Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ESPR	ESPERION THERAPEUTICS ORD	11,158,150	$35.26M	21.7%	$3.16	—	COM	29664W105
ROK	ROCKWELL AUTOMAT ORD	3,966	$1.963M	1.2%	$495.08	—	COM	773903109
NEE	NEXTERA ENERGY ORD	21,124	$1.854M	1.1%	$87.77	—	COM	65339F101
WCN	WASTE CONNECTIONS ORD	10,398	$1.733M	1.1%	$166.69	—	COM	94106B101
RNA	ATRIUM THERAPEUTICS ORD	113,278	$1.524M	0.9%	$13.45	—	COM	04965N104
ZWS	ZURN ELKAY WATER SOLUTIONS ORD	24,678	$1.247M	0.8%	$50.53	—	COM	98983L108
QXO	QXO ORD	70,478	$1.218M	0.7%	$17.28	—	COM	82846H405
SSTK	SHUTTERSTOCK ORD	62,086	$866K	0.5%	$13.95	—	COM	825690100
YMM	FULL TRUCK ALLNC 20 ADR REP CL A ORD	84,458	$686K	0.4%	$8.12	—	Class A	35969L108
CEG	CONSTELLATION ENERGY ORD	2,566	$637K	0.4%	$248.37	—	COM	21037T109
TTEK	TETRA TECH ORD	13,810	$399K	0.2%	$28.89	—	COM	88162G103
BSY	BENTLEY SYSTEMS CL B ORD	10,906	$326K	0.2%	$29.89	—	Class B	08265T208
ONTO	ONTO INNOVATION ORD	600	$227K	0.1%	$378.45	—	COM	683344105
EWZ	ISHARES MSCI BRAZIL ETF	1,000,000	$210K	0.1%	$38.39	—	CALL	464286400
HBM	HUDBAY MINERALS ORD	130	$3,068	0.0%	$23.60	—	COM	443628102
DVN	DEVON ENERGY ORD	8	$331	0.0%	$41.38	—	COM	25179M103
DFH	DREAM FINDERS HOMES CL A ORD	2	$35	0.0%	$17.50	—	Class A	26154D100

Increased Positions (25)

T AT&T ORD 35.5%

Value $57.77M (+60.6%) Shares 1,966,000 (+120.2%) Est. Cost $27.73 Unrealized —

ALMS ALUMIS ORD 6.8%

Value $10.98M (+160.5%) Shares 390,268 (+103.9%) Est. Cost $16.61 Unrealized —

ELME ELME ORD 3.1%

Value $4.96M (+106.7%) Shares 3,351,292 (+180.8%) Est. Cost $1.67 Unrealized —

WAB WABTEC ORD 2.1%

Value $3.358M (+60.7%) Shares 12,454 (+49.0%) Est. Cost $200.64 Unrealized —

FSLR FIRST SOLAR ORD 0.7%

Value $1.163M (+117832.1%) Shares 4,928 (+98460.0%) Est. Cost $235.91 Unrealized —

