Tenere Capital LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMI ADR	29,165	$8,863	6.9%	$303.89	—	COM	874039100
COF	CAPITAL ONE FINANCIAL CORP	29,708	$7,200	5.6%	$222.19	0.0%	COM	14040H105
GOOGL	ALPHABET INC CLASS A COMMON STOCK	21,697	$6,791	5.3%	$285.60	0.0%	COM	02079K305
ADI	ANALOG DEVICES	17,609	$4,776	3.7%	$250.62	0.0%	COM	032654105
GE	GENERAL AEROSPACE CO	13,461	$4,146	3.2%	$300.80	0.0%	COM	369604301
IQV	IQVIA HOLDINGS INC	17,210	$3,879	3.0%	$217.58	0.0%	COM	46266C105
AMAT	APPLIED MATERIALS	14,478	$3,721	2.9%	$239.49	0.0%	COM	038222105
CAT	CATERPILLAR INC	6,451	$3,696	2.9%	$555.50	0.0%	COM	149123101
GEV	GE VERNOVA LLC	5,243	$3,427	2.7%	$609.04	0.0%	COM	36828A101
LLY	ELI LILLY & CO	2,632	$2,829	2.2%	$955.55	0.0%	COM	532457108

Exited Positions (9)

BX BLACKSTONE INC 25.5%

Value ($000) $32,849 Shares 192,269 Est. Cost $139.02 Unrealized +8.9%

NFLX NETFLIX INC 18.5%

Value ($000) $23,914 Shares 19,946 Est. Cost $122.05 Unrealized -11.7%

UBER UBER TECHNOLOGIES INC 14.7%

Value ($000) $18,976 Shares 193,690 Est. Cost $83.77 Unrealized +7.5%

NOW SERVICENOW 14.1%

Value ($000) $18,222 Shares 19,801 Est. Cost $192.08 Unrealized -10.7%

NSC NORFOLK SOUTHERN 13.1%

Value ($000) $16,943 Shares 56,398 Est. Cost $227.48 Unrealized +26.9%

EQIX EQUINIX INC 12.4%

Value ($000) $16,002 Shares 20,430 Est. Cost $834.98 Unrealized -6.4%

NKE NIKE INC CL B 11.6%

Value ($000) $14,970 Shares 214,690 Est. Cost $80.04 Unrealized -18.9%

HUBB HUBBELL B 9.5%

Value ($000) $12,250 Shares 28,469 Est. Cost $428.19 Unrealized +2.1%

CCI CROWN CASTLE INC 6.7%

Value ($000) $8,637 Shares 89,511 Est. Cost $98.06 Unrealized -7.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BX	BLACKSTONE INC	192,269	$32,849	25.5%	$139.02	+8.9%	—	09260D107
NFLX	NETFLIX INC	19,946	$23,914	18.5%	$122.05	-11.7%	—	64110L106
UBER	UBER TECHNOLOGIES INC	193,690	$18,976	14.7%	$83.77	+7.5%	—	90353T100
NOW	SERVICENOW	19,801	$18,222	14.1%	$192.08	-10.7%	—	81762P102
NSC	NORFOLK SOUTHERN	56,398	$16,943	13.1%	$227.48	+26.9%	—	655844108
EQIX	EQUINIX INC	20,430	$16,002	12.4%	$834.98	-6.4%	—	29444U700
NKE	NIKE INC CL B	214,690	$14,970	11.6%	$80.04	-18.9%	—	654106103
HUBB	HUBBELL B	28,469	$12,250	9.5%	$428.19	+2.1%	—	443510607
CCI	CROWN CASTLE INC	89,511	$8,637	6.7%	$98.06	-7.1%	—	22822V101

Decreased Positions (11)

MSFT MICROSOFT CORPORATION 3.4%

Value ($000) $4,348 (-86.4%) Shares 8,990 (-85.4%) Est. Cost $374.65 Unrealized +33.6%

