Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SUNB	SUNBELT RENTALS HOLDINGS INC	66,756	$4.994M	1.5%	$74.81	—	SHS	866966104
T	AT&T INC	233,104	$4.825M	1.5%	$20.70	—	COM	00206R102
CLS	CELESTICA INC	12,056	$4.398M	1.3%	$364.80	—	COM	15101Q207
SPOT	SPOTIFY TECHNOLOGY S A	4,440	$2.039M	0.6%	$459.14	—	SHS	L8681T102
GNRC	GENERAC HLDGS INC	2,159	$632K	0.2%	$292.81	—	COM	368736104
YPF	YPF SOCIEDAD ANONIMA	10,543	$479K	0.1%	$45.47	—	SPON ADR CL D	984245100
GOOGL	ALPHABET INC	1,100	$393K	0.1%	$357.37	—	CAP STK CL A	02079K305

Increased Positions (27)

TSM TAIWAN SEMICONDUCTOR MANUFAC 4.8%

Value $16.03M (+51.0%) Shares 33,566 (+6.9%) Est. Cost $184.87 Unrealized —

GOOG ALPHABET INC 3.4%

Value $11.12M (+45.1%) Shares 31,476 (+17.8%) Est. Cost $169.24 Unrealized —

AMZN AMAZON COM INC 3.3%

Value $10.84M (+35.6%) Shares 45,466 (+18.5%) Est. Cost $155.84 Unrealized —

NVDA NVIDIA CORPORATION 2.7%

Value $8.974M (+32.8%) Shares 44,849 (+15.8%) Est. Cost $114.49 Unrealized —

CVS CVS HEALTH CORP 2.0%

Value $6.53M (+47.2%) Shares 63,123 (+2.2%) Est. Cost $61.94 Unrealized —

MELI MERCADOLIBRE INC 1.2%

Value $3.89M (+104.0%) Shares 2,292 (+107.8%) Est. Cost $1697.51 Unrealized —

ON ON SEMICONDUCTOR CORP 1.6%

Value $5.295M (+56.0%) Shares 56,011 (+2.2%) Est. Cost $64.76 Unrealized —

AVGO BROADCOM INC 1.6%

Value $5.156M (+47.4%) Shares 13,649 (+20.8%) Est. Cost $360.57 Unrealized —

MSFT MICROSOFT CORP 2.5%

Value $8.129M (+25.0%) Shares 21,792 (+24.1%) Est. Cost $317.33 Unrealized —

UBER UBER TECHNOLOGIES INC 2.0%

Value $6.642M (+23.4%) Shares 92,046 (+23.0%) Est. Cost $74.81 Unrealized —

SE SEA LTD 1.1%

Value $3.725M (+50.2%) Shares 38,870 (+29.8%) Est. Cost $81.20 Unrealized —

PM PHILIP MORRIS INTL INC 2.4%

Value $7.774M (+14.9%) Shares 42,972 (+5.0%) Est. Cost $87.20 Unrealized —

CPAY CORPAY INC 1.7%

Value $5.674M (+18.6%) Shares 17,025 (+3.6%) Est. Cost $288.53 Unrealized —

FISV FISERV INC 1.6%

Value $5.234M (+16.1%) Shares 106,710 (+32.1%) Est. Cost $88.71 Unrealized —

PGR PROGRESSIVE CORP 1.5%

Value $4.997M (+16.7%) Shares 22,875 (+5.9%) Est. Cost $243.79 Unrealized —

TDG TRANSDIGM GROUP INC 1.1%

Value $3.735M (+17.7%) Shares 2,804 (+2.4%) Est. Cost $561.86 Unrealized —

GLD SPDR GOLD TR 1.5%

Value $4.904M (-10.2%) Shares 13,311 (+4.8%) Est. Cost $191.98 Unrealized —

VMC VULCAN MATLS CO 1.7%

Value $5.626M (+10.6%) Shares 19,070 (+2.1%) Est. Cost $306.53 Unrealized —

BN BROOKFIELD CORP 1.7%

Value $5.472M (+8.7%) Shares 128,478 (+3.3%) Est. Cost $46.54 Unrealized —

NU NU HLDGS LTD 1.4%

Value $4.484M (+9.8%) Shares 335,606 (+18.2%) Est. Cost $11.05 Unrealized —

CPNG COUPANG INC 1.2%

Value $4.123M (+10.8%) Shares 237,385 (+20.4%) Est. Cost $19.19 Unrealized —

GPK GRAPHIC PACKAGING HLDG CO 1.1%

Value $3.61M (+10.5%) Shares 341,546 (+3.9%) Est. Cost $13.96 Unrealized —

