Eschler Asset Management LLP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HL	HECLA MNG CO	250,000	$4,798	3.2%	$15.27	0.0%	COM	422704106
VOO	VANGUARD INDEX FDS	7,552	$4,736	3.2%	$627.13	—	S&P 500 ETF SHS	922908363
VXUS	VANGUARD STAR FDS	62,218	$4,694	3.2%	$75.44	—	VG TL INTL STK F	921909768
GOOG	ALPHABET INC	14,690	$4,610	3.1%	$286.33	0.0%	CAP STK CL C	02079K107
BSV	VANGUARD BD INDEX FDS	48,682	$3,837	2.6%	$78.81	—	SHORT TRM BOND	921937827
CDE	COEUR MNG INC	128,690	$2,295	1.5%	$17.39	0.0%	COM NEW	192108504
AVGO	BROADCOM INC	6,449	$2,232	1.5%	$357.00	0.0%	COM	11135F101
SSRM	SSR MINING IN	98,930	$2,169	1.5%	$22.26	0.0%	COM	784730103
BTG	B2GOLD CORP	469,257	$2,116	1.4%	$4.66	0.0%	COM	11777Q209
EZA	ISHARES INC	27,000	$1,858	1.3%	$68.80	—	MSCI STH AFR ETF	464286780
FUTU	FUTU HLDGS LTD	11,000	$1,806	1.2%	$164.21	—	SPON ADS CL A	36118L106
IAG	IAMGOLD CORP	84,717	$1,397	0.9%	$14.09	0.0%	COM	450913108
ARKX	ARK ETF TR	45,383	$1,315	0.9%	$28.98	—	SPACE & DEFENSE	00214Q807
—	ISHARES SILVER TR	1,000	$1,230	0.8%	—	—	CALL	46428Q909
BLDR	BUILDERS FIRSTSOURCE INC	9,660	$994	0.7%	$112.38	0.0%	COM	12008R107
HCA	HCA HEALTHCARE INC	1,910	$892	0.6%	$463.73	0.0%	COM	40412C101
RGLD	ROYAL GOLD INC	2,325	$517	0.3%	$198.37	0.0%	COM	780287108
VALE	VALE S A	35,000	$456	0.3%	$13.03	—	SPONSORED ADS	91912E105
WWD	WOODWARD INC	1,460	$441	0.3%	$274.80	0.0%	COM	980745103
KTOS	KRATOS DEFENSE & SEC SOLUTIO	5,679	$431	0.3%	$81.87	0.0%	COM NEW	50077B207
HUT	HUT 8 CORP	8,990	$413	0.3%	$44.08	0.0%	COM	44812J104
CRON	CRONOS GROUP INC	143,998	$379	0.3%	$2.59	0.0%	COM	22717L101
MU	MICRON TECHNOLOGY INC	1,000	$285	0.2%	$229.35	0.0%	COM	595112103

Increased Positions (15)

GDXJ VANECK ETF TRUST 15.3%

Value ($000) $22,756 (+311.9%) Shares 200,000 (+258.5%) Est. Cost $100.90 Unrealized —

AGI ALAMOS GOLD INC NEW 13.6%

Value ($000) $20,124 (+160.5%) Shares 521,620 (+135.4%) Est. Cost $30.54 Unrealized +14.1%

SBSW SIBANYE STILLWATER LTD 2.3%

Value ($000) $3,356 (+317.1%) Shares 235,475 (+229.0%) Est. Cost $12.11 Unrealized —

NVDA NVIDIA CORPORATION 2.3%

Value ($000) $3,344 (+145.6%) Shares 17,930 (+145.7%) Est. Cost $166.77 Unrealized +11.6%

IMCR IMMUNOCORE HLDGS PLC 1.9%

Value ($000) $2,777 (+91.1%) Shares 80,000 (+100.0%) Est. Cost $33.05 Unrealized —

HMY HARMONY GOLD MINING CO LTD 0.9%

Value ($000) $1,405 (+566.2%) Shares 70,596 (+507.6%) Est. Cost $19.61 Unrealized —

ENVA ENOVA INTL INC 0.9%

Value ($000) $1,385 (+256.5%) Shares 8,812 (+161.0%) Est. Cost $116.87 Unrealized +11.4%

MSOS ADVISORSHARES TR 0.9%

Value ($000) $1,401 (+238.8%) Shares 296,784 (+243.8%) Est. Cost $4.74 Unrealized —

KSPI KASPI KZ JSC 0.7%

Value ($000) $1,092 (+80.6%) Shares 13,975 (+88.9%) Est. Cost $81.71 Unrealized —

