Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIRK	BIRKENSTOCK HOLDING PLC	215,000	$9.251M	8.5%	$43.03	—	COM SHS	M2029K104
BX	BLACKSTONE INC	55,000	$6.472M	6.0%	$117.67	—	COM	09260D107
ADBE	ADOBE INC	24,000	$4.92M	4.5%	$205.02	—	COM	00724F101
GLBE	GLOBAL E ONLINE LTD	90,000	$3.126M	2.9%	$34.73	—	SHS	M5216V106
DUK	DUKE ENERGY CORP NEW	7,600	$962K	0.9%	$126.58	—	COM NEW	26441C204
YPF	YPF SOCIEDAD ANONIMA	19,600	$891K	0.8%	$45.47	—	SPON ADR CL D	984245100
BKR	BAKER HUGHES COMPANY	12,800	$710K	0.7%	$55.50	—	CL A	05722G100
RUN	SUNRUN INC	20,088	$269K	0.2%	$13.38	—	COM	86771W105
FTI	TECHNIPFMC PLC	3,288	$218K	0.2%	$66.30	—	COM	G87110105
HL	HECLA MINING COMPANY	10,800	$167K	0.2%	$15.43	—	COM	422704106

Increased Positions (24)

XLV SELECT SECTOR SPDR TR 5.9%

Value $6.346M (+332.9%) Shares 40,000 (+300.0%) Est. Cost $153.79 Unrealized —

NXT NEXTPOWER INC 1.8%

Value $1.988M (+139.4%) Shares 16,688 (+142.3%) Est. Cost $102.47 Unrealized —

GEV GE VERNOVA INC 1.4%

Value $1.513M (+255.2%) Shares 1,288 (+163.9%) Est. Cost $960.48 Unrealized —

PR PERMIAN RESOURCES CORP 1.1%

Value $1.171M (+472.1%) Shares 63,600 (+562.5%) Est. Cost $17.76 Unrealized —

TRGP TARGA RES CORP 1.1%

Value $1.224M (+191.0%) Shares 4,566 (+172.1%) Est. Cost $230.28 Unrealized —

VLO VALERO ENERGY CORP 0.9%

Value $940K (+110.3%) Shares 3,608 (+99.6%) Est. Cost $225.17 Unrealized —

EQT EQT CORP 2.2%

Value $2.382M (+25.6%) Shares 44,800 (+50.3%) Est. Cost $51.98 Unrealized —

OVV OVINTIV INC 1.3%

Value $1.411M (+41.5%) Shares 26,800 (+59.5%) Est. Cost $44.15 Unrealized —

GLNG GOLAR LNG LTD 0.6%

Value $638K (+145.6%) Shares 12,800 (+166.7%) Est. Cost $45.44 Unrealized —

XEL XCEL ENERGY INC 2.0%

Value $2.216M (+18.2%) Shares 27,600 (+16.9%) Est. Cost $76.35 Unrealized —

NRG NRG ENERGY INC 0.9%

Value $993K (+41.6%) Shares 6,800 (+41.7%) Est. Cost $154.83 Unrealized —

AEP AMERICAN ELEC PWR CO INC 1.7%

Value $1.861M (+12.7%) Shares 13,600 (+7.9%) Est. Cost $118.36 Unrealized —

VNOM VIPER ENERGY INC 2.5%

Value $2.697M (-6.8%) Shares 63,600 (+3.2%) Est. Cost $38.16 Unrealized —

HAL HALLIBURTON CO 1.5%

Value $1.575M (+13.5%) Shares 46,400 (+30.3%) Est. Cost $33.64 Unrealized —

CCJ CAMECO CORP 1.2%

Value $1.283M (+13.6%) Shares 12,600 (+21.2%) Est. Cost $81.39 Unrealized —

CVX CHEVRON CORPORATION 1.3%

Value $1.392M (-9.1%) Shares 8,400 (+13.5%) Est. Cost $160.65 Unrealized —

VG VENTURE GLOBAL INC 0.3%

Value $298K (+75.2%) Shares 26,800 (+148.1%) Est. Cost $10.23 Unrealized —

SRE SEMPRA 1.5%

Value $1.632M (+7.6%) Shares 17,600 (+12.8%) Est. Cost $89.88 Unrealized —

ET ENERGY TRANSFER L P 1.7%

Value $1.824M (+6.7%) Shares 95,400 (+7.7%) Est. Cost $16.78 Unrealized —

FANG DIAMONDBACK ENERGY INC 2.2%

Value $2.392M (-4.1%) Shares 13,608 (+7.9%) Est. Cost $149.99 Unrealized —

UEC URANIUM ENERGY CORP 0.2%

Value $179K (-16.0%) Shares 16,800 (+6.3%) Est. Cost $16.14 Unrealized —

LNG CHENIERE ENERGY INC 0.7%

Value $765K (-3.7%) Shares 3,200 (+14.3%) Est. Cost $213.44 Unrealized —

PSX PHILLIPS 66 1.3%