MCO MOODYS CORP 1.4%

Value $4.743M (+7.2%) Shares 10,473 (+3.3%) Est. Cost $321.49 Unrealized —

QUAL ISHARES TR 0.5%

Value $1.756M (+20.4%) Shares 8,002 (+5.2%) Est. Cost $158.47 Unrealized —

SPGI S&P GLOBAL INC 1.6%

Value $5.201M (+3.0%) Shares 12,770 (+7.6%) Est. Cost $408.84 Unrealized —

META META PLATFORMS INC 1.8%

Value $5.828M (+0.9%) Shares 10,347 (+2.5%) Est. Cost $299.88 Unrealized —

SCHW SCHWAB CHARLES CORP 2.0%

Value $6.732M (+0.8%) Shares 72,957 (+2.6%) Est. Cost $66.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	33,566 (+6.9%)	$16.03M (+51.0%)	4.8%	$184.87	—	SPONSORED ADS	874039100
GOOG	ALPHABET INC	31,476 (+17.8%)	$11.12M (+45.1%)	3.4%	$169.24	—	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	45,466 (+18.5%)	$10.84M (+35.6%)	3.3%	$155.84	—	COM	023135106
NVDA	NVIDIA CORPORATION	44,849 (+15.8%)	$8.974M (+32.8%)	2.7%	$114.49	—	COM	67066G104
CVS	CVS HEALTH CORP	63,123 (+2.2%)	$6.53M (+47.2%)	2.0%	$61.94	—	COM	126650100
MELI	MERCADOLIBRE INC	2,292 (+107.8%)	$3.89M (+104.0%)	1.2%	$1697.51	—	COM	58733R102
ON	ON SEMICONDUCTOR CORP	56,011 (+2.2%)	$5.295M (+56.0%)	1.6%	$64.76	—	COM	682189105
AVGO	BROADCOM INC	13,649 (+20.8%)	$5.156M (+47.4%)	1.6%	$360.57	—	COM	11135F101
MSFT	MICROSOFT CORP	21,792 (+24.1%)	$8.129M (+25.0%)	2.5%	$317.33	—	COM	594918104
UBER	UBER TECHNOLOGIES INC	92,046 (+23.0%)	$6.642M (+23.4%)	2.0%	$74.81	—	COM	90353T100
SE	SEA LTD	38,870 (+29.8%)	$3.725M (+50.2%)	1.1%	$81.20	—	SPONSORD ADS	81141R100
PM	PHILIP MORRIS INTL INC	42,972 (+5.0%)	$7.774M (+14.9%)	2.4%	$87.20	—	COM	718172109
CPAY	CORPAY INC	17,025 (+3.6%)	$5.674M (+18.6%)	1.7%	$288.53	—	COM SHS	219948106
FISV	FISERV INC	106,710 (+32.1%)	$5.234M (+16.1%)	1.6%	$88.71	—	COM	337738108
PGR	PROGRESSIVE CORP	22,875 (+5.9%)	$4.997M (+16.7%)	1.5%	$243.79	—	COM	743315103
TDG	TRANSDIGM GROUP INC	2,804 (+2.4%)	$3.735M (+17.7%)	1.1%	$561.86	—	COM	893641100
GLD	SPDR GOLD TR	13,311 (+4.8%)	$4.904M (-10.2%)	1.5%	$191.98	—	GOLD SHS	78463V107
VMC	VULCAN MATLS CO	19,070 (+2.1%)	$5.626M (+10.6%)	1.7%	$306.53	—	COM	929160109
BN	BROOKFIELD CORP	128,478 (+3.3%)	$5.472M (+8.7%)	1.7%	$46.54	—	CL A LTD VT SH	11271J107
NU	NU HLDGS LTD	335,606 (+18.2%)	$4.484M (+9.8%)	1.4%	$11.05	—	ORD SHS CL A	G6683N103
CPNG	COUPANG INC	237,385 (+20.4%)	$4.123M (+10.8%)	1.2%	$19.19	—	CL A	22266T109
GPK	GRAPHIC PACKAGING HLDG CO	341,546 (+3.9%)	$3.61M (+10.5%)	1.1%	$13.96	—	COM	388689101
MCO	MOODYS CORP	10,473 (+3.3%)	$4.743M (+7.2%)	1.4%	$321.49	—	COM	615369105
QUAL	ISHARES TR	8,002 (+5.2%)	$1.756M (+20.4%)	0.5%	$158.47	—	MSCI USA QLT FCT	46432F339
SPGI	S&P GLOBAL INC	12,770 (+7.6%)	$5.201M (+3.0%)	1.6%	$408.84	—	COM	78409V104
META	META PLATFORMS INC	10,347 (+2.5%)	$5.828M (+0.9%)	1.8%	$299.88	—	CL A	30303M102
SCHW	SCHWAB CHARLES CORP	72,957 (+2.6%)	$6.732M (+0.8%)	2.0%	$66.94	—	COM	808513105

