Silphium Asset Management Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VPL	VANGUARD INTL EQUITY INDEX F	178,600	$16,145	6.8%	$90.40	—	FTSE PACIFIC ETF	922042866
VGK	VANGUARD INTL EQUITY INDEX F	89,300	$7,466	3.2%	$83.61	—	FTSE EUROPE ETF	922042874
BBCA	J P MORGAN EXCHANGE TRADED F	42,900	$3,990	1.7%	$93.00	—	BETABUILDERS CDA	46641Q225
XLF	SELECT SECTOR SPDR TR	59,800	$3,275	1.4%	$54.77	—	STATE STREET FIN	81369Y605
XLV	SELECT SECTOR SPDR TR	20,975	$3,247	1.4%	$154.80	—	STATE STREET HEA	81369Y209
XLU	SELECT SECTOR SPDR TR	74,960	$3,200	1.4%	$42.69	—	STATE STREET UTI	81369Y886
XLE	SELECT SECTOR SPDR TR	48,970	$2,189	0.9%	$44.71	—	STATE STREET ENE	81369Y506
EQT	EQT CORP	36,478	$1,955	0.8%	$56.13	0.0%	COM	26884L109
ROK	ROCKWELL AUTOMATION INC	4,609	$1,793	0.8%	$375.21	0.0%	COM	773903109
KRE	SPDR SERIES TRUST	26,518	$1,719	0.7%	$64.81	—	STATE STREET SPD	78464A698
IQV	IQVIA HLDGS INC	7,220	$1,627	0.7%	$217.58	0.0%	COM	46266C105
COPX	GLOBAL X FDS	22,400	$1,608	0.7%	$71.79	—	GLOBAL X COPPER	37954Y830
TER	TERADYNE INC	8,300	$1,607	0.7%	$171.50	0.0%	COM	880770102
IBM	INTERNATIONAL BUSINESS MACHS	4,568	$1,353	0.6%	$298.78	0.0%	COM	459200101
APH	AMPHENOL CORP NEW	9,900	$1,338	0.6%	$133.54	0.0%	CL A	032095101
XLB	SELECT SECTOR SPDR TR	27,125	$1,230	0.5%	$45.35	—	STATE STREET MAT	81369Y100
JCI	JOHNSON CTLS INTL PLC	9,493	$1,137	0.5%	$114.81	0.0%	SHS	G51502105
ISRG	INTUITIVE SURGICAL INC	1,835	$1,039	0.4%	$532.37	0.0%	COM NEW	46120E602
MGA	MAGNA INTL INC	16,700	$890	0.4%	$48.87	0.0%	COM	559222401
ODFL	OLD DOMINION FREIGHT LINE IN	4,963	$778	0.3%	$143.18	0.0%	COM	679580100
IBKR	INTERACTIVE BROKERS GROUP IN	10,847	$698	0.3%	$66.89	0.0%	COM CL A	45841N107
TRMB	TRIMBLE INC	8,634	$676	0.3%	$79.69	0.0%	COM	896239100

Increased Positions (3)

VOO VANGUARD INDEX FDS 39.9%

Value ($000) $94,070 (+31.8%) Shares 150,000 (+28.7%) Est. Cost $586.24 Unrealized —

EWJ ISHARES INC 2.7%

Value ($000) $6,440 (+112.4%) Shares 79,761 (+111.0%) Est. Cost $80.49 Unrealized —

KBWB INVESCO EXCH TRADED FD TR II 2.1%

Value ($000) $5,041 (+25.2%) Shares 59,806 (+16.1%) Est. Cost $79.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	150,000 (+28.7%)	$94,070 (+31.8%)	39.9%	$586.24	—	S&P 500 ETF SHS	922908363
EWJ	ISHARES INC	79,761 (+111.0%)	$6,440 (+112.4%)	2.7%	$80.49	—	MSCI JAPAN ETF	46434G822
KBWB	INVESCO EXCH TRADED FD TR II	59,806 (+16.1%)	$5,041 (+25.2%)	2.1%	$79.05	—	KBW BK ETF	46138E628

Exited Positions (14)

