Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	278,565	$201M	4.4%	$723.00	—	COM	038222105
FLEX	FLEX LTD	804,342	$130M	2.9%	$162.07	—	ORD	Y2573F102
MU	MICRON TECHNOLOGY INC	99,985	$115M	2.5%	$1154.29	—	COM	595112103
TSLA	TESLA INC	268,500	$113M	2.5%	—	—	CALL	88160R101
AMD	ADVANCED MICRO DEVICES INC	171,716	$99.75M	2.2%	$580.91	—	COM	007903107
WWD	WOODWARD INC	230,170	$97.92M	2.2%	$425.44	—	COM	980745103
WMB	WILLIAMS COS INC	1,224,673	$91.04M	2.0%	$74.34	—	COM	969457100
CGNX	COGNEX CORP	1,046,750	$75.81M	1.7%	$72.42	—	COM	192422103
ARM	ARM HOLDINGS PLC	193,733	$68.69M	1.5%	$354.57	—	SPONSORED ADS	042068205
INIO	INNIO NV	1,736,315	$68.67M	1.5%	$39.55	—	ORDINARY SHARES	N52A8C105
ONTO	ONTO INNOVATION INC	136,375	$51.61M	1.1%	$378.45	—	COM	683344105
MRVL	MARVELL TECHNOLOGY INC	171,565	$51.11M	1.1%	$297.89	—	COM	573874104
AEIS	ADVANCED ENERGY INDS	135,051	$50.36M	1.1%	$372.87	—	COM	007973100
UCTT	ULTRA CLEAN HLDGS INC	183,547	$26.17M	0.6%	$142.59	—	COM	90385V107
QCOM	QUALCOMM INC	138,000	$25.5M	0.6%	$184.79	—	CALL	747525103
QCOM	QUALCOMM INC	110,365	$20.39M	0.4%	$184.79	—	COM	747525103
MYRG	MYR GROUP INC	30,625	$15.32M	0.3%	$500.40	—	COM	55405W104
TSEM	TOWER SEMICONDUCTOR LTD	56,530	$14.73M	0.3%	$260.64	—	SHS NEW	M87915274
SNDK	SANDISK CORP	5,969	$13.57M	0.3%	$2273.73	—	COM	80004C200
RDDT	REDDIT INC	74,339	$12.9M	0.3%	$173.58	—	CL A	75734B100
BWA	BORGWARNER INC	167,194	$11.1M	0.2%	$66.40	—	COM	099724106
ULS	UL SOLUTIONS INC	64,020	$6.521M	0.1%	$101.86	—	CLASS A COM SHS	903731107
VIAV	VIAVI SOLUTIONS INC	129,776	$6.197M	0.1%	$47.75	—	COM	925550105
ALGM	ALLEGRO MICROSYSTEMS INC	49,800	$3.467M	0.1%	$69.62	—	COM	01749D105

Increased Positions (23)

