SEVEN GRAND MANAGERS, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDLN	MEDLINE INC	1,150,000	$48,300	3.7%	$42.23	0.0%	COM CL A	58507V107
ITT	ITT INC	250,000	$43,378	3.3%	$179.17	0.0%	COM	45073V108
COHR	COHERENT CORP	200,000	$36,914	2.8%	$149.58	0.0%	COM	19247G107
HON	HONEYWELL INTL INC	161,000	$31,409	2.4%	$195.03	0.0%	COM	438516106
QSR	RESTAURANT BRANDS INTL INC	350,000	$23,881	1.8%	$68.91	0.0%	COM	76131D103
ACHR	ARCHER AVIATION INC	3,000,000	$22,560	1.7%	$9.41	0.0%	COM CL A	03945R102
TSLA	TESLA INC	50,000	$22,486	1.7%	$443.29	0.0%	COM	88160R101
SATS	ECHOSTAR CORP	200,000	$21,740	1.7%	$81.43	0.0%	CL A	278768106
JOBY	JOBY AVIATION INC	1,000,000	$13,200	1.0%	$15.35	0.0%	COMMON STOCK	G65163100
ANDG	ANDERSEN GROUP INC	500,000	$12,965	1.0%	$25.14	0.0%	CL A	033853102
ROL	ROLLINS INC	200,000	$12,004	0.9%	$58.66	0.0%	COM	775711104
LMRI	LUMEXA IMAGING HOLDINGS INC	645,500	$11,942	0.9%	$18.05	0.0%	COM	550249106
BTSG	BRIGHTSPRING HEALTH SVCS INC	300,000	$11,235	0.9%	$33.54	0.0%	COM	10950A106
EL	LAUDER ESTEE COS INC	100,000	$10,472	0.8%	$96.82	0.0%	CL A	518439104
BETA	BETA TECHNOLOGIES INC	298,557	$8,422	0.6%	$29.84	0.0%	COM SHS CL A	086921103
CCC	CCC INTELLIGENT SOLUTIONS HL	1,000,000	$7,950	0.6%	$8.13	0.0%	COM	12510Q100
ASTS	AST SPACEMOBILE INC	100,000	$7,263	0.6%	$71.36	0.0%	COM CL A	00217D100
GFL	GFL ENVIRONMENTAL INC	150,000	$6,443	0.5%	$44.67	0.0%	SUB VTG SHS	36168Q104
OGE	OGE ENERGY CORP	150,000	$6,405	0.5%	$44.60	0.0%	COM	670837103
ALH	ALLIANCE LAUNDRY HLDGS INC	300,000	$6,105	0.5%	$24.03	0.0%	COM	01862Q107
EPRT	ESSENTIAL PPTYS RLTY TR INC	200,000	$5,932	0.5%	$29.66	—	COM	29670E107
VSEC	VSE CORP	30,000	$5,183	0.4%	$170.91	0.0%	COM	918284100
AHR	AMERICAN HEALTHCARE REIT INC	100,000	$4,706	0.4%	$47.06	—	COM SHS	398182303
SYM	SYMBOTIC INC	75,000	$4,463	0.3%	$66.04	0.0%	CLASS A COM	87151X101
SHC	SOTERA HEALTH CO	250,000	$4,410	0.3%	$16.54	0.0%	COM	83601L102
GH	GUARDANT HEALTH INC	40,000	$4,086	0.3%	$89.46	0.0%	COM	40131M109
DRUG	BRIGHT MINDS BIOSCIENCES INC	50,000	$3,902	0.3%	$66.83	0.0%	COM NEW	10919W405
BBIO	BRIDGEBIO PHARMA INC	50,000	$3,825	0.3%	$65.64	0.0%	COM	10806X102
APGE	APOGEE THERAPEUTICS INC	50,000	$3,774	0.3%	$62.99	0.0%	COM	03770N101
XZO	EXZEO GROUP INC	150,000	$3,638	0.3%	$19.02	0.0%	COM SHS	30234F101
VIK	VIKING HOLDINGS LTD	50,000	$3,571	0.3%	$63.81	0.0%	ORD SHS	G93A5A101
GPCR	STRUCTURE THERAPEUTICS INC	50,000	$3,478	0.3%	$69.55	—	SPONSORED ADS	86366E106
AERO	GRUPO AEROMEXICO SAB DE CV	150,000	$3,294	0.3%	$21.96	—	SPONSORED ADS	40054J109
SYRE	SPYRE THERAPEUTICS INC	100,000	$3,276	0.2%	$26.13	0.0%	COM NEW	00773J202
