPMORGAN CHASE 0.1%

Value ($000) $842 (-14.6%) Shares 2,613 (-16.4%) Est. Cost $204.85 Unrealized +51.1%

UNP UNION PACIFIC CORP 0.2%

Value ($000) $2,088 (-6.3%) Shares 9,027 (-4.3%) Est. Cost $218.57 Unrealized +4.0%

FCX FREEPORT MCMORAN INC 0.3%

Value ($000) $2,286 (+6.0%) Shares 45,000 (-18.2%) Est. Cost $37.80 Unrealized +14.6%

NI NISOURCE INC 0.2%

Value ($000) $1,575 (-7.4%) Shares 37,720 (-3.9%) Est. Cost $26.20 Unrealized +62.7%

EQIX EQUINIX INC 0.2%

Value ($000) $1,438 (-3.4%) Shares 1,877 (-1.2%) Est. Cost $665.67 Unrealized +17.4%

CM CANADIAN IMPERIAL BANK OF COMMERCE 0.4%

Value ($000) $3,354 (+1.5%) Shares 37,017 (-10.5%) Est. Cost $59.05 Unrealized +45.3%

FTS FORTIS INC 0.3%

Value ($000) $3,065 (+1.2%) Shares 59,008 (-1.2%) Est. Cost $37.11 Unrealized +37.0%

TRGP TARGA RESOURCES CORP 0.2%

Value ($000) $1,486 (+0.6%) Shares 8,055 (-8.6%) Est. Cost $58.97 Unrealized +185.0%

MFC MANULIFE FINANCIAL CORP 0.4%

Value ($000) $3,758 (+0.2%) Shares 103,597 (-14.0%) Est. Cost $24.72 Unrealized +37.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FANG	DIAMONDBACK ENERGY INC	20,000 (-93.7%)	$3,007 (-93.3%)	0.3%	$140.85	+4.4%	COM	25278X109
EXE	EXPAND ENERGY CORP	800,000 (-11.1%)	$88,288 (-7.7%)	9.8%	$95.57	+15.8%	COM	165167735
—	SPDR S&P 500	45,500 (-11.7%)	$31,027 (-9.6%)	3.4%	—	—	PUT	78462F953
CP	CANADIAN PACIFIC KANSAS CITY LTD	2,113 (-89.9%)	$156 (-90.0%)	0.0%	$76.95	-4.4%	COM	13646K108
MA	MASTERCARD INC CLASS A	337 (-86.9%)	$192 (-86.9%)	0.0%	$465.12	+20.2%	COM	57636Q104
COIN	COINBASE GLOBAL INC CLASS A	5,181 (-21.6%)	$1,172 (-47.5%)	0.1%	$78.29	+280.6%	COM	19260Q107
HOOD	ROBINHOOD MARKETS INC CLASS A	12,834 (-25.1%)	$1,452 (-40.8%)	0.2%	$55.45	+134.5%	COM	770700102
SOBO	SOUTH BOW CORP	250,000 (-9.3%)	$6,868 (-11.9%)	0.8%	$24.96	+8.8%	COM	83671M105
ERO	ERO COPPER CORP	25,000 (-66.7%)	$707 (-53.4%)	0.1%	$13.34	+74.6%	COM	296006109
MSFT	MICROSOFT CORP	6,365 (-13.9%)	$3,078 (-19.6%)	0.3%	$310.55	+61.2%	COM	594918104
B	BARRICK MINING CORP	220,835 (-18.4%)	$9,617 (+8.4%)	1.1%	$25.15	+48.8%	COM	06849F108
AMT	AMERICAN TOWER CORP	10,295 (-15.7%)	$1,807 (-23.1%)	0.2%	$190.91	-5.6%	COM	03027X100
META	META PLATFORMS INC CLASS A	1,051 (-33.0%)	$694 (-39.8%)	0.1%	$527.14	+26.6%	COM	30303M102
VST	VISTRA CORP	7,504 (-9.7%)	$1,211 (-25.6%)	0.1%	$197.68	-8.0%	COM	92840M102
PWR	QUANTA SERVICES INC	3,119 (-23.3%)	$1,316 (-21.8%)	0.1%	$388.50	+13.1%	COM	74762E102
SPY	SPDR S&P 500	48,800 (-3.4%)	$33,278 (-1.1%)	3.7%	$308.13	—	COM	78462F103
ETR	ENTERGY CORP	14,516 (-19.9%)	$1,342 (-20.5%)	0.1%	$87.11	+8.5%	COM	29364G103
ABBV	ABBVIE INC	797 (-65.1%)	$182 (-65.5%)	0.0%	$201.95	+12.7%	COM	00287Y109
AEE	AMEREN CORP	13,696 (-16.2%)	$1,368 (-19.9%)	0.2%	$80.87	+26.1%	COM	023608102
AEP	AMERICAN ELECTRIC POWER INC	11,636 (-20.3%)	$1,342 (-18.3%)	0.1%	$94.05	+25.1%	COM	025537101
CEG	CONSTELLATION ENERGY CORP	4,613 (-19.2%)	$1,630 (-13.2%)	0.2%	$266.66	+36.2%	COM	21037T109
LLY	ELI LILLY	605 (-8.1%)	$650 (+29.5%)	0.1%	$742.24	+28.7%	COM	532457108
JPM	JPMORGAN CHASE	2,613 (-16.4%)	$842 (-14.6%)	0.1%	$204.85	+51.1%	COM	46625H100
UNP	UNION PACIFIC CORP	9,027 (-4.3%)	$2,088 (-6.3%)	0.2%	$218.57	+4.0%	COM	907818108
FCX	FREEPORT MCMORAN INC	45,000 (-18.2%)	$2,286 (+6.0%)	0.3%	$37.80	+14.6%	COM	35671D857
NI	NISOURCE INC	37,720 (-3.9%)	$1,575 (-7.4%)	0.2%	$26.20	+62.7%	COM	65473P105
EQIX	EQUINIX INC	1,877 (-1.2%)	$1,438 (-3.4%)	0.2%	$665.67	+17.4%	COM	29444U700
CM	CANADIAN IMPERIAL BANK OF COMMERCE	37,017 (-10.5%)	$3,354 (+1.5%)	0.4%	$59.05	+45.3%	COM	136069101
FTS	FORTIS INC	59,008 (-1.2%)	$3,065 (+1.2%)	0.3%	$37.11	+37.0%	COM	349553107
TRGP	TARGA RESOURCES CORP	8,055 (-8.6%)	$1,486 (+0.6%)	0.2%	$58.97	+185.0%	COM	87612G101
MFC	MANULIFE FINANCIAL CORP	103,597 (-14.0%)	$3,758 (+0.2%)	0.4%	$24.72	+37.3%	COM	56501R106