PWR QUANTA SVCS INC 4.4%

Value $199M (+302.6%) Shares 276,277 (+207.0%) Est. Cost $589.06 Unrealized —

GOOGL ALPHABET INC 4.9%

Value $223M (+77.9%) Shares 623,657 (+43.1%) Est. Cost $220.13 Unrealized —

MOD MODINE MFG CO 2.6%

Value $118M (+361.7%) Shares 443,360 (+274.7%) Est. Cost $242.86 Unrealized —

LITE LUMENTUM HLDGS INC 3.0%

Value $137M (+166.5%) Shares 160,222 (+118.3%) Est. Cost $678.99 Unrealized —

MA MASTERCARD INCORPORATED 3.5%

Value $159M (+54.1%) Shares 308,934 (+49.9%) Est. Cost $448.04 Unrealized —

AMZN AMAZON COM INC 4.8%

Value $220M (+32.1%) Shares 922,313 (+15.4%) Est. Cost $150.06 Unrealized —

GE GE AEROSPACE 2.5%

Value $115M (+78.4%) Shares 308,680 (+35.5%) Est. Cost $319.89 Unrealized —

HWM HOWMET AEROSPACE INC 2.9%

Value $130M (+57.5%) Shares 483,932 (+35.0%) Est. Cost $222.90 Unrealized —

JCI JOHNSON CONTROLS INTERNATION 3.1%

Value $140M (+31.9%) Shares 954,862 (+18.3%) Est. Cost $90.68 Unrealized —

CLH CLEAN HARBORS INC 1.0%

Value $44.74M (+283.7%) Shares 149,769 (+268.3%) Est. Cost $281.93 Unrealized —

FIX COMFORT SYS USA INC 1.3%

Value $59.91M (+109.9%) Shares 30,230 (+46.0%) Est. Cost $920.71 Unrealized —

POWL POWELL INDS INC 0.8%

Value $34.22M (+330.8%) Shares 119,502 (+714.0%) Est. Cost $309.06 Unrealized —

LGN LEGENCE CORP 1.5%

Value $66.45M (+57.4%) Shares 779,617 (+4.3%) Est. Cost $41.00 Unrealized —

LIN LINDE PLC 1.2%

Value $54.54M (+69.3%) Shares 105,094 (+61.8%) Est. Cost $459.01 Unrealized —

TER TERADYNE INC 0.5%

Value $24.42M (+440.7%) Shares 50,471 (+231.3%) Est. Cost $418.04 Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 0.5%