BGSI	BOYD GROUP SERVICES INC	20,000	$3,186	0.2%	$160.25	0.0%	COM	103310108
VRDN	VIRIDIAN THERAPEUTICS INC	100,000	$3,112	0.2%	$27.43	0.0%	COM	92790C104
—	MIND MEDICINE MINDMED INC	225,000	$3,013	0.2%	$13.39	—	COM NEW	60255C885
MDU	MDU RES GROUP INC	150,000	$2,928	0.2%	$19.57	0.0%	COM	552690109
CAPR	CAPRICOR THERAPEUTICS INC	100,000	$2,886	0.2%	$13.06	0.0%	COM NEW	14070B309
IRON	DISC MEDICINE INC	35,000	$2,779	0.2%	$84.50	0.0%	COM	254604101
KMTS	KESTRA MED TECHNOLOGIES LTD	100,000	$2,652	0.2%	$25.75	0.0%	SHS	G52441105
NUVL	NUVALENT INC	25,000	$2,515	0.2%	$98.60	0.0%	COM	670703107
CBC	CENTRAL BANCOMPANY	100,000	$2,412	0.2%	$23.43	0.0%	COM CL A	152413100
KYMR	KYMERA THERAPEUTICS INC	30,000	$2,334	0.2%	$67.53	0.0%	COM	501575104
IONQ	IONQ INC	50,000	$2,244	0.2%	$56.04	0.0%	COM	46222L108
MAZE	MAZE THERAPEUTICS INC	50,000	$2,072	0.2%	$34.37	0.0%	COM	578784100
SION	SIONNA THERAPEUTICS INC	50,000	$2,057	0.2%	$37.92	0.0%	COM	829401108
BLLN	BILLIONTOONE INC	25,000	$2,046	0.2%	$101.40	0.0%	CL A	090168105
WLTH	WEALTHFRONT CORP	150,000	$2,039	0.2%	$13.20	0.0%	COM	947002101
AEAQU	ACTIVATE ENERGY ACQUISITION	199,693	$1,996	0.2%	$10.00	—	UNIT 11/10/2030	G0081J129
SMR	NUSCALE PWR CORP	125,000	$1,771	0.1%	$28.60	0.0%	CL A COM	67079K100
MPLT	MAPLIGHT THERAPEUTICS INC	100,000	$1,757	0.1%	$16.75	0.0%	COM	56565P103
STC	STEWART INFORMATION SVCS COR	25,000	$1,757	0.1%	$72.01	0.0%	COM	860372101
NAVN	NAVAN INC	100,000	$1,708	0.1%	$15.89	0.0%	CL A	639193101
WVE	WAVE LIFE SCIENCES LTD	100,000	$1,700	0.1%	$10.16	0.0%	SHS	Y95308105
RDW	REDWIRE CORPORATION	200,000	$1,520	0.1%	$7.34	0.0%	COM	75776W103
PXED	PHOENIX ED PARTNERS INC	50,000	$1,515	0.1%	$33.28	0.0%	COM	718968100
SCPQU	SOCIAL COMM PARTNERS CORP	137,300	$1,373	0.1%	$10.00	—	UNIT 11/24/2030	G8254P129
BKV	BKV CORP	50,000	$1,358	0.1%	$25.11	0.0%	COM	05603J108
UPB	UPSTREAM BIO INC	50,000	$1,358	0.1%	$24.89	0.0%	COM	91678A107
QBTS	D-WAVE QUANTUM INC	50,000	$1,308	0.1%	$29.13	0.0%	COM	26740W109
EVMN	EVOMMUNE INC	75,000	$1,284	0.1%	$18.78	0.0%	COM SHS	30054Y107
CNTA	CENTESSA PHARMACEUTICALS PLC	50,000	$1,251	0.1%	$25.01	—	SPONSORED ADS	152309100
COGT	COGENT BIOSCIENCES INC	35,000	$1,243	0.1%	$28.11	0.0%	COM	19240Q201
RGTI	RIGETTI COMPUTING INC	50,000	$1,108	0.1%	$32.60	0.0%	COMMON STOCK	76655K103
UEC	URANIUM ENERGY CORP	75,000	$876	0.1%	$13.12	0.0%	COM	916896103
TERN	TERNS PHARMACEUTICALS INC	20,000	$808	0.1%	$23.11	0.0%	COM	880881107
DYN	DYNE THERAPEUTICS INC	35,000	$685	0.1%	$18.94	0.0%	COM	26818M108
FULC	FULCRUM THERAPEUTICS INC	50,000	$566	0.0%	$10.18	0.0%	COM	359616109

