Aperture Investors, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORA	ORMAT TECHNOLOGIES INC	231,633	$25,588	2.9%	$109.32	0.0%	COM	686688102
SPXC	SPX TECHNOLOGIES INC	121,406	$24,288	2.8%	$200.06	—	COM	78473E103
NVDA	NVIDIA CORPORATION	112,500	$20,981	2.4%	$95.09	+95.7%	CALL	67066G104
LITE	LUMENTUM HLDGS INC	56,449	$20,807	2.4%	$256.82	0.0%	COM	55024U109
PI	IMPINJ INC	117,118	$20,380	2.3%	$178.15	0.0%	COM	453204109
AVGO	BROADCOM INC	23,000	$7,960	0.9%	—	—	CALL	11135F101
QQQ	INVESCO QQQ TR	12,000	$7,372	0.8%	—	—	PUT	46090E103
CRH	CRH PLC	55,000	$6,864	0.8%	$61.35	+94.2%	CALL	G25508105
NBIS	NEBIUS GROUP N.V.	58,987	$4,938	0.6%	$103.64	0.0%	SHS CLASS A	N97284108
SITM	SITIME CORP	13,818	$4,880	0.6%	$312.93	0.0%	COM	82982T106
ULS	UL SOLUTIONS INC	55,572	$4,382	0.5%	$80.28	0.0%	CLASS A COM SHS	903731107
AA	ALCOA CORP	68,960	$3,665	0.4%	$40.88	0.0%	COM	013872106
CTEV	CLARITEV CORPORATION	80,720	$3,451	0.4%	$50.88	0.0%	CL A NEW	62548M209
RAL	RALLIANT CORP	66,173	$3,369	0.4%	$46.87	0.0%	COM	750940108
FLS	FLOWSERVE CORP	46,120	$3,200	0.4%	$64.09	0.0%	COM	34354P105
MTZ	MASTEC INC	10,978	$2,386	0.3%	$209.86	0.0%	COM	576323109
COHR	COHERENT CORP	11,678	$2,155	0.2%	$149.58	0.0%	COM	19247G107
IHRT	IHEARTMEDIA INC	400,000	$1,664	0.2%	$3.74	0.0%	COM CL A	45174J509
UL	UNILEVER PLC	25,050	$1,638	0.2%	$65.40	—	SPON ADR NEW	904767803
RKT	ROCKET COS INC	68,541	$1,327	0.2%	$17.88	0.0%	COM CL A	77311W101
WRBY	WARBY PARKER INC	51,119	$1,114	0.1%	$21.76	0.0%	CL A COM	93403J106

Increased Positions (22)

SPY SPDR S&P 500 ETF TR 13.2%

Value ($000) $115,926 (+7150.7%) Shares 170,000 (+6983.3%) Est. Cost — Unrealized —

FSS FEDERAL SIGNAL CORP 2.5%

Value ($000) $22,163 (+130.2%) Shares 204,100 (+152.2%) Est. Cost $98.05 Unrealized +16.7%

CAVA CAVA GROUP INC 3.4%

Value ($000) $30,048 (+56.2%) Shares 511,981 (+60.8%) Est. Cost $66.99 Unrealized -16.8%

PTON PELOTON INTERACTIVE INC 2.1%

Value ($000) $18,415 (-22.2%) Shares 2,989,369 (+13.6%) Est. Cost $7.02 Unrealized +0.3%

CTRI CENTURI HOLDINGS INC 0.6%

Value ($000) $5,516 (+173.5%) Shares 218,462 (+129.3%) Est. Cost $21.86 Unrealized +2.3%

FCX FREEPORT-MCMORAN INC 0.5%

Value ($000) $4,335 (+125.0%) Shares 85,342 (+73.7%) Est. Cost $40.91 Unrealized +5.9%

NDAQ NASDAQ INC 1.2%

Value ($000) $10,467 (+21.6%) Shares 107,760 (+10.7%) Est. Cost $70.57 Unrealized +27.2%

MMM 3M CO 0.6%

Value ($000) $5,385 (+44.9%) Shares 33,635 (+40.5%) Est. Cost $123.48 Unrealized +32.1%