VXUS VANGUARD STAR FDS 13.7%

Value ($000) $32,249 Shares 439,000 Est. Cost $69.38 Unrealized —

IAGG ISHARES TR 10.2%

Value ($000) $24,078 Shares 470,000 Est. Cost $51.12 Unrealized —

LQD ISHARES TR 9.2%

Value ($000) $21,647 Shares 194,200 Est. Cost $109.61 Unrealized —

VCSH VANGUARD SCOTTSDALE FDS 5.9%

Value ($000) $13,988 Shares 175,000 Est. Cost $79.84 Unrealized —

GOVT ISHARES TR 4.8%

Value ($000) $11,357 Shares 491,200 Est. Cost $22.98 Unrealized —

URTH ISHARES INC 2.8%

Value ($000) $6,632 Shares 36,530 Est. Cost $169.38 Unrealized —

VCLT VANGUARD SCOTTSDALE FDS 2.6%

Value ($000) $6,212 Shares 80,000 Est. Cost $77.65 Unrealized —

HD HOME DEPOT INC 2.3%

Value ($000) $5,488 Shares 13,544 Est. Cost $341.87 Unrealized +6.6%

BRO BROWN & BROWN INC 1.9%

Value ($000) $4,532 Shares 48,323 Est. Cost $81.92 Unrealized +1.8%

FISV FISERV INC 1.6%

Value ($000) $3,859 Shares 29,931 Est. Cost $137.50 Unrealized -39.0%

TXN TEXAS INSTRS INC 1.5%

Value ($000) $3,434 Shares 18,688 Est. Cost $160.30 Unrealized +6.5%

CRM SALESFORCE INC 1.2%

Value ($000) $2,846 Shares 12,007 Est. Cost $313.42 Unrealized -20.8%

RACE FERRARI N V 1.1%

Value ($000) $2,581 Shares 5,320 Est. Cost $347.11 Unrealized +15.3%

BIDU BAIDU INC 0.7%

Value ($000) $1,647 Shares 12,500 Est. Cost $90.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VXUS	VANGUARD STAR FDS	439,000	$32,249	13.7%	$69.38	—	—	921909768
IAGG	ISHARES TR	470,000	$24,078	10.2%	$51.12	—	—	46435G672
LQD	ISHARES TR	194,200	$21,647	9.2%	$109.61	—	—	464287242
VCSH	VANGUARD SCOTTSDALE FDS	175,000	$13,988	5.9%	$79.84	—	—	92206C409
GOVT	ISHARES TR	491,200	$11,357	4.8%	$22.98	—	—	46429B267
URTH	ISHARES INC	36,530	$6,632	2.8%	$169.38	—	—	464286392
VCLT	VANGUARD SCOTTSDALE FDS	80,000	$6,212	2.6%	$77.65	—	—	92206C813
HD	HOME DEPOT INC	13,544	$5,488	2.3%	$341.87	+6.6%	—	437076102
BRO	BROWN & BROWN INC	48,323	$4,532	1.9%	$81.92	+1.8%	—	115236101
FISV	FISERV INC	29,931	$3,859	1.6%	$137.50	-39.0%	—	337738108
TXN	TEXAS INSTRS INC	18,688	$3,434	1.5%	$160.30	+6.5%	—	882508104
CRM	SALESFORCE INC	12,007	$2,846	1.2%	$313.42	-20.8%	—	79466L302
RACE	FERRARI N V	5,320	$2,581	1.1%	$347.11	+15.3%	—	N3167Y103
BIDU	BAIDU INC	12,500	$1,647	0.7%	$90.11	—	—	056752108

Decreased Positions (21)

GOOGL ALPHABET INC 3.0%

Value ($000) $7,023 (-42.3%) Shares 22,437 (-55.2%) Est. Cost $192.08 Unrealized +48.7%

MSFT MICROSOFT CORP 3.3%

Value ($000) $7,668 (-37.2%) Shares 15,855 (-32.7%) Est. Cost $364.16 Unrealized +37.5%

META META PLATFORMS INC 1.6%

Value ($000) $3,775 (-53.2%) Shares 5,719 (-48.0%) Est. Cost $452.38 Unrealized +47.5%

NVDA NVIDIA CORPORATION 3.6%

Value ($000) $8,532 (-31.9%) Shares 45,749 (-31.9%) Est. Cost $115.84 Unrealized +60.7%

ETN EATON CORP PLC 0.7%

Value ($000) $1,698 (-68.6%) Shares 5,330 (-63.1%) Est. Cost $261.57 Unrealized +35.5%

COST COSTCO WHSL CORP NEW 0.8%

Value ($000) $1,956 (-60.8%) Shares 2,268 (-57.9%) Est. Cost $495.16 Unrealized +82.9%

TJX TJX COS INC NEW 0.7%

Value ($000) $1,710 (-61.9%) Shares 11,132 (-64.2%) Est. Cost $124.77 Unrealized +18.4%

AAPL APPLE INC 2.7%

Value ($000) $6,476 (-29.9%) Shares 23,820 (-34.4%) Est. Cost $225.58 Unrealized +19.0%

INTU INTUIT 0.6%

Value ($000) $1,329 (-67.5%) Shares 2,007 (-66.4%) Est. Cost $521.51 Unrealized +26.7%

MA MASTERCARD INCORPORATED 0.9%

Value ($000) $2,200 (-55.0%) Shares 3,853 (-55.2%) Est. Cost $400.35 Unrealized +39.6%

CP CANADIAN PACIFIC KANSAS CITY 0.7%

Value ($000) $1,551 (-58.0%) Shares 21,066 (-57.5%) Est. Cost $78.50 Unrealized -6.2%

AMZN AMAZON COM INC 2.5%

Value ($000) $5,837 (-23.2%) Shares 25,288 (-26.9%) Est. Cost $167.64 Unrealized +36.5%