Increased Positions (12)

MSFT MICROSOFT CORP 4.8%

Value ($000) $63,354 (+63.1%) Shares 131,000 (+74.7%) Est. Cost $461.54 Unrealized +8.5%

SOFI SOFI TECHNOLOGIES INC 3.0%

Value ($000) $39,270 (+98.2%) Shares 1,500,000 (+100.0%) Est. Cost $25.80 Unrealized +8.0%

ULS UL SOLUTIONS INC 2.4%

Value ($000) $31,544 (+122.6%) Shares 400,000 (+100.0%) Est. Cost $62.32 Unrealized +28.8%

KGS KODIAK GAS SVCS INC 1.4%

Value ($000) $18,700 (+405.8%) Shares 500,000 (+400.0%) Est. Cost $33.91 Unrealized +4.3%

LGN LEGENCE CORP 2.0%

Value ($000) $25,824 (+109.5%) Shares 600,000 (+50.0%) Est. Cost $34.16 Unrealized +15.7%

CAI CARIS LIFE SCIENCES INC 1.0%

Value ($000) $13,358 (+341.6%) Shares 495,095 (+395.1%) Est. Cost $28.42 Unrealized -0.9%

MIAX MIAMI INTL HLDGS INC 1.4%

Value ($000) $17,752 (+47.0%) Shares 400,000 (+33.3%) Est. Cost $38.58 Unrealized +15.6%

MH MCGRAW HILL INC 0.4%

Value ($000) $4,950 (+97.5%) Shares 300,000 (+50.2%) Est. Cost $14.51 Unrealized +0.0%

NTSK NETSKOPE INC 0.6%

Value ($000) $8,332 (-20.8%) Shares 475,000 (+2.6%) Est. Cost $23.71 Unrealized -12.0%

HTFL HEARTFLOW INC 0.2%

Value ($000) $2,915 (+73.2%) Shares 100,000 (+100.0%) Est. Cost $32.22 Unrealized -0.1%

LOAR LOAR HOLDINGS INC 0.5%

Value ($000) $6,800 (+13.3%) Shares 100,000 (+33.3%) Est. Cost $62.83 Unrealized +16.0%

VOYG VOYAGER TECHNOLOGIES INC 0.4%

Value ($000) $5,206 (-7.2%) Shares 199,169 (+5.7%) Est. Cost $45.69 Unrealized -40.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	131,000 (+74.7%)	$63,354 (+63.1%)	4.8%	$461.54	+8.5%	COM	594918104
SOFI	SOFI TECHNOLOGIES INC	1,500,000 (+100.0%)	$39,270 (+98.2%)	3.0%	$25.80	+8.0%	COM	83406F102
ULS	UL SOLUTIONS INC	400,000 (+100.0%)	$31,544 (+122.6%)	2.4%	$62.32	+28.8%	CLASS A COM SHS	903731107
KGS	KODIAK GAS SVCS INC	500,000 (+400.0%)	$18,700 (+405.8%)	1.4%	$33.91	+4.3%	COM	50012A108
LGN	LEGENCE CORP	600,000 (+50.0%)	$25,824 (+109.5%)	2.0%	$34.16	+15.7%	CL A	52476L109
CAI	CARIS LIFE SCIENCES INC	495,095 (+395.1%)	$13,358 (+341.6%)	1.0%	$28.42	-0.9%	COM	142152107
MIAX	MIAMI INTL HLDGS INC	400,000 (+33.3%)	$17,752 (+47.0%)	1.4%	$38.58	+15.6%	COM	59356Q108
MH	MCGRAW HILL INC	300,000 (+50.2%)	$4,950 (+97.5%)	0.4%	$14.51	+0.0%	COM	580907103
NTSK	NETSKOPE INC	475,000 (+2.6%)	$8,332 (-20.8%)	0.6%	$23.71	-12.0%	CL A	64119N608
HTFL	HEARTFLOW INC	100,000 (+100.0%)	$2,915 (+73.2%)	0.2%	$32.22	-0.1%	COM	42238D107
LOAR	LOAR HOLDINGS INC	100,000 (+33.3%)	$6,800 (+13.3%)	0.5%	$62.83	+16.0%	COM SHS	53947R105
VOYG	VOYAGER TECHNOLOGIES INC	199,169 (+5.7%)	$5,206 (-7.2%)	0.4%	$45.69	-40.6%	COM CL A	92892B103

Exited Positions (30)

MCK MCKESSON CORP 3.5%

Value ($000) $46,352 Shares 60,000 Est. Cost $703.03 Unrealized +16.0%

MBLY MOBILEYE GLOBAL INC 2.2%

Value ($000) $28,240 Shares 2,000,000 Est. Cost $14.87 Unrealized -16.0%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 2.0%