CEG CONSTELLATION ENERGY CORP 0.4%

Value ($000) $3,864 (+75.4%) Shares 10,937 (+63.4%) Est. Cost $302.40 Unrealized +20.1%

WMB WILLIAMS COS INC 1.0%

Value ($000) $8,888 (+19.2%) Shares 147,859 (+25.6%) Est. Cost $57.12 Unrealized +5.1%

AMZN AMAZON COM INC 0.7%

Value ($000) $6,249 (+28.8%) Shares 27,074 (+22.6%) Est. Cost $155.92 Unrealized +46.7%

UAL UNITED AIRLS HLDGS INC 0.3%

Value ($000) $2,364 (+124.2%) Shares 21,138 (+93.4%) Est. Cost $98.53 Unrealized +2.6%

SONY SONY GROUP CORP 0.5%

Value ($000) $3,961 (+48.3%) Shares 154,731 (+66.7%) Est. Cost $39.50 Unrealized —

EQT EQT CORP 0.6%

Value ($000) $5,546 (+24.4%) Shares 103,468 (+26.3%) Est. Cost $53.34 Unrealized +5.2%

ALC ALCON AG 0.5%

Value ($000) $4,447 (+29.9%) Shares 56,423 (+22.8%) Est. Cost $78.47 Unrealized -1.9%

PKG PACKAGING CORP AMER 0.4%

Value ($000) $3,208 (+44.3%) Shares 15,557 (+52.5%) Est. Cost $203.44 Unrealized -0.5%

AMRZ AMRIZE LTD 0.4%

Value ($000) $3,092 (+38.5%) Shares 57,179 (+24.3%) Est. Cost $51.00 Unrealized +0.0%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.2%

Value ($000) $1,572 (+68.0%) Shares 19,145 (+91.5%) Est. Cost $91.87 Unrealized -10.7%

BABA ALIBABA GROUP HLDG LTD 0.6%

Value ($000) $5,641 (-6.8%) Shares 38,483 (+13.6%) Est. Cost $106.44 Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.5%

Value ($000) $4,401 (-8.2%) Shares 269,158 (+24.1%) Est. Cost $29.91 Unrealized -38.2%

TLN TALEN ENERGY CORP 0.3%

Value ($000) $2,356 (+10.4%) Shares 6,285 (+25.3%) Est. Cost $366.82 Unrealized +6.0%

