Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	1,217,595 (+244.1%)	$62.16M (+197.6%)	2.0%	$57.77	—	SHS	315948109
PGEN	PRECIGEN INC	19,036,976 (+6.8%)	$109M (+57.4%)	3.6%	$2.14	—	COM	74017N105
CHYM	CHIME FINL INC	4,082,489 (+41.7%)	$83.61M (+54.9%)	2.7%	$21.59	—	COM SHS CL A	16935C109
AMZN	AMAZON COM INC	681,047 (+4.1%)	$162M (+19.1%)	5.3%	$135.26	—	COM	023135106
NCLH	NORWEGIAN CRUISE LINE HLDGS	6,029,642 (+4.9%)	$127M (+18.4%)	4.2%	$19.43	—	SHS	G66721104
QXO	QXO INC	7,136,669 (+5.3%)	$123M (-6.3%)	4.0%	$28.36	—	COM NEW	82846H405
COIN	COINBASE GLOBAL INC	462,016 (+7.3%)	$67.54M (-10.1%)	2.2%	$156.67	—	COM CL A	19260Q107
—	BIOGEN INC	189,400 (+9900.0%)	$40.92M (+17.9%)	1.3%	—	—	CALL	09062X903
SOFI	SOFI TECHNOLOGIES INC	1,505,629 (+13.5%)	$27M (+28.2%)	0.9%	$9.71	—	COM	83406F102
ADBE	ADOBE INC	361,126 (+21.5%)	$74.04M (+2.5%)	2.4%	$274.87	—	COM	00724F101

Exited Positions (2)

IBIT ISHARES BITCOIN TRUST ETF 1.4%

Value $42.26M Shares 1,100,000 Est. Cost $38.42 Unrealized —

— TESLA INC 0.6%

Value $18.59M Shares 500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	1,100,000	$42.26M	1.4%	$38.42	—	—	46438F101
—	TESLA INC	500	$18.59M	0.6%	—	—	PUT	88160R951

Decreased Positions (18)

