Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NU	NU HLDGS LTD	25,890,701	$372M	3.3%	$17.34	0.0%	ORD SHS CL A	G6683N103
TMO	THERMO FISHER SCIENTIFIC INC	725,005	$356M	3.2%	$574.61	0.0%	COM	883556102
SGI	SOMNIGROUP INTERNATIONAL INC	4,688,423	$347M	3.1%	$91.97	0.0%	COM	88023U101
CPNG	COUPANG INC	11,611,741	$219M	2.0%	$19.86	0.0%	CL A	22266T109
DASH	DOORDASH INC	1,437,500	$216M	1.9%	$196.68	0.0%	CL A	25809K105
CVNA	CARVANA CO	668,432	$210M	1.9%	$408.48	0.0%	CL A	146869102
MLM	MARTIN MARIETTA MATLS INC	322,857	$190M	1.7%	$661.01	0.0%	COM	573284106
CLS	CELESTICA INC	541,556	$153M	1.4%	$300.95	0.0%	COM	15101Q207
GOOGL	ALPHABET INC	468,900	$135M	1.2%	$323.29	0.0%	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MANUFAC	328,600	$111M	1.0%	$337.95	—	SPONSORED ADS	874039100
LYV	LIVE NATION ENTERTAINMENT IN	674,317	$103M	0.9%	$148.31	0.0%	COM	538034109
ADI	ANALOG DEVICES INC	292,444	$93.04M	0.8%	$316.17	0.0%	COM	032654105
FERG	FERGUSON ENTERPRISES INC	349,347	$81.49M	0.7%	$251.07	0.0%	COMMON STOCK NEW	31488V107
BLD	TOPBUILD COR	213,433	$74.98M	0.7%	$491.84	0.0%	COM	89055F103
U	UNITY SOFTWARE INC	3,259,983	$71.52M	0.6%	$32.68	0.0%	COM	91332U101
ASML	ASML HLDG NV	6,800	$8.982M	0.1%	$1320.83	—	N Y REGISTRY SHS	N07059210

Increased Positions (13)

DHR DANAHER CORP DEL 3.9%

Value $437M (+240.9%) Shares 2,304,148 (+311.7%) Est. Cost $218.05 Unrealized +3.0%

TXN TEXAS INSTRS INC 3.0%

Value $340M (+303.8%) Shares 1,753,001 (+260.8%) Est. Cost $196.42 Unrealized +5.0%

MELI MERCADOLIBRE INC 5.8%

Value $646M (+42.9%) Shares 373,675 (+66.5%) Est. Cost $2190.30 Unrealized -5.7%

AVGO BROADCOM INC 2.7%

Value $304M (+144.8%) Shares 981,495 (+173.7%) Est. Cost $323.78 Unrealized +3.2%

RDDT REDDIT INC 2.9%

Value $331M (-32.0%) Shares 2,459,151 (+16.1%) Est. Cost $168.98 Unrealized +12.2%

SE SEA LTD 3.0%

Value $336M (-24.5%) Shares 4,052,133 (+16.3%) Est. Cost $137.63 Unrealized —

KRC KILROY REALTY CORP 2.8%

Value $318M (-18.2%) Shares 11,275,077 (+8.4%) Est. Cost $38.74 Unrealized —

AMZN AMAZON COM INC 3.4%

Value $376M (+21.7%) Shares 1,807,523 (+34.8%) Est. Cost $228.28 Unrealized -0.6%

NVDA NVIDIA CORPORATION 2.4%

Value $274M (+27.6%) Shares 1,568,793 (+36.5%) Est. Cost $181.61 Unrealized +2.8%

JHX JAMES HARDIE INDS PLC 4.8%

Value $536M (+5.9%) Shares 28,300,283 (+16.0%) Est. Cost $23.18 Unrealized +2.5%

AFRM AFFIRM HLDGS INC 0.8%

Value $88.75M (+45.4%) Shares 1,936,900 (+136.2%) Est. Cost $62.39 Unrealized +3.7%

