Connective Portfolio Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	10,100	$3,161	5.7%	$285.60	0.0%	CAP STK CL A	02079K305
SHEL	SHELL PLC	30,195	$2,219	4.0%	$73.48	—	SPON ADS	780259305
XLV	SELECT SECTOR SPDR TR	13,000	$2,012	3.6%	$154.80	—	STATE STREET HEA	81369Y209
INTC	INTEL CORP	51,025	$1,883	3.4%	$37.76	0.0%	COM	458140100
PL	PLANET LABS PBC	80,000	$1,578	2.8%	$14.34	0.0%	COM CL A	72703X106
GM	GENERAL MTRS CO	16,000	$1,301	2.3%	$70.40	0.0%	COM	37045V100
BLK	BLACKROCK INC	1,100	$1,177	2.1%	$1089.41	0.0%	COM	09290D101
NOK	NOKIA CORP	165,000	$1,068	1.9%	$6.47	—	SPONSORED ADR	654902204
WDC	WESTERN DIGITAL CORP	5,000	$861	1.6%	$151.55	0.0%	COM	958102105
NTRA	NATERA INC	3,400	$779	1.4%	$208.59	0.0%	COM	632307104
STX	SEAGATE TECHNOLOGY HLDNGS PL	2,800	$771	1.4%	$258.92	0.0%	ORD SHS	G7997R103
IEMG	ISHARES INC	11,000	$739	1.3%	$67.22	—	CORE MSCI EMKT	46434G103
GH	GUARDANT HEALTH INC	7,000	$715	1.3%	$89.46	0.0%	COM	40131M109
SNOW	SNOWFLAKE INC	2,800	$614	1.1%	$244.09	0.0%	COM SHS	833445109

Increased Positions (2)

NVDA NVIDIA CORPORATION 5.5%

Value ($000) $3,073 (+43.0%) Shares 16,475 (+43.6%) Est. Cost $130.40 Unrealized +42.7%

PHYS SPROTT ASSET MANAGEMENT LP 5.1%

Value ($000) $2,807 (+47.3%) Shares 85,000 (+30.8%) Est. Cost $27.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	16,475 (+43.6%)	$3,073 (+43.0%)	5.5%	$130.40	+42.7%	COM	67066G104
PHYS	SPROTT ASSET MANAGEMENT LP	85,000 (+30.8%)	$2,807 (+47.3%)	5.1%	$27.15	—	PHYSICAL GOLD TR	85207H104

Exited Positions (14)