Value $1.384M (-1.2%) Shares 8,188 (+6.5%) Est. Cost $143.65 Unrealized —

SLB SLB LIMITED 1.4%

Value $1.553M (-0.6%) Shares 33,400 (+9.9%) Est. Cost $38.76 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLV	SELECT SECTOR SPDR TR	40,000 (+300.0%)	$6.346M (+332.9%)	5.9%	$153.79	—	ST STR CARE ETF	81369Y209
NXT	NEXTPOWER INC	16,688 (+142.3%)	$1.988M (+139.4%)	1.8%	$102.47	—	CLASS A COM	65290E101
GEV	GE VERNOVA INC	1,288 (+163.9%)	$1.513M (+255.2%)	1.4%	$960.48	—	COM	36828A101
PR	PERMIAN RESOURCES CORP	63,600 (+562.5%)	$1.171M (+472.1%)	1.1%	$17.76	—	CLASS A COM	71424F105
TRGP	TARGA RES CORP	4,566 (+172.1%)	$1.224M (+191.0%)	1.1%	$230.28	—	COM	87612G101
VLO	VALERO ENERGY CORP	3,608 (+99.6%)	$940K (+110.3%)	0.9%	$225.17	—	COM	91913Y100
EQT	EQT CORP	44,800 (+50.3%)	$2.382M (+25.6%)	2.2%	$51.98	—	COM	26884L109
OVV	OVINTIV INC	26,800 (+59.5%)	$1.411M (+41.5%)	1.3%	$44.15	—	COM	69047Q102
GLNG	GOLAR LNG LTD	12,800 (+166.7%)	$638K (+145.6%)	0.6%	$45.44	—	SHS	G9456A100
XEL	XCEL ENERGY INC	27,600 (+16.9%)	$2.216M (+18.2%)	2.0%	$76.35	—	COM	98389B100
NRG	NRG ENERGY INC	6,800 (+41.7%)	$993K (+41.6%)	0.9%	$154.83	—	COM NEW	629377508
AEP	AMERICAN ELEC PWR CO INC	13,600 (+7.9%)	$1.861M (+12.7%)	1.7%	$118.36	—	COM	025537101
VNOM	VIPER ENERGY INC	63,600 (+3.2%)	$2.697M (-6.8%)	2.5%	$38.16	—	CL A	64361Q101
HAL	HALLIBURTON CO	46,400 (+30.3%)	$1.575M (+13.5%)	1.5%	$33.64	—	COM	406216101
CCJ	CAMECO CORP	12,600 (+21.2%)	$1.283M (+13.6%)	1.2%	$81.39	—	COM	13321L108
CVX	CHEVRON CORPORATION	8,400 (+13.5%)	$1.392M (-9.1%)	1.3%	$160.65	—	COM	166764100
VG	VENTURE GLOBAL INC	26,800 (+148.1%)	$298K (+75.2%)	0.3%	$10.23	—	COM CL A	92333F101
SRE	SEMPRA	17,600 (+12.8%)	$1.632M (+7.6%)	1.5%	$89.88	—	COM	816851109
ET	ENERGY TRANSFER L P	95,400 (+7.7%)	$1.824M (+6.7%)	1.7%	$16.78	—	COM UT LTD PTN	29273V100
FANG	DIAMONDBACK ENERGY INC	13,608 (+7.9%)	$2.392M (-4.1%)	2.2%	$149.99	—	COM	25278X109
UEC	URANIUM ENERGY CORP	16,800 (+6.3%)	$179K (-16.0%)	0.2%	$16.14	—	COM	916896103
LNG	CHENIERE ENERGY INC	3,200 (+14.3%)	$765K (-3.7%)	0.7%	$213.44	—	COM NEW	16411R208
PSX	PHILLIPS 66	8,188 (+6.5%)	$1.384M (-1.2%)	1.3%	$143.65	—	COM	718546104
SLB	SLB LIMITED	33,400 (+9.9%)	$1.553M (-0.6%)	1.4%	$38.76	—	COM STK	806857108

Exited Positions (11)

LINE LINEAGE INC 5.4%

Value $5.897M Shares 180,000 Est. Cost $46.57 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 4.4%

Value $4.757M Shares 180,000 Est. Cost $46.00 Unrealized —

NEE NEXTERA ENERGY INC 1.3%

Value $1.356M Shares 14,600 Est. Cost $72.03 Unrealized —

DINO HF SINCLAIR CORP 0.9%

Value $973K Shares 15,600 Est. Cost $46.49 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.9%

Value $966K Shares 8,800 Est. Cost $105.80 Unrealized —

SHEL SHELL PLC 0.7%

Value $707K Shares 7,600 Est. Cost $68.25 Unrealized —

MPC MARATHON PETE CORP 0.7%

Value $705K Shares 2,888 Est. Cost $184.70 Unrealized —

HP HELMERICH & PAYNE INC 0.5%

Value $533K Shares 14,800 Est. Cost $33.28 Unrealized —

BP BP PLC 0.5%

Value $508K Shares 10,800 Est. Cost $47.00 Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP IN 0.4%