Value ($000) $25,836 Shares 100,000 Est. Cost $225.31 Unrealized +10.7%

ESLT ELBIT SYS LTD 1.9%

Value ($000) $25,490 Shares 50,000 Est. Cost $435.54 Unrealized +14.9%

NSC NORFOLK SOUTHN CORP 1.2%

Value ($000) $15,321 Shares 51,000 Est. Cost $276.03 Unrealized +4.6%

SPXC SPX TECHNOLOGIES INC 1.1%

Value ($000) $14,009 Shares 75,000 Est. Cost $186.78 Unrealized —

CTRE CARETRUST REIT INC 1.1%

Value ($000) $13,872 Shares 400,000 Est. Cost $34.68 Unrealized —

MP MP MATERIALS CORP 1.0%

Value ($000) $13,414 Shares 200,000 Est. Cost $62.91 Unrealized +0.8%

AMAT APPLIED MATLS INC 0.9%

Value ($000) $12,284 Shares 60,000 Est. Cost $180.78 Unrealized +32.5%

LYV LIVE NATION ENTERTAINMENT IN 0.9%

Value ($000) $12,255 Shares 75,000 Est. Cost $137.67 Unrealized +4.4%

WDAY WORKDAY INC 0.9%

Value ($000) $12,037 Shares 50,000 Est. Cost $231.22 Unrealized -1.7%

PRMB PRIMO BRANDS CORPORATION 0.8%

Value ($000) $11,050 Shares 500,000 Est. Cost $32.31 Unrealized -42.8%

CWAN CLEARWATER ANALYTICS HLDGS I 0.7%

Value ($000) $9,010 Shares 500,000 Est. Cost $22.45 Unrealized -10.8%

NWS NEWS CORP NEW 0.7%

Value ($000) $8,638 Shares 250,000 Est. Cost $33.69 Unrealized -11.5%

RIG TRANSOCEAN LTD 0.7%

Value ($000) $8,580 Shares 2,750,000 Est. Cost $3.02 Unrealized +28.7%

CVX CHEVRON CORP NEW 0.6%

Value ($000) $7,765 Shares 50,000 Est. Cost $152.28 Unrealized -0.6%

QXO QXO INC 0.6%

Value ($000) $7,624 Shares 400,000 Est. Cost $16.42 Unrealized +16.7%

CHWY CHEWY INC 0.5%

Value ($000) $6,068 Shares 150,000 Est. Cost $39.84 Unrealized -12.8%

GGAL GRUPO FINANCIERO GALICIA S.A 0.4%

Value ($000) $5,512 Shares 200,000 Est. Cost $50.39 Unrealized —

FWDI FORWARD INDS INC N Y 0.4%

Value ($000) $5,000 Shares 270,271 Est. Cost $16.47 Unrealized -22.1%

BIRK BIRKENSTOCK HOLDING PLC 0.3%

Value ($000) $4,525 Shares 100,000 Est. Cost $51.40 Unrealized -17.6%

KVYO KLAVIYO INC 0.3%

Value ($000) $4,154 Shares 150,000 Est. Cost $32.29 Unrealized -13.3%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.3%