ORCL ORACLE CORP 4.3%

Value ($000) $2,368 Shares 8,300 Est. Cost $254.17 Unrealized -6.3%

UBER UBER TECHNOLOGIES INC 3.2%

Value ($000) $1,760 Shares 18,035 Est. Cost $72.04 Unrealized +25.0%

HOOD ROBINHOOD MKTS INC 3.0%

Value ($000) $1,641 Shares 12,000 Est. Cost $109.05 Unrealized +19.3%

ROK ROCKWELL AUTOMATION INC 2.5%

Value ($000) $1,378 Shares 4,000 Est. Cost $274.46 Unrealized +36.7%

CIEN CIENA CORP 2.3%

Value ($000) $1,290 Shares 8,952 Est. Cost $74.93 Unrealized +158.9%

COIN COINBASE GLOBAL INC 2.2%

Value ($000) $1,202 Shares 3,600 Est. Cost $233.78 Unrealized +27.5%

META META PLATFORMS INC 2.0%

Value ($000) $1,115 Shares 1,500 Est. Cost $743.23 Unrealized -10.2%

BA BOEING CO 2.0%

Value ($000) $1,114 Shares 5,175 Est. Cost $225.47 Unrealized -8.8%

INDA ISHARES TR 2.0%

Value ($000) $1,095 Shares 21,000 Est. Cost $55.62 Unrealized —

NFLX NETFLIX INC 2.0%

Value ($000) $1,086 Shares 900 Est. Cost $113.07 Unrealized -4.6%

PGR PROGRESSIVE CORP 1.1%

Value ($000) $611 Shares 2,500 Est. Cost $231.96 Unrealized -8.5%

CORZ CORE SCIENTIFIC INC NEW 1.1%

Value ($000) $607 Shares 35,000 Est. Cost $14.67 Unrealized +18.9%

AMZN AMAZON COM INC 1.1%

Value ($000) $600 Shares 2,700 Est. Cost $197.89 Unrealized +15.6%

APLD APPLIED DIGITAL CORP 0.8%

Value ($000) $443 Shares 20,000 Est. Cost $7.38 Unrealized +290.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	8,300	$2,368	4.3%	$254.17	-6.3%	—	68389X105
UBER	UBER TECHNOLOGIES INC	18,035	$1,760	3.2%	$72.04	+25.0%	—	90353T100
HOOD	ROBINHOOD MKTS INC	12,000	$1,641	3.0%	$109.05	+19.3%	—	770700102
ROK	ROCKWELL AUTOMATION INC	4,000	$1,378	2.5%	$274.46	+36.7%	—	773903109
CIEN	CIENA CORP	8,952	$1,290	2.3%	$74.93	+158.9%	—	171779309
COIN	COINBASE GLOBAL INC	3,600	$1,202	2.2%	$233.78	+27.5%	—	19260Q107
META	META PLATFORMS INC	1,500	$1,115	2.0%	$743.23	-10.2%	—	30303M102
BA	BOEING CO	5,175	$1,114	2.0%	$225.47	-8.8%	—	097023105
INDA	ISHARES TR	21,000	$1,095	2.0%	$55.62	—	—	46429B598
NFLX	NETFLIX INC	900	$1,086	2.0%	$113.07	-4.6%	—	64110L106
PGR	PROGRESSIVE CORP	2,500	$611	1.1%	$231.96	-8.5%	—	743315103
CORZ	CORE SCIENTIFIC INC NEW	35,000	$607	1.1%	$14.67	+18.9%	—	21874A106
AMZN	AMAZON COM INC	2,700	$600	1.1%	$197.89	+15.6%	—	023135106
APLD	APPLIED DIGITAL CORP	20,000	$443	0.8%	$7.38	+290.5%	—	038169207

Decreased Positions (10)

MSFT MICROSOFT CORP 4.4%

Value ($000) $2,430 (-36.8%) Shares 5,024 (-32.3%) Est. Cost $338.09 Unrealized +48.1%

EWZ ISHARES INC 1.7%

Value ($000) $953 (-56.1%) Shares 30,000 (-57.1%) Est. Cost $28.85 Unrealized —

EEM ISHARES TR 4.5%

Value ($000) $2,523 (-28.3%) Shares 46,125 (-30.2%) Est. Cost $51.24 Unrealized —

C CITIGROUP INC 2.8%

Value ($000) $1,539 (-34.1%) Shares 13,185 (-43.1%) Est. Cost $94.11 Unrealized +10.1%

LEGN LEGEND BIOTECH CORP 0.5%

Value ($000) $272 (-66.2%) Shares 12,500 (-49.0%) Est. Cost $32.85 Unrealized —

RKT ROCKET COS INC 0.9%

Value ($000) $503 (-47.9%) Shares 26,000 (-45.8%) Est. Cost $13.27 Unrealized +34.7%

AVGO BROADCOM INC 2.7%

Value ($000) $1,487 (-22.7%) Shares 4,295 (-25.9%) Est. Cost $189.04 Unrealized +88.8%

CAT CATERPILLAR INC 1.0%

Value ($000) $573 (-39.3%) Shares 1,000 (-50.0%) Est. Cost $425.39 Unrealized +30.6%

RKLB ROCKET LAB CORP 2.0%

Value ($000) $1,116 (-18.1%) Shares 16,000 (-44.8%) Est. Cost $24.48 Unrealized +134.2%

