Lingotto Investment Management LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NET	CLOUDFLARE INC	175,635	$34,626	0.6%	$211.53	0.0%	CL A COM	18915M107
RKT	ROCKET COS INC	299,900	$5,806	0.1%	$17.88	0.0%	COM CL A	77311W101
RUN	SUNRUN INC	243,500	$4,480	0.1%	$19.17	0.0%	COM	86771W105
PRMB	PRIMO BRANDS CORPORATION	179,200	$2,930	0.1%	$18.48	0.0%	CLASS A COM SHS	741623102
VRT	VERTIV HOLDINGS CO	16,300	$2,641	0.0%	$173.58	0.0%	COM CL A	92537N108
BABA	ALIBABA GROUP HLDG LTD	17,100	$2,507	0.0%	$146.58	—	SPONSORED ADS	01609W102
UUUU	ENERGY FUELS INC	96,900	$1,409	0.0%	$16.97	0.0%	COM NEW	292671708

Increased Positions (14)

ISRG INTUITIVE SURGICAL INC 1.1%

Value ($000) $61,029 (+78.7%) Shares 107,756 (+41.1%) Est. Cost $402.51 Unrealized +32.3%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.5%

Value ($000) $83,533 (+45.9%) Shares 274,878 (+34.1%) Est. Cost $192.17 Unrealized —

NVDA NVIDIA CORPORATION 1.7%

Value ($000) $96,041 (+34.2%) Shares 514,967 (+34.2%) Est. Cost $118.07 Unrealized +57.6%

TSLA TESLA INC 0.5%

Value ($000) $26,445 (+35.3%) Shares 58,804 (+33.8%) Est. Cost $257.16 Unrealized +72.4%

PONY PONY AI INC 1.0%

Value ($000) $59,559 (+11.3%) Shares 4,107,512 (+72.6%) Est. Cost $13.73 Unrealized —

MELI MERCADOLIBRE INC 0.7%

Value ($000) $40,591 (+15.7%) Shares 20,152 (+34.2%) Est. Cost $1529.21 Unrealized +37.4%

MSFT MICROSOFT CORP 0.7%

Value ($000) $42,963 (+13.6%) Shares 88,837 (+21.7%) Est. Cost $374.96 Unrealized +33.5%

MRNA MODERNA INC 0.3%

Value ($000) $14,706 (+52.6%) Shares 498,693 (+33.7%) Est. Cost $89.48 Unrealized -69.6%

TEM TEMPUS AI INC 1.2%

Value ($000) $67,525 (+6.7%) Shares 1,143,526 (+45.9%) Est. Cost $45.62 Unrealized +71.5%

JOBY JOBY AVIATION INC 0.7%

Value ($000) $41,425 (+9.7%) Shares 3,138,240 (+34.2%) Est. Cost $8.25 Unrealized +86.1%

RXRX RECURSION PHARMACEUTICALS IN 0.4%

Value ($000) $20,168 (+12.5%) Shares 4,931,057 (+34.2%) Est. Cost $7.28 Unrealized -32.0%

DUOL DUOLINGO INC 0.1%

Value ($000) $5,890 (-26.8%) Shares 33,563 (+34.3%) Est. Cost $386.95 Unrealized -39.1%

AUR AURORA INNOVATION INC 0.5%

Value ($000) $31,311 (-4.5%) Shares 8,153,945 (+34.1%) Est. Cost $6.01 Unrealized -23.8%