NE NOBLE CORP PLC 0.1%

Value $3.73M (-94.4%) Shares 100,000 (-92.6%) Est. Cost $25.82 Unrealized —

GOOGL ALPHABET INC 6.2%

Value $188M (+22.4%) Shares 525,750 (-1.5%) Est. Cost $115.84 Unrealized —

CVS CVS HEALTH CORP 4.2%

Value $128M (+31.1%) Shares 1,235,505 (-9.0%) Est. Cost $60.85 Unrealized —

RPRX ROYALTY PHARMA PLC 6.6%

Value $202M (+15.4%) Shares 3,598,808 (-1.2%) Est. Cost $29.70 Unrealized —

CROX CROCS INC 3.2%

Value $96.44M (+37.8%) Shares 799,426 (-5.2%) Est. Cost $92.73 Unrealized —

SDRL SEADRILL LTD 2.4%

Value $73.88M (-24.6%) Shares 1,953,355 (-9.3%) Est. Cost $38.21 Unrealized —

PLAY DAVE & BUSTERS ENTMT INC 0.1%

Value $2.326M (-81.4%) Shares 204,022 (-82.3%) Est. Cost $32.24 Unrealized —

BIIB BIOGEN INC 2.0%

Value $61.3M (-12.0%) Shares 283,697 (-25.3%) Est. Cost $180.95 Unrealized —

FISV FISERV INC 1.5%

Value $46.78M (-13.4%) Shares 953,637 (-1.5%) Est. Cost $69.28 Unrealized —

GM GENERAL MTRS CO 1.6%

Value $48.68M (-12.2%) Shares 631,558 (-15.2%) Est. Cost $35.04 Unrealized —

ILMN ILLUMINA INC 2.0%

Value $60.72M (-9.6%) Shares 345,314 (-36.6%) Est. Cost $106.74 Unrealized —

JD JD.COM INC 1.2%

Value $35.1M (-15.2%) Shares 1,377,719 (-1.6%) Est. Cost $35.81 Unrealized —

IAC PEOPLE INC 3.7%

Value $112M (+3.6%) Shares 2,425,558 (-10.2%) Est. Cost $42.26 Unrealized —

DAL DELTA AIR LINES INC 1.3%

Value $40.39M (+10.0%) Shares 431,215 (-22.0%) Est. Cost $37.54 Unrealized —

TEM TEMPUS AI INC 0.8%

Value $23.21M (+16.1%) Shares 400,698 (-9.4%) Est. Cost $57.87 Unrealized —

UBS UBS GROUP AG 1.5%

Value $47.27M (-2.6%) Shares 953,734 (-23.2%) Est. Cost $21.40 Unrealized —

OMF ONEMAIN HLDGS INC 1.4%

Value $42.82M (+2.5%) Shares 702,369 (-10.1%) Est. Cost $40.03 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value $792K (+9.1%) Shares 1,060 (-4.9%) Est. Cost $674.96 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NE	NOBLE CORP PLC	100,000 (-92.6%)	$3.73M (-94.4%)	0.1%	$25.82	—	ORD SHS A	G65431127
GOOGL	ALPHABET INC	525,750 (-1.5%)	$188M (+22.4%)	6.2%	$115.84	—	CAP STK CL A	02079K305
CVS	CVS HEALTH CORP	1,235,505 (-9.0%)	$128M (+31.1%)	4.2%	$60.85	—	COM	126650100
RPRX	ROYALTY PHARMA PLC	3,598,808 (-1.2%)	$202M (+15.4%)	6.6%	$29.70	—	SHS CLASS A	G7709Q104
CROX	CROCS INC	799,426 (-5.2%)	$96.44M (+37.8%)	3.2%	$92.73	—	COM	227046109
SDRL	SEADRILL LTD	1,953,355 (-9.3%)	$73.88M (-24.6%)	2.4%	$38.21	—	COM	G7997W102
PLAY	DAVE & BUSTERS ENTMT INC	204,022 (-82.3%)	$2.326M (-81.4%)	0.1%	$32.24	—	COM	238337109
BIIB	BIOGEN INC	283,697 (-25.3%)	$61.3M (-12.0%)	2.0%	$180.95	—	COM	09062X103
FISV	FISERV INC	953,637 (-1.5%)	$46.78M (-13.4%)	1.5%	$69.28	—	COM	337738108
GM	GENERAL MTRS CO	631,558 (-15.2%)	$48.68M (-12.2%)	1.6%	$35.04	—	COM	37045V100
ILMN	ILLUMINA INC	345,314 (-36.6%)	$60.72M (-9.6%)	2.0%	$106.74	—	COM	452327109
JD	JD.COM INC	1,377,719 (-1.6%)	$35.1M (-15.2%)	1.2%	$35.81	—	SPON ADS CL A	47215P106
IAC	PEOPLE INC	2,425,558 (-10.2%)	$112M (+3.6%)	3.7%	$42.26	—	COM NEW	44891N208
DAL	DELTA AIR LINES INC	431,215 (-22.0%)	$40.39M (+10.0%)	1.3%	$37.54	—	COM NEW	247361702
TEM	TEMPUS AI INC	400,698 (-9.4%)	$23.21M (+16.1%)	0.8%	$57.87	—	CL A	88023B103
UBS	UBS GROUP AG	953,734 (-23.2%)	$47.27M (-2.6%)	1.5%	$21.40	—	SHS	H42097107
OMF	ONEMAIN HLDGS INC	702,369 (-10.1%)	$42.82M (+2.5%)	1.4%	$40.03	—	COM	68268W103
SPY	STATE STR SPDR S&P 500 ETF T	1,060 (-4.9%)	$792K (+9.1%)	0.0%	$674.96	—	TR UNIT	78462F103

Unchanged Positions (10)

UNH UNITEDHEALTH GROUP INC 6.0%

Value $182M Shares 437,773 Est. Cost $333.57 Unrealized —

C CITIGROUP INC 6.4%

Value $196M Shares 1,403,477 Est. Cost $49.23 Unrealized —

UAL UNITED AIRLS HLDGS INC 3.3%

Value $99.48M Shares 731,523 Est. Cost $53.01 Unrealized —

NVDA NVIDIA CORPORATION 4.7%

Value $142M Shares 709,587 Est. Cost $108.21 Unrealized —

EXPE EXPEDIA GROUP INC 1.4%

Value $42.94M Shares 167,814 Est. Cost $102.21 Unrealized —

META META PLATFORMS INC 3.2%

Value $96.2M Shares 170,790 Est. Cost $316.33 Unrealized —

ET ENERGY TRANSFER L P 3.8%

Value $116M Shares 6,080,678 Est. Cost $14.08 Unrealized —

JPM JPMORGAN CHASE & CO 0.3%

Value $9.61M Shares 29,360 Est. Cost $131.03 Unrealized —

APA APA CORPORATION 0.1%

Value $1.629M Shares 50,000 Est. Cost $22.14 Unrealized —

LEN/B LENNAR CORP 0.0%

Value $1.109M Shares 12,500 Est. Cost $56.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	437,773	$182M	6.0%	$333.57	—	COM	91324P102
C	CITIGROUP INC	1,403,477	$196M	6.4%	$49.23	—	COM NEW	172967424
UAL	UNITED AIRLS HLDGS INC	731,523	$99.48M	3.3%	$53.01	—	COM	910047109
NVDA	NVIDIA CORPORATION	709,587	$142M	4.7%	$108.21	—	COM	67066G104
EXPE	EXPEDIA GROUP INC	167,814	$42.94M	1.4%	$102.21	—	COM NEW	30212P303
META	META PLATFORMS INC	170,790	$96.2M	3.2%	$316.33	—	CL A	30303M102
ET	ENERGY TRANSFER L P	6,080,678	$116M	3.8%	$14.08	—	COM UT LTD PTN	29273V100
JPM	JPMORGAN CHASE & CO	29,360	$9.61M	0.3%	$131.03	—	COM	46625H100
APA	APA CORPORATION	50,000	$1.629M	0.1%	$22.14	—	COM	03743Q108
LEN/B	LENNAR CORP	12,500	$1.109M	0.0%	$56.95	—	CL B	526057302