AMZN AMAZON.COM INC 5.7%

Value ($000) $7,303 (-78.2%) Shares 31,640 (-79.3%) Est. Cost $211.88 Unrealized +8.0%

V VISA INC-CLASS A SHARES 6.6%

Value ($000) $8,505 (-75.3%) Shares 24,252 (-76.0%) Est. Cost $281.99 Unrealized +20.7%

META META PLATFORMS INC 3.0%

Value ($000) $3,829 (-85.3%) Shares 5,800 (-83.7%) Est. Cost $437.33 Unrealized +52.6%

NVDA NVIDIA CORP 7.4%

Value ($000) $9,511 (-65.9%) Shares 50,995 (-65.9%) Est. Cost $121.78 Unrealized +52.8%

GS GOLDMAN SACHS 6.8%

Value ($000) $8,718 (-66.3%) Shares 9,918 (-69.5%) Est. Cost $600.00 Unrealized +35.6%

BLK BLACKROCK FUNDING INC/DE 7.2%

Value ($000) $9,325 (-62.3%) Shares 8,712 (-58.9%) Est. Cost $893.00 Unrealized +22.0%

DHR DANAHER CORP 6.1%

Value ($000) $7,932 (-53.8%) Shares 34,648 (-60.0%) Est. Cost $229.40 Unrealized -4.3%

ADSK AUTODESK INC 1.1%

Value ($000) $1,355 (-86.7%) Shares 4,579 (-85.8%) Est. Cost $290.59 Unrealized +4.1%

COIN COINBASE GLOBAL INC -CLASS A 3.5%

Value ($000) $4,513 (-54.5%) Shares 19,956 (-32.1%) Est. Cost $339.07 Unrealized -12.1%

AAPL APPLE INC 9.9%

Value ($000) $12,713 (-26.3%) Shares 46,762 (-30.9%) Est. Cost $190.17 Unrealized +41.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORPORATION	8,990 (-85.4%)	$4,348 (-86.4%)	3.4%	$374.65	+33.6%	COM	594918104
AMZN	AMAZON.COM INC	31,640 (-79.3%)	$7,303 (-78.2%)	5.7%	$211.88	+8.0%	COM	023135106
V	VISA INC-CLASS A SHARES	24,252 (-76.0%)	$8,505 (-75.3%)	6.6%	$281.99	+20.7%	COM	92826C839
META	META PLATFORMS INC	5,800 (-83.7%)	$3,829 (-85.3%)	3.0%	$437.33	+52.6%	COM	30303M102
NVDA	NVIDIA CORP	50,995 (-65.9%)	$9,511 (-65.9%)	7.4%	$121.78	+52.8%	COM	67066G104
GS	GOLDMAN SACHS	9,918 (-69.5%)	$8,718 (-66.3%)	6.8%	$600.00	+35.6%	COM	38141G104
BLK	BLACKROCK FUNDING INC/DE	8,712 (-58.9%)	$9,325 (-62.3%)	7.2%	$893.00	+22.0%	COM	09290D101
DHR	DANAHER CORP	34,648 (-60.0%)	$7,932 (-53.8%)	6.1%	$229.40	-4.3%	COM	235851102
ADSK	AUTODESK INC	4,579 (-85.8%)	$1,355 (-86.7%)	1.1%	$290.59	+4.1%	COM	052769106
COIN	COINBASE GLOBAL INC -CLASS A	19,956 (-32.1%)	$4,513 (-54.5%)	3.5%	$339.07	-12.1%	COM	19260Q107
AAPL	APPLE INC	46,762 (-30.9%)	$12,713 (-26.3%)	9.9%	$190.17	+41.1%	COM	037833100

Unchanged Positions (1)

KLAR Klarna Group plc 1.3%

Value ($000) $1,676 Shares 57,984 Est. Cost $42.59 Unrealized -19.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KLAR	Klarna Group plc	57,984	$1,676	1.3%	$42.59	-19.4%	COM	G5279N105