Nearwater Capital Markets, Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX-MANAGED FDS	4,714,850	$294,537	5.0%	$62.47	—	VAN FTSE DEV MKT	921943858
MRVL	MARVELL TECHNOLOGY INC	1,495,000	$127,045	2.2%	$87.46	0.0%	COM	573874104
VT	VANGUARD INTL EQUITY INDEX FUND	527,500	$74,409	1.3%	$141.06	—	TT WRLD ST ETF	922042742
TERN	TERNS PHARMACEUTICALS INC	1,704,800	$68,874	1.2%	$23.11	0.0%	COM	880881107
VCIT	VANGUARD SCOTTSDALE FDS	782,100	$65,501	1.1%	$83.75	—	INT-TERM CORP	92206C870
SNDK	SANDISK CORP	271,400	$64,425	1.1%	$200.29	0.0%	COM	80004C200
BSV	VANGUARD BD INDEX FDS	800,000	$63,048	1.1%	$78.81	—	SHORT TRM BOND	921937827
CELC	CELCUITY INC	520,200	$51,885	0.9%	$82.21	0.0%	COM	15102K100
TTMI	TTM TECHNOLOGIES INC	558,900	$38,564	0.7%	$65.27	0.0%	COM	87305R109
TMUS	T-MOBILE US INC	189,000	$38,375	0.7%	$211.32	0.0%	COM	872590104
KVUE	KENVUE INC	1,990,000	$34,328	0.6%	$16.26	0.0%	COM	49177J102
NFLX	NETFLIX INC	350,000	$32,816	0.6%	$107.81	0.0%	COM	64110L106
LRN	STRIDE INC	488,000	$31,686	0.5%	$90.80	0.0%	COM	86333M108
EFA	ISHARES TR	300,000	$28,809	0.5%	$96.03	—	MSCI EAFE ETF	464287465
KWEB	KRANESHARES TRUST	800,000	$27,240	0.5%	$34.05	—	CSI CHI INTERNET	500767306
RNA	AVIDITY BIOSCIENCES INC	360,200	$25,981	0.4%	$64.59	0.0%	COM	05370A108
GLDM	WORLD GOLD TR	276,600	$23,613	0.4%	$85.37	—	SPDR GLD MINIS	98149E303
REGN	REGENERON PHARMACEUTICALS	30,000	$23,156	0.4%	$678.68	0.0%	COM	75886F107
VWO	VANGUARD INTL EQUITY INDEX FUND	390,000	$20,966	0.4%	$53.76	—	FTSE EMR MKT ETF	922042858
KVYO	KLAVIYO INC	600,000	$19,482	0.3%	$28.01	0.0%	COM SER A	49845K101
H	HYATT HOTELS CORP	120,000	$19,238	0.3%	$153.12	0.0%	COM CL A	448579102
COMP	COMPASS INC	1,724,700	$18,230	0.3%	$9.12	0.0%	CL A	20464U100
ARQT	ARCUTIS BIOTHERAPEUTICS INC	615,000	$17,860	0.3%	$25.60	0.0%	COM	03969K108
TPC	TUTOR PERINI CORP	225,000	$15,080	0.3%	$65.58	0.0%	COM	901109108
AVB	AVALONBAY CMNTYS INC	80,000	$14,505	0.2%	$179.77	0.0%	COM	053484101
ACMR	ACM RESH INC	350,800	$13,839	0.2%	$37.26	0.0%	COM CL A	00108J109
GVA	GRANITE CONSTR INC	118,000	$13,611	0.2%	$107.45	0.0%	COM	387328107
LQD	ISHARES TR	109,600	$12,077	0.2%	$110.19	—	IBOXX INV CP ETF	464287242
—	REV GROUP INC	181,000	$11,007	0.2%	$60.81	—	COM	749527107
XEL	XCEL ENERGY INC	144,000	$10,636	0.2%	$78.29	0.0%	COM	98389B100
SJNK	SPDR SERIES TRUST	345,100	$8,738	0.1%	$25.32	—	STATE STREET SPD	78468R408
BBT	BEACON FINANCIAL CORP	329,500	$8,689	0.1%	$24.93	0.0%	COM	084680107
DK	DELEK US HOLDINGS INC NEW	255,000	$7,563	0.1%	$35.61	0.0%	COM	24665A103
ABCB	AMERIS BANCORP	75,000	$5,570	0.1%	$74.22	0.0%	COM	03076K108
IAU	ISHARES GOLD TR	44,100	$3,580	0.1%	$81.17	—	ISHARES NEW	464285204
NKTR	NEKTAR THERAPEUTICS	61,500	$2,600	0.0%	$55.96	0.0%	COM NEW	640268306
SOLS	SOLSTICE ADVANCED MATLS INC	36,425	$1,770	0.0%	$47.08	0.0%	COM SHS	83443Q103
F	FORD MTR CO	1	$0	0.0%	$12.83	0.0%	COM	345370860

Increased Positions (22)

GOOGL ALPHABET INC 7.0%

Value ($000) $409,717 (+68.9%) Shares 1,309,000 (+31.2%) Est. Cost $198.95 Unrealized +43.6%

MU MICRON TECHNOLOGY INC 3.4%

Value ($000) $196,933 (+245.2%) Shares 690,000 (+102.3%) Est. Cost $166.05 Unrealized +38.1%

WMT WALMART INC 3.2%

Value ($000) $185,052 (+176.6%) Shares 1,661,000 (+155.9%) Est. Cost $102.27 Unrealized +4.8%

GDXJ VANECK ETF TRUST 3.2%

Value ($000) $186,599 (+119.1%) Shares 1,640,000 (+90.7%) Est. Cost $85.88 Unrealized —

META META PLATFORMS INC 4.6%

Value ($000) $270,637 (+59.5%) Shares 410,000 (+77.5%) Est. Cost $638.30 Unrealized +4.5%

LRCX LAM RESEARCH CORP 2.4%

Value ($000) $140,368 (+168.5%) Shares 820,000 (+110.0%) Est. Cost $121.23 Unrealized +28.2%