SAM BOSTON BEER INC 0.6%

Value ($000) $898 (+69.8%) Shares 4,600 (+84.0%) Est. Cost $209.76 Unrealized -1.7%

MELI MERCADOLIBRE INC 0.5%

Value ($000) $733 (+99.8%) Shares 364 (+131.8%) Est. Cost $2229.86 Unrealized -5.8%

RIG TRANSOCEAN LTD 0.4%

Value ($000) $595 (+58.8%) Shares 144,000 (+20.0%) Est. Cost $3.16 Unrealized +22.8%

FSLR FIRST SOLAR INC 0.3%

Value ($000) $419 (+77.1%) Shares 1,604 (+49.5%) Est. Cost $211.89 Unrealized +19.0%

HSAI HESAI GROUP 0.5%

Value ($000) $739 (-14.3%) Shares 33,000 (+7.5%) Est. Cost $21.57 Unrealized —

VAL VALARIS LTD 0.5%

Value ($000) $721 (+13.7%) Shares 14,300 (+10.0%) Est. Cost $49.22 Unrealized +9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDXJ	VANECK ETF TRUST	200,000 (+258.5%)	$22,756 (+311.9%)	15.3%	$100.90	—	JUNIOR GOLD MINE	92189F791
AGI	ALAMOS GOLD INC NEW	521,620 (+135.4%)	$20,124 (+160.5%)	13.6%	$30.54	+14.1%	COM CL A	011532108
SBSW	SIBANYE STILLWATER LTD	235,475 (+229.0%)	$3,356 (+317.1%)	2.3%	$12.11	—	SPONSORED ADR	82575P107
NVDA	NVIDIA CORPORATION	17,930 (+145.7%)	$3,344 (+145.6%)	2.3%	$166.77	+11.6%	COM	67066G104
IMCR	IMMUNOCORE HLDGS PLC	80,000 (+100.0%)	$2,777 (+91.1%)	1.9%	$33.05	—	ADS	45258D105
HMY	HARMONY GOLD MINING CO LTD	70,596 (+507.6%)	$1,405 (+566.2%)	0.9%	$19.61	—	SPONSORED ADR	413216300
ENVA	ENOVA INTL INC	8,812 (+161.0%)	$1,385 (+256.5%)	0.9%	$116.87	+11.4%	COM	29357K103
MSOS	ADVISORSHARES TR	296,784 (+243.8%)	$1,401 (+238.8%)	0.9%	$4.74	—	PURE US CANNABIS	00768Y453
KSPI	KASPI KZ JSC	13,975 (+88.9%)	$1,092 (+80.6%)	0.7%	$81.71	—	SPONSORED ADS	48581R205
SAM	BOSTON BEER INC	4,600 (+84.0%)	$898 (+69.8%)	0.6%	$209.76	-1.7%	CL A	100557107
MELI	MERCADOLIBRE INC	364 (+131.8%)	$733 (+99.8%)	0.5%	$2229.86	-5.8%	COM	58733R102
RIG	TRANSOCEAN LTD	144,000 (+20.0%)	$595 (+58.8%)	0.4%	$3.16	+22.8%	REGISTERED SHS	H8817H100
FSLR	FIRST SOLAR INC	1,604 (+49.5%)	$419 (+77.1%)	0.3%	$211.89	+19.0%	COM	336433107
HSAI	HESAI GROUP	33,000 (+7.5%)	$739 (-14.3%)	0.5%	$21.57	—	SPONSORED ADS	428050108
VAL	VALARIS LTD	14,300 (+10.0%)	$721 (+13.7%)	0.5%	$49.22	+9.0%	CL A	G9460G101

Exited Positions (34)