Exited Positions (8)

ADP AUTOMATIC DATA PROCESSING IN 1.6%

Value $5.339M Shares 26,279 Est. Cost $220.41 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 1.4%

Value $4.692M Shares 15,431 Est. Cost $270.09 Unrealized —

NKE NIKE INC 1.2%

Value $4.051M Shares 76,691 Est. Cost $96.10 Unrealized —

FOUR SHIFT4 PMTS INC 0.7%

Value $2.386M Shares 54,564 Est. Cost $91.50 Unrealized —

NEM NEWMONT CORP 0.5%

Value $1.674M Shares 15,466 Est. Cost $44.25 Unrealized —

FLUT FLUTTER ENTMT PLC 0.5%

Value $1.574M Shares 15,437 Est. Cost $245.37 Unrealized —

G GENPACT LIMITED 0.4%

Value $1.249M Shares 33,537 Est. Cost $39.56 Unrealized —

TECK TECK RESOURCES LTD 0.1%

Value $445K Shares 8,593 Est. Cost $39.89 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADP	AUTOMATIC DATA PROCESSING IN	26,279	$5.339M	1.6%	$220.41	—	—	053015103
HLT	HILTON WORLDWIDE HLDGS INC	15,431	$4.692M	1.4%	$270.09	—	—	43300A203
NKE	NIKE INC	76,691	$4.051M	1.2%	$96.10	—	—	654106103
FOUR	SHIFT4 PMTS INC	54,564	$2.386M	0.7%	$91.50	—	—	82452J109
NEM	NEWMONT CORP	15,466	$1.674M	0.5%	$44.25	—	—	651639106
FLUT	FLUTTER ENTMT PLC	15,437	$1.574M	0.5%	$245.37	—	—	G3643J108
G	GENPACT LIMITED	33,537	$1.249M	0.4%	$39.56	—	—	G3922B107
TECK	TECK RESOURCES LTD	8,593	$445K	0.1%	$39.89	—	—	878742204

Decreased Positions (48)