Value $382K Shares 58,000 Est. Cost $9.41 Unrealized —

MIR MIRION TECHNOLOGIES INC 0.3%

Value $349K Shares 18,800 Est. Cost $24.91 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LINE	LINEAGE INC	180,000	$5.897M	5.4%	$46.57	—	—	53566V106
CZR	CAESARS ENTERTAINMENT INC NE	180,000	$4.757M	4.4%	$46.00	—	—	12769G100
NEE	NEXTERA ENERGY INC	14,600	$1.356M	1.3%	$72.03	—	—	65339F101
DINO	HF SINCLAIR CORP	15,600	$973K	0.9%	$46.49	—	—	403949100
EXE	EXPAND ENERGY CORPORATION	8,800	$966K	0.9%	$105.80	—	—	165167735
SHEL	SHELL PLC	7,600	$707K	0.7%	$68.25	—	—	780259305
MPC	MARATHON PETE CORP	2,888	$705K	0.7%	$184.70	—	—	56585A102
HP	HELMERICH & PAYNE INC	14,800	$533K	0.5%	$33.28	—	—	423452101
BP	BP PLC	10,800	$508K	0.5%	$47.00	—	—	055622104
SHLS	SHOALS TECHNOLOGIES GROUP IN	58,000	$382K	0.4%	$9.41	—	—	82489W107
MIR	MIRION TECHNOLOGIES INC	18,800	$349K	0.3%	$24.91	—	—	60471A101

Decreased Positions (9)

COP CONOCOPHILLIPS 0.5%

Value $582K (-74.2%) Shares 5,600 (-67.2%) Est. Cost $103.08 Unrealized —

AMZN AMAZON COM INC 5.5%

Value $5.958M (-18.3%) Shares 25,000 (-28.6%) Est. Cost $228.79 Unrealized —

VST VISTRA CORP 0.4%

Value $444K (-66.4%) Shares 2,800 (-68.2%) Est. Cost $163.18 Unrealized —

FSLR FIRST SOLAR INC 0.9%

Value $936K (-47.1%) Shares 3,968 (-55.8%) Est. Cost $214.28 Unrealized —

ARRY ARRAY TECHNOLOGIES INC 0.9%

Value $1.014M (-39.8%) Shares 136,800 (-41.2%) Est. Cost $10.65 Unrealized —

PCG PG&E CORP 1.7%

Value $1.796M (-19.4%) Shares 106,800 (-15.8%) Est. Cost $15.99 Unrealized —

UUUU ENERGY FUELS INC 0.5%

Value $534K (-40.1%) Shares 36,800 (-24.6%) Est. Cost $21.60 Unrealized —

CDE COEUR MNG INC 0.3%

Value $274K (-47.1%) Shares 16,808 (-39.1%) Est. Cost $22.32 Unrealized —

FCX FREEPORT MCMORAN INC 0.4%

Value $428K (-24.2%) Shares 6,800 (-29.2%) Est. Cost $61.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COP	CONOCOPHILLIPS	5,600 (-67.2%)	$582K (-74.2%)	0.5%	$103.08	—	COM	20825C104
AMZN	AMAZON COM INC	25,000 (-28.6%)	$5.958M (-18.3%)	5.5%	$228.79	—	COM	023135106
VST	VISTRA CORP	2,800 (-68.2%)	$444K (-66.4%)	0.4%	$163.18	—	COM	92840M102
FSLR	FIRST SOLAR INC	3,968 (-55.8%)	$936K (-47.1%)	0.9%	$214.28	—	COM	336433107
ARRY	ARRAY TECHNOLOGIES INC	136,800 (-41.2%)	$1.014M (-39.8%)	0.9%	$10.65	—	COM SHS	04271T100
PCG	PG&E CORP	106,800 (-15.8%)	$1.796M (-19.4%)	1.7%	$15.99	—	COM	69331C108
UUUU	ENERGY FUELS INC	36,800 (-24.6%)	$534K (-40.1%)	0.5%	$21.60	—	COM NEW	292671708
CDE	COEUR MNG INC	16,808 (-39.1%)	$274K (-47.1%)	0.3%	$22.32	—	COM NEW	192108504
FCX	FREEPORT MCMORAN INC	6,800 (-29.2%)	$428K (-24.2%)	0.4%	$61.12	—	CL B	35671D857

Unchanged Positions (4)

GOOGL ALPHABET INC 14.0%

Value $15.19M Shares 42,500 Est. Cost $167.24 Unrealized —

AAPL APPLE INC 2.7%

Value $2.894M Shares 10,000 Est. Cost $87.75 Unrealized —

EOG EOG RES INC 1.1%

Value $1.142M Shares 8,800 Est. Cost $107.22 Unrealized —

UBER UBER TECHNOLOGIES INC 9.8%

Value $10.64M Shares 147,500 Est. Cost $54.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	42,500	$15.19M	14.0%	$167.24	—	CAP STK CL A	02079K305
AAPL	APPLE INC	10,000	$2.894M	2.7%	$87.75	—	COM	037833100
EOG	EOG RES INC	8,800	$1.142M	1.1%	$107.22	—	COM	26875P101
UBER	UBER TECHNOLOGIES INC	147,500	$10.64M	9.8%	$54.48	—	COM	90353T100