NOW SERVICENOW INC 0.8%

Value ($000) $43,709 (+3.0%) Shares 285,325 (+518.9%) Est. Cost $164.17 Unrealized +4.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ISRG	INTUITIVE SURGICAL INC	107,756 (+41.1%)	$61,029 (+78.7%)	1.1%	$402.51	+32.3%	COM NEW	46120E602
TSM	TAIWAN SEMICONDUCTOR MFG LTD	274,878 (+34.1%)	$83,533 (+45.9%)	1.5%	$192.17	—	SPONSORED ADS	874039100
NVDA	NVIDIA CORPORATION	514,967 (+34.2%)	$96,041 (+34.2%)	1.7%	$118.07	+57.6%	COM	67066G104
TSLA	TESLA INC	58,804 (+33.8%)	$26,445 (+35.3%)	0.5%	$257.16	+72.4%	COM	88160R101
PONY	PONY AI INC	4,107,512 (+72.6%)	$59,559 (+11.3%)	1.0%	$13.73	—	SPONSORED ADS	732908108
MELI	MERCADOLIBRE INC	20,152 (+34.2%)	$40,591 (+15.7%)	0.7%	$1529.21	+37.4%	COM	58733R102
MSFT	MICROSOFT CORP	88,837 (+21.7%)	$42,963 (+13.6%)	0.7%	$374.96	+33.5%	COM	594918104
MRNA	MODERNA INC	498,693 (+33.7%)	$14,706 (+52.6%)	0.3%	$89.48	-69.6%	COM	60770K107
TEM	TEMPUS AI INC	1,143,526 (+45.9%)	$67,525 (+6.7%)	1.2%	$45.62	+71.5%	CL A	88023B103
JOBY	JOBY AVIATION INC	3,138,240 (+34.2%)	$41,425 (+9.7%)	0.7%	$8.25	+86.1%	COMMON STOCK	G65163100
RXRX	RECURSION PHARMACEUTICALS IN	4,931,057 (+34.2%)	$20,168 (+12.5%)	0.4%	$7.28	-32.0%	CL A	75629V104
DUOL	DUOLINGO INC	33,563 (+34.3%)	$5,890 (-26.8%)	0.1%	$386.95	-39.1%	CL A COM	26603R106
AUR	AURORA INNOVATION INC	8,153,945 (+34.1%)	$31,311 (-4.5%)	0.5%	$6.01	-23.8%	CLASS A COM	051774107
NOW	SERVICENOW INC	285,325 (+518.9%)	$43,709 (+3.0%)	0.8%	$164.17	+4.5%	COM	81762P102

Exited Positions (4)

DKNG DRAFTKINGS INC NEW 0.1%

Value ($000) $6,020 Shares 160,967 Est. Cost $39.42 Unrealized -16.6%

UBER UBER TECHNOLOGIES INC 0.1%

Value ($000) $5,261 Shares 53,700 Est. Cost $69.99 Unrealized +28.6%

TLT ISHARES TR 0.1%

Value ($000) $4,915 Shares 55,000 Est. Cost — Unrealized —

BHVN BIOHAVEN LTD 0.0%

Value ($000) $366 Shares 24,390 Est. Cost $35.26 Unrealized -64.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DKNG	DRAFTKINGS INC NEW	160,967	$6,020	0.1%	$39.42	-16.6%	—	26142V105
UBER	UBER TECHNOLOGIES INC	53,700	$5,261	0.1%	$69.99	+28.6%	—	90353T100
TLT	ISHARES TR	55,000	$4,915	0.1%	—	—	CALL	464287432
BHVN	BIOHAVEN LTD	24,390	$366	0.0%	$35.26	-64.9%	—	G1110E107

Decreased Positions (3)

HMY HARMONY GOLD MINING CO LTD 1.7%

Value ($000) $97,456 (-52.6%) Shares 4,897,286 (-56.8%) Est. Cost $3.49 Unrealized —

SLB SLB LIMITED 2.8%

Value ($000) $159,590 (-22.0%) Shares 4,158,163 (-30.1%) Est. Cost $35.21 Unrealized +2.4%

CVNA CARVANA CO 21.0%

Value ($000) $1,204,926 (+3.2%) Shares 2,855,140 (-7.7%) Est. Cost $21.09 Unrealized +1662.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HMY	HARMONY GOLD MINING CO LTD	4,897,286 (-56.8%)	$97,456 (-52.6%)	1.7%	$3.49	—	SPONSORED ADR	413216300
SLB	SLB LIMITED	4,158,163 (-30.1%)	$159,590 (-22.0%)	2.8%	$35.21	+2.4%	COM STK	806857108
CVNA	CARVANA CO	2,855,140 (-7.7%)	$1,204,926 (+3.2%)	21.0%	$21.09	+1662.3%	CL A	146869102

Unchanged Positions (15)