Value ($000) $3,744 Shares 40,000 Est. Cost $100.86 Unrealized -18.7%

TBBB BBB FOODS INC 0.3%

Value ($000) $3,370 Shares 125,000 Est. Cost $29.51 Unrealized +1.3%

STUB STUBHUB HLDGS INC 0.2%

Value ($000) $2,526 Shares 150,000 Est. Cost $18.34 Unrealized -14.3%

CHECU CHENGHE ACQUISITION III CO 0.1%

Value ($000) $1,959 Shares 196,257 Est. Cost $9.98 Unrealized —

SFNC SIMMONS 1ST NATL CORP 0.1%

Value ($000) $1,438 Shares 75,000 Est. Cost $19.96 Unrealized -7.2%

TWFG TWFG INC 0.1%

Value ($000) $1,372 Shares 50,000 Est. Cost $28.01 Unrealized -3.0%

GEMI GEMINI SPACE STA INC 0.1%

Value ($000) $1,198 Shares 50,000 Est. Cost $25.81 Unrealized -39.6%

— DIVERSIFIED ENERGY COMPANY P 0.0%

Value ($000) $473 Shares 33,736 Est. Cost $14.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCK	MCKESSON CORP	60,000	$46,352	3.5%	$703.03	+16.0%	—	58155Q103
MBLY	MOBILEYE GLOBAL INC	2,000,000	$28,240	2.2%	$14.87	-16.0%	—	60741F104
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	100,000	$25,836	2.0%	$225.31	+10.7%	—	874054109
ESLT	ELBIT SYS LTD	50,000	$25,490	1.9%	$435.54	+14.9%	—	M3760D101
NSC	NORFOLK SOUTHN CORP	51,000	$15,321	1.2%	$276.03	+4.6%	—	655844108
SPXC	SPX TECHNOLOGIES INC	75,000	$14,009	1.1%	$186.78	—	—	78473E103
CTRE	CARETRUST REIT INC	400,000	$13,872	1.1%	$34.68	—	—	14174T107
MP	MP MATERIALS CORP	200,000	$13,414	1.0%	$62.91	+0.8%	—	553368101
AMAT	APPLIED MATLS INC	60,000	$12,284	0.9%	$180.78	+32.5%	—	038222105
LYV	LIVE NATION ENTERTAINMENT IN	75,000	$12,255	0.9%	$137.67	+4.4%	—	538034109
WDAY	WORKDAY INC	50,000	$12,037	0.9%	$231.22	-1.7%	—	98138H101
PRMB	PRIMO BRANDS CORPORATION	500,000	$11,050	0.8%	$32.31	-42.8%	—	741623102
CWAN	CLEARWATER ANALYTICS HLDGS I	500,000	$9,010	0.7%	$22.45	-10.8%	—	185123106
NWS	NEWS CORP NEW	250,000	$8,638	0.7%	$33.69	-11.5%	—	65249B208
RIG	TRANSOCEAN LTD	2,750,000	$8,580	0.7%	$3.02	+28.7%	—	H8817H100
CVX	CHEVRON CORP NEW	50,000	$7,765	0.6%	$152.28	-0.6%	—	166764100
QXO	QXO INC	400,000	$7,624	0.6%	$16.42	+16.7%	—	82846H405
CHWY	CHEWY INC	150,000	$6,068	0.5%	$39.84	-12.8%	—	16679L109
GGAL	GRUPO FINANCIERO GALICIA S.A	200,000	$5,512	0.4%	$50.39	—	—	399909100
FWDI	FORWARD INDS INC N Y	270,271	$5,000	0.4%	$16.47	-22.1%	—	349862409
BIRK	BIRKENSTOCK HOLDING PLC	100,000	$4,525	0.3%	$51.40	-17.6%	—	M2029K104
KVYO	KLAVIYO INC	150,000	$4,154	0.3%	$32.29	-13.3%	—	49845K101
MMYT	MAKEMYTRIP LIMITED MAURITIUS	40,000	$3,744	0.3%	$100.86	-18.7%	—	V5633W109
TBBB	BBB FOODS INC	125,000	$3,370	0.3%	$29.51	+1.3%	—	G0896C103
STUB	STUBHUB HLDGS INC	150,000	$2,526	0.2%	$18.34	-14.3%	—	86384P109
CHECU	CHENGHE ACQUISITION III CO	196,257	$1,959	0.1%	$9.98	—	—	G2086N113
SFNC	SIMMONS 1ST NATL CORP	75,000	$1,438	0.1%	$19.96	-7.2%	—	828730200
TWFG	TWFG INC	50,000	$1,372	0.1%	$28.01	-3.0%	—	87318A101
GEMI	GEMINI SPACE STA INC	50,000	$1,198	0.1%	$25.81	-39.6%	—	36866J105
—	DIVERSIFIED ENERGY COMPANY P	33,736	$473	0.0%	$14.01	—	—	G2891G204

Decreased Positions (18)

GLXY GALAXY DIGITAL INC. 2.1%

Value ($000) $27,950 (-58.7%) Shares 1,250,000 (-37.5%) Est. Cost $22.80 Unrealized +35.9%

KTOS KRATOS DEFENSE & SEC SOLUTIO 1.4%

Value ($000) $18,978 (-58.5%) Shares 250,000 (-50.0%) Est. Cost $36.21 Unrealized +126.1%

AVAV AEROVIRONMENT INC 1.1%

Value ($000) $14,513 (-61.6%) Shares 60,000 (-50.0%) Est. Cost $258.71 Unrealized +21.5%

BRO BROWN & BROWN INC 1.1%

Value ($000) $14,944 (-57.5%) Shares 187,500 (-50.0%) Est. Cost $111.89 Unrealized -25.5%

VRSN VERISIGN INC 1.2%

Value ($000) $15,184 (-56.5%) Shares 62,500 (-50.0%) Est. Cost $278.13 Unrealized -9.8%

NBIS NEBIUS GROUP N.V. 0.6%

Value ($000) $8,371 (-62.7%) Shares 100,000 (-50.0%) Est. Cost $69.43 Unrealized +49.3%

SNDK SANDISK CORP 3.6%

Value ($000) $47,476 (+41.0%) Shares 200,000 (-33.3%) Est. Cost $38.24 Unrealized +423.7%

STWD STARWOOD PPTY TR INC 0.7%

Value ($000) $9,005 (-53.5%) Shares 500,000 (-50.0%) Est. Cost $19.37 Unrealized —

AAPL APPLE INC 1.8%

Value ($000) $23,652 (-25.7%) Shares 87,000 (-30.4%) Est. Cost $217.85 Unrealized +23.2%

OKLO OKLO INC 0.3%

Value ($000) $3,588 (-67.9%) Shares 50,000 (-50.0%) Est. Cost $38.57 Unrealized +189.1%

OS ONESTREAM INC 0.3%

Value ($000) $4,595 (-50.1%) Shares 250,000 (-50.0%) Est. Cost $26.83 Unrealized -28.9%

NIQ NIQ GLOBAL INTELLIGENCE PLC 0.4%

Value ($000) $4,947 (-47.5%) Shares 300,000 (-50.0%) Est. Cost $17.40 Unrealized -15.9%

HNGE HINGE HEALTH INC 0.7%

Value ($000) $9,290 (-24.3%) Shares 200,000 (-20.0%) Est. Cost $40.42 Unrealized +19.1%

HGV HILTON GRAND VACATIONS INC 0.3%

Value ($000) $3,356 (-46.5%) Shares 75,000 (-50.0%) Est. Cost $46.03 Unrealized -7.7%

IDA IDACORP INC 0.2%

Value ($000) $2,531 (-52.1%) Shares 20,000 (-50.0%) Est. Cost $115.85 Unrealized +12.3%