FXI ISHARES TR 1.8%

Value ($000) $106,638 (+175.8%) Shares 2,785,000 (+196.3%) Est. Cost $37.48 Unrealized —

LUV SOUTHWEST AIRLS CO 2.0%

Value ($000) $115,724 (+126.7%) Shares 2,800,000 (+75.0%) Est. Cost $32.46 Unrealized +7.2%

GILD GILEAD SCIENCES INC 2.1%

Value ($000) $124,336 (+89.9%) Shares 1,013,000 (+71.7%) Est. Cost $114.71 Unrealized +5.4%

INSM INSMED INC 1.5%

Value ($000) $87,020 (+202.1%) Shares 500,000 (+150.0%) Est. Cost $158.49 Unrealized +15.1%

TJX TJX COS INC NEW 1.2%

Value ($000) $67,588 (+259.7%) Shares 440,000 (+238.5%) Est. Cost $138.84 Unrealized +6.4%

ANET ARISTA NETWORKS INC 0.9%

Value ($000) $54,902 (+234.6%) Shares 419,000 (+272.1%) Est. Cost $128.11 Unrealized +7.5%

MCD MCDONALDS CORP 1.2%

Value ($000) $70,295 (+73.9%) Shares 230,000 (+72.9%) Est. Cost $296.49 Unrealized +2.9%

IBIT ISHARES BITCOIN TRUST ETF 1.2%

Value ($000) $68,755 (+76.3%) Shares 1,384,800 (+130.8%) Est. Cost $56.30 Unrealized —

NOW SERVICENOW INC 0.9%

Value ($000) $50,553 (+138.8%) Shares 330,000 (+1334.8%) Est. Cost $172.88 Unrealized -0.8%

PEP PEPSICO INC 0.7%

Value ($000) $38,750 (+129.9%) Shares 270,000 (+125.0%) Est. Cost $141.79 Unrealized +2.9%

COST COSTCO WHSL CORP NEW 1.2%

Value ($000) $69,850 (+41.6%) Shares 81,000 (+52.0%) Est. Cost $938.43 Unrealized -3.5%

PKG PACKAGING CORP AMER 0.5%

Value ($000) $29,491 (+146.0%) Shares 143,000 (+160.0%) Est. Cost $195.98 Unrealized +3.3%

UNP UNION PAC CORP 0.6%

Value ($000) $37,243 (+57.6%) Shares 161,000 (+61.0%) Est. Cost $221.82 Unrealized +2.5%

GE GE AEROSPACE 0.6%

Value ($000) $33,883 (+52.6%) Shares 110,000 (+49.1%) Est. Cost $224.02 Unrealized +34.3%

FUN SIX FLAGS ENTERTAINMENT CORP 0.5%

Value ($000) $26,929 (+56.9%) Shares 1,755,500 (+132.4%) Est. Cost $21.73 Unrealized -16.8%

BOX BOX INC 0.2%

Value ($000) $13,639 (+40.9%) Shares 456,000 (+52.0%) Est. Cost $32.30 Unrealized -2.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,309,000 (+31.2%)	$409,717 (+68.9%)	7.0%	$198.95	+43.6%	CAP STK CL A	02079K305
MU	MICRON TECHNOLOGY INC	690,000 (+102.3%)	$196,933 (+245.2%)	3.4%	$166.05	+38.1%	COM	595112103
WMT	WALMART INC	1,661,000 (+155.9%)	$185,052 (+176.6%)	3.2%	$102.27	+4.8%	COM	931142103
GDXJ	VANECK ETF TRUST	1,640,000 (+90.7%)	$186,599 (+119.1%)	3.2%	$85.88	—	JUNIOR GOLD MINE	92189F791
META	META PLATFORMS INC	410,000 (+77.5%)	$270,637 (+59.5%)	4.6%	$638.30	+4.5%	CL A	30303M102
LRCX	LAM RESEARCH CORP	820,000 (+110.0%)	$140,368 (+168.5%)	2.4%	$121.23	+28.2%	COM NEW	512807306
FXI	ISHARES TR	2,785,000 (+196.3%)	$106,638 (+175.8%)	1.8%	$37.48	—	CHINA LG-CAP ETF	464287184
LUV	SOUTHWEST AIRLS CO	2,800,000 (+75.0%)	$115,724 (+126.7%)	2.0%	$32.46	+7.2%	COM	844741108
GILD	GILEAD SCIENCES INC	1,013,000 (+71.7%)	$124,336 (+89.9%)	2.1%	$114.71	+5.4%	COM	375558103
INSM	INSMED INC	500,000 (+150.0%)	$87,020 (+202.1%)	1.5%	$158.49	+15.1%	COM PAR $.01	457669307
TJX	TJX COS INC NEW	440,000 (+238.5%)	$67,588 (+259.7%)	1.2%	$138.84	+6.4%	COM	872540109
ANET	ARISTA NETWORKS INC	419,000 (+272.1%)	$54,902 (+234.6%)	0.9%	$128.11	+7.5%	COM SHS	040413205
MCD	MCDONALDS CORP	230,000 (+72.9%)	$70,295 (+73.9%)	1.2%	$296.49	+2.9%	COM	580135101
IBIT	ISHARES BITCOIN TRUST ETF	1,384,800 (+130.8%)	$68,755 (+76.3%)	1.2%	$56.30	—	SHS BEN INT	46438F101
NOW	SERVICENOW INC	330,000 (+1334.8%)	$50,553 (+138.8%)	0.9%	$172.88	-0.8%	COM	81762P102
PEP	PEPSICO INC	270,000 (+125.0%)	$38,750 (+129.9%)	0.7%	$141.79	+2.9%	COM	713448108
COST	COSTCO WHSL CORP NEW	81,000 (+52.0%)	$69,850 (+41.6%)	1.2%	$938.43	-3.5%	COM	22160K105
PKG	PACKAGING CORP AMER	143,000 (+160.0%)	$29,491 (+146.0%)	0.5%	$195.98	+3.3%	COM	695156109
UNP	UNION PAC CORP	161,000 (+61.0%)	$37,243 (+57.6%)	0.6%	$221.82	+2.5%	COM	907818108
GE	GE AEROSPACE	110,000 (+49.1%)	$33,883 (+52.6%)	0.6%	$224.02	+34.3%	COM NEW	369604301
FUN	SIX FLAGS ENTERTAINMENT CORP	1,755,500 (+132.4%)	$26,929 (+56.9%)	0.5%	$21.73	-16.8%	COM	83001C108
BOX	BOX INC	456,000 (+52.0%)	$13,639 (+40.9%)	0.2%	$32.30	-2.9%	CL A	10316T104