VST VISTRA CORP 0.5%

Value ($000) $4,097 (+3.3%) Shares 25,398 (+25.5%) Est. Cost $97.94 Unrealized +85.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	170,000 (+6983.3%)	$115,926 (+7150.7%)	13.2%	—	—	PUT	78462F103
FSS	FEDERAL SIGNAL CORP	204,100 (+152.2%)	$22,163 (+130.2%)	2.5%	$98.05	+16.7%	COM	313855108
CAVA	CAVA GROUP INC	511,981 (+60.8%)	$30,048 (+56.2%)	3.4%	$66.99	-16.8%	COM	148929102
PTON	PELOTON INTERACTIVE INC	2,989,369 (+13.6%)	$18,415 (-22.2%)	2.1%	$7.02	+0.3%	CL A COM	70614W100
CTRI	CENTURI HOLDINGS INC	218,462 (+129.3%)	$5,516 (+173.5%)	0.6%	$21.86	+2.3%	COM SHS	155923105
FCX	FREEPORT-MCMORAN INC	85,342 (+73.7%)	$4,335 (+125.0%)	0.5%	$40.91	+5.9%	CL B	35671D857
NDAQ	NASDAQ INC	107,760 (+10.7%)	$10,467 (+21.6%)	1.2%	$70.57	+27.2%	COM	631103108
MMM	3M CO	33,635 (+40.5%)	$5,385 (+44.9%)	0.6%	$123.48	+32.1%	COM	88579Y101
CEG	CONSTELLATION ENERGY CORP	10,937 (+63.4%)	$3,864 (+75.4%)	0.4%	$302.40	+20.1%	COM	21037T109
WMB	WILLIAMS COS INC	147,859 (+25.6%)	$8,888 (+19.2%)	1.0%	$57.12	+5.1%	COM	969457100
AMZN	AMAZON COM INC	27,074 (+22.6%)	$6,249 (+28.8%)	0.7%	$155.92	+46.7%	COM	023135106
UAL	UNITED AIRLS HLDGS INC	21,138 (+93.4%)	$2,364 (+124.2%)	0.3%	$98.53	+2.6%	COM	910047109
SONY	SONY GROUP CORP	154,731 (+66.7%)	$3,961 (+48.3%)	0.5%	$39.50	—	SPONSORED ADR	835699307
EQT	EQT CORP	103,468 (+26.3%)	$5,546 (+24.4%)	0.6%	$53.34	+5.2%	COM	26884L109
ALC	ALCON AG	56,423 (+22.8%)	$4,447 (+29.9%)	0.5%	$78.47	-1.9%	ORD SHS	H01301128
PKG	PACKAGING CORP AMER	15,557 (+52.5%)	$3,208 (+44.3%)	0.4%	$203.44	-0.5%	COM	695156109
AMRZ	AMRIZE LTD	57,179 (+24.3%)	$3,092 (+38.5%)	0.4%	$51.00	+0.0%	SHS	H2927K103
MMYT	MAKEMYTRIP LIMITED MAURITIUS	19,145 (+91.5%)	$1,572 (+68.0%)	0.2%	$91.87	-10.7%	SHS	V5633W109
BABA	ALIBABA GROUP HLDG LTD	38,483 (+13.6%)	$5,641 (-6.8%)	0.6%	$106.44	—	SPONSORED ADS	01609W102
PRMB	PRIMO BRANDS CORPORATION	269,158 (+24.1%)	$4,401 (-8.2%)	0.5%	$29.91	-38.2%	CLASS A COM SHS	741623102
TLN	TALEN ENERGY CORP	6,285 (+25.3%)	$2,356 (+10.4%)	0.3%	$366.82	+6.0%	COM	87422Q109
VST	VISTRA CORP	25,398 (+25.5%)	$4,097 (+3.3%)	0.5%	$97.94	+85.8%	COM	92840M102

Exited Positions (20)

TREX TREX CO INC 2.4%

Value ($000) $21,010 Shares 406,610 Est. Cost $63.84 Unrealized -36.6%

VERX VERTEX INC 2.1%

Value ($000) $18,653 Shares 752,431 Est. Cost $28.21 Unrealized -23.3%

ACVA ACV AUCTIONS INC 1.2%

Value ($000) $10,934 Shares 1,103,348 Est. Cost $15.98 Unrealized -49.4%

WMB WILLIAMS COS INC 0.8%

Value ($000) $7,399 Shares 116,800 Est. Cost $57.12 Unrealized +5.1%

CCI CROWN CASTLE INC 0.6%

Value ($000) $5,157 Shares 53,446 Est. Cost $91.95 Unrealized -0.9%

RBRK RUBRIK INC. 0.6%

Value ($000) $5,025 Shares 61,096 Est. Cost $32.98 Unrealized +132.6%

CDE COEUR MNG INC 0.5%

Value ($000) $4,306 Shares 229,518 Est. Cost $7.28 Unrealized +138.9%

IP INTERNATIONAL PAPER CO 0.4%

Value ($000) $3,526 Shares 75,984 Est. Cost $45.37 Unrealized -10.0%

ANET ARISTA NETWORKS INC 0.3%

Value ($000) $2,357 Shares 16,174 Est. Cost $128.77 Unrealized +6.9%

TW TRADEWEB MKTS INC 0.2%

Value ($000) $2,170 Shares 19,557 Est. Cost $103.14 Unrealized +4.1%

DLTR DOLLAR TREE INC 0.2%

Value ($000) $2,106 Shares 22,319 Est. Cost $86.31 Unrealized +24.1%

FUN SIX FLAGS ENTERTAINMENT CORP 0.2%

Value ($000) $2,019 Shares 88,849 Est. Cost $26.56 Unrealized -31.9%

RNW RENEW ENERGY GLOBAL PLC 0.2%

Value ($000) $1,779 Shares 230,981 Est. Cost $6.14 Unrealized +17.8%

— UNILEVER PLC 0.2%

Value ($000) $1,671 Shares 28,182 Est. Cost $59.28 Unrealized —

DQ DAQO NEW ENERGY CORP 0.1%

Value ($000) $1,312 Shares 46,648 Est. Cost $28.13 Unrealized —

PCT PURECYCLE TECHNOLOGIES INC 0.1%

Value ($000) $1,284 Shares 97,675 Est. Cost $10.04 Unrealized +5.7%

RXO RXO INC 0.1%

Value ($000) $842 Shares 54,758 Est. Cost $26.19 Unrealized -43.7%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $799 Shares 1,200 Est. Cost — Unrealized —