CTRI CENTURI HOLDINGS INC 0.8%

Value ($000) $10,100 (-20.5%) Shares 400,000 (-33.3%) Est. Cost $21.22 Unrealized +5.4%

VIA VIA TRANSN INC 0.1%

Value ($000) $725 (-69.8%) Shares 25,000 (-50.0%) Est. Cost $49.48 Unrealized -16.6%

BOW BOWHEAD SPECIALTY HLDGS INC 0.1%

Value ($000) $1,070 (-47.2%) Shares 37,500 (-50.0%) Est. Cost $27.48 Unrealized -3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLXY	GALAXY DIGITAL INC.	1,250,000 (-37.5%)	$27,950 (-58.7%)	2.1%	$22.80	+35.9%	CL A	36317J209
KTOS	KRATOS DEFENSE & SEC SOLUTIO	250,000 (-50.0%)	$18,978 (-58.5%)	1.4%	$36.21	+126.1%	COM NEW	50077B207
AVAV	AEROVIRONMENT INC	60,000 (-50.0%)	$14,513 (-61.6%)	1.1%	$258.71	+21.5%	COM	008073108
BRO	BROWN & BROWN INC	187,500 (-50.0%)	$14,944 (-57.5%)	1.1%	$111.89	-25.5%	COM	115236101
VRSN	VERISIGN INC	62,500 (-50.0%)	$15,184 (-56.5%)	1.2%	$278.13	-9.8%	COM	92343E102
NBIS	NEBIUS GROUP N.V.	100,000 (-50.0%)	$8,371 (-62.7%)	0.6%	$69.43	+49.3%	SHS CLASS A	N97284108
SNDK	SANDISK CORP	200,000 (-33.3%)	$47,476 (+41.0%)	3.6%	$38.24	+423.7%	COM	80004C200
STWD	STARWOOD PPTY TR INC	500,000 (-50.0%)	$9,005 (-53.5%)	0.7%	$19.37	—	COM	85571B105
AAPL	APPLE INC	87,000 (-30.4%)	$23,652 (-25.7%)	1.8%	$217.85	+23.2%	COM	037833100
OKLO	OKLO INC	50,000 (-50.0%)	$3,588 (-67.9%)	0.3%	$38.57	+189.1%	COM CL A	02156V109
OS	ONESTREAM INC	250,000 (-50.0%)	$4,595 (-50.1%)	0.3%	$26.83	-28.9%	CL A	68278B107
NIQ	NIQ GLOBAL INTELLIGENCE PLC	300,000 (-50.0%)	$4,947 (-47.5%)	0.4%	$17.40	-15.9%	ORDINARY SHARES	G63755105
HNGE	HINGE HEALTH INC	200,000 (-20.0%)	$9,290 (-24.3%)	0.7%	$40.42	+19.1%	CL A	433313103
HGV	HILTON GRAND VACATIONS INC	75,000 (-50.0%)	$3,356 (-46.5%)	0.3%	$46.03	-7.7%	COM	43283X105
IDA	IDACORP INC	20,000 (-50.0%)	$2,531 (-52.1%)	0.2%	$115.85	+12.3%	COM	451107106
CTRI	CENTURI HOLDINGS INC	400,000 (-33.3%)	$10,100 (-20.5%)	0.8%	$21.22	+5.4%	COM SHS	155923105
VIA	VIA TRANSN INC	25,000 (-50.0%)	$725 (-69.8%)	0.1%	$49.48	-16.6%	COM CL A	92556W104
BOW	BOWHEAD SPECIALTY HLDGS INC	37,500 (-50.0%)	$1,070 (-47.2%)	0.1%	$27.48	-3.4%	COM SHS	10240L102

Unchanged Positions (39)

TMUS T-MOBILE US INC 3.1%

Value ($000) $40,608 Shares 200,000 Est. Cost $240.31 Unrealized -12.1%

CRCL CIRCLE INTERNET GROUP INC 0.8%

Value ($000) $9,913 Shares 125,000 Est. Cost $158.24 Unrealized -34.7%

NDAQ NASDAQ INC 3.7%

Value ($000) $48,565 Shares 500,000 Est. Cost $71.02 Unrealized +26.3%

BLSH BULLISH 0.4%

Value ($000) $5,681 Shares 150,000 Est. Cost $61.33 Unrealized -20.6%

FIG FIGMA INC 0.7%

Value ($000) $9,343 Shares 250,000 Est. Cost $68.66 Unrealized -34.2%

WAY WAYSTAR HLDG CORP 0.7%

Value ($000) $9,825 Shares 300,000 Est. Cost $34.93 Unrealized +2.0%

ORLY OREILLY AUTOMOTIVE INC 0.6%

Value ($000) $8,209 Shares 90,000 Est. Cost $91.18 Unrealized +7.2%

WBI WATERBRIDGE INFRASTRUCTURE L 0.4%

Value ($000) $5,003 Shares 250,000 Est. Cost $23.45 Unrealized -1.0%

MRX MAREX GROUP PLC 0.7%

Value ($000) $9,590 Shares 250,000 Est. Cost $35.17 Unrealized -3.5%

FLY FIREFLY AEROSPACE INC 0.3%

Value ($000) $3,356 Shares 150,000 Est. Cost $44.96 Unrealized -48.5%

CRBG COREBRIDGE FINL INC 1.1%

Value ($000) $15,085 Shares 500,000 Est. Cost $33.71 Unrealized -9.4%

SAIL SAILPOINT INC 0.8%

Value ($000) $10,115 Shares 500,000 Est. Cost $21.79 Unrealized -4.3%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.6%