NGD NEW GOLD INC CDA 7.6%

Value ($000) $11,288 Shares 1,572,076 Est. Cost $3.83 Unrealized +96.8%

AU ANGLOGOLD ASHANTI PLC 4.7%

Value ($000) $7,033 Shares 100,000 Est. Cost $54.92 Unrealized +41.1%

AEM AGNICO EAGLE MINES LTD 2.8%

Value ($000) $4,214 Shares 25,000 Est. Cost $115.22 Unrealized +45.7%

EH EHANG HLDGS LTD 2.5%

Value ($000) $3,714 Shares 200,000 Est. Cost $17.61 Unrealized —

GOOGL ALPHABET INC 2.5%

Value ($000) $3,639 Shares 14,970 Est. Cost $209.20 Unrealized +36.5%

BRK/A BERKSHIRE HATHAWAY INC DEL 1.5%

Value ($000) $2,263 Shares 3 Est. Cost $726917.40 Unrealized +2.7%

AZO AUTOZONE INC 1.0%

Value ($000) $1,420 Shares 331 Est. Cost $4011.66 Unrealized -5.8%

SCHW SCHWAB CHARLES CORP 0.7%

Value ($000) $1,024 Shares 10,724 Est. Cost $94.54 Unrealized +0.2%

MIDD MIDDLEBY CORP 0.6%

Value ($000) $931 Shares 7,000 Est. Cost $138.84 Unrealized -5.5%

UNP UNION PAC CORP 0.5%

Value ($000) $680 Shares 2,875 Est. Cost $223.15 Unrealized +1.9%

BABA ALIBABA GROUP HLDG LTD 0.4%

Value ($000) $661 Shares 3,700 Est. Cost $178.73 Unrealized —

VNET VNET GROUP INC 0.4%

Value ($000) $651 Shares 63,026 Est. Cost $10.33 Unrealized —

BF/B BROWN FORMAN CORP 0.4%

Value ($000) $649 Shares 23,970 Est. Cost $28.60 Unrealized -2.2%

AVTR AVANTOR INC 0.4%

Value ($000) $624 Shares 50,000 Est. Cost $12.88 Unrealized -4.5%

IIPR INNOVATIVE INDL PPTYS INC 0.4%

Value ($000) $545 Shares 10,165 Est. Cost $53.58 Unrealized —

ACMR ACM RESH INC 0.4%

Value ($000) $544 Shares 13,904 Est. Cost $29.69 Unrealized +25.5%

— SANDSTORM GOLD LTD 0.4%

Value ($000) $526 Shares 42,000 Est. Cost $5.58 Unrealized —

SQM SOCIEDAD QUIMICA Y MINERA DE 0.3%

Value ($000) $508 Shares 11,808 Est. Cost $42.98 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $489 Shares 972 Est. Cost $484.36 Unrealized +2.7%