Exited Positions (78)

IVV ISHARES CORE S&P 500 ETF 14.3%

Value ($000) $836,625 Shares 1,250,000 Est. Cost $595.12 Unrealized —

GS GOLDMAN SACHS GROUP ORD 3.6%

Value ($000) $210,248 Shares 264,015 Est. Cost $571.74 Unrealized +42.3%

PLTR PALANTIR TECHNOLOGIES CL A ORD 2.8%

Value ($000) $162,425 Shares 890,388 Est. Cost $97.49 Unrealized +85.7%

MS MORGAN STANLEY ORD 2.5%

Value ($000) $145,736 Shares 916,809 Est. Cost $120.45 Unrealized +38.2%

GOOG ALPHABET CL C ORD 2.4%

Value ($000) $137,971 Shares 566,500 Est. Cost $164.85 Unrealized +73.7%

RY ROYAL BANK OF CANADA ORD 1.9%

Value ($000) $108,792 Shares 738,000 Est. Cost $137.85 Unrealized +11.4%

AMD ADVANCED MICRO DEVICES ORD 1.8%

Value ($000) $103,546 Shares 640,000 Est. Cost $108.87 Unrealized +106.3%

HD HOME DEPOT ORD 1.2%

Value ($000) $69,936 Shares 172,600 Est. Cost $390.10 Unrealized -6.5%

CNQ CDN NATURAL RESOURCE ORD 1.1%

Value ($000) $65,504 Shares 2,045,000 Est. Cost $31.32 Unrealized +3.5%

BMO BANK OF MONTREAL ORD 1.1%

Value ($000) $63,152 Shares 485,000 Est. Cost $118.02 Unrealized +7.3%

MFC MANULIFE FINANCIAL ORD 1.0%

Value ($000) $59,207 Shares 1,900,000 Est. Cost $30.84 Unrealized +10.1%

MA MASTERCARD CL A ORD 1.0%

Value ($000) $56,881 Shares 100,000 Est. Cost $514.68 Unrealized +8.6%

JPM JPMORGAN CHASE ORD 0.9%

Value ($000) $53,623 Shares 170,000 Est. Cost $231.70 Unrealized +33.6%

LLY ELI LILLY ORD 0.6%

Value ($000) $35,708 Shares 46,800 Est. Cost $742.24 Unrealized +28.7%

CRDO CREDO TECHNOLOGY GROUP HOLDING ORD 0.6%

Value ($000) $34,961 Shares 240,100 Est. Cost $122.39 Unrealized +25.7%

CSCO CISCO SYSTEMS ORD 0.6%

Value ($000) $34,388 Shares 502,600 Est. Cost $57.44 Unrealized +28.5%

MDT MEDTRONIC ORD 0.6%

Value ($000) $33,334 Shares 350,000 Est. Cost $91.27 Unrealized +6.4%

JNJ JOHNSON & JOHNSON ORD 0.6%

Value ($000) $33,246 Shares 179,300 Est. Cost $169.51 Unrealized +16.2%

LMT LOCKHEED MARTIN ORD 0.6%

Value ($000) $32,449 Shares 65,000 Est. Cost $451.56 Unrealized +5.5%

WFC WELLS FARGO ORD 0.5%

Value ($000) $30,175 Shares 360,000 Est. Cost $68.13 Unrealized +27.2%

SLF SUN LIFE FINANCIAL ORD 0.5%

Value ($000) $29,429 Shares 490,000 Est. Cost $60.14 Unrealized +0.5%

CRWD CROWDSTRIKE HOLDINGS CL A ORD 0.5%

Value ($000) $29,423 Shares 60,000 Est. Cost $332.51 Unrealized +53.1%

ABBV ABBVIE ORD 0.5%

Value ($000) $28,943 Shares 125,000 Est. Cost $177.41 Unrealized +28.3%

PM PHILIP MORRIS INTERNATIONAL ORD 0.5%

Value ($000) $28,450 Shares 175,400 Est. Cost $165.93 Unrealized -7.4%

UNH UNITEDHEALTH GRP ORD 0.5%

Value ($000) $27,279 Shares 79,000 Est. Cost $435.03 Unrealized -22.5%

C CITIGROUP ORD 0.5%

Value ($000) $26,898 Shares 265,000 Est. Cost $68.96 Unrealized +50.3%

CRM SALESFORCE ORD 0.5%

Value ($000) $26,354 Shares 111,200 Est. Cost $266.04 Unrealized -6.7%

UBER UBER TECHNOLOGIES ORD 0.4%

Value ($000) $21,553 Shares 220,000 Est. Cost $71.41 Unrealized +26.1%

FTS FORTIS ORD 0.3%

Value ($000) $19,633 Shares 387,000 Est. Cost $48.55 Unrealized +4.7%

IBM INTERNATIONAL BUSINESS MACHINES ORD 0.3%

Value ($000) $19,554 Shares 69,300 Est. Cost $259.55 Unrealized +15.1%

KO COCA-COLA ORD 0.3%

Value ($000) $19,054 Shares 287,300 Est. Cost $67.92 Unrealized +2.2%

AMAT APPLIED MATERIAL ORD 0.3%

Value ($000) $17,710 Shares 86,500 Est. Cost $171.22 Unrealized +39.9%

MLYS MINERALYS THERAPEUTICS ORD 0.3%

Value ($000) $17,064 Shares 450,000 Est. Cost $21.63 Unrealized +85.4%

RTX RTX ORD 0.3%

Value ($000) $16,733 Shares 100,000 Est. Cost $118.27 Unrealized +46.6%

PG PROCTER & GAMBLE ORD 0.3%

Value ($000) $16,732 Shares 108,900 Est. Cost $154.90 Unrealized -5.0%

CVX CHEVRON ORD 0.3%

Value ($000) $16,237 Shares 104,559 Est. Cost $145.50 Unrealized +4.1%

MRK MERCK & CO ORD 0.3%

Value ($000) $15,577 Shares 185,600 Est. Cost $81.01 Unrealized +15.1%

LIN LINDE ORD 0.3%

Value ($000) $15,390 Shares 32,400 Est. Cost $470.63 Unrealized -9.2%

T AT&T ORD 0.3%

Value ($000) $15,004 Shares 531,300 Est. Cost $28.07 Unrealized -9.9%

ADI ANALOG DEVICES ORD 0.3%

Value ($000) $14,742 Shares 60,000 Est. Cost $209.79 Unrealized +19.5%

APP APPLOVIN CL A ORD 0.2%

Value ($000) $14,155 Shares 19,700 Est. Cost $461.14 Unrealized +36.6%

NEE NEXTERA ENERGY ORD 0.2%

Value ($000) $13,981 Shares 185,200 Est. Cost $68.66 Unrealized +20.2%

TMO THERMO FISHER SCIENTIFIC ORD 0.2%

Value ($000) $13,532 Shares 27,900 Est. Cost $524.10 Unrealized +7.8%

AEM AGNICO EAGLE ORD 0.2%

