Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	MICROSOFT CORP	816,767	$405M	16.2%	$496.13 *	$462.46	+10.9%	COM	594918104
META	META PLATFORMS INC	150,000	$112M	4.5%	$744.10 *	$624.16	+16.2%	CL A	30303M102
JNJ	JOHNSON & JOHNSON	282,000	$75.91M	3.0%	$269.17	$263.82	+0.3%	COM	478160104
EL	LAUDER ESTEE COS INC	600,000	$59.3M	2.4%	$98.83 *	$91.02	+1.9%	CL A	518439104
BRK/B	BERKSHIRE HATHAWAY INC DEL	100,000	$50.72M	2.0%	$507.17	$504.52	-1.3%	CL B NEW	084670702
EQIX	EQUINIX INC	45,000	$46.69M	1.9%	$1037.66	$1037.66	—	COM	29444U700
MA	MASTERCARD INCORPORATED	76,550	$43.46M	1.7%	$567.75 *	$562.24	-1.9%	CL A	57636Q104
HLT	HILTON WORLDWIDE HLDGS INC	50,000	$15.36M	0.6%	$307.22 *	$320.56	-0.8%	COM	43300A203

Increased Positions (5)

XLF SELECT SECTOR SPDR TR 18.2%

Value $455M (+97.0%) Shares 8,250,000 (+92.0%) Share Price $55.09 * Est. Cost/Share $54.23 Unrealized @ Report Date -1.5%

AAPL APPLE INC 11.1%

Value $276M (+63.8%) Shares 850,000 (+47.8%) Share Price $324.84 * Est. Cost/Share $286.47 Unrealized @ Report Date +16.2%

AMZN AMAZON COM INC 3.4%

Value $84.75M (+147.5%) Shares 340,000 (+130.4%) Share Price $249.27 Est. Cost/Share $234.35 Unrealized @ Report Date +6.3%

IVV ISHARES TR 13.7%

Value $343M (+15.2%) Shares 445,003 (+11.2%) Share Price $770.76 Est. Cost/Share $691.46 Unrealized @ Report Date +10.8%

AMAT APPLIED MATLS INC 2.7%

Value $67.84M (+130.4%) Shares 143,000 (+186.0%) Share Price $474.38 * Est. Cost/Share $491.55 Unrealized @ Report Date +4.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XLF	SELECT SECTOR SPDR TR	8,250,000 (+92.0%)	$455M (+97.0%)	18.2%	$55.09 *	$54.23	-1.5%	ST STR FINL ETF	81369Y605
AAPL	APPLE INC	850,000 (+47.8%)	$276M (+63.8%)	11.1%	$324.84 *	$286.47	+16.2%	COM	037833100
AMZN	AMAZON COM INC	340,000 (+130.4%)	$84.75M (+147.5%)	3.4%	$249.27	$234.35	+6.3%	COM	023135106
IVV	ISHARES TR	445,003 (+11.2%)	$343M (+15.2%)	13.7%	$770.76	$691.46	+10.8%	CORE S&P500 ETF	464287200
AMAT	APPLIED MATLS INC	143,000 (+186.0%)	$67.84M (+130.4%)	2.7%	$474.38 *	$491.55	+4.0%	COM	038222105

Exited Positions (16)

GOOG ALPHABET INC 4.8%

Value $120M Shares 340,404 Share Price $353.12 * Est. Cost/Share $346.15 Unrealized @ Report Date -1.6%

GOOGL ALPHABET INC 3.8%

Value $94.91M Shares 271,250 Share Price $349.91 Est. Cost/Share $314.25 Unrealized @ Report Date +9.5%

IBN ICICI BANK LIMITED 3.5%

Value $87.74M Shares 3,098,060 Share Price $28.32 * Est. Cost/Share $28.39 Unrealized @ Report Date -3.0%

VALE VALE S A 2.8%

Value $69.75M Shares 4,555,833 Share Price $15.31 * Est. Cost/Share $16.29 Unrealized @ Report Date -17.7%

LRCX LAM RESEARCH CORP 2.0%

Value $49.83M Shares 133,172 Share Price $374.18 * Est. Cost/Share $303.56 Unrealized @ Report Date +8.2%

COST COSTCO WHOLESALE CORPORATION 1.9%

Value $48.05M Shares 50,000 Share Price $961.09 * Est. Cost/Share $996.37 Unrealized @ Report Date -8.6%

INTC INTEL CORP 1.6%

Value $39.49M Shares 300,000 Share Price $131.65 * Est. Cost/Share $101.12 Unrealized @ Report Date +18.9%

APH AMPHENOL CORP 1.4%

Value $35.81M Shares 220,000 Share Price $162.78 * Est. Cost/Share $144.16 Unrealized @ Report Date -41.5%

MS MORGAN STANLEY 1.4%

Value $34.19M Shares 161,268 Share Price $212.03 * Est. Cost/Share $198.03 Unrealized @ Report Date -5.0%

JPM JPMORGAN CHASE & CO 1.3%

Value $33.34M Shares 100,000 Share Price $333.45 Est. Cost/Share $310.55 Unrealized @ Report Date +6.5%