DIS DISNEY WALT CO 2.0%

Value $227M (-9.9%) Shares 2,355,100 (+6.3%) Est. Cost $113.34 Unrealized -3.4%

COF CAPITAL ONE FINL CORP 1.8%

Value $204M (+1.5%) Shares 1,116,738 (+34.8%) Est. Cost $190.81 Unrealized +17.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORP DEL	2,304,148 (+311.7%)	$437M (+240.9%)	3.9%	$218.05	+3.0%	COM	235851102
TXN	TEXAS INSTRS INC	1,753,001 (+260.8%)	$340M (+303.8%)	3.0%	$196.42	+5.0%	COM	882508104
MELI	MERCADOLIBRE INC	373,675 (+66.5%)	$646M (+42.9%)	5.8%	$2190.30	-5.7%	COM	58733R102
AVGO	BROADCOM INC	981,495 (+173.7%)	$304M (+144.8%)	2.7%	$323.78	+3.2%	COM	11135F101
RDDT	REDDIT INC	2,459,151 (+16.1%)	$331M (-32.0%)	2.9%	$168.98	+12.2%	CL A	75734B100
SE	SEA LTD	4,052,133 (+16.3%)	$336M (-24.5%)	3.0%	$137.63	—	SPONSORD ADS	81141R100
KRC	KILROY REALTY CORP	11,275,077 (+8.4%)	$318M (-18.2%)	2.8%	$38.74	—	COM	49427F108
AMZN	AMAZON COM INC	1,807,523 (+34.8%)	$376M (+21.7%)	3.4%	$228.28	-0.6%	COM	023135106
NVDA	NVIDIA CORPORATION	1,568,793 (+36.5%)	$274M (+27.6%)	2.4%	$181.61	+2.8%	COM	67066G104
JHX	JAMES HARDIE INDS PLC	28,300,283 (+16.0%)	$536M (+5.9%)	4.8%	$23.18	+2.5%	ORD SHS	G4253H101
AFRM	AFFIRM HLDGS INC	1,936,900 (+136.2%)	$88.75M (+45.4%)	0.8%	$62.39	+3.7%	COM CL A	00827B106
DIS	DISNEY WALT CO	2,355,100 (+6.3%)	$227M (-9.9%)	2.0%	$113.34	-3.4%	COM	254687106
COF	CAPITAL ONE FINL CORP	1,116,738 (+34.8%)	$204M (+1.5%)	1.8%	$190.81	+17.0%	COM	14040H105

Exited Positions (14)

META META PLATFORMS INC 2.2%

Value $248M Shares 376,162 Est. Cost $722.09 Unrealized -9.2%

ENTG ENTEGRIS INC 1.9%

Value $210M Shares 2,493,416 Est. Cost $95.29 Unrealized +24.2%

LIN LINDE PLC 1.8%

Value $206M Shares 483,808 Est. Cost $427.28 Unrealized +7.7%

SATS ECHOSTAR CORP 1.8%

Value $202M Shares 1,855,800 Est. Cost $65.42 Unrealized +77.9%

SNPS SYNOPSYS INC 1.6%

Value $178M Shares 378,350 Est. Cost $494.40 Unrealized -4.6%

GEHC GE HEALTHCARE TECHNOLOGIES I 1.3%

Value $145M Shares 1,763,284 Est. Cost $81.31 Unrealized +1.2%

CNM CORE & MAIN INC 1.2%

Value $138M Shares 2,647,789 Est. Cost $52.12 Unrealized +7.9%

ANET ARISTA NETWORKS INC 1.1%

Value $126M Shares 962,429 Est. Cost $137.66 Unrealized -1.9%

APG API GROUP CORP 0.8%

Value $84.35M Shares 2,204,600 Est. Cost $34.90 Unrealized +22.7%

Q QNITY ELECTRONICS INC 0.7%

Value $76.52M Shares 937,135 Est. Cost $84.91 Unrealized +19.2%

BAC BANK AMERICA CORP 0.6%

Value $68.49M Shares 1,245,247 Est. Cost $43.44 Unrealized +23.5%

NI NISOURCE INC 0.5%

Value $50.72M Shares 1,214,570 Est. Cost $42.62 Unrealized +3.2%

AEP AMERICAN ELEC PWR CO INC 0.4%

Value $39.68M Shares 344,100 Est. Cost $117.70 Unrealized +2.4%

MDLN MEDLINE INC 0.1%

Value $15.84M Shares 377,131 Est. Cost $42.23 Unrealized +6.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	376,162	$248M	2.2%	$722.09	-9.2%	—	30303M102
ENTG	ENTEGRIS INC	2,493,416	$210M	1.9%	$95.29	+24.2%	—	29362U104
LIN	LINDE PLC	483,808	$206M	1.8%	$427.28	+7.7%	—	G54950103
SATS	ECHOSTAR CORP	1,855,800	$202M	1.8%	$65.42	+77.9%	—	278768106
SNPS	SYNOPSYS INC	378,350	$178M	1.6%	$494.40	-4.6%	—	871607107
GEHC	GE HEALTHCARE TECHNOLOGIES I	1,763,284	$145M	1.3%	$81.31	+1.2%	—	36266G107
CNM	CORE & MAIN INC	2,647,789	$138M	1.2%	$52.12	+7.9%	—	21874C102
ANET	ARISTA NETWORKS INC	962,429	$126M	1.1%	$137.66	-1.9%	—	040413205
APG	API GROUP CORP	2,204,600	$84.35M	0.8%	$34.90	+22.7%	—	00187Y100
Q	QNITY ELECTRONICS INC	937,135	$76.52M	0.7%	$84.91	+19.2%	—	74743L100
BAC	BANK AMERICA CORP	1,245,247	$68.49M	0.6%	$43.44	+23.5%	—	060505104
NI	NISOURCE INC	1,214,570	$50.72M	0.5%	$42.62	+3.2%	—	65473P105
AEP	AMERICAN ELEC PWR CO INC	344,100	$39.68M	0.4%	$117.70	+2.4%	—	025537101
MDLN	MEDLINE INC	377,131	$15.84M	0.1%	$42.23	+6.2%	—	58507V107