Unchanged Positions (23)

IAG IAMGOLD CORP 0.8%

Value ($000) $6,908 Shares 418,900 Est. Cost $5.91 Unrealized +138.3%

AGI ALAMOS GOLD INC CLASS A 1.3%

Value ($000) $11,767 Shares 305,000 Est. Cost $28.59 Unrealized +21.9%

EQT EQT CORP 7.2%

Value ($000) $64,787 Shares 1,208,717 Est. Cost $47.65 Unrealized +17.8%

PTEN PATTERSON UTI ENERGY INC 0.3%

Value ($000) $3,055 Shares 500,000 Est. Cost $5.75 Unrealized +3.8%

PR PERMIAN RESOURCES CORP CLASS A 0.5%

Value ($000) $4,911 Shares 350,000 Est. Cost $12.14 Unrealized +10.6%

CHRD CHORD ENERGY CORP 0.5%

Value ($000) $4,635 Shares 50,000 Est. Cost $147.03 Unrealized -37.4%

UEC URANIUM ENERGY CORP 0.1%

Value ($000) $1,315 Shares 112,625 Est. Cost $6.27 Unrealized +109.3%

NXE NEXGEN ENERGY LTD 0.4%

Value ($000) $3,496 Shares 380,000 Est. Cost $7.43 Unrealized +18.8%

AEM AGNICO EAGLE MINES LTD 1.3%

Value ($000) $11,828 Shares 69,770 Est. Cost $98.26 Unrealized +70.8%

CNL COLLECTIVE MINING LTD 0.8%

Value ($000) $6,857 Shares 470,000 Est. Cost $5.01 Unrealized +142.6%

AVGO BROADCOM INC 0.2%

Value ($000) $1,530 Shares 4,422 Est. Cost $166.34 Unrealized +114.6%

CSCO CISCO SYSTEMS INC 0.1%

Value ($000) $569 Shares 7,388 Est. Cost $67.38 Unrealized +9.5%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $583 Shares 2,815 Est. Cost $169.51 Unrealized +16.2%