Value ($000) $13,477 Shares 80,000 Est. Cost $136.83 Unrealized +22.7%

CHWY CHEWY CL A ORD 0.2%

Value ($000) $12,742 Shares 315,000 Est. Cost $38.56 Unrealized -10.0%

ORCL ORACLE ORD 0.2%

Value ($000) $12,656 Shares 45,000 Est. Cost $254.17 Unrealized -6.3%

ISRG INTUITIVE SURGICAL ORD 0.2%

Value ($000) $12,334 Shares 27,579 Est. Cost $520.85 Unrealized +2.2%

RJF RAYMOND JAMES ORD 0.2%

Value ($000) $12,082 Shares 70,000 Est. Cost $141.83 Unrealized +13.5%

NXPI NXP SEMICONDUCTORS ORD 0.2%

Value ($000) $11,387 Shares 50,000 Est. Cost $223.02 Unrealized -4.2%

AFL AFLAC ORD 0.2%

Value ($000) $11,170 Shares 100,000 Est. Cost $104.07 Unrealized +5.5%

GEV GE VERNOVA ORD 0.2%

Value ($000) $10,884 Shares 17,700 Est. Cost $605.52 Unrealized +0.6%

MMM 3M ORD 0.2%

Value ($000) $10,863 Shares 70,000 Est. Cost $144.58 Unrealized +12.9%

GWW WW GRAINGER ORD 0.2%

Value ($000) $10,483 Shares 11,000 Est. Cost $1033.16 Unrealized -6.2%

PNC PNC FINANCIAL SERVICES GROUP ORD 0.2%

Value ($000) $10,047 Shares 50,000 Est. Cost $183.33 Unrealized +5.2%

LULU LULULEMON ATHLETICA ORD 0.2%

Value ($000) $9,786 Shares 55,000 Est. Cost $275.46 Unrealized -34.2%

XOM EXXON MOBIL ORD 0.2%

Value ($000) $9,584 Shares 85,000 Est. Cost $112.36 Unrealized +2.8%

COP CONOCOPHILLIPS ORD 0.2%

Value ($000) $9,459 Shares 100,000 Est. Cost $102.31 Unrealized -12.0%

TFC TRUIST FINANCIAL ORD 0.2%

Value ($000) $9,144 Shares 200,000 Est. Cost $42.32 Unrealized +8.2%

WELL WELLTOWER ORD 0.2%

Value ($000) $8,907 Shares 50,000 Est. Cost $140.30 Unrealized +32.9%

AXP AMERICAN EXPRESS ORD 0.1%

Value ($000) $8,470 Shares 25,500 Est. Cost $283.58 Unrealized +25.9%

QCOM QUALCOMM ORD 0.1%

Value ($000) $8,318 Shares 50,000 Est. Cost $154.80 Unrealized +10.3%

NVR NVR ORD 0.1%

Value ($000) $8,035 Shares 1,000 Est. Cost $7166.99 Unrealized +4.3%

EQIX EQUINIX REIT ORD 0.1%

Value ($000) $7,832 Shares 10,000 Est. Cost $897.54 Unrealized -13.0%

JCI JOHNSON CONTROLS INTERNATIONAL ORD 0.1%

Value ($000) $7,697 Shares 70,000 Est. Cost $106.86 Unrealized +7.4%

FCX FREEPORT MCMORAN ORD 0.1%

Value ($000) $7,452 Shares 190,000 Est. Cost $44.04 Unrealized -1.6%

ESE ESCO TECHNOLOGIES ORD 0.1%

Value ($000) $7,304 Shares 34,600 Est. Cost $197.68 Unrealized +6.6%

BLK BLACKROCK ORD 0.1%

Value ($000) $6,995 Shares 6,000 Est. Cost $991.05 Unrealized +9.9%

HRNNF HYDRO ONE ORD 0.1%

Value ($000) $6,244 Shares 175,000 Est. Cost $35.68 Unrealized +6.6%

LNTH LANTHEUS HOLDINGS ORD 0.1%

Value ($000) $6,134 Shares 119,600 Est. Cost $62.49 Unrealized -6.9%

TECK TECK RESOURCES CL B ORD 0.1%

Value ($000) $4,388 Shares 100,000 Est. Cost $36.34 Unrealized +19.2%

ABT ABBOTT LABORATORIES ORD 0.1%

Value ($000) $4,273 Shares 31,900 Est. Cost $130.61 Unrealized -2.5%

TRV TRAVELERS COMPANIES ORD 0.1%

Value ($000) $4,188 Shares 15,000 Est. Cost $244.86 Unrealized +14.6%

SPGI S&P GLOBAL ORD 0.1%

Value ($000) $4,088 Shares 8,400 Est. Cost $533.84 Unrealized -7.4%

BND VANGUARD TOTAL BOND MARKET ETF 0.1%

Value ($000) $4,046 Shares 54,400 Est. Cost $74.37 Unrealized —

SPNT SIRIUSPOINT ORD 0.1%

Value ($000) $3,604 Shares 199,200 Est. Cost $18.71 Unrealized +7.1%

JOYY JOYY ADR 0.0%

Value ($000) $2,667 Shares 45,500 Est. Cost $58.61 Unrealized —

HOMB HOME BANCSHARES ORD 0.0%

Value ($000) $2,315 Shares 81,800 Est. Cost $29.04 Unrealized -4.5%

CAT CATERPILLAR ORD 0.0%

Value ($000) $1,909 Shares 4,000 Est. Cost $425.39 Unrealized +30.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES CORE S&P 500 ETF	1,250,000	$836,625	14.3%	$595.12	—	—	464287200
GS	GOLDMAN SACHS GROUP ORD	264,015	$210,248	3.6%	$571.74	+42.3%	—	38141G104
PLTR	PALANTIR TECHNOLOGIES CL A ORD	890,388	$162,425	2.8%	$97.49	+85.7%	—	69608A108
MS	MORGAN STANLEY ORD	916,809	$145,736	2.5%	$120.45	+38.2%	—	617446448
GOOG	ALPHABET CL C ORD	566,500	$137,971	2.4%	$164.85	+73.7%	—	02079K107
RY	ROYAL BANK OF CANADA ORD	738,000	$108,792	1.9%	$137.85	+11.4%	—	780087102
AMD	ADVANCED MICRO DEVICES ORD	640,000	$103,546	1.8%	$108.87	+106.3%	—	007903107
HD	HOME DEPOT ORD	172,600	$69,936	1.2%	$390.10	-6.5%	—	437076102
CNQ	CDN NATURAL RESOURCE ORD	2,045,000	$65,504	1.1%	$31.32	+3.5%	—	136385101
BMO	BANK OF MONTREAL ORD	485,000	$63,152	1.1%	$118.02	+7.3%	—	063671101
MFC	MANULIFE FINANCIAL ORD	1,900,000	$59,207	1.0%	$30.84	+10.1%	—	56501R106
MA	MASTERCARD CL A ORD	100,000	$56,881	1.0%	$514.68	+8.6%	—	57636Q104
JPM	JPMORGAN CHASE ORD	170,000	$53,623	0.9%	$231.70	+33.6%	—	46625H100