Value $23.71M (+228.7%) Shares 267,580 (+182.6%) Est. Cost $80.32 Unrealized —

RTX RTX CORPORATION 2.3%

Value $103M (+18.7%) Shares 541,675 (+20.7%) Est. Cost $195.43 Unrealized —

FWONK LIBERTY MEDIA CORP DEL 2.3%

Value $105M (+15.9%) Shares 1,106,033 (+3.5%) Est. Cost $80.45 Unrealized —

CCJ CAMECO CORP 0.7%

Value $31.21M (+73.9%) Shares 306,375 (+85.4%) Est. Cost $102.35 Unrealized —

NI NISOURCE INC 0.5%

Value $22.03M (+125.3%) Shares 463,224 (+121.1%) Est. Cost $45.94 Unrealized —

NXT NEXTPOWER INC 0.4%

Value $19.75M (+149.6%) Shares 165,755 (+152.5%) Est. Cost $115.05 Unrealized —

NVMI NOVA LTD 0.4%

Value $20.07M (+115.4%) Shares 36,962 (+72.3%) Est. Cost $381.96 Unrealized —

AIR AAR CORP 0.4%

Value $19.89M (+52.4%) Shares 139,137 (+16.7%) Est. Cost $93.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PWR	QUANTA SVCS INC	276,277 (+207.0%)	$199M (+302.6%)	4.4%	$589.06	—	COM	74762E102
GOOGL	ALPHABET INC	623,657 (+43.1%)	$223M (+77.9%)	4.9%	$220.13	—	CAP STK CL A	02079K305
MOD	MODINE MFG CO	443,360 (+274.7%)	$118M (+361.7%)	2.6%	$242.86	—	COM	607828100
LITE	LUMENTUM HLDGS INC	160,222 (+118.3%)	$137M (+166.5%)	3.0%	$678.99	—	COM	55024U109
MA	MASTERCARD INCORPORATED	308,934 (+49.9%)	$159M (+54.1%)	3.5%	$448.04	—	CL A	57636Q104
AMZN	AMAZON COM INC	922,313 (+15.4%)	$220M (+32.1%)	4.8%	$150.06	—	COM	023135106
GE	GE AEROSPACE	308,680 (+35.5%)	$115M (+78.4%)	2.5%	$319.89	—	COM NEW	369604301
HWM	HOWMET AEROSPACE INC	483,932 (+35.0%)	$130M (+57.5%)	2.9%	$222.90	—	COM	443201108
JCI	JOHNSON CONTROLS INTERNATION	954,862 (+18.3%)	$140M (+31.9%)	3.1%	$90.68	—	SHS	G51502105
CLH	CLEAN HARBORS INC	149,769 (+268.3%)	$44.74M (+283.7%)	1.0%	$281.93	—	COM	184496107
FIX	COMFORT SYS USA INC	30,230 (+46.0%)	$59.91M (+109.9%)	1.3%	$920.71	—	COM	199908104
POWL	POWELL INDS INC	119,502 (+714.0%)	$34.22M (+330.8%)	0.8%	$309.06	—	COM	739128106
LGN	LEGENCE CORP	779,617 (+4.3%)	$66.45M (+57.4%)	1.5%	$41.00	—	CL A	52476L109
LIN	LINDE PLC	105,094 (+61.8%)	$54.54M (+69.3%)	1.2%	$459.01	—	SHS	G54950103
TER	TERADYNE INC	50,471 (+231.3%)	$24.42M (+440.7%)	0.5%	$418.04	—	COM	880770102
SOLS	SOLSTICE ADVANCED MATLS INC	267,580 (+182.6%)	$23.71M (+228.7%)	0.5%	$80.32	—	COM SHS	83443Q103
RTX	RTX CORPORATION	541,675 (+20.7%)	$103M (+18.7%)	2.3%	$195.43	—	COM	75513E101
FWONK	LIBERTY MEDIA CORP DEL	1,106,033 (+3.5%)	$105M (+15.9%)	2.3%	$80.45	—	COM LBTY ONE S C	531229755
CCJ	CAMECO CORP	306,375 (+85.4%)	$31.21M (+73.9%)	0.7%	$102.35	—	COM	13321L108
NI	NISOURCE INC	463,224 (+121.1%)	$22.03M (+125.3%)	0.5%	$45.94	—	COM	65473P105
NXT	NEXTPOWER INC	165,755 (+152.5%)	$19.75M (+149.6%)	0.4%	$115.05	—	CLASS A COM	65290E101
NVMI	NOVA LTD	36,962 (+72.3%)	$20.07M (+115.4%)	0.4%	$381.96	—	COM	M7516K103
AIR	AAR CORP	139,137 (+16.7%)	$19.89M (+52.4%)	0.4%	$93.19	—	COM	000361105

Exited Positions (22)

ETN EATON CORP PLC 2.6%

Value $118M Shares 328,527 Est. Cost $349.77 Unrealized —

STRL STERLING INFRASTRUCTURE INC 1.5%

Value $67.2M Shares 164,995 Est. Cost $376.45 Unrealized —

MCK MCKESSON CORP 1.3%

Value $59.51M Shares 68,765 Est. Cost $875.46 Unrealized —

BWXT BWX TECHNOLOGIES INC 1.1%

Value $50.35M Shares 246,220 Est. Cost $202.99 Unrealized —

CF CF INDUSTRIES HOLD 1.1%

Value $48.4M Shares 372,730 Est. Cost $90.08 Unrealized —

GFL GFL ENVIRONMENTAL INC 0.5%

Value $21.7M Shares 520,187 Est. Cost $42.97 Unrealized —

CW CURTISS WRIGHT CORP 0.4%

Value $17.16M Shares 25,190 Est. Cost $381.51 Unrealized —

PRIM PRIMORIS SVCS CORP 0.4%

Value $16.04M Shares 112,170 Est. Cost $149.87 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.3%

Value $13.98M Shares 50,050 Est. Cost $142.30 Unrealized —

ROAD CONSTRUCTION PARTNERS INC 0.3%

Value $13.95M Shares 125,575 Est. Cost $115.61 Unrealized —

COHR COHERENT CORP 0.2%

Value $9.839M Shares 41,305 Est. Cost $151.30 Unrealized —

VVX V2X INC 0.2%

Value $7.568M Shares 110,485 Est. Cost $66.31 Unrealized —

AGX ARGAN INC 0.2%

Value $7.203M Shares 13,225 Est. Cost $370.57 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.2%

Value $6.812M Shares 24,235 Est. Cost $272.00 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $5.681M Shares 15,347 Est. Cost $314.66 Unrealized —