VST VISTRA CORP 0.0%

Value ($000) $155 Shares 790 Est. Cost $97.94 Unrealized +85.8%

SONY SONY GROUP CORP 0.0%

Value ($000) $49 Shares 1,700 Est. Cost $39.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TREX	TREX CO INC	406,610	$21,010	2.4%	$63.84	-36.6%	—	89531P105
VERX	VERTEX INC	752,431	$18,653	2.1%	$28.21	-23.3%	—	92538J106
ACVA	ACV AUCTIONS INC	1,103,348	$10,934	1.2%	$15.98	-49.4%	—	00091G104
WMB	WILLIAMS COS INC	116,800	$7,399	0.8%	$57.12	+5.1%	CALL	969457100
CCI	CROWN CASTLE INC	53,446	$5,157	0.6%	$91.95	-0.9%	—	22822V101
RBRK	RUBRIK INC.	61,096	$5,025	0.6%	$32.98	+132.6%	—	781154109
CDE	COEUR MNG INC	229,518	$4,306	0.5%	$7.28	+138.9%	—	192108504
IP	INTERNATIONAL PAPER CO	75,984	$3,526	0.4%	$45.37	-10.0%	—	460146103
ANET	ARISTA NETWORKS INC	16,174	$2,357	0.3%	$128.77	+6.9%	—	040413205
TW	TRADEWEB MKTS INC	19,557	$2,170	0.2%	$103.14	+4.1%	—	892672106
DLTR	DOLLAR TREE INC	22,319	$2,106	0.2%	$86.31	+24.1%	—	256746108
FUN	SIX FLAGS ENTERTAINMENT CORP	88,849	$2,019	0.2%	$26.56	-31.9%	—	83001C108
RNW	RENEW ENERGY GLOBAL PLC	230,981	$1,779	0.2%	$6.14	+17.8%	—	G7500M104
—	UNILEVER PLC	28,182	$1,671	0.2%	$59.28	—	—	904767704
DQ	DAQO NEW ENERGY CORP	46,648	$1,312	0.1%	$28.13	—	—	23703Q203
PCT	PURECYCLE TECHNOLOGIES INC	97,675	$1,284	0.1%	$10.04	+5.7%	—	74623V103
RXO	RXO INC	54,758	$842	0.1%	$26.19	-43.7%	—	74982T103
SPY	SPDR S&P 500 ETF TR	1,200	$799	0.1%	—	—	CALL	78462F103
VST	VISTRA CORP	790	$155	0.0%	$97.94	+85.8%	CALL	92840M102
SONY	SONY GROUP CORP	1,700	$49	0.0%	$39.50	—	CALL	835699307

Decreased Positions (24)

AAON AAON INC 2.3%

Value ($000) $19,841 (-36.6%) Shares 260,212 (-22.3%) Est. Cost $102.16 Unrealized -9.7%

AGX ARGAN INC 2.0%

Value ($000) $17,103 (-36.8%) Shares 54,587 (-45.5%) Est. Cost $228.35 Unrealized +38.8%

RRX REGAL REXNORD CORPORATION 1.4%

Value ($000) $12,163 (-42.0%) Shares 86,677 (-40.7%) Est. Cost $150.49 Unrealized -5.4%

SHAK SHAKE SHACK INC 1.9%

Value ($000) $16,832 (-31.0%) Shares 207,366 (-20.4%) Est. Cost $96.03 Unrealized -8.2%

STRL STERLING INFRASTRUCTURE INC 2.3%

Value ($000) $20,214 (-25.8%) Shares 66,008 (-17.7%) Est. Cost $174.59 Unrealized +97.3%