MCK MCKESSON CORP 0.7%

Value ($000) $1,600 (-46.1%) Shares 1,951 (-49.2%) Est. Cost $557.26 Unrealized +46.4%

FXI ISHARES TR 2.2%

Value ($000) $5,299 (-19.7%) Shares 138,400 (-13.8%) Est. Cost $35.97 Unrealized —

WM WASTE MGMT INC DEL 0.7%

Value ($000) $1,583 (-44.5%) Shares 7,204 (-44.2%) Est. Cost $167.70 Unrealized +26.7%

CME CME GROUP INC 0.7%

Value ($000) $1,620 (-43.2%) Shares 5,933 (-43.8%) Est. Cost $170.58 Unrealized +58.7%

LLY ELI LILLY & CO 1.1%

Value ($000) $2,563 (-29.7%) Shares 2,385 (-50.1%) Est. Cost $608.22 Unrealized +57.1%

HQY HEALTHEQUITY INC 0.5%

Value ($000) $1,235 (-46.6%) Shares 13,478 (-44.8%) Est. Cost $93.19 Unrealized +2.7%

CACI CACI INTL INC 0.6%

Value ($000) $1,349 (-24.4%) Shares 2,532 (-29.3%) Est. Cost $443.01 Unrealized +27.6%

WMT WALMART INC 1.1%

Value ($000) $2,519 (-12.9%) Shares 22,614 (-19.5%) Est. Cost $53.35 Unrealized +100.9%

AVGO BROADCOM INC 1.6%

Value ($000) $3,835 (+3.0%) Shares 11,081 (-1.9%) Est. Cost $202.03 Unrealized +76.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	22,437 (-55.2%)	$7,023 (-42.3%)	3.0%	$192.08	+48.7%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	15,855 (-32.7%)	$7,668 (-37.2%)	3.3%	$364.16	+37.5%	COM	594918104
META	META PLATFORMS INC	5,719 (-48.0%)	$3,775 (-53.2%)	1.6%	$452.38	+47.5%	CL A	30303M102
NVDA	NVIDIA CORPORATION	45,749 (-31.9%)	$8,532 (-31.9%)	3.6%	$115.84	+60.7%	COM	67066G104
ETN	EATON CORP PLC	5,330 (-63.1%)	$1,698 (-68.6%)	0.7%	$261.57	+35.5%	SHS	G29183103
COST	COSTCO WHSL CORP NEW	2,268 (-57.9%)	$1,956 (-60.8%)	0.8%	$495.16	+82.9%	COM	22160K105
TJX	TJX COS INC NEW	11,132 (-64.2%)	$1,710 (-61.9%)	0.7%	$124.77	+18.4%	COM	872540109
AAPL	APPLE INC	23,820 (-34.4%)	$6,476 (-29.9%)	2.7%	$225.58	+19.0%	COM	037833100
INTU	INTUIT	2,007 (-66.4%)	$1,329 (-67.5%)	0.6%	$521.51	+26.7%	COM	461202103
MA	MASTERCARD INCORPORATED	3,853 (-55.2%)	$2,200 (-55.0%)	0.9%	$400.35	+39.6%	CL A	57636Q104
CP	CANADIAN PACIFIC KANSAS CITY	21,066 (-57.5%)	$1,551 (-58.0%)	0.7%	$78.50	-6.2%	COM	13646K108
AMZN	AMAZON COM INC	25,288 (-26.9%)	$5,837 (-23.2%)	2.5%	$167.64	+36.5%	COM	023135106
MCK	MCKESSON CORP	1,951 (-49.2%)	$1,600 (-46.1%)	0.7%	$557.26	+46.4%	COM	58155Q103
FXI	ISHARES TR	138,400 (-13.8%)	$5,299 (-19.7%)	2.2%	$35.97	—	CHINA LG-CAP ETF	464287184
WM	WASTE MGMT INC DEL	7,204 (-44.2%)	$1,583 (-44.5%)	0.7%	$167.70	+26.7%	COM	94106L109
CME	CME GROUP INC	5,933 (-43.8%)	$1,620 (-43.2%)	0.7%	$170.58	+58.7%	COM	12572Q105
LLY	ELI LILLY & CO	2,385 (-50.1%)	$2,563 (-29.7%)	1.1%	$608.22	+57.1%	COM	532457108
HQY	HEALTHEQUITY INC	13,478 (-44.8%)	$1,235 (-46.6%)	0.5%	$93.19	+2.7%	COM	42226A107
CACI	CACI INTL INC	2,532 (-29.3%)	$1,349 (-24.4%)	0.6%	$443.01	+27.6%	CL A	127190304
WMT	WALMART INC	22,614 (-19.5%)	$2,519 (-12.9%)	1.1%	$53.35	+100.9%	COM	931142103
AVGO	BROADCOM INC	11,081 (-1.9%)	$3,835 (+3.0%)	1.6%	$202.03	+76.7%	COM	11135F101