RMBS RAMBUS INC DEL 0.1%

Value $5.54M Shares 64,395 Est. Cost $104.73 Unrealized —

CLS CELESTICA INC 0.1%

Value $5.496M Shares 19,510 Est. Cost $257.35 Unrealized —

LFUS LITTELFUSE INC 0.1%

Value $5.462M Shares 16,095 Est. Cost $319.97 Unrealized —

MDLN MEDLINE INC 0.1%

Value $4.064M Shares 91,330 Est. Cost $44.84 Unrealized —

FPS FORGENT POWER SOLUTIONS INC 0.1%

Value $2.932M Shares 100,185 Est. Cost $29.27 Unrealized —

SN SHARKNINJA INC 0.0%

Value $2.155M Shares 20,350 Est. Cost $99.19 Unrealized —

META META PLATFORMS INC 0.0%

Value $1.153M Shares 2,015 Est. Cost $460.66 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ETN	EATON CORP PLC	328,527	$118M	2.6%	$349.77	—	—	G29183103
STRL	STERLING INFRASTRUCTURE INC	164,995	$67.2M	1.5%	$376.45	—	—	859241101
MCK	MCKESSON CORP	68,765	$59.51M	1.3%	$875.46	—	—	58155Q103
BWXT	BWX TECHNOLOGIES INC	246,220	$50.35M	1.1%	$202.99	—	—	05605H100
CF	CF INDUSTRIES HOLD	372,730	$48.4M	1.1%	$90.08	—	—	125269100
GFL	GFL ENVIRONMENTAL INC	520,187	$21.7M	0.5%	$42.97	—	—	36168Q104
CW	CURTISS WRIGHT CORP	25,190	$17.16M	0.4%	$381.51	—	—	231561101
PRIM	PRIMORIS SVCS CORP	112,170	$16.04M	0.4%	$149.87	—	—	74164F103
CEG	CONSTELLATION ENERGY CORP	50,050	$13.98M	0.3%	$142.30	—	—	21037T109
ROAD	CONSTRUCTION PARTNERS INC	125,575	$13.95M	0.3%	$115.61	—	—	21044C107
COHR	COHERENT CORP	41,305	$9.839M	0.2%	$151.30	—	—	19247G107
VVX	V2X INC	110,485	$7.568M	0.2%	$66.31	—	—	92242T101
AGX	ARGAN INC	13,225	$7.203M	0.2%	$370.57	—	—	04010E109
CBOE	CBOE GLOBAL MKTS INC	24,235	$6.812M	0.2%	$272.00	—	—	12503M108
MSFT	MICROSOFT CORP	15,347	$5.681M	0.1%	$314.66	—	—	594918104
RMBS	RAMBUS INC DEL	64,395	$5.54M	0.1%	$104.73	—	—	750917106
CLS	CELESTICA INC	19,510	$5.496M	0.1%	$257.35	—	—	15101Q207
LFUS	LITTELFUSE INC	16,095	$5.462M	0.1%	$319.97	—	—	537008104
MDLN	MEDLINE INC	91,330	$4.064M	0.1%	$44.84	—	—	58507V107
FPS	FORGENT POWER SOLUTIONS INC	100,185	$2.932M	0.1%	$29.27	—	—	34631F102
SN	SHARKNINJA INC	20,350	$2.155M	0.0%	$99.19	—	—	G8068L108
META	META PLATFORMS INC	2,015	$1.153M	0.0%	$460.66	—	—	30303M102

Decreased Positions (14)