LRCX LAM RESEARCH CORP 1.9%

Value $6.375M (+71.4%) Shares 14,712 (-15.5%) Est. Cost $76.64 Unrealized —

NFLX NETFLIX INC. 1.5%

Value $5.004M (-31.9%) Shares 70,078 (-8.3%) Est. Cost $97.90 Unrealized —

GE GE AEROSPACE 2.6%

Value $8.495M (+28.7%) Shares 22,731 (-2.2%) Est. Cost $174.68 Unrealized —

NBIS NEBIUS GROUP N.V. 0.9%

Value $2.86M (+132.0%) Shares 10,357 (-12.8%) Est. Cost $96.40 Unrealized —

PBR PETROLEO BRASILEIRO S A 1.1%

Value $3.533M (-29.3%) Shares 218,647 (-9.3%) Est. Cost $13.75 Unrealized —

GLNG GOLAR LNG LTD 1.1%

Value $3.587M (-29.0%) Shares 71,969 (-22.9%) Est. Cost $22.17 Unrealized —

ASML ASML HLDG NV 1.6%

Value $5.264M (+30.3%) Shares 2,646 (-13.5%) Est. Cost $667.71 Unrealized —

TTE TOTALENERGIES SE 1.0%

Value $3.44M (-25.4%) Shares 44,235 (-12.8%) Est. Cost $63.23 Unrealized —

OTIS OTIS WORLDWIDE CORP 1.9%

Value $6.158M (-10.3%) Shares 86,011 (-3.4%) Est. Cost $80.84 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.6%

Value $1.922M (-26.8%) Shares 20,029 (-4.4%) Est. Cost $98.52 Unrealized —

KT KT CORP 0.5%

Value $1.817M (-26.4%) Shares 105,150 (-8.7%) Est. Cost $13.51 Unrealized —

YUMC YUM CHINA HLDGS INC 0.6%

Value $2.142M (-23.0%) Shares 52,411 (-8.1%) Est. Cost $48.69 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 2.5%

Value $8.201M (+8.2%) Shares 94,643 (-1.8%) Est. Cost $76.58 Unrealized —

ALB ALBEMARLE CORP 0.3%

Value $877K (-40.2%) Shares 6,495 (-20.5%) Est. Cost $94.04 Unrealized —

AA ALCOA CORP 0.3%

Value $872K (-34.7%) Shares 16,715 (-16.9%) Est. Cost $36.40 Unrealized —

CRH CRH PLC 1.1%

Value $3.526M (-11.6%) Shares 32,949 (-13.1%) Est. Cost $82.94 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value $960K (-31.8%) Shares 7,024 (-15.4%) Est. Cost $104.45 Unrealized —

UBS UBS GROUP AG 1.0%

Value $3.258M (+15.6%) Shares 65,735 (-8.9%) Est. Cost $29.74 Unrealized —

ENB ENBRIDGE INC 1.1%

Value $3.712M (-10.3%) Shares 68,483 (-10.4%) Est. Cost $43.96 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.3%

Value $1.039M (-28.4%) Shares 11,391 (-13.8%) Est. Cost $80.40 Unrealized —

JHX JAMES HARDIE INDS PLC 0.6%

Value $1.881M (+24.4%) Shares 71,851 (-10.0%) Est. Cost $23.75 Unrealized —

LNG CHENIERE ENERGY INC 0.3%

Value $908K (-28.4%) Shares 3,801 (-14.9%) Est. Cost $164.84 Unrealized —

B BARRICK MNG CORP 0.4%

Value $1.236M (-19.8%) Shares 33,646 (-11.0%) Est. Cost $19.29 Unrealized —

SQM SOCIEDAD QUIMICA Y MINERA DE 0.3%

Value $970K (-23.4%) Shares 13,099 (-16.3%) Est. Cost $41.16 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.3%