LLY	ELI LILLY ORD	46,800	$35,708	0.6%	$742.24	+28.7%	—	532457108
CRDO	CREDO TECHNOLOGY GROUP HOLDING ORD	240,100	$34,961	0.6%	$122.39	+25.7%	—	G25457105
CSCO	CISCO SYSTEMS ORD	502,600	$34,388	0.6%	$57.44	+28.5%	—	17275R102
MDT	MEDTRONIC ORD	350,000	$33,334	0.6%	$91.27	+6.4%	—	G5960L103
JNJ	JOHNSON & JOHNSON ORD	179,300	$33,246	0.6%	$169.51	+16.2%	—	478160104
LMT	LOCKHEED MARTIN ORD	65,000	$32,449	0.6%	$451.56	+5.5%	—	539830109
WFC	WELLS FARGO ORD	360,000	$30,175	0.5%	$68.13	+27.2%	—	949746101
SLF	SUN LIFE FINANCIAL ORD	490,000	$29,429	0.5%	$60.14	+0.5%	—	866796105
CRWD	CROWDSTRIKE HOLDINGS CL A ORD	60,000	$29,423	0.5%	$332.51	+53.1%	—	22788C105
ABBV	ABBVIE ORD	125,000	$28,943	0.5%	$177.41	+28.3%	—	00287Y109
PM	PHILIP MORRIS INTERNATIONAL ORD	175,400	$28,450	0.5%	$165.93	-7.4%	—	718172109
UNH	UNITEDHEALTH GRP ORD	79,000	$27,279	0.5%	$435.03	-22.5%	—	91324P102
C	CITIGROUP ORD	265,000	$26,898	0.5%	$68.96	+50.3%	—	172967424
CRM	SALESFORCE ORD	111,200	$26,354	0.5%	$266.04	-6.7%	—	79466L302
UBER	UBER TECHNOLOGIES ORD	220,000	$21,553	0.4%	$71.41	+26.1%	—	90353T100
FTS	FORTIS ORD	387,000	$19,633	0.3%	$48.55	+4.7%	—	349553107
IBM	INTERNATIONAL BUSINESS MACHINES ORD	69,300	$19,554	0.3%	$259.55	+15.1%	—	459200101
KO	COCA-COLA ORD	287,300	$19,054	0.3%	$67.92	+2.2%	—	191216100
AMAT	APPLIED MATERIAL ORD	86,500	$17,710	0.3%	$171.22	+39.9%	—	038222105
MLYS	MINERALYS THERAPEUTICS ORD	450,000	$17,064	0.3%	$21.63	+85.4%	—	603170101
RTX	RTX ORD	100,000	$16,733	0.3%	$118.27	+46.6%	—	75513E101
PG	PROCTER & GAMBLE ORD	108,900	$16,732	0.3%	$154.90	-5.0%	—	742718109
CVX	CHEVRON ORD	104,559	$16,237	0.3%	$145.50	+4.1%	—	166764100
MRK	MERCK & CO ORD	185,600	$15,577	0.3%	$81.01	+15.1%	—	58933Y105
LIN	LINDE ORD	32,400	$15,390	0.3%	$470.63	-9.2%	—	G54950103
T	AT&T ORD	531,300	$15,004	0.3%	$28.07	-9.9%	—	00206R102
ADI	ANALOG DEVICES ORD	60,000	$14,742	0.3%	$209.79	+19.5%	—	032654105
APP	APPLOVIN CL A ORD	19,700	$14,155	0.2%	$461.14	+36.6%	—	03831W108
NEE	NEXTERA ENERGY ORD	185,200	$13,981	0.2%	$68.66	+20.2%	—	65339F101
TMO	THERMO FISHER SCIENTIFIC ORD	27,900	$13,532	0.2%	$524.10	+7.8%	—	883556102
AEM	AGNICO EAGLE ORD	80,000	$13,477	0.2%	$136.83	+22.7%	—	008474108
CHWY	CHEWY CL A ORD	315,000	$12,742	0.2%	$38.56	-10.0%	—	16679L109
ORCL	ORACLE ORD	45,000	$12,656	0.2%	$254.17	-6.3%	—	68389X105
ISRG	INTUITIVE SURGICAL ORD	27,579	$12,334	0.2%	$520.85	+2.2%	—	46120E602
RJF	RAYMOND JAMES ORD	70,000	$12,082	0.2%	$141.83	+13.5%	—	754730109
NXPI	NXP SEMICONDUCTORS ORD	50,000	$11,387	0.2%	$223.02	-4.2%	—	N6596X109
AFL	AFLAC ORD	100,000	$11,170	0.2%	$104.07	+5.5%	—	001055102
GEV	GE VERNOVA ORD	17,700	$10,884	0.2%	$605.52	+0.6%	—	36828A101
MMM	3M ORD	70,000	$10,863	0.2%	$144.58	+12.9%	—	88579Y101
GWW	WW GRAINGER ORD	11,000	$10,483	0.2%	$1033.16	-6.2%	—	384802104
PNC	PNC FINANCIAL SERVICES GROUP ORD	50,000	$10,047	0.2%	$183.33	+5.2%	—	693475105
LULU	LULULEMON ATHLETICA ORD	55,000	$9,786	0.2%	$275.46	-34.2%	—	550021109
XOM	EXXON MOBIL ORD	85,000	$9,584	0.2%	$112.36	+2.8%	—	30231G102
COP	CONOCOPHILLIPS ORD	100,000	$9,459	0.2%	$102.31	-12.0%	—	20825C104
TFC	TRUIST FINANCIAL ORD	200,000	$9,144	0.2%	$42.32	+8.2%	—	89832Q109
WELL	WELLTOWER ORD	50,000	$8,907	0.2%	$140.30	+32.9%	—	95040Q104
AXP	AMERICAN EXPRESS ORD	25,500	$8,470	0.1%	$283.58	+25.9%	—	025816109
QCOM	QUALCOMM ORD	50,000	$8,318	0.1%	$154.80	+10.3%	—	747525103
NVR	NVR ORD	1,000	$8,035	0.1%	$7166.99	+4.3%	—	62944T105
EQIX	EQUINIX REIT ORD	10,000	$7,832	0.1%	$897.54	-13.0%	—	29444U700
JCI	JOHNSON CONTROLS INTERNATIONAL ORD	70,000	$7,697	0.1%	$106.86	+7.4%	—	G51502105
FCX	FREEPORT MCMORAN ORD	190,000	$7,452	0.1%	$44.04	-1.6%	—	35671D857
ESE	ESCO TECHNOLOGIES ORD	34,600	$7,304	0.1%	$197.68	+6.6%	—	296315104
BLK	BLACKROCK ORD	6,000	$6,995	0.1%	$991.05	+9.9%	—	09290D101
HRNNF	HYDRO ONE ORD	175,000	$6,244	0.1%	$35.68	+6.6%	—	448811208
LNTH	LANTHEUS HOLDINGS ORD	119,600	$6,134	0.1%	$62.49	-6.9%	—	516544103
TECK	TECK RESOURCES CL B ORD	100,000	$4,388	0.1%	$36.34	+19.2%	—	878742204
ABT	ABBOTT LABORATORIES ORD	31,900	$4,273	0.1%	$130.61	-2.5%	—	002824100
TRV	TRAVELERS COMPANIES ORD	15,000	$4,188	0.1%	$244.86	+14.6%	—	89417E109
SPGI	S&P GLOBAL ORD	8,400	$4,088	0.1%	$533.84	-7.4%	—	78409V104
BND	VANGUARD TOTAL BOND MARKET ETF	54,400	$4,046	0.1%	$74.37	—	—	921937835
SPNT	SIRIUSPOINT ORD	199,200	$3,604	0.1%	$18.71	+7.1%	—	G8192H106
JOYY	JOYY ADR	45,500	$2,667	0.0%	$58.61	—	—	46591M109
HOMB	HOME BANCSHARES ORD	81,800	$2,315	0.0%	$29.04	-4.5%	—	436893200
CAT	CATERPILLAR ORD	4,000	$1,909	0.0%	$425.39	+30.6%	—	149123101