BC BRUNSWICK CORP 2.1%

Value ($000) $18,466 (-25.4%) Shares 248,737 (-36.4%) Est. Cost $71.91 Unrealized -6.1%

IDCC INTERDIGITAL INC 2.6%

Value ($000) $22,681 (-20.1%) Shares 71,239 (-13.3%) Est. Cost $271.66 Unrealized +30.1%

APG API GROUP CORP 0.5%

Value ($000) $4,207 (-56.2%) Shares 109,947 (-60.6%) Est. Cost $25.24 Unrealized +46.5%

MIR MIRION TECHNOLOGIES INC 0.4%

Value ($000) $3,552 (-59.8%) Shares 151,685 (-60.1%) Est. Cost $11.37 Unrealized +119.3%

MTN VAIL RESORTS INC 2.3%

Value ($000) $20,112 (-19.4%) Shares 151,449 (-9.3%) Est. Cost $149.41 Unrealized -1.5%

SAIL SAILPOINT INC 1.3%

Value ($000) $11,681 (-27.4%) Shares 577,417 (-20.8%) Est. Cost $20.09 Unrealized +3.8%

ECG EVERUS CONSTR GROUP 0.2%

Value ($000) $2,134 (-61.8%) Shares 24,946 (-61.7%) Est. Cost $56.63 Unrealized +58.0%

BROS DUTCH BROS INC 3.0%

Value ($000) $26,598 (+14.0%) Shares 434,462 (-2.5%) Est. Cost $64.81 Unrealized -12.3%

SN SHARKNINJA INC 2.5%

Value ($000) $21,973 (-10.7%) Shares 196,362 (-17.6%) Est. Cost $87.93 Unrealized +12.1%

KR KROGER CO 0.2%

Value ($000) $2,022 (-53.7%) Shares 32,360 (-50.0%) Est. Cost $61.76 Unrealized +5.6%

BUR BURFORD CAP LTD 0.4%

Value ($000) $3,292 (-39.0%) Shares 369,095 (-18.2%) Est. Cost $13.50 Unrealized -27.5%

MSFT MICROSOFT CORP 0.8%

Value ($000) $7,413 (-18.8%) Shares 15,329 (-13.0%) Est. Cost $298.19 Unrealized +67.9%

MDT MEDTRONIC PLC 0.2%

Value ($000) $1,827 (-45.1%) Shares 19,024 (-45.6%) Est. Cost $87.96 Unrealized +10.4%

NVDA NVIDIA CORPORATION 0.8%

Value ($000) $6,807 (-14.2%) Shares 36,499 (-14.2%) Est. Cost $95.09 Unrealized +95.7%

VNET VNET GROUP INC 0.5%

Value ($000) $4,041 (-19.7%) Shares 477,646 (-2.0%) Est. Cost $9.05 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.2%

Value ($000) $2,093 (-24.3%) Shares 51,250 (-32.6%) Est. Cost $38.84 Unrealized +3.0%

VSAT VIASAT INC 0.6%

Value ($000) $5,600 (-9.0%) Shares 162,500 (-22.6%) Est. Cost $23.92 Unrealized +47.6%

CRH CRH PLC 1.7%

Value ($000) $14,514 (+2.5%) Shares 116,299 (-1.5%) Est. Cost $61.35 Unrealized +94.2%