Value $847K (-23.5%) Shares 3,411 (-14.0%) Est. Cost $257.67 Unrealized —

ITUB ITAU UNIBANCO HLDG S A 0.6%

Value $1.911M (-11.5%) Shares 233,884 (-9.2%) Est. Cost $7.17 Unrealized —

KOS KOSMOS ENERGY LTD 0.2%

Value $510K (-32.5%) Shares 241,789 (-11.1%) Est. Cost $4.54 Unrealized —

BTI BRITISH AMERN TOB PLC 1.1%

Value $3.572M (-6.4%) Shares 57,836 (-11.3%) Est. Cost $35.72 Unrealized —

NXE NEXGEN ENERGY LTD 0.2%

Value $597K (-27.4%) Shares 63,628 (-10.3%) Est. Cost $11.89 Unrealized —

NVS NOVARTIS AG 1.0%

Value $3.272M (-6.4%) Shares 20,881 (-8.8%) Est. Cost $119.41 Unrealized —

FTV FORTIVE CORP 0.4%

Value $1.265M (-13.0%) Shares 20,710 (-21.3%) Est. Cost $52.70 Unrealized —

RIO RIO TINTO PLC 0.3%

Value $1.115M (-13.3%) Shares 11,744 (-14.8%) Est. Cost $73.67 Unrealized —

VALE VALE S A 0.3%

Value $912K (-13.9%) Shares 60,611 (-9.0%) Est. Cost $13.04 Unrealized —

PHG KONINKLIJKE PHILIPS N V 0.6%

Value $1.821M (-6.3%) Shares 66,967 (-5.6%) Est. Cost $25.25 Unrealized —

CLH CLEAN HARBORS INC 0.2%

Value $802K (-13.1%) Shares 2,683 (-16.6%) Est. Cost $263.20 Unrealized —

FCX FREEPORT MCMORAN INC 0.3%

Value $1.077M (-10.1%) Shares 17,117 (-16.0%) Est. Cost $37.78 Unrealized —

IBN ICICI BANK LIMITED 0.6%

Value $1.844M (+6.3%) Shares 63,508 (-5.2%) Est. Cost $24.45 Unrealized —

ETN EATON CORP PLC 0.4%

Value $1.399M (-6.4%) Shares 3,283 (-21.4%) Est. Cost $260.68 Unrealized —

KSPI KASPI KZ JSC 0.4%

Value $1.406M (+6.1%) Shares 16,226 (-9.3%) Est. Cost $74.07 Unrealized —

CNH CNH INDL N V 0.4%

Value $1.429M (-4.6%) Shares 127,237 (-6.6%) Est. Cost $11.37 Unrealized —

RUN SUNRUN INC 0.2%

Value $699K (-6.8%) Shares 52,236 (-5.6%) Est. Cost $10.79 Unrealized —

FLR FLUOR CORP 0.4%

Value $1.171M (-4.0%) Shares 22,350 (-14.5%) Est. Cost $44.70 Unrealized —

GEV GE VERNOVA INC 0.7%

Value $2.328M (+2.0%) Shares 1,981 (-24.2%) Est. Cost $186.39 Unrealized —

AEP AMERICAN ELEC PWR CO INC 0.2%

Value $684K (-6.0%) Shares 5,000 (-10.0%) Est. Cost $117.70 Unrealized —

VRT VERTIV HOLDINGS CO 0.5%

Value $1.744M (+0.5%) Shares 5,210 (-24.8%) Est. Cost $59.84 Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.2%