Decreased Positions (18)

NVDA NVIDIA CORPORATION 5.9%

Value ($000) $347,263 (-54.9%) Shares 1,862,000 (-54.9%) Est. Cost $130.25 Unrealized +42.9%

AAPL APPLE ORD 3.6%

Value ($000) $208,245 (-40.3%) Shares 766,000 (-44.0%) Est. Cost $209.11 Unrealized +28.3%

MSFT MICROSOFT CORP 6.1%

Value ($000) $358,362 (-26.3%) Shares 741,000 (-21.1%) Est. Cost $444.97 Unrealized +12.5%

AMZN AMAZON COM INC 1.1%

Value ($000) $63,476 (-58.9%) Shares 275,000 (-60.9%) Est. Cost $204.38 Unrealized +11.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $20,106 (-78.4%) Shares 40,000 (-78.4%) Est. Cost $493.07 Unrealized +0.9%

SCHW SCHWAB CHARLES CORP 1.2%

Value ($000) $72,135 (-47.0%) Shares 722,000 (-49.3%) Est. Cost $82.50 Unrealized +14.8%

BAC BANK AMERICA CORP 1.5%

Value ($000) $85,250 (-37.6%) Shares 1,550,000 (-41.5%) Est. Cost $44.29 Unrealized +18.9%