KOF COCA-COLA FEMSA SAB DE CV 0.5%

Value ($000) $4,227 (-5.7%) Shares 44,627 (-17.2%) Est. Cost $90.38 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAON	AAON INC	260,212 (-22.3%)	$19,841 (-36.6%)	2.3%	$102.16	-9.7%	COM PAR $0.004	000360206
AGX	ARGAN INC	54,587 (-45.5%)	$17,103 (-36.8%)	2.0%	$228.35	+38.8%	COM	04010E109
RRX	REGAL REXNORD CORPORATION	86,677 (-40.7%)	$12,163 (-42.0%)	1.4%	$150.49	-5.4%	COM	758750103
SHAK	SHAKE SHACK INC	207,366 (-20.4%)	$16,832 (-31.0%)	1.9%	$96.03	-8.2%	CL A	819047101
STRL	STERLING INFRASTRUCTURE INC	66,008 (-17.7%)	$20,214 (-25.8%)	2.3%	$174.59	+97.3%	COM	859241101
BC	BRUNSWICK CORP	248,737 (-36.4%)	$18,466 (-25.4%)	2.1%	$71.91	-6.1%	COM	117043109
IDCC	INTERDIGITAL INC	71,239 (-13.3%)	$22,681 (-20.1%)	2.6%	$271.66	+30.1%	COM	45867G101
APG	API GROUP CORP	109,947 (-60.6%)	$4,207 (-56.2%)	0.5%	$25.24	+46.5%	COM STK	00187Y100
MIR	MIRION TECHNOLOGIES INC	151,685 (-60.1%)	$3,552 (-59.8%)	0.4%	$11.37	+119.3%	COM CL A	60471A101
MTN	VAIL RESORTS INC	151,449 (-9.3%)	$20,112 (-19.4%)	2.3%	$149.41	-1.5%	COM	91879Q109
SAIL	SAILPOINT INC	577,417 (-20.8%)	$11,681 (-27.4%)	1.3%	$20.09	+3.8%	COM	78781J109
ECG	EVERUS CONSTR GROUP	24,946 (-61.7%)	$2,134 (-61.8%)	0.2%	$56.63	+58.0%	COM	300426103
BROS	DUTCH BROS INC	434,462 (-2.5%)	$26,598 (+14.0%)	3.0%	$64.81	-12.3%	CL A	26701L100
SN	SHARKNINJA INC	196,362 (-17.6%)	$21,973 (-10.7%)	2.5%	$87.93	+12.1%	COM SHS	G8068L108
KR	KROGER CO	32,360 (-50.0%)	$2,022 (-53.7%)	0.2%	$61.76	+5.6%	COM	501044101
BUR	BURFORD CAP LTD	369,095 (-18.2%)	$3,292 (-39.0%)	0.4%	$13.50	-27.5%	ORD SHS	G17977110
MSFT	MICROSOFT CORP	15,329 (-13.0%)	$7,413 (-18.8%)	0.8%	$298.19	+67.9%	COM	594918104
MDT	MEDTRONIC PLC	19,024 (-45.6%)	$1,827 (-45.1%)	0.2%	$87.96	+10.4%	SHS	G5960L103
NVDA	NVIDIA CORPORATION	36,499 (-14.2%)	$6,807 (-14.2%)	0.8%	$95.09	+95.7%	COM	67066G104
VNET	VNET GROUP INC	477,646 (-2.0%)	$4,041 (-19.7%)	0.5%	$9.05	—	SPONSORED ADS A	90138A103
FIGR	FIGURE TECHNOLOGY SOLUTIO	51,250 (-32.6%)	$2,093 (-24.3%)	0.2%	$38.84	+3.0%	COM CL A	349381103
VSAT	VIASAT INC	162,500 (-22.6%)	$5,600 (-9.0%)	0.6%	$23.92	+47.6%	COM	92552V100
CRH	CRH PLC	116,299 (-1.5%)	$14,514 (+2.5%)	1.7%	$61.35	+94.2%	ORD	G25508105
KOF	COCA-COLA FEMSA SAB DE CV	44,627 (-17.2%)	$4,227 (-5.7%)	0.5%	$90.38	—	SPONS ADS REP	191241108

Unchanged Positions (18)

COIN COINBASE GLOBAL INC 0.8%

Value ($000) $6,792 Shares 30,033 Est. Cost $233.78 Unrealized +27.5%

TIGO MILLICOM INTL CELLULAR S A 2.4%

Value ($000) $21,236 Shares 383,048 Est. Cost $43.89 Unrealized +14.7%

POWL POWELL INDS INC 2.8%

Value ($000) $24,448 Shares 76,693 Est. Cost $253.93 Unrealized +32.5%

VXUS VANGUARD STAR FDS 2.9%

Value ($000) $25,581 Shares 339,093 Est. Cost $58.45 Unrealized —

YUMC YUM CHINA HLDGS INC 0.7%

Value ($000) $6,159 Shares 129,018 Est. Cost $46.16 Unrealized -0.8%

LIND LINDBLAD EXPEDITIONS HLDGS I 0.6%

Value ($000) $4,956 Shares 343,683 Est. Cost $10.88 Unrealized +16.0%

AZN ASTRAZENECA PLC 0.4%

Value ($000) $3,101 Shares 33,732 Est. Cost $67.96 Unrealized —

SAP SAP SE 0.5%

Value ($000) $4,722 Shares 19,441 Est. Cost $174.39 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.7%

