Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AKAM	AKAMAI TECHNOLOGIES INC	927,023	$106M	5.1%	$95.71	0.0%	COM	00971T101
ARM	ARM HOLDINGS PLC	691,364	$105M	5.0%	$151.28	—	SPONSORED ADS	042068205
VIAV	VIAVI SOLUTIONS INC	2,762,418	$91.93M	4.4%	$22.97	0.0%	COM	925550105
STM	STMICROELECTRONICS N V	2,334,005	$80.64M	3.9%	$34.55	—	NY REGISTRY	861012102
SIMO	SILICON MOTION TECHNOLOGY CO	538,748	$60.5M	2.9%	$112.29	—	SPONSORED ADR	82706C108
LFUS	LITTELFUSE INC	153,997	$52.26M	2.5%	$319.97	0.0%	COM	537008104
MRVL	MARVELL TECHNOLOGY INC	381,455	$37.78M	1.8%	$81.07	0.0%	COM	573874104
SNDK	SANDISK CORP	33,352	$21.19M	1.0%	$516.50	0.0%	COM	80004C200

Increased Positions (7)

MSI MOTOROLA SOLUTIONS INC 4.6%

Value $96.39M (+35.6%) Shares 222,108 (+19.7%) Est. Cost $403.28 Unrealized +3.1%

HPE HEWLETT PACKARD ENTERPRISE C 4.1%

Value $86.55M (+32.6%) Shares 3,635,167 (+33.8%) Est. Cost $22.02 Unrealized +0.2%

AVGO BROADCOM INC 5.2%

Value $110M (+21.4%) Shares 354,061 (+35.7%) Est. Cost $202.60 Unrealized +64.9%

ST SENSATA TECHNOLOGIES HLDG PL 2.5%

Value $51.72M (+20.9%) Shares 1,468,566 (+14.3%) Est. Cost $35.69 Unrealized +0.3%

NVDA NVIDIA CORPORATION 6.2%

Value $131M (-4.3%) Shares 750,125 (+2.3%) Est. Cost $103.15 Unrealized +80.9%

ALAB ASTERA LABS INC 2.6%

Value $55.27M (+7.5%) Shares 504,301 (+63.2%) Est. Cost $163.55 Unrealized -3.6%

APH AMPHENOL CORP 4.7%

Value $98.67M (+0.3%) Shares 780,955 (+7.3%) Est. Cost $69.75 Unrealized +109.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSI	MOTOROLA SOLUTIONS INC	222,108 (+19.7%)	$96.39M (+35.6%)	4.6%	$403.28	+3.1%	COM NEW	620076307
HPE	HEWLETT PACKARD ENTERPRISE C	3,635,167 (+33.8%)	$86.55M (+32.6%)	4.1%	$22.02	+0.2%	COM	42824C109
AVGO	BROADCOM INC	354,061 (+35.7%)	$110M (+21.4%)	5.2%	$202.60	+64.9%	COM	11135F101
ST	SENSATA TECHNOLOGIES HLDG PL	1,468,566 (+14.3%)	$51.72M (+20.9%)	2.5%	$35.69	+0.3%	SHS	G8060N102
NVDA	NVIDIA CORPORATION	750,125 (+2.3%)	$131M (-4.3%)	6.2%	$103.15	+80.9%	COM	67066G104
ALAB	ASTERA LABS INC	504,301 (+63.2%)	$55.27M (+7.5%)	2.6%	$163.55	-3.6%	COM	04626A103
APH	AMPHENOL CORP	780,955 (+7.3%)	$98.67M (+0.3%)	4.7%	$69.75	+109.9%	CL A	032095101

Exited Positions (7)