Value ($000) $8,168 Shares 200,000 Est. Cost $38.84 Unrealized +3.0%

LTM LATAM AIRLINES GROUP SA 0.4%

Value ($000) $5,401 Shares 100,000 Est. Cost $45.25 Unrealized —

TTAN SERVICETITAN INC 1.2%

Value ($000) $15,975 Shares 150,000 Est. Cost $108.76 Unrealized -10.2%

CHYM CHIME FINL INC 0.3%

Value ($000) $3,776 Shares 150,000 Est. Cost $31.44 Unrealized -32.4%

LINE LINEAGE INC 0.5%

Value ($000) $7,000 Shares 200,000 Est. Cost $73.44 Unrealized —

ETOR ETORO GROUP LTD 0.3%

Value ($000) $3,513 Shares 100,000 Est. Cost $54.62 Unrealized -29.3%

LPLA LPL FINL HLDGS INC 0.7%

Value ($000) $8,929 Shares 25,000 Est. Cost $348.21 Unrealized +1.6%

SARO STANDARDAERO INC 0.8%

Value ($000) $10,755 Shares 375,000 Est. Cost $27.81 Unrealized -2.1%

LB LANDBRIDGE COMPANY LLC 0.4%

Value ($000) $4,899 Shares 100,000 Est. Cost $24.46 Unrealized +137.7%

KLAR KLARNA GROUP PLC 0.1%

Value ($000) $1,446 Shares 50,000 Est. Cost $42.59 Unrealized -19.4%

GRDN GUARDIAN PHARMACY SVCS INC 0.2%

Value ($000) $3,009 Shares 100,000 Est. Cost $19.71 Unrealized +43.6%

SFD SMITHFIELD FOODS INC 0.6%

Value ($000) $7,257 Shares 325,000 Est. Cost $20.58 Unrealized +6.3%

VVX V2X INC 0.4%

Value ($000) $5,455 Shares 100,000 Est. Cost $53.46 Unrealized +5.2%

KRMN KARMAN HLDGS INC 2.0%

Value ($000) $25,610 Shares 350,000 Est. Cost $32.27 Unrealized +124.4%

PLTR PALANTIR TECHNOLOGIES INC 1.0%

Value ($000) $12,620 Shares 71,000 Est. Cost $162.07 Unrealized +11.7%

MNTN MNTN INC 0.0%

Value ($000) $597 Shares 50,000 Est. Cost $22.87 Unrealized -37.0%

MDT MEDTRONIC PLC 2.9%

Value ($000) $38,424 Shares 400,000 Est. Cost $91.27 Unrealized +6.4%

PTRN PATTERN GROUP INC 0.1%

Value ($000) $1,731 Shares 150,000 Est. Cost $13.94 Unrealized +4.5%

ADT ADT INC DEL 0.3%

Value ($000) $4,035 Shares 500,000 Est. Cost $7.05 Unrealized +17.4%

ARX ACCELERANT HOLDINGS 0.2%

Value ($000) $3,270 Shares 200,000 Est. Cost $23.42 Unrealized -39.9%

FLOC FLOWCO HLDGS INC 0.1%

Value ($000) $1,312 Shares 70,000 Est. Cost $25.91 Unrealized -36.0%

SNPS SYNOPSYS INC 0.3%

Value ($000) $3,672 Shares 7,817 Est. Cost $565.30 Unrealized -21.4%

BRCB BLACK ROCK COFFEE BAR INC 0.2%

Value ($000) $2,225 Shares 100,000 Est. Cost $26.13 Unrealized -11.3%

VNOM VIPER ENERGY INC 0.6%

Value ($000) $7,726 Shares 200,000 Est. Cost $38.10 Unrealized -0.6%

INR INFINITY NAT RES INC 0.1%

Value ($000) $737 Shares 50,000 Est. Cost $18.23 Unrealized -28.1%

AMBQ AMBIQ MICRO INC 0.1%

Value ($000) $1,425 Shares 50,000 Est. Cost $36.46 Unrealized -21.4%

DLO DLOCAL LTD 0.2%

Value ($000) $2,828 Shares 200,000 Est. Cost $12.71 Unrealized +11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TMUS	T-MOBILE US INC	200,000	$40,608	3.1%	$240.31	-12.1%	COM	872590104