QCOM QUALCOMM INC 1.2%

Value $29.68M Shares 157,270 Share Price $188.72 * Est. Cost/Share $187.00 Unrealized @ Report Date -1.6%

TXN TEXAS INSTRS INC 1.0%

Value $24.25M Shares 80,000 Share Price $303.11 * Est. Cost/Share $277.43 Unrealized @ Report Date +1.0%

HCA HCA HEALTHCARE INC 0.8%

Value $20.95M Shares 52,786 Share Price $396.93 * Est. Cost/Share $422.76 Unrealized @ Report Date +0.9%

ECL ECOLAB INC 0.8%

Value $20.13M Shares 73,520 Share Price $273.87 Est. Cost/Share $263.37 Unrealized @ Report Date +4.3%

DELL DELL TECHNOLOGIES INC 0.7%

Value $16.48M Shares 40,786 Share Price $404.08 * Est. Cost/Share $289.23 Unrealized @ Report Date +86.0%

TSLA TESLA INC 0.2%

Value $5.071M Shares 12,531 Share Price $404.66 * Est. Cost/Share $321.74 Unrealized @ Report Date +10.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOG	ALPHABET INC	340,404	$120M	4.8%	$353.12 *	$346.15	-1.6%	—	02079K107
GOOGL	ALPHABET INC	271,250	$94.91M	3.8%	$349.91	$314.25	+9.5%	—	02079K305
IBN	ICICI BANK LIMITED	3,098,060	$87.74M	3.5%	$28.32 *	$28.39	-3.0%	—	45104G104
VALE	VALE S A	4,555,833	$69.75M	2.8%	$15.31 *	$16.29	-17.7%	—	91912E105
LRCX	LAM RESEARCH CORP	133,172	$49.83M	2.0%	$374.18 *	$303.56	+8.2%	—	512807306
COST	COSTCO WHOLESALE CORPORATION	50,000	$48.05M	1.9%	$961.09 *	$996.37	-8.6%	—	22160K105
INTC	INTEL CORP	300,000	$39.49M	1.6%	$131.65 *	$101.12	+18.9%	—	458140100
APH	AMPHENOL CORP	220,000	$35.81M	1.4%	$162.78 *	$144.16	-41.5%	—	032095101
MS	MORGAN STANLEY	161,268	$34.19M	1.4%	$212.03 *	$198.03	-5.0%	—	617446448
JPM	JPMORGAN CHASE & CO	100,000	$33.34M	1.3%	$333.45	$310.55	+6.5%	—	46625H100
QCOM	QUALCOMM INC	157,270	$29.68M	1.2%	$188.72 *	$187.00	-1.6%	—	747525103
TXN	TEXAS INSTRS INC	80,000	$24.25M	1.0%	$303.11 *	$277.43	+1.0%	—	882508104
HCA	HCA HEALTHCARE INC	52,786	$20.95M	0.8%	$396.93 *	$422.76	+0.9%	—	40412C101
ECL	ECOLAB INC	73,520	$20.13M	0.8%	$273.87	$263.37	+4.3%	—	278865100
DELL	DELL TECHNOLOGIES INC	40,786	$16.48M	0.7%	$404.08 *	$289.23	+86.0%	—	24703L202
TSLA	TESLA INC	12,531	$5.071M	0.2%	$404.66 *	$321.74	+10.3%	—	88160R101

Decreased Positions (3)

NVDA NVIDIA CORPORATION 6.0%

Value $149M (-45.7%) Shares 672,819 (-50.9%) Share Price $221.34 * Est. Cost/Share $186.13 Unrealized @ Report Date +22.7%

GS GOLDMAN SACHS GROUP INC 4.0%

Value $100M (-54.0%) Shares 102,499 (-49.3%) Share Price $980.36 * Est. Cost/Share $910.02 Unrealized @ Report Date -1.1%

AVGO BROADCOM INC 5.3%

Value $133M (-3.8%) Shares 364,875 (-1.1%) Share Price $364.54 * Est. Cost/Share $400.96 Unrealized @ Report Date -12.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NVDA	NVIDIA CORPORATION	672,819 (-50.9%)	$149M (-45.7%)	6.0%	$221.34 *	$186.13	+22.7%	COM	67066G104
GS	GOLDMAN SACHS GROUP INC	102,499 (-49.3%)	$100M (-54.0%)	4.0%	$980.36 *	$910.02	-1.1%	COM	38141G104
AVGO	BROADCOM INC	364,875 (-1.1%)	$133M (-3.8%)	5.3%	$364.54 *	$400.96	-12.4%	COM	11135F101

Unchanged Positions (2)

SNDK SANDISK CORP 1.6%

Value $39.84M Shares 21,112 Share Price $1887.04 * Est. Cost/Share $1427.50 Unrealized @ Report Date +21.9%

C CITIGROUP INC 1.6%

Value $39.88M Shares 300,000 Share Price $132.95 * Est. Cost/Share $130.18 Unrealized @ Report Date -0.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SNDK	SANDISK CORP	21,112	$39.84M	1.6%	$1887.04 *	$1427.50	+21.9%	COM	80004C200
C	CITIGROUP INC	300,000	$39.88M	1.6%	$132.95 *	$130.18	-0.5%	COM NEW	172967424