LVS LAS VEGAS SANDS CORP 0.3%

Value ($000) $377 Shares 7,000 Est. Cost $52.28 Unrealized +17.1%

IBN ICICI BANK LIMITED 0.2%

Value ($000) $363 Shares 12,000 Est. Cost $29.24 Unrealized —

BNTX BIONTECH SE 0.2%

Value ($000) $353 Shares 3,580 Est. Cost $98.62 Unrealized —

ERO ERO COPPER CORP 0.2%

Value ($000) $304 Shares 15,007 Est. Cost $13.51 Unrealized +72.4%

CQQQ INVESCO EXCH TRADED FD TR II 0.2%

Value ($000) $297 Shares 5,038 Est. Cost $44.25 Unrealized —

PINS PINTEREST INC 0.2%

Value ($000) $297 Shares 9,230 Est. Cost $36.26 Unrealized -20.6%

PALL ABRDN PALLADIUM ETF TRUST 0.2%

Value ($000) $294 Shares 2,577 Est. Cost $100.61 Unrealized —

PYPL PAYPAL HLDGS INC 0.2%

Value ($000) $286 Shares 4,259 Est. Cost $99.59 Unrealized -34.9%

IE IVANHOE ELECTRIC INC 0.2%

Value ($000) $268 Shares 21,382 Est. Cost $9.89 Unrealized +44.8%

SVM SILVERCORP METALS INC 0.2%

Value ($000) $262 Shares 41,502 Est. Cost $3.87 Unrealized +87.5%

BE BLOOM ENERGY CORP 0.2%

Value ($000) $254 Shares 3,000 Est. Cost $19.36 Unrealized +442.7%

CORT CORCEPT THERAPEUTICS INC 0.2%

Value ($000) $252 Shares 3,030 Est. Cost $72.50 Unrealized +8.3%

MSFT MICROSOFT CORP 0.2%

Value ($000) $248 Shares 479 Est. Cost $508.71 Unrealized -1.6%

BHC BAUSCH HEALTH COS INC 0.2%

Value ($000) $242 Shares 37,506 Est. Cost $8.24 Unrealized -20.2%

HTZ HERTZ GLOBAL HLDGS INC 0.1%

Value ($000) $195 Shares 28,731 Est. Cost $6.24 Unrealized -12.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	1,572,076	$11,288	7.6%	$3.83	+96.8%	—	644535106
AU	ANGLOGOLD ASHANTI PLC	100,000	$7,033	4.7%	$54.92	+41.1%	—	G0378L100
AEM	AGNICO EAGLE MINES LTD	25,000	$4,214	2.8%	$115.22	+45.7%	—	008474108
EH	EHANG HLDGS LTD	200,000	$3,714	2.5%	$17.61	—	—	26853E102
GOOGL	ALPHABET INC	14,970	$3,639	2.5%	$209.20	+36.5%	—	02079K305
BRK/A	BERKSHIRE HATHAWAY INC DEL	3	$2,263	1.5%	$726917.40	+2.7%	—	084670108
AZO	AUTOZONE INC	331	$1,420	1.0%	$4011.66	-5.8%	—	053332102
SCHW	SCHWAB CHARLES CORP	10,724	$1,024	0.7%	$94.54	+0.2%	—	808513105
MIDD	MIDDLEBY CORP	7,000	$931	0.6%	$138.84	-5.5%	—	596278101
UNP	UNION PAC CORP	2,875	$680	0.5%	$223.15	+1.9%	—	907818108
BABA	ALIBABA GROUP HLDG LTD	3,700	$661	0.4%	$178.73	—	—	01609W102
VNET	VNET GROUP INC	63,026	$651	0.4%	$10.33	—	—	90138A103
BF/B	BROWN FORMAN CORP	23,970	$649	0.4%	$28.60	-2.2%	—	115637209
AVTR	AVANTOR INC	50,000	$624	0.4%	$12.88	-4.5%	—	05352A100
IIPR	INNOVATIVE INDL PPTYS INC	10,165	$545	0.4%	$53.58	—	—	45781V101
ACMR	ACM RESH INC	13,904	$544	0.4%	$29.69	+25.5%	—	00108J109
—	SANDSTORM GOLD LTD	42,000	$526	0.4%	$5.58	—	—	80013R206
SQM	SOCIEDAD QUIMICA Y MINERA DE	11,808	$508	0.3%	$42.98	—	—	833635105
BRK/B	BERKSHIRE HATHAWAY INC DEL	972	$489	0.3%	$484.36	+2.7%	—	084670702
LVS	LAS VEGAS SANDS CORP	7,000	$377	0.3%	$52.28	+17.1%	—	517834107
IBN	ICICI BANK LIMITED	12,000	$363	0.2%	$29.24	—	—	45104G104
BNTX	BIONTECH SE	3,580	$353	0.2%	$98.62	—	—	09075V102
ERO	ERO COPPER CORP	15,007	$304	0.2%	$13.51	+72.4%	—	296006109
CQQQ	INVESCO EXCH TRADED FD TR II	5,038	$297	0.2%	$44.25	—	—	46138E800
PINS	PINTEREST INC	9,230	$297	0.2%	$36.26	-20.6%	—	72352L106
PALL	ABRDN PALLADIUM ETF TRUST	2,577	$294	0.2%	$100.61	—	—	003262102
PYPL	PAYPAL HLDGS INC	4,259	$286	0.2%	$99.59	-34.9%	—	70450Y103
IE	IVANHOE ELECTRIC INC	21,382	$268	0.2%	$9.89	+44.8%	—	46578C108
SVM	SILVERCORP METALS INC	41,502	$262	0.2%	$3.87	+87.5%	—	82835P103
BE	BLOOM ENERGY CORP	3,000	$254	0.2%	$19.36	+442.7%	—	093712107
CORT	CORCEPT THERAPEUTICS INC	3,030	$252	0.2%	$72.50	+8.3%	—	218352102
MSFT	MICROSOFT CORP	479	$248	0.2%	$508.71	-1.6%	—	594918104
BHC	BAUSCH HEALTH COS INC	37,506	$242	0.2%	$8.24	-20.2%	—	071734107
HTZ	HERTZ GLOBAL HLDGS INC	28,731	$195	0.1%	$6.24	-12.5%	—	42806J700

Decreased Positions (9)

GDS GDS HLDGS LTD 0.4%

Value ($000) $569 (-96.9%) Shares 16,300 (-96.6%) Est. Cost $32.76 Unrealized —

SE SEA LTD 0.3%

Value ($000) $434 (-95.8%) Shares 3,400 (-94.1%) Est. Cost $170.01 Unrealized —

FLUT FLUTTER ENTMT PLC 0.3%

Value ($000) $508 (-57.7%) Shares 2,363 (-50.0%) Est. Cost $245.37 Unrealized -8.3%

META META PLATFORMS INC 2.4%

Value ($000) $3,562 (-16.1%) Shares 5,396 (-6.7%) Est. Cost $368.60 Unrealized +81.0%