PLTR PALANTIR TECHNOLOGIES INC 1.6%

Value ($000) $892 (-17.1%) Shares 5,020 (-16.6%) Est. Cost $118.77 Unrealized +52.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	5,024 (-32.3%)	$2,430 (-36.8%)	4.4%	$338.09	+48.1%	COM	594918104
EWZ	ISHARES INC	30,000 (-57.1%)	$953 (-56.1%)	1.7%	$28.85	—	MSCI BRAZIL ETF	464286400
EEM	ISHARES TR	46,125 (-30.2%)	$2,523 (-28.3%)	4.5%	$51.24	—	MSCI EMG MKT ETF	464287234
C	CITIGROUP INC	13,185 (-43.1%)	$1,539 (-34.1%)	2.8%	$94.11	+10.1%	COM NEW	172967424
LEGN	LEGEND BIOTECH CORP	12,500 (-49.0%)	$272 (-66.2%)	0.5%	$32.85	—	SPONSORED ADS	52490G102
RKT	ROCKET COS INC	26,000 (-45.8%)	$503 (-47.9%)	0.9%	$13.27	+34.7%	COM CL A	77311W101
AVGO	BROADCOM INC	4,295 (-25.9%)	$1,487 (-22.7%)	2.7%	$189.04	+88.8%	COM	11135F101
CAT	CATERPILLAR INC	1,000 (-50.0%)	$573 (-39.3%)	1.0%	$425.39	+30.6%	COM	149123101
RKLB	ROCKET LAB CORP	16,000 (-44.8%)	$1,116 (-18.1%)	2.0%	$24.48	+134.2%	COM	773121108
PLTR	PALANTIR TECHNOLOGIES INC	5,020 (-16.6%)	$892 (-17.1%)	1.6%	$118.77	+52.4%	CL A	69608A108

Unchanged Positions (12)

IAU ISHARES GOLD TR 9.1%

Value ($000) $5,035 Shares 62,029 Est. Cost $48.40 Unrealized —

GLD SPDR GOLD TR 6.8%

Value ($000) $3,751 Shares 9,465 Est. Cost $217.83 Unrealized —

SATS ECHOSTAR CORP 2.0%

Value ($000) $1,087 Shares 10,000 Est. Cost $45.28 Unrealized +79.8%

CRCL CIRCLE INTERNET GROUP INC 0.4%

Value ($000) $238 Shares 3,000 Est. Cost $158.24 Unrealized -34.7%

AAPL APPLE INC 3.2%

Value ($000) $1,773 Shares 6,520 Est. Cost $225.58 Unrealized +19.0%

JPM JPMORGAN CHASE & CO. 4.3%

Value ($000) $2,410 Shares 7,480 Est. Cost $295.93 Unrealized +4.6%

PG PROCTER AND GAMBLE CO 1.0%

Value ($000) $539 Shares 3,760 Est. Cost $135.71 Unrealized +8.4%

UNH UNITEDHEALTH GROUP INC 1.4%

Value ($000) $759 Shares 2,300 Est. Cost $298.94 Unrealized +12.8%

CMG CHIPOTLE MEXICAN GRILL INC 0.9%

Value ($000) $476 Shares 12,875 Est. Cost $61.51 Unrealized -41.2%

CVX CHEVRON CORP NEW 2.0%

Value ($000) $1,128 Shares 7,399 Est. Cost $152.28 Unrealized -0.6%

MA MASTERCARD INCORPORATED 1.3%

Value ($000) $705 Shares 1,235 Est. Cost $342.37 Unrealized +63.3%

PWR QUANTA SVCS INC 1.0%

Value ($000) $551 Shares 1,305 Est. Cost $220.68 Unrealized +99.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	62,029	$5,035	9.1%	$48.40	—	ISHARES NEW	464285204
GLD	SPDR GOLD TR	9,465	$3,751	6.8%	$217.83	—	GOLD SHS	78463V107
SATS	ECHOSTAR CORP	10,000	$1,087	2.0%	$45.28	+79.8%	CL A	278768106
CRCL	CIRCLE INTERNET GROUP INC	3,000	$238	0.4%	$158.24	-34.7%	COM CL A	172573107
AAPL	APPLE INC	6,520	$1,773	3.2%	$225.58	+19.0%	COM	037833100
JPM	JPMORGAN CHASE & CO.	7,480	$2,410	4.3%	$295.93	+4.6%	COM	46625H100
PG	PROCTER AND GAMBLE CO	3,760	$539	1.0%	$135.71	+8.4%	COM	742718109
UNH	UNITEDHEALTH GROUP INC	2,300	$759	1.4%	$298.94	+12.8%	COM	91324P102
CMG	CHIPOTLE MEXICAN GRILL INC	12,875	$476	0.9%	$61.51	-41.2%	COM	169656105
CVX	CHEVRON CORP NEW	7,399	$1,128	2.0%	$152.28	-0.6%	COM	166764100
MA	MASTERCARD INCORPORATED	1,235	$705	1.3%	$342.37	+63.3%	CL A	57636Q104
PWR	QUANTA SVCS INC	1,305	$551	1.0%	$220.68	+99.0%	COM	74762E102