Value $532K (+1.4%) Shares 56,681 (-8.7%) Est. Cost $12.08 Unrealized —

TLN TALEN ENERGY CORP 0.4%

Value $1.398M (+0.3%) Shares 3,639 (-16.7%) Est. Cost $195.05 Unrealized —

FER FERROVIAL NV 0.5%

Value $1.549M (+0.1%) Shares 22,575 (-5.1%) Est. Cost $69.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	14,712 (-15.5%)	$6.375M (+71.4%)	1.9%	$76.64	—	COM NEW	512807306
NFLX	NETFLIX INC.	70,078 (-8.3%)	$5.004M (-31.9%)	1.5%	$97.90	—	COM	64110L106
GE	GE AEROSPACE	22,731 (-2.2%)	$8.495M (+28.7%)	2.6%	$174.68	—	COM NEW	369604301
NBIS	NEBIUS GROUP N.V.	10,357 (-12.8%)	$2.86M (+132.0%)	0.9%	$96.40	—	SHS CLASS A	N97284108
PBR	PETROLEO BRASILEIRO S A	218,647 (-9.3%)	$3.533M (-29.3%)	1.1%	$13.75	—	SPONSORED ADR	71654V408
GLNG	GOLAR LNG LTD	71,969 (-22.9%)	$3.587M (-29.0%)	1.1%	$22.17	—	SHS	G9456A100
ASML	ASML HLDG NV	2,646 (-13.5%)	$5.264M (+30.3%)	1.6%	$667.71	—	N Y REGISTRY SHS	N07059210
TTE	TOTALENERGIES SE	44,235 (-12.8%)	$3.44M (-25.4%)	1.0%	$63.23	—	ACT	F92124100
OTIS	OTIS WORLDWIDE CORP	86,011 (-3.4%)	$6.158M (-10.3%)	1.9%	$80.84	—	COM	68902V107
BABA	ALIBABA GROUP HLDG LTD	20,029 (-4.4%)	$1.922M (-26.8%)	0.6%	$98.52	—	SPONSORED ADS	01609W102
KT	KT CORP	105,150 (-8.7%)	$1.817M (-26.4%)	0.5%	$13.51	—	SPONSORED ADR	48268K101
YUMC	YUM CHINA HLDGS INC	52,411 (-8.1%)	$2.142M (-23.0%)	0.6%	$48.69	—	COM	98850P109
CP	CANADIAN PACIFIC KANSAS CITY	94,643 (-1.8%)	$8.201M (+8.2%)	2.5%	$76.58	—	COM	13646K108
ALB	ALBEMARLE CORP	6,495 (-20.5%)	$877K (-40.2%)	0.3%	$94.04	—	COM	012653101
AA	ALCOA CORP	16,715 (-16.9%)	$872K (-34.7%)	0.3%	$36.40	—	COM	013872106
CRH	CRH PLC	32,949 (-13.1%)	$3.526M (-11.6%)	1.1%	$82.94	—	ORD	G25508105
XOM	EXXON MOBIL CORP	7,024 (-15.4%)	$960K (-31.8%)	0.3%	$104.45	—	COM	30231G102
UBS	UBS GROUP AG	65,735 (-8.9%)	$3.258M (+15.6%)	1.0%	$29.74	—	SHS	H42097107
ENB	ENBRIDGE INC	68,483 (-10.4%)	$3.712M (-10.3%)	1.1%	$43.96	—	COM	29250N105
EXE	EXPAND ENERGY CORPORATION	11,391 (-13.8%)	$1.039M (-28.4%)	0.3%	$80.40	—	COM	165167735
JHX	JAMES HARDIE INDS PLC	71,851 (-10.0%)	$1.881M (+24.4%)	0.6%	$23.75	—	ORD SHS	G4253H101
LNG	CHENIERE ENERGY INC	3,801 (-14.9%)	$908K (-28.4%)	0.3%	$164.84	—	COM NEW	16411R208
B	BARRICK MNG CORP	33,646 (-11.0%)	$1.236M (-19.8%)	0.4%	$19.29	—	COM SHS	06849F108
SQM	SOCIEDAD QUIMICA Y MINERA DE	13,099 (-16.3%)	$970K (-23.4%)	0.3%	$41.16	—	SPON ADR SER B	833635105
CEG	CONSTELLATION ENERGY CORP	3,411 (-14.0%)	$847K (-23.5%)	0.3%	$257.67	—	COM	21037T109
ITUB	ITAU UNIBANCO HLDG S A	233,884 (-9.2%)	$1.911M (-11.5%)	0.6%	$7.17	—	SPON ADR REP PFD	465562106
KOS	KOSMOS ENERGY LTD	241,789 (-11.1%)	$510K (-32.5%)	0.2%	$4.54	—	COM	500688106
BTI	BRITISH AMERN TOB PLC	57,836 (-11.3%)	$3.572M (-6.4%)	1.1%	$35.72	—	SPONSORED ADR	110448107
NXE	NEXGEN ENERGY LTD	63,628 (-10.3%)	$597K (-27.4%)	0.2%	$11.89	—	COM	65340P106
NVS	NOVARTIS AG	20,881 (-8.8%)	$3.272M (-6.4%)	1.0%	$119.41	—	SPONSORED ADR	66987V109
FTV	FORTIVE CORP	20,710 (-21.3%)	$1.265M (-13.0%)	0.4%	$52.70	—	COM	34959J108
RIO	RIO TINTO PLC	11,744 (-14.8%)	$1.115M (-13.3%)	0.3%	$73.67	—	SPONSORED ADR	767204100
VALE	VALE S A	60,611 (-9.0%)	$912K (-13.9%)	0.3%	$13.04	—	SPONSORED ADS	91912E105
PHG	KONINKLIJKE PHILIPS N V	66,967 (-5.6%)	$1.821M (-6.3%)	0.6%	$25.25	—	NY REGIS SHS NEW	500472303
CLH	CLEAN HARBORS INC	2,683 (-16.6%)	$802K (-13.1%)	0.2%	$263.20	—	COM	184496107
FCX	FREEPORT MCMORAN INC	17,117 (-16.0%)	$1.077M (-10.1%)	0.3%	$37.78	—	CL B	35671D857
IBN	ICICI BANK LIMITED	63,508 (-5.2%)	$1.844M (+6.3%)	0.6%	$24.45	—	ADR	45104G104
ETN	EATON CORP PLC	3,283 (-21.4%)	$1.399M (-6.4%)	0.4%	$260.68	—	SHS	G29183103
KSPI	KASPI KZ JSC	16,226 (-9.3%)	$1.406M (+6.1%)	0.4%	$74.07	—	SPONSORED ADS	48581R205
CNH	CNH INDL N V	127,237 (-6.6%)	$1.429M (-4.6%)	0.4%	$11.37	—	SHS	N20944109
RUN	SUNRUN INC	52,236 (-5.6%)	$699K (-6.8%)	0.2%	$10.79	—	COM	86771W105
FLR	FLUOR CORP	22,350 (-14.5%)	$1.171M (-4.0%)	0.4%	$44.70	—	COM	343412102
GEV	GE VERNOVA INC	1,981 (-24.2%)	$2.328M (+2.0%)	0.7%	$186.39	—	COM	36828A101
AEP	AMERICAN ELEC PWR CO INC	5,000 (-10.0%)	$684K (-6.0%)	0.2%	$117.70	—	COM	025537101
VRT	VERTIV HOLDINGS CO	5,210 (-24.8%)	$1.744M (+0.5%)	0.5%	$59.84	—	COM CL A	92537N108
CLF	CLEVELAND-CLIFFS INC NEW	56,681 (-8.7%)	$532K (+1.4%)	0.2%	$12.08	—	COM	185899101
TLN	TALEN ENERGY CORP	3,639 (-16.7%)	$1.398M (+0.3%)	0.4%	$195.05	—	COM	87422Q109
FER	FERROVIAL NV	22,575 (-5.1%)	$1.549M (+0.1%)	0.5%	$69.51	—	ORD SHS	N3168P101