WMT WALMART INC 0.1%

Value ($000) $745 Shares 6,691 Est. Cost $55.06 Unrealized +94.7%

GS GOLDMAN SACHS GROUP INC 0.1%

Value ($000) $570 Shares 648 Est. Cost $475.08 Unrealized +71.2%

COST COSTCO WHOLESALE CORP 0.1%

Value ($000) $621 Shares 720 Est. Cost $449.32 Unrealized +101.6%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $539 Shares 4,476 Est. Cost $109.70 Unrealized +5.3%

BAC BANK OF AMERICA CORP 0.1%

Value ($000) $542 Shares 9,848 Est. Cost $48.34 Unrealized +8.9%

APH AMPHENOL CORP CLASS A 0.0%

Value ($000) $286 Shares 2,120 Est. Cost $81.39 Unrealized +64.1%

DNN DENISON MINES CORP 0.1%

Value ($000) $505 Shares 190,000 Est. Cost $2.10 Unrealized +29.3%

GE GE AEROSPACE 0.1%

Value ($000) $548 Shares 1,780 Est. Cost $272.69 Unrealized +10.3%

HWM HOWMET AEROSPACE INC 0.0%

Value ($000) $277 Shares 1,349 Est. Cost $182.11 Unrealized +9.3%

MCD MCDONALDS CORP 0.1%

Value ($000) $510 Shares 1,670 Est. Cost $301.40 Unrealized +1.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAG	IAMGOLD CORP	418,900	$6,908	0.8%	$5.91	+138.3%	COM	450913108
AGI	ALAMOS GOLD INC CLASS A	305,000	$11,767	1.3%	$28.59	+21.9%	COM	011532108
EQT	EQT CORP	1,208,717	$64,787	7.2%	$47.65	+17.8%	COM	26884L109
PTEN	PATTERSON UTI ENERGY INC	500,000	$3,055	0.3%	$5.75	+3.8%	COM	703481101
PR	PERMIAN RESOURCES CORP CLASS A	350,000	$4,911	0.5%	$12.14	+10.6%	COM	71424F105
CHRD	CHORD ENERGY CORP	50,000	$4,635	0.5%	$147.03	-37.4%	COM	674215207
UEC	URANIUM ENERGY CORP	112,625	$1,315	0.1%	$6.27	+109.3%	COM	916896103
NXE	NEXGEN ENERGY LTD	380,000	$3,496	0.4%	$7.43	+18.8%	COM	65340P106
AEM	AGNICO EAGLE MINES LTD	69,770	$11,828	1.3%	$98.26	+70.8%	COM	008474108
CNL	COLLECTIVE MINING LTD	470,000	$6,857	0.8%	$5.01	+142.6%	COM	19425C100
AVGO	BROADCOM INC	4,422	$1,530	0.2%	$166.34	+114.6%	COM	11135F101
CSCO	CISCO SYSTEMS INC	7,388	$569	0.1%	$67.38	+9.5%	COM	17275R102
JNJ	JOHNSON & JOHNSON	2,815	$583	0.1%	$169.51	+16.2%	COM	478160104
WMT	WALMART INC	6,691	$745	0.1%	$55.06	+94.7%	COM	931142103
GS	GOLDMAN SACHS GROUP INC	648	$570	0.1%	$475.08	+71.2%	COM	38141G104
COST	COSTCO WHOLESALE CORP	720	$621	0.1%	$449.32	+101.6%	COM	22160K105
XOM	EXXON MOBIL CORP	4,476	$539	0.1%	$109.70	+5.3%	COM	30231G102
BAC	BANK OF AMERICA CORP	9,848	$542	0.1%	$48.34	+8.9%	COM	060505104
APH	AMPHENOL CORP CLASS A	2,120	$286	0.0%	$81.39	+64.1%	COM	032095101
DNN	DENISON MINES CORP	190,000	$505	0.1%	$2.10	+29.3%	COM	248356107
GE	GE AEROSPACE	1,780	$548	0.1%	$272.69	+10.3%	COM	369604301
HWM	HOWMET AEROSPACE INC	1,349	$277	0.0%	$182.11	+9.3%	COM	443201108
MCD	MCDONALDS CORP	1,670	$510	0.1%	$301.40	+1.2%	COM	580135101