KLAC KLA CORP 4.2%

Value $87.06M Shares 71,648 Est. Cost $586.14 Unrealized +149.4%

CAMT CAMTEK LTD 3.5%

Value $73.77M Shares 693,720 Est. Cost $73.23 Unrealized +99.2%

TEL TE CONNECTIVITY PLC 3.2%

Value $67.02M Shares 294,566 Est. Cost $231.27 Unrealized -0.6%

MPWR MONOLITHIC PWR SYS INC 3.1%

Value $64.1M Shares 70,723 Est. Cost $808.07 Unrealized +36.7%

ON ON SEMICONDUCTOR CORP 2.8%

Value $58.77M Shares 1,085,296 Est. Cost $61.56 Unrealized +4.2%

ALGM ALLEGRO MICROSYSTEMS INC 2.4%

Value $49.86M Shares 1,890,072 Est. Cost $27.62 Unrealized +29.6%

OLED UNIVERSAL DISPLAY CORP 2.2%

Value $46.91M Shares 401,726 Est. Cost $129.25 Unrealized -8.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KLAC	KLA CORP	71,648	$87.06M	4.2%	$586.14	+149.4%	—	482480100
CAMT	CAMTEK LTD	693,720	$73.77M	3.5%	$73.23	+99.2%	—	M20791105
TEL	TE CONNECTIVITY PLC	294,566	$67.02M	3.2%	$231.27	-0.6%	—	G87052109
MPWR	MONOLITHIC PWR SYS INC	70,723	$64.1M	3.1%	$808.07	+36.7%	—	609839105
ON	ON SEMICONDUCTOR CORP	1,085,296	$58.77M	2.8%	$61.56	+4.2%	—	682189105
ALGM	ALLEGRO MICROSYSTEMS INC	1,890,072	$49.86M	2.4%	$27.62	+29.6%	—	01749D105
OLED	UNIVERSAL DISPLAY CORP	401,726	$46.91M	2.2%	$129.25	-8.0%	—	91347P105

Decreased Positions (10)

MU MICRON TECHNOLOGY INC 2.3%

Value $48.65M (-52.6%) Shares 144,010 (-60.0%) Est. Cost $229.35 Unrealized +68.8%

NOK NOKIA CORP 4.0%

Value $84.38M (-19.1%) Shares 10,494,766 (-34.9%) Est. Cost $6.47 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 4.9%

Value $102M (-14.5%) Shares 302,885 (-23.1%) Est. Cost $136.54 Unrealized —

TSEM TOWER SEMICONDUCTOR LTD 3.9%

Value $81.25M (-14.7%) Shares 463,022 (-42.9%) Est. Cost $34.44 Unrealized +274.2%

LITE LUMENTUM HLDGS INC 5.3%

Value $111M (-10.0%) Shares 157,688 (-52.8%) Est. Cost $76.95 Unrealized +507.1%

FN FABRINET 4.3%

Value $89.44M (+13.4%) Shares 171,493 (-1.0%) Est. Cost $178.63 Unrealized +175.8%

AMAT APPLIED MATLS INC 4.6%

Value $95.36M (-8.3%) Shares 278,994 (-31.0%) Est. Cost $193.76 Unrealized +68.5%

AEIS ADVANCED ENERGY INDS 5.0%

Value $105M (+7.9%) Shares 324,651 (-30.0%) Est. Cost $150.44 Unrealized +79.8%

MTSI MACOM TECH SOLUTIONS HLDGS I 4.6%

Value $96.9M (-6.7%) Shares 436,346 (-28.0%) Est. Cost $91.04 Unrealized +142.7%

CIEN CIENA CORP 4.6%

Value $96.05M (-4.2%) Shares 247,412 (-42.3%) Est. Cost $60.03 Unrealized +351.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	144,010 (-60.0%)	$48.65M (-52.6%)	2.3%	$229.35	+68.8%	COM	595112103
NOK	NOKIA CORP	10,494,766 (-34.9%)	$84.38M (-19.1%)	4.0%	$6.47	—	SPONSORED ADR	654902204
TSM	TAIWAN SEMICONDUCTOR MANUFAC	302,885 (-23.1%)	$102M (-14.5%)	4.9%	$136.54	—	SPONSORED ADS	874039100
TSEM	TOWER SEMICONDUCTOR LTD	463,022 (-42.9%)	$81.25M (-14.7%)	3.9%	$34.44	+274.2%	SHS NEW	M87915274
LITE	LUMENTUM HLDGS INC	157,688 (-52.8%)	$111M (-10.0%)	5.3%	$76.95	+507.1%	COM	55024U109
FN	FABRINET	171,493 (-1.0%)	$89.44M (+13.4%)	4.3%	$178.63	+175.8%	SHS	G3323L100
AMAT	APPLIED MATLS INC	278,994 (-31.0%)	$95.36M (-8.3%)	4.6%	$193.76	+68.5%	COM	038222105
AEIS	ADVANCED ENERGY INDS	324,651 (-30.0%)	$105M (+7.9%)	5.0%	$150.44	+79.8%	COM	007973100
MTSI	MACOM TECH SOLUTIONS HLDGS I	436,346 (-28.0%)	$96.9M (-6.7%)	4.6%	$91.04	+142.7%	COM	55405Y100
CIEN	CIENA CORP	247,412 (-42.3%)	$96.05M (-4.2%)	4.6%	$60.03	+351.3%	COM NEW	171779309