Decreased Positions (9)

CLH CLEAN HARBORS INC 3.4%

Value $384M (-41.2%) Shares 1,338,281 (-51.9%) Est. Cost $226.49 Unrealized +16.2%

SHW SHERWIN WILLIAMS CO 1.4%

Value $152M (-51.3%) Shares 473,753 (-50.8%) Est. Cost $334.11 Unrealized +6.3%

FLS FLOWSERVE CORP 3.8%

Value $432M (-18.7%) Shares 5,874,441 (-23.3%) Est. Cost $52.53 Unrealized +53.6%

SCHW SCHWAB CHARLES CORP 2.0%

Value $222M (-29.7%) Shares 2,357,390 (-25.3%) Est. Cost $78.98 Unrealized +26.8%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 2.8%

Value $316M (-21.6%) Shares 5,491,563 (-28.9%) Est. Cost $44.96 Unrealized +28.7%

SPOT SPOTIFY TECHNOLOGY S A 1.5%

Value $165M (-28.2%) Shares 340,494 (-14.0%) Est. Cost $625.13 Unrealized -20.4%

ADSK AUTODESK INC 0.7%

Value $73.95M (-45.2%) Shares 308,907 (-32.2%) Est. Cost $302.56 Unrealized -16.1%

XPO XPO INC 2.2%

Value $251M (-9.4%) Shares 1,287,630 (-36.7%) Est. Cost $116.91 Unrealized +45.7%

JCI JOHNSON CONTROLS INTERNATION 1.4%

Value $160M (-1.2%) Shares 1,224,055 (-9.6%) Est. Cost $114.81 Unrealized +9.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLH	CLEAN HARBORS INC	1,338,281 (-51.9%)	$384M (-41.2%)	3.4%	$226.49	+16.2%	COM	184496107
SHW	SHERWIN WILLIAMS CO	473,753 (-50.8%)	$152M (-51.3%)	1.4%	$334.11	+6.3%	COM	824348106
FLS	FLOWSERVE CORP	5,874,441 (-23.3%)	$432M (-18.7%)	3.8%	$52.53	+53.6%	COM	34354P105
SCHW	SCHWAB CHARLES CORP	2,357,390 (-25.3%)	$222M (-29.7%)	2.0%	$78.98	+26.8%	COM	808513105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	5,491,563 (-28.9%)	$316M (-21.6%)	2.8%	$44.96	+28.7%	CL A	499049104
SPOT	SPOTIFY TECHNOLOGY S A	340,494 (-14.0%)	$165M (-28.2%)	1.5%	$625.13	-20.4%	SHS	L8681T102
ADSK	AUTODESK INC	308,907 (-32.2%)	$73.95M (-45.2%)	0.7%	$302.56	-16.1%	COM	052769106
XPO	XPO INC	1,287,630 (-36.7%)	$251M (-9.4%)	2.2%	$116.91	+45.7%	COM	983793100
JCI	JOHNSON CONTROLS INTERNATION	1,224,055 (-9.6%)	$160M (-1.2%)	1.4%	$114.81	+9.8%	SHS	G51502105

Unchanged Positions (6)

APP APPLOVIN CORP 2.4%

Value $266M Shares 669,282 Est. Cost $298.45 Unrealized +69.9%

CART MAPLEBEAR INC 7.5%

Value $845M Shares 22,558,255 Est. Cost $30.31 Unrealized +26.2%

USFD US FOODS HLDG CORP 3.5%

Value $395M Shares 4,283,474 Est. Cost $75.86 Unrealized +14.2%

APO APOLLO GLOBAL MGMT INC 1.1%

Value $129M Shares 1,159,000 Est. Cost $149.83 Unrealized -11.0%

LINE LINEAGE INC 2.2%

Value $242M Shares 7,402,229 Est. Cost $47.92 Unrealized —

PURR HYPERLIQUID STRATEGIES INC 0.4%

Value $40.72M Shares 8,000,000 Est. Cost $3.47 Unrealized +18.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	669,282	$266M	2.4%	$298.45	+69.9%	COM CL A	03831W108
CART	MAPLEBEAR INC	22,558,255	$845M	7.5%	$30.31	+26.2%	COM	565394103
USFD	US FOODS HLDG CORP	4,283,474	$395M	3.5%	$75.86	+14.2%	COM	912008109
APO	APOLLO GLOBAL MGMT INC	1,159,000	$129M	1.1%	$149.83	-11.0%	COM	03769M106
LINE	LINEAGE INC	7,402,229	$242M	2.2%	$47.92	—	COM	53566V106
PURR	HYPERLIQUID STRATEGIES INC	8,000,000	$40.72M	0.4%	$3.47	+18.3%	COM	44916Y106