TRGP TARGA RES CORP 0.3%

Value $11.76M (-89.1%) Shares 43,870 (-89.8%) Est. Cost $176.81 Unrealized —

NEE NEXTERA ENERGY INC 1.1%

Value $49.14M (-65.7%) Shares 559,902 (-63.7%) Est. Cost $83.67 Unrealized —

CIEN CIENA CORP 0.4%

Value $18.61M (-77.7%) Shares 37,946 (-82.3%) Est. Cost $101.84 Unrealized —

GEV GE VERNOVA INC 5.6%

Value $256M (+12.8%) Shares 217,873 (-16.2%) Est. Cost $396.71 Unrealized —

LLY ELI LILLY & CO 2.6%

Value $117M (+24.2%) Shares 97,240 (-4.7%) Est. Cost $1012.54 Unrealized —

AVGO BROADCOM INC 3.2%

Value $147M (+16.4%) Shares 389,356 (-4.7%) Est. Cost $299.46 Unrealized —

VRT VERTIV HOLDINGS CO 0.3%

Value $13.08M (-43.9%) Shares 39,070 (-58.0%) Est. Cost $96.29 Unrealized —

TKO TKO GROUP HOLDINGS INC 2.5%

Value $113M (-8.2%) Shares 561,729 (-8.0%) Est. Cost $160.27 Unrealized —

BIP BROOKFIELD INFRASTRUCTURE PA 0.3%

Value $15.64M (-39.2%) Shares 428,502 (-39.8%) Est. Cost $34.57 Unrealized —

NVDA NVIDIA CORPORATION 6.5%

Value $297M (+2.9%) Shares 1,483,301 (-10.3%) Est. Cost $108.16 Unrealized —

CRH CRH PLC 0.3%

Value $12.13M (-37.0%) Shares 113,325 (-38.1%) Est. Cost $107.66 Unrealized —

DRS LEONARDO DRS INC 0.5%

Value $21.62M (-22.6%) Shares 506,570 (-19.2%) Est. Cost $38.93 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value $10.84M (-26.4%) Shares 124,504 (-43.2%) Est. Cost $62.56 Unrealized —

HEI HEICO CORP NEW 0.4%

Value $16.29M (+22.7%) Shares 45,747 (-5.6%) Est. Cost $290.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRGP	TARGA RES CORP	43,870 (-89.8%)	$11.76M (-89.1%)	0.3%	$176.81	—	COM	87612G101
NEE	NEXTERA ENERGY INC	559,902 (-63.7%)	$49.14M (-65.7%)	1.1%	$83.67	—	COM	65339F101
CIEN	CIENA CORP	37,946 (-82.3%)	$18.61M (-77.7%)	0.4%	$101.84	—	COM NEW	171779309
GEV	GE VERNOVA INC	217,873 (-16.2%)	$256M (+12.8%)	5.6%	$396.71	—	COM	36828A101
LLY	ELI LILLY & CO	97,240 (-4.7%)	$117M (+24.2%)	2.6%	$1012.54	—	COM	532457108
AVGO	BROADCOM INC	389,356 (-4.7%)	$147M (+16.4%)	3.2%	$299.46	—	COM	11135F101
VRT	VERTIV HOLDINGS CO	39,070 (-58.0%)	$13.08M (-43.9%)	0.3%	$96.29	—	COM CL A	92537N108
TKO	TKO GROUP HOLDINGS INC	561,729 (-8.0%)	$113M (-8.2%)	2.5%	$160.27	—	CL A	87256C101
BIP	BROOKFIELD INFRASTRUCTURE PA	428,502 (-39.8%)	$15.64M (-39.2%)	0.3%	$34.57	—	LP INT UNIT	G16252101
NVDA	NVIDIA CORPORATION	1,483,301 (-10.3%)	$297M (+2.9%)	6.5%	$108.16	—	COM	67066G104
CRH	CRH PLC	113,325 (-38.1%)	$12.13M (-37.0%)	0.3%	$107.66	—	ORD	G25508105
DRS	LEONARDO DRS INC	506,570 (-19.2%)	$21.62M (-22.6%)	0.5%	$38.93	—	COM	52661A108
IBKR	INTERACTIVE BROKERS GROUP IN	124,504 (-43.2%)	$10.84M (-26.4%)	0.2%	$62.56	—	COM CL A	45841N107
HEI	HEICO CORP NEW	45,747 (-5.6%)	$16.29M (+22.7%)	0.4%	$290.46	—	COM	422806109