TEVA TEVA PHARMACEUTICAL INDS LTD 15.5%

Value ($000) $887,075 Shares 28,422,768 Est. Cost $9.21 Unrealized —

PSKY PARAMOUNT SKYDANCE CORP 11.0%

Value ($000) $632,397 Shares 47,193,833 Est. Cost $14.51 Unrealized +7.3%

SBSW SIBANYE STILLWATER LTD 7.1%

Value ($000) $405,133 Shares 28,430,409 Est. Cost $5.60 Unrealized —

AG FIRST MAJESTIC SILVER CORP 2.9%

Value ($000) $167,382 Shares 10,046,918 Est. Cost $5.96 Unrealized +133.0%

GDXJ VANECK ETF TRUST 5.2%

Value ($000) $296,157 Shares 2,602,894 Est. Cost $32.38 Unrealized —

NG NOVAGOLD RES INC 5.7%

Value ($000) $328,034 Shares 35,196,788 Est. Cost $4.87 Unrealized +90.5%

RRC RANGE RES CORP 4.4%

Value ($000) $254,461 Shares 7,216,694 Est. Cost $13.50 Unrealized +176.0%

VEON VEON LTD 5.6%

Value ($000) $318,619 Shares 6,060,852 Est. Cost $20.27 Unrealized —

SLB SLB LIMITED 1.2%

Value ($000) $69,152 Shares 1,801,770 Est. Cost $35.21 Unrealized +2.4%

VAL VALARIS LTD 3.3%

Value ($000) $187,446 Shares 3,719,176 Est. Cost $50.05 Unrealized +7.2%

DNA GINKGO BIOWORKS HOLDINGS INC 0.0%

Value ($000) $2,080 Shares 250,282 Est. Cost $10.02 Unrealized +7.4%

APG API GROUP CORP 0.2%

Value ($000) $11,753 Shares 307,200 Est. Cost $28.16 Unrealized +31.3%

H HYATT HOTELS CORP 0.2%

Value ($000) $10,088 Shares 62,923 Est. Cost $143.53 Unrealized +6.7%

AMZN AMAZON COM INC 0.2%

Value ($000) $9,789 Shares 42,410 Est. Cost $183.20 Unrealized +24.9%

CRH CRH PLC 0.1%

Value ($000) $7,458 Shares 59,761 Est. Cost $95.29 Unrealized +25.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TEVA	TEVA PHARMACEUTICAL INDS LTD	28,422,768	$887,075	15.5%	$9.21	—	SPONSORED ADS	881624209
PSKY	PARAMOUNT SKYDANCE CORP	47,193,833	$632,397	11.0%	$14.51	+7.3%	COM CL B	69932A204
SBSW	SIBANYE STILLWATER LTD	28,430,409	$405,133	7.1%	$5.60	—	SPONSORED ADR	82575P107
AG	FIRST MAJESTIC SILVER CORP	10,046,918	$167,382	2.9%	$5.96	+133.0%	COM	32076V103
GDXJ	VANECK ETF TRUST	2,602,894	$296,157	5.2%	$32.38	—	JUNIOR GOLD MINE	92189F791
NG	NOVAGOLD RES INC	35,196,788	$328,034	5.7%	$4.87	+90.5%	COM NEW	66987E206
RRC	RANGE RES CORP	7,216,694	$254,461	4.4%	$13.50	+176.0%	COM	75281A109
VEON	VEON LTD	6,060,852	$318,619	5.6%	$20.27	—	SPONSORED ADS	91822M502
SLB	SLB LIMITED	1,801,770	$69,152	1.2%	$35.21	+2.4%	CALL	806857108
VAL	VALARIS LTD	3,719,176	$187,446	3.3%	$50.05	+7.2%	CL A	G9460G101
DNA	GINKGO BIOWORKS HOLDINGS INC	250,282	$2,080	0.0%	$10.02	+7.4%	CL A NEW	37611X209
APG	API GROUP CORP	307,200	$11,753	0.2%	$28.16	+31.3%	COM STK	00187Y100
H	HYATT HOTELS CORP	62,923	$10,088	0.2%	$143.53	+6.7%	COM CL A	448579102
AMZN	AMAZON COM INC	42,410	$9,789	0.2%	$183.20	+24.9%	COM	023135106
CRH	CRH PLC	59,761	$7,458	0.1%	$95.29	+25.0%	ORD	G25508105