Value ($000) $5,788 Shares 19,047 Est. Cost $188.67 Unrealized —

NVO NOVO-NORDISK A S 0.6%

Value ($000) $5,043 Shares 99,121 Est. Cost $88.52 Unrealized —

HDB HDFC BANK LTD 0.8%

Value ($000) $6,897 Shares 188,760 Est. Cost $46.53 Unrealized —

HAYW HAYWARD HLDGS INC 2.4%

Value ($000) $21,431 Shares 1,387,143 Est. Cost $15.11 Unrealized +4.6%

ASML ASML HOLDING N V 0.3%

Value ($000) $2,760 Shares 2,580 Est. Cost $851.14 Unrealized —

LIN LINDE PLC 0.3%

Value ($000) $2,225 Shares 5,219 Est. Cost $366.66 Unrealized +16.5%

IHG INTERCONTINENTAL HOTELS GROU 0.1%

Value ($000) $1,155 Shares 8,204 Est. Cost $94.92 Unrealized —

UNIT UNITI GROUP LLC 0.1%

Value ($000) $1,242 Shares 177,223 Est. Cost $7.16 Unrealized -11.5%

VWO VANGUARD INTL EQUITY INDEX F 1.6%

Value ($000) $14,157 Shares 263,332 Est. Cost $42.16 Unrealized —

IBN ICICI BANK LIMITED 0.5%

Value ($000) $3,973 Shares 133,325 Est. Cost $19.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	30,033	$6,792	0.8%	$233.78	+27.5%	COM CL A	19260Q107
TIGO	MILLICOM INTL CELLULAR S A	383,048	$21,236	2.4%	$43.89	+14.7%	COM STK	L6388F110
POWL	POWELL INDS INC	76,693	$24,448	2.8%	$253.93	+32.5%	COM	739128106
VXUS	VANGUARD STAR FDS	339,093	$25,581	2.9%	$58.45	—	VG TL INTL STK F	921909768
YUMC	YUM CHINA HLDGS INC	129,018	$6,159	0.7%	$46.16	-0.8%	COM	98850P109
LIND	LINDBLAD EXPEDITIONS HLDGS I	343,683	$4,956	0.6%	$10.88	+16.0%	COM	535219109
AZN	ASTRAZENECA PLC	33,732	$3,101	0.4%	$67.96	—	SPONSORED ADR	046353108
SAP	SAP SE	19,441	$4,722	0.5%	$174.39	—	SPON ADR	803054204
TSM	TAIWAN SEMICONDUCTOR MFG LTD	19,047	$5,788	0.7%	$188.67	—	SPONSORED ADS	874039100
NVO	NOVO-NORDISK A S	99,121	$5,043	0.6%	$88.52	—	ADR	670100205
HDB	HDFC BANK LTD	188,760	$6,897	0.8%	$46.53	—	SPONSORED ADS	40415F101
HAYW	HAYWARD HLDGS INC	1,387,143	$21,431	2.4%	$15.11	+4.6%	COM	421298100
ASML	ASML HOLDING N V	2,580	$2,760	0.3%	$851.14	—	N Y REGISTRY SHS	N07059210
LIN	LINDE PLC	5,219	$2,225	0.3%	$366.66	+16.5%	SHS	G54950103
IHG	INTERCONTINENTAL HOTELS GROU	8,204	$1,155	0.1%	$94.92	—	SPONSORED ADS	45857P806
UNIT	UNITI GROUP LLC	177,223	$1,242	0.1%	$7.16	-11.5%	COM SHS	912932100
VWO	VANGUARD INTL EQUITY INDEX F	263,332	$14,157	1.6%	$42.16	—	FTSE EMR MKT ETF	922042858
IBN	ICICI BANK LIMITED	133,325	$3,973	0.5%	$19.67	—	ADR	45104G104