Blue Grotto Capital, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLN	TALEN ENERGY CORP	160,163	$60,035	6.2%	$388.68	0.0%	COM	87422Q109
CDW	CDW CORP	379,940	$51,748	5.3%	$147.03	0.0%	COM	12514G108
MSFT	MICROSOFT CORP	84,252	$40,746	4.2%	$500.58	0.0%	COM	594918104
DBRG	DIGITALBRIDGE GROUP INC	2,000,000	$30,680	3.2%	$12.01	0.0%	CL A NEW	25401T603
HAS	HASBRO INC	230,000	$18,860	1.9%	$78.03	0.0%	COM	418056107
BIRK	BIRKENSTOCK HOLDING PLC	326,576	$13,357	1.4%	$42.35	0.0%	COM SHS	M2029K104
SEDG	SOLAREDGE TECHNOLOGIES INC	300,000	$8,655	0.9%	$34.87	0.0%	COM	83417M104

Increased Positions (11)

MKSI MKS INC. 6.8%

Value ($000) $66,397 (+153.2%) Shares 415,500 (+96.1%) Est. Cost $125.67 Unrealized +17.9%

SN SHARKNINJA INC 8.1%

Value ($000) $78,952 (+86.5%) Shares 705,556 (+71.9%) Est. Cost $97.82 Unrealized +0.7%

GOOG ALPHABET INC 4.4%

Value ($000) $42,579 (+265.9%) Shares 135,688 (+184.0%) Est. Cost $259.43 Unrealized +10.4%

KEYS KEYSIGHT TECHNOLOGIES INC 4.9%

Value ($000) $47,842 (+63.2%) Shares 235,455 (+40.5%) Est. Cost $172.09 Unrealized +7.8%

CRH CRH PLC 5.7%

Value ($000) $55,936 (+29.9%) Shares 448,209 (+24.8%) Est. Cost $92.77 Unrealized +28.4%

TSM TAIWAN SEMICONDUCTOR MFG LTD 5.3%

Value ($000) $51,630 (+31.0%) Shares 169,896 (+20.4%) Est. Cost $239.61 Unrealized —

TREE LENDINGTREE INC NEW 3.2%

Value ($000) $31,054 (+34.7%) Shares 584,931 (+64.3%) Est. Cost $47.39 Unrealized —

MGNI MAGNITE INC 2.7%

Value ($000) $26,435 (-21.6%) Shares 1,628,782 (+5.2%) Est. Cost $21.72 Unrealized -23.6%

CIB GRUPO CIBEST SA 2.5%

Value ($000) $24,300 (+31.2%) Shares 382,023 (+7.1%) Est. Cost $47.45 Unrealized —

TRIP TRIPADVISOR INC 2.4%

Value ($000) $23,514 (+11.2%) Shares 1,615,000 (+24.2%) Est. Cost $13.98 Unrealized +8.9%

SE SEA LTD 6.7%

Value ($000) $65,061 (+0.7%) Shares 510,000 (+41.0%) Est. Cost $101.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKSI	MKS INC.	415,500 (+96.1%)	$66,397 (+153.2%)	6.8%	$125.67	+17.9%	COM	55306N104
SN	SHARKNINJA INC	705,556 (+71.9%)	$78,952 (+86.5%)	8.1%	$97.82	+0.7%	COM SHS	G8068L108
GOOG	ALPHABET INC	135,688 (+184.0%)	$42,579 (+265.9%)	4.4%	$259.43	+10.4%	CAP STK CL C	02079K107
KEYS	KEYSIGHT TECHNOLOGIES INC	235,455 (+40.5%)	$47,842 (+63.2%)	4.9%	$172.09	+7.8%	COM	49338L103
CRH	CRH PLC	448,209 (+24.8%)	$55,936 (+29.9%)	5.7%	$92.77	+28.4%	ORD	G25508105
TSM	TAIWAN SEMICONDUCTOR MFG LTD	169,896 (+20.4%)	$51,630 (+31.0%)	5.3%	$239.61	—	SPONSORED ADS	874039100
TREE	LENDINGTREE INC NEW	584,931 (+64.3%)	$31,054 (+34.7%)	3.2%	$47.39	—	COM	52603B107
MGNI	MAGNITE INC	1,628,782 (+5.2%)	$26,435 (-21.6%)	2.7%	$21.72	-23.6%	COM	55955D100
CIB	GRUPO CIBEST SA	382,023 (+7.1%)	$24,300 (+31.2%)	2.5%	$47.45	—	SPON ADS	40090E106
TRIP	TRIPADVISOR INC	1,615,000 (+24.2%)	$23,514 (+11.2%)	2.4%	$13.98	+8.9%	COM	896945201
SE	SEA LTD	510,000 (+41.0%)	$65,061 (+0.7%)	6.7%	$101.92	—	SPONSORD ADS	81141R100