Unchanged Positions (8)

CNR CORE NATURAL RESOURCES INC 1.4%

Value $4.568M Shares 57,092 Est. Cost $84.05 Unrealized —

EQT EQT CORP 1.4%

Value $4.784M Shares 89,973 Est. Cost $55.24 Unrealized —

V VISA INC 1.6%

Value $5.427M Shares 15,817 Est. Cost $228.56 Unrealized —

APP APPLOVIN CORP 0.7%

Value $2.376M Shares 4,611 Est. Cost $91.24 Unrealized —

VST VISTRA CORP 1.9%

Value $6.433M Shares 40,555 Est. Cost $163.15 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.8%

Value $5.865M Shares 11,721 Est. Cost $334.21 Unrealized —

MA MASTERCARD INCORPORATED 1.5%

Value $5.024M Shares 9,782 Est. Cost $366.58 Unrealized —

CCJ CAMECO CORP 0.1%

Value $234K Shares 2,292 Est. Cost $89.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNR	CORE NATURAL RESOURCES INC	57,092	$4.568M	1.4%	$84.05	—	COM SHS	218937100
EQT	EQT CORP	89,973	$4.784M	1.4%	$55.24	—	COM	26884L109
V	VISA INC	15,817	$5.427M	1.6%	$228.56	—	COM CL A	92826C839
APP	APPLOVIN CORP	4,611	$2.376M	0.7%	$91.24	—	COM CL A	03831W108
VST	VISTRA CORP	40,555	$6.433M	1.9%	$163.15	—	COM	92840M102
BRK/B	BERKSHIRE HATHAWAY INC DEL	11,721	$5.865M	1.8%	$334.21	—	CL B NEW	084670702
MA	MASTERCARD INCORPORATED	9,782	$5.024M	1.5%	$366.58	—	CL A	57636Q104
CCJ	CAMECO CORP	2,292	$234K	0.1%	$89.94	—	COM	13321L108