TSLA TESLA INC 2.2%

Value ($000) $128,395 (-15.1%) Shares 285,500 (-16.0%) Est. Cost $316.67 Unrealized +40.0%

HON HONEYWELL INTL INC 0.5%

Value ($000) $28,425 (-43.4%) Shares 145,700 (-39.0%) Est. Cost $204.76 Unrealized -4.8%

PGR PROGRESSIVE INC 0.2%

Value ($000) $13,891 (-58.3%) Shares 61,000 (-54.8%) Est. Cost $232.71 Unrealized -8.8%

ADBE ADOBE INC 0.3%

Value ($000) $17,500 (-50.4%) Shares 50,000 (-50.0%) Est. Cost $385.32 Unrealized -11.7%

DIS DISNEY WALT CO 0.5%

Value ($000) $28,443 (-35.2%) Shares 250,000 (-34.8%) Est. Cost $106.29 Unrealized +3.0%

INTU INTUIT 0.1%

Value ($000) $8,611 (-62.5%) Shares 13,000 (-61.3%) Est. Cost $702.05 Unrealized -5.9%

TXN TEXAS INSTRS INC 0.2%

Value ($000) $10,409 (-36.3%) Shares 60,000 (-32.6%) Est. Cost $193.20 Unrealized -11.6%

BKNG BOOKING HOLDINGS INC 1.1%

Value ($000) $64,264 (-5.5%) Shares 12,000 (-4.8%) Est. Cost $5362.25 Unrealized -4.2%

ZROZ PIMCO ETF TR 0.1%

Value ($000) $3,559 (-16.5%) Shares 55,400 (-11.6%) Est. Cost $67.96 Unrealized —

AVGO BROADCOM INC 4.8%

Value ($000) $278,264 (-0.1%) Shares 804,000 (-4.7%) Est. Cost $191.19 Unrealized +86.7%

CNO CNO FINL GROUP INC 0.0%

Value ($000) $2,285 (-2.6%) Shares 53,800 (-9.3%) Est. Cost $37.91 Unrealized +7.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	1,862,000 (-54.9%)	$347,263 (-54.9%)	5.9%	$130.25	+42.9%	COM	67066G104
AAPL	APPLE ORD	766,000 (-44.0%)	$208,245 (-40.3%)	3.6%	$209.11	+28.3%	COM	037833100
MSFT	MICROSOFT CORP	741,000 (-21.1%)	$358,362 (-26.3%)	6.1%	$444.97	+12.5%	COM	594918104
AMZN	AMAZON COM INC	275,000 (-60.9%)	$63,476 (-58.9%)	1.1%	$204.38	+11.9%	COM	023135106
BRK/B	BERKSHIRE HATHAWAY INC DEL	40,000 (-78.4%)	$20,106 (-78.4%)	0.3%	$493.07	+0.9%	CL B NEW	084670702
SCHW	SCHWAB CHARLES CORP	722,000 (-49.3%)	$72,135 (-47.0%)	1.2%	$82.50	+14.8%	COM	808513105
BAC	BANK AMERICA CORP	1,550,000 (-41.5%)	$85,250 (-37.6%)	1.5%	$44.29	+18.9%	COM	060505104
TSLA	TESLA INC	285,500 (-16.0%)	$128,395 (-15.1%)	2.2%	$316.67	+40.0%	COM	88160R101
HON	HONEYWELL INTL INC	145,700 (-39.0%)	$28,425 (-43.4%)	0.5%	$204.76	-4.8%	COM	438516106
PGR	PROGRESSIVE INC	61,000 (-54.8%)	$13,891 (-58.3%)	0.2%	$232.71	-8.8%	COM	743315103
ADBE	ADOBE INC	50,000 (-50.0%)	$17,500 (-50.4%)	0.3%	$385.32	-11.7%	COM	00724F101
DIS	DISNEY WALT CO	250,000 (-34.8%)	$28,443 (-35.2%)	0.5%	$106.29	+3.0%	COM	254687106
INTU	INTUIT	13,000 (-61.3%)	$8,611 (-62.5%)	0.1%	$702.05	-5.9%	COM	461202103
TXN	TEXAS INSTRS INC	60,000 (-32.6%)	$10,409 (-36.3%)	0.2%	$193.20	-11.6%	COM	882508104
BKNG	BOOKING HOLDINGS INC	12,000 (-4.8%)	$64,264 (-5.5%)	1.1%	$5362.25	-4.2%	COM	09857L108
ZROZ	PIMCO ETF TR	55,400 (-11.6%)	$3,559 (-16.5%)	0.1%	$67.96	—	25YR+ ZERO U S	72201R882
AVGO	BROADCOM INC	804,000 (-4.7%)	$278,264 (-0.1%)	4.8%	$191.19	+86.7%	COM	11135F101
CNO	CNO FINL GROUP INC	53,800 (-9.3%)	$2,285 (-2.6%)	0.0%	$37.91	+7.1%	COM	12621E103

Unchanged Positions (26)