PONY PONY AI INC 0.3%

Value ($000) $503 (-50.5%) Shares 34,700 (-23.2%) Est. Cost $13.25 Unrealized —

RERE ATRENEW INC 0.2%

Value ($000) $330 (-59.1%) Shares 62,300 (-64.5%) Est. Cost $2.92 Unrealized —

NU NU HLDGS LTD 0.8%

Value ($000) $1,172 (-14.5%) Shares 70,000 (-18.2%) Est. Cost $11.97 Unrealized +34.2%

NOAH NOAH HLDGS LTD 0.2%

Value ($000) $247 (-42.6%) Shares 24,600 (-33.7%) Est. Cost $12.79 Unrealized —

BLK BLACKROCK INC 0.5%

Value ($000) $816 (-12.8%) Shares 762 (-5.0%) Est. Cost $1006.61 Unrealized +8.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDS	GDS HLDGS LTD	16,300 (-96.6%)	$569 (-96.9%)	0.4%	$32.76	—	SPONSORED ADS	36165L108
SE	SEA LTD	3,400 (-94.1%)	$434 (-95.8%)	0.3%	$170.01	—	SPONSORD ADS	81141R100
FLUT	FLUTTER ENTMT PLC	2,363 (-50.0%)	$508 (-57.7%)	0.3%	$245.37	-8.3%	SHS	G3643J108
META	META PLATFORMS INC	5,396 (-6.7%)	$3,562 (-16.1%)	2.4%	$368.60	+81.0%	CL A	30303M102
PONY	PONY AI INC	34,700 (-23.2%)	$503 (-50.5%)	0.3%	$13.25	—	SPONSORED ADS	732908108
RERE	ATRENEW INC	62,300 (-64.5%)	$330 (-59.1%)	0.2%	$2.92	—	SPONSORED ADS	00138L108
NU	NU HLDGS LTD	70,000 (-18.2%)	$1,172 (-14.5%)	0.8%	$11.97	+34.2%	ORD SHS CL A	G6683N103
NOAH	NOAH HLDGS LTD	24,600 (-33.7%)	$247 (-42.6%)	0.2%	$12.79	—	SPON ADS	65487X102
BLK	BLACKROCK INC	762 (-5.0%)	$816 (-12.8%)	0.5%	$1006.61	+8.2%	COM	09290D101

Unchanged Positions (9)

IAUX I-80 GOLD CORP 7.4%

Value ($000) $10,950 Shares 7,500,000 Est. Cost $0.59 Unrealized +92.8%

NEM NEWMONT CORP 11.8%

Value ($000) $17,474 Shares 175,000 Est. Cost $59.97 Unrealized +50.4%

BZ KANZHUN LIMITED 2.1%

Value ($000) $3,057 Shares 150,000 Est. Cost $17.84 Unrealized —

RBLX ROBLOX CORP 0.4%

Value ($000) $555 Shares 6,850 Est. Cost $47.68 Unrealized +122.7%

SA SEABRIDGE GOLD INC 0.4%

Value ($000) $533 Shares 18,000 Est. Cost $11.86 Unrealized +121.7%

PPTA PERPETUA RESOURCES CORP 0.2%

Value ($000) $363 Shares 15,000 Est. Cost $13.47 Unrealized +82.7%

VOXR VOX ROYALTY CORP 0.2%

Value ($000) $304 Shares 64,200 Est. Cost $1.95 Unrealized +131.8%

AMZN AMAZON COM INC 0.3%

Value ($000) $502 Shares 2,173 Est. Cost $148.09 Unrealized +54.5%

NRP NATURAL RESOURCE PARTNERS L 0.6%

Value ($000) $835 Shares 8,000 Est. Cost $103.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUX	I-80 GOLD CORP	7,500,000	$10,950	7.4%	$0.59	+92.8%	COM	44955L106
NEM	NEWMONT CORP	175,000	$17,474	11.8%	$59.97	+50.4%	COM	651639106
BZ	KANZHUN LIMITED	150,000	$3,057	2.1%	$17.84	—	SPONSORED ADS	48553T106
RBLX	ROBLOX CORP	6,850	$555	0.4%	$47.68	+122.7%	CL A	771049103
SA	SEABRIDGE GOLD INC	18,000	$533	0.4%	$11.86	+121.7%	COM	811916105
PPTA	PERPETUA RESOURCES CORP	15,000	$363	0.2%	$13.47	+82.7%	COM	714266103
VOXR	VOX ROYALTY CORP	64,200	$304	0.2%	$1.95	+131.8%	COM	92919F103
AMZN	AMAZON COM INC	2,173	$502	0.3%	$148.09	+54.5%	COM	023135106
NRP	NATURAL RESOURCE PARTNERS L	8,000	$835	0.6%	$103.90	—	COM UNIT LTD PAR	63900P608