Exited Positions (9)

CRS CARPENTER TECHNOLOGY CORP 5.8%

Value ($000) $56,235 Shares 229,025 Est. Cost $162.64 Unrealized +84.8%

PINS PINTEREST INC 3.1%

Value ($000) $30,322 Shares 942,554 Est. Cost $36.26 Unrealized -20.6%

GNRC GENERAC HLDGS INC 2.8%

Value ($000) $26,784 Shares 160,000 Est. Cost $175.19 Unrealized -7.9%

CTRI CENTURI HOLDINGS INC 2.2%

Value ($000) $21,179 Shares 1,000,431 Est. Cost $21.22 Unrealized +5.4%

META META PLATFORMS INC 1.4%

Value ($000) $13,844 Shares 18,851 Est. Cost $452.78 Unrealized +47.4%

V VISA INC 1.4%

Value ($000) $13,525 Shares 39,618 Est. Cost $336.30 Unrealized +1.2%

TRS TRIMAS CORP 1.2%

Value ($000) $11,925 Shares 308,622 Est. Cost $35.52 Unrealized -1.7%

AMD ADVANCED MICRO DEVICES INC 1.2%

Value ($000) $11,325 Shares 70,000 Est. Cost $161.38 Unrealized +39.2%

ARW ARROW ELECTRS INC 0.7%

Value ($000) $7,189 Shares 59,413 Est. Cost $111.65 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRS	CARPENTER TECHNOLOGY CORP	229,025	$56,235	5.8%	$162.64	+84.8%	—	144285103
PINS	PINTEREST INC	942,554	$30,322	3.1%	$36.26	-20.6%	—	72352L106
GNRC	GENERAC HLDGS INC	160,000	$26,784	2.8%	$175.19	-7.9%	—	368736104
CTRI	CENTURI HOLDINGS INC	1,000,431	$21,179	2.2%	$21.22	+5.4%	—	155923105
META	META PLATFORMS INC	18,851	$13,844	1.4%	$452.78	+47.4%	—	30303M102
V	VISA INC	39,618	$13,525	1.4%	$336.30	+1.2%	—	92826C839
TRS	TRIMAS CORP	308,622	$11,925	1.2%	$35.52	-1.7%	—	896215209
AMD	ADVANCED MICRO DEVICES INC	70,000	$11,325	1.2%	$161.38	+39.2%	—	007903107
ARW	ARROW ELECTRS INC	59,413	$7,189	0.7%	$111.65	+1.7%	—	042735100

Decreased Positions (6)

TKO TKO GROUP HOLDINGS INC 3.2%

Value ($000) $31,350 (-51.4%) Shares 150,000 (-53.0%) Est. Cost $104.38 Unrealized +85.6%

FIX COMFORT SYS USA INC 5.3%

Value ($000) $51,892 (-34.2%) Shares 55,601 (-41.8%) Est. Cost $379.49 Unrealized +143.2%

AMZN AMAZON COM INC 4.6%

Value ($000) $44,606 (-20.3%) Shares 193,250 (-24.2%) Est. Cost $176.78 Unrealized +29.4%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.8%

Value ($000) $17,826 (-26.5%) Shares 69,626 (-25.9%) Est. Cost $174.47 Unrealized +42.9%

CACI CACI INTL INC 4.9%

Value ($000) $47,202 (-7.2%) Shares 88,591 (-13.2%) Est. Cost $413.66 Unrealized +36.6%

TWLO TWILIO INC 4.4%

Value ($000) $42,456 (-0.0%) Shares 298,483 (-29.7%) Est. Cost $112.30 Unrealized +10.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TKO	TKO GROUP HOLDINGS INC	150,000 (-53.0%)	$31,350 (-51.4%)	3.2%	$104.38	+85.6%	CL A	87256C101
FIX	COMFORT SYS USA INC	55,601 (-41.8%)	$51,892 (-34.2%)	5.3%	$379.49	+143.2%	COM	199908104
AMZN	AMAZON COM INC	193,250 (-24.2%)	$44,606 (-20.3%)	4.6%	$176.78	+29.4%	COM	023135106
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	69,626 (-25.9%)	$17,826 (-26.5%)	1.8%	$174.47	+42.9%	COM	874054109
CACI	CACI INTL INC	88,591 (-13.2%)	$47,202 (-7.2%)	4.9%	$413.66	+36.6%	CL A	127190304
TWLO	TWILIO INC	298,483 (-29.7%)	$42,456 (-0.0%)	4.4%	$112.30	+10.3%	CL A	90138F102