CRCL	CIRCLE INTERNET GROUP INC	125,000	$9,913	0.8%	$158.24	-34.7%	COM CL A	172573107
NDAQ	NASDAQ INC	500,000	$48,565	3.7%	$71.02	+26.3%	COM	631103108
BLSH	BULLISH	150,000	$5,681	0.4%	$61.33	-20.6%	ORD SHS	G16910120
FIG	FIGMA INC	250,000	$9,343	0.7%	$68.66	-34.2%	CLASS A COM STK	316841105
WAY	WAYSTAR HLDG CORP	300,000	$9,825	0.7%	$34.93	+2.0%	COM	946784105
ORLY	OREILLY AUTOMOTIVE INC	90,000	$8,209	0.6%	$91.18	+7.2%	COM	67103H107
WBI	WATERBRIDGE INFRASTRUCTURE L	250,000	$5,003	0.4%	$23.45	-1.0%	CL A SHS REPSTG	940923105
MRX	MAREX GROUP PLC	250,000	$9,590	0.7%	$35.17	-3.5%	ORD	G5S37H101
FLY	FIREFLY AEROSPACE INC	150,000	$3,356	0.3%	$44.96	-48.5%	COM	31816X106
CRBG	COREBRIDGE FINL INC	500,000	$15,085	1.1%	$33.71	-9.4%	COM	21871X109
SAIL	SAILPOINT INC	500,000	$10,115	0.8%	$21.79	-4.3%	COM	78781J109
FIGR	FIGURE TECHNOLOGY SOLUTIO	200,000	$8,168	0.6%	$38.84	+3.0%	COM CL A	349381103
LTM	LATAM AIRLINES GROUP SA	100,000	$5,401	0.4%	$45.25	—	SPONSORED ADR	51817R205
TTAN	SERVICETITAN INC	150,000	$15,975	1.2%	$108.76	-10.2%	SHS CL A	81764X103
CHYM	CHIME FINL INC	150,000	$3,776	0.3%	$31.44	-32.4%	COM SHS CL A	16935C109
LINE	LINEAGE INC	200,000	$7,000	0.5%	$73.44	—	COM	53566V106
ETOR	ETORO GROUP LTD	100,000	$3,513	0.3%	$54.62	-29.3%	SHS CL A	G32089107
LPLA	LPL FINL HLDGS INC	25,000	$8,929	0.7%	$348.21	+1.6%	COM	50212V100
SARO	STANDARDAERO INC	375,000	$10,755	0.8%	$27.81	-2.1%	COM	85423L103
LB	LANDBRIDGE COMPANY LLC	100,000	$4,899	0.4%	$24.46	+137.7%	CL A	514952100
KLAR	KLARNA GROUP PLC	50,000	$1,446	0.1%	$42.59	-19.4%	SHS	G5279N105
GRDN	GUARDIAN PHARMACY SVCS INC	100,000	$3,009	0.2%	$19.71	+43.6%	CL A	40145W101
SFD	SMITHFIELD FOODS INC	325,000	$7,257	0.6%	$20.58	+6.3%	COM	832248207
VVX	V2X INC	100,000	$5,455	0.4%	$53.46	+5.2%	COM	92242T101
KRMN	KARMAN HLDGS INC	350,000	$25,610	2.0%	$32.27	+124.4%	COMMON STOCK	485924104
PLTR	PALANTIR TECHNOLOGIES INC	71,000	$12,620	1.0%	$162.07	+11.7%	CL A	69608A108
MNTN	MNTN INC	50,000	$597	0.0%	$22.87	-37.0%	CL A	55318A108
MDT	MEDTRONIC PLC	400,000	$38,424	2.9%	$91.27	+6.4%	SHS	G5960L103
PTRN	PATTERN GROUP INC	150,000	$1,731	0.1%	$13.94	+4.5%	COM SER A	70339W104
ADT	ADT INC DEL	500,000	$4,035	0.3%	$7.05	+17.4%	COM	00090Q103
ARX	ACCELERANT HOLDINGS	200,000	$3,270	0.2%	$23.42	-39.9%	CL A	G00894108
FLOC	FLOWCO HLDGS INC	70,000	$1,312	0.1%	$25.91	-36.0%	COM CL A	342909108
SNPS	SYNOPSYS INC	7,817	$3,672	0.3%	$565.30	-21.4%	COM	871607107
BRCB	BLACK ROCK COFFEE BAR INC	100,000	$2,225	0.2%	$26.13	-11.3%	CL A	092244102
VNOM	VIPER ENERGY INC	200,000	$7,726	0.6%	$38.10	-0.6%	CL A	64361Q101
INR	INFINITY NAT RES INC	50,000	$737	0.1%	$18.23	-28.1%	COM CL A	456941103
AMBQ	AMBIQ MICRO INC	50,000	$1,425	0.1%	$36.46	-21.4%	COMMON STOCK	023193105
DLO	DLOCAL LTD	200,000	$2,828	0.2%	$12.71	+11.0%	CLASS A COM	G29018101