FISV FISERV INC 1.1%

Value ($000) $66,834 Shares 995,000 Est. Cost $143.31 Unrealized -41.5%

SPHR SPHERE ENTERTAINMENT CO 0.4%

Value ($000) $23,770 Shares 250,000 Est. Cost $47.20 Unrealized +61.4%

SJM SMUCKER J M CO 1.1%

Value ($000) $66,511 Shares 680,000 Est. Cost $106.99 Unrealized -3.9%

WDAY WORKDAY INC 0.6%

Value ($000) $32,217 Shares 150,000 Est. Cost $231.22 Unrealized -1.7%

SE SEA LTD 0.1%

Value ($000) $8,611 Shares 67,500 Est. Cost $178.73 Unrealized —

HTHT H WORLD GROUP LTD 0.3%

Value ($000) $20,175 Shares 428,800 Est. Cost $39.11 Unrealized —

CX CEMEX SAB DE CV 0.2%

Value ($000) $13,672 Shares 1,189,900 Est. Cost $8.99 Unrealized —

QFIN QFIN HOLDINGS INC 0.1%

Value ($000) $4,818 Shares 250,000 Est. Cost $28.78 Unrealized —

KLAC KLA CORP 0.3%

Value ($000) $17,011 Shares 14,000 Est. Cost $748.55 Unrealized +56.6%

LNG CHENIERE ENERGY INC 0.2%

Value ($000) $9,136 Shares 47,000 Est. Cost $231.60 Unrealized -9.3%

BZ KANZHUN LIMITED 0.2%

Value ($000) $12,228 Shares 600,000 Est. Cost $23.36 Unrealized —

PDD PDD HOLDINGS INC 0.2%

Value ($000) $9,423 Shares 83,100 Est. Cost $132.17 Unrealized —

PLD PROLOGIS INC 0.2%

Value ($000) $12,766 Shares 100,000 Est. Cost $102.32 Unrealized +21.0%

MOG/A MOOG INC 0.1%

Value ($000) $8,159 Shares 33,500 Est. Cost $192.59 Unrealized +13.8%

ADP AUTOMATIC DATA PROCESSING INC 0.1%

Value ($000) $8,231 Shares 32,000 Est. Cost $302.36 Unrealized -12.4%

ADSK AUTODESK INC 0.2%

Value ($000) $11,248 Shares 38,000 Est. Cost $283.70 Unrealized +6.6%

— INDIVIOR PLC 0.0%

Value ($000) $2,153 Shares 60,000 Est. Cost $24.11 Unrealized —

HG HAMILTON INSURANCE GROUP LTD 0.1%

Value ($000) $3,351 Shares 120,100 Est. Cost $22.82 Unrealized +13.7%

VRTS VIRTUS INVT PARTNERS INC 0.0%

Value ($000) $1,860 Shares 11,400 Est. Cost $190.32 Unrealized -13.0%

DPZ DOMINOS PIZZA INC 0.1%

Value ($000) $7,920 Shares 19,000 Est. Cost $450.82 Unrealized -7.8%

TLT ISHARES TR 0.2%

Value ($000) $9,588 Shares 110,000 Est. Cost $89.41 Unrealized —

TAL TAL EDUCATION GROUP 0.1%

Value ($000) $7,637 Shares 700,000 Est. Cost $11.20 Unrealized —

CL COLGATE PALMOLIVE CO 0.2%

Value ($000) $12,011 Shares 152,000 Est. Cost $93.07 Unrealized -15.9%

IBN ICICI BANK LIMITED 0.1%

Value ($000) $5,373 Shares 180,300 Est. Cost $30.23 Unrealized —

AAMI ACADIAN ASSET MANAGEMENT INC 0.0%

Value ($000) $2,820 Shares 60,000 Est. Cost $44.56 Unrealized +3.4%

EXPO EXPONENT INC 0.1%

Value ($000) $6,620 Shares 95,300 Est. Cost $70.97 Unrealized -1.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	995,000	$66,834	1.1%	$143.31	-41.5%	COM	337738108
SPHR	SPHERE ENTERTAINMENT CO	250,000	$23,770	0.4%	$47.20	+61.4%	CL A	55826T102
SJM	SMUCKER J M CO	680,000	$66,511	1.1%	$106.99	-3.9%	COM NEW	832696405
WDAY	WORKDAY INC	150,000	$32,217	0.6%	$231.22	-1.7%	CL A	98138H101
SE	SEA LTD	67,500	$8,611	0.1%	$178.73	—	SPONSORD ADS	81141R100
HTHT	H WORLD GROUP LTD	428,800	$20,175	0.3%	$39.11	—	SPONSORED ADS	44332N106
CX	CEMEX SAB DE CV	1,189,900	$13,672	0.2%	$8.99	—	SPON ADR NEW	151290889
QFIN	QFIN HOLDINGS INC	250,000	$4,818	0.1%	$28.78	—	AMERICAN DEP	88557W101
KLAC	KLA CORP	14,000	$17,011	0.3%	$748.55	+56.6%	COM NEW	482480100
LNG	CHENIERE ENERGY INC	47,000	$9,136	0.2%	$231.60	-9.3%	COM NEW	16411R208
BZ	KANZHUN LIMITED	600,000	$12,228	0.2%	$23.36	—	SPONSORED ADS	48553T106
PDD	PDD HOLDINGS INC	83,100	$9,423	0.2%	$132.17	—	SPONSORED ADS	722304102
PLD	PROLOGIS INC	100,000	$12,766	0.2%	$102.32	+21.0%	COM	74340W103
MOG/A	MOOG INC	33,500	$8,159	0.1%	$192.59	+13.8%	CL A	615394202
ADP	AUTOMATIC DATA PROCESSING INC	32,000	$8,231	0.1%	$302.36	-12.4%	COM	053015103
ADSK	AUTODESK INC	38,000	$11,248	0.2%	$283.70	+6.6%	COM	052769106
—	INDIVIOR PLC	60,000	$2,153	0.0%	$24.11	—	ORD	G4766E116
HG	HAMILTON INSURANCE GROUP LTD	120,100	$3,351	0.1%	$22.82	+13.7%	CL B	G42706104
VRTS	VIRTUS INVT PARTNERS INC	11,400	$1,860	0.0%	$190.32	-13.0%	COM	92828Q109
DPZ	DOMINOS PIZZA INC	19,000	$7,920	0.1%	$450.82	-7.8%	COM	25754A201
TLT	ISHARES TR	110,000	$9,588	0.2%	$89.41	—	20 YR TR BD ETF	464287432
TAL	TAL EDUCATION GROUP	700,000	$7,637	0.1%	$11.20	—	SPONSORED ADS	874080104
CL	COLGATE PALMOLIVE CO	152,000	$12,011	0.2%	$93.07	-15.9%	COM	194162103
IBN	ICICI BANK LIMITED	180,300	$5,373	0.1%	$30.23	—	ADR	45104G104
AAMI	ACADIAN ASSET MANAGEMENT INC	60,000	$2,820	0.0%	$44.56	+3.4%	COM	10948W103
EXPO	EXPONENT INC	95,300	$6,620	0.1%	$70.97	-1.3%	COM	30214U102