MSTR STRATEGY CL A ORD 0.2%

Value $256K (-72.8%) Shares 582,400 (+104.2%) Est. Cost — Unrealized —

DAR DARLING INGREDIENTS ORD 1.1%

Value $1.755M (+43.7%) Shares 32,136 (+62.7%) Est. Cost $41.70 Unrealized —

NXT NEXTPOWER CL A ORD 0.3%

Value $490K (+33756.5%) Shares 4,112 (+34166.7%) Est. Cost $119.11 Unrealized —

FERG FERGUSON ENTERPRISES ORD 1.2%

Value $1.923M (+30.3%) Shares 8,104 (+28.1%) Est. Cost $248.05 Unrealized —

WTRG ESSENTIAL UTILITIES ORD 1.1%

Value $1.71M (+34.3%) Shares 44,644 (+41.2%) Est. Cost $38.63 Unrealized —

LIN LINDE ORD 1.3%

Value $2.11M (+23.9%) Shares 4,066 (+18.3%) Est. Cost $436.68 Unrealized —

MTZ MASTEC ORD 0.9%

Value $1.4M (+37.7%) Shares 3,366 (+6.5%) Est. Cost $260.25 Unrealized —

CTVA CORTEVA ORD 1.2%

Value $1.877M (+21.1%) Shares 22,162 (+19.7%) Est. Cost $69.53 Unrealized —

SW SMURFIT WESTROCK ORD 0.6%

Value $904K (+40.1%) Shares 19,546 (+20.7%) Est. Cost $39.52 Unrealized —

WY WEYERHAEUSER REIT 0.7%

Value $1.218M (+26.4%) Shares 50,866 (+29.0%) Est. Cost $25.68 Unrealized —

SPY STATE STREET SPDR S&P 500 TRUST ETF 2.1%

Value $3.403M (+1.5%) Shares 3,012,000 (+205.9%) Est. Cost — Unrealized —

— ACHILLES THERAPEUTICS ADS 0.1%

Value $91,029 (+100.0%) Shares 61,506 (+100.0%) Est. Cost $1.48 Unrealized —

IREN IREN ORD 0.0%

Value $54,876 (+166.8%) Shares 1,200 (+100.0%) Est. Cost $47.00 Unrealized —

PEG PUBLIC SERVICE ENTERPRISE GROUP ORD 1.0%

Value $1.611M (+1.3%) Shares 19,850 (+1.0%) Est. Cost $81.36 Unrealized —

CMBT CMB.TECH ORD 0.0%

Value $2,882 (+121.2%) Shares 206 (+100.0%) Est. Cost $13.12 Unrealized —

EE EXCELERATE ENERGY CL A ORD 0.0%

Value $2,735 (+127.3%) Shares 72 (+100.0%) Est. Cost $37.03 Unrealized —

BWLP BW LPG ORD 0.0%

Value $2,824 (+100.7%) Shares 162 (+100.0%) Est. Cost $16.41 Unrealized —

BKR BAKER HUGHES CL A ORD 0.0%

Value $2,553 (+81.8%) Shares 46 (+100.0%) Est. Cost $55.79 Unrealized —

— AVADEL PHARMACEUTICALS CVR (ALKERMES PLC merger) ⚠ 0.0%

Value $0 Shares 2,585,970 (+100.0%) Est. Cost — Unrealized —

— STERLING BANCORP ORD ⚠ 0.0%

Value $0 Shares 384,252 (+100.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T ORD	1,966,000 (+120.2%)	$57.77M (+60.6%)	35.5%	$27.73	—	COM	00206R102
ALMS	ALUMIS ORD	390,268 (+103.9%)	$10.98M (+160.5%)	6.8%	$16.61	—	COM	022307102
ELME	ELME ORD	3,351,292 (+180.8%)	$4.96M (+106.7%)	3.1%	$1.67	—	COM	939653101
WAB	WABTEC ORD	12,454 (+49.0%)	$3.358M (+60.7%)	2.1%	$200.64	—	COM	929740108
FSLR	FIRST SOLAR ORD	4,928 (+98460.0%)	$1.163M (+117832.1%)	0.7%	$235.91	—	COM	336433107
MSTR	STRATEGY CL A ORD	582,400 (+104.2%)	$256K (-72.8%)	0.2%	—	—	CALL	594972408
DAR	DARLING INGREDIENTS ORD	32,136 (+62.7%)	$1.755M (+43.7%)	1.1%	$41.70	—	COM	237266101
NXT	NEXTPOWER CL A ORD	4,112 (+34166.7%)	$490K (+33756.5%)	0.3%	$119.11	—	Class A	65290E101
FERG	FERGUSON ENTERPRISES ORD	8,104 (+28.1%)	$1.923M (+30.3%)	1.2%	$248.05	—	COM	31488V107
WTRG	ESSENTIAL UTILITIES ORD	44,644 (+41.2%)	$1.71M (+34.3%)	1.1%	$38.63	—	COM	29670G102
LIN	LINDE ORD	4,066 (+18.3%)	$2.11M (+23.9%)	1.3%	$436.68	—	COM	G54950103
MTZ	MASTEC ORD	3,366 (+6.5%)	$1.4M (+37.7%)	0.9%	$260.25	—	COM	576323109
CTVA	CORTEVA ORD	22,162 (+19.7%)	$1.877M (+21.1%)	1.2%	$69.53	—	COM	22052L104
SW	SMURFIT WESTROCK ORD	19,546 (+20.7%)	$904K (+40.1%)	0.6%	$39.52	—	COM	G8267P108
WY	WEYERHAEUSER REIT	50,866 (+29.0%)	$1.218M (+26.4%)	0.7%	$25.68	—	COM	962166104
SPY	STATE STREET SPDR S&P 500 TRUST ETF	3,012,000 (+205.9%)	$3.403M (+1.5%)	2.1%	—	—	PUT	78462F103
—	ACHILLES THERAPEUTICS ADS	61,506 (+100.0%)	$91,029 (+100.0%)	0.1%	$1.48	—	COM	00449L102
IREN	IREN ORD	1,200 (+100.0%)	$54,876 (+166.8%)	0.0%	$47.00	—	COM	Q4982L109
PEG	PUBLIC SERVICE ENTERPRISE GROUP ORD	19,850 (+1.0%)	$1.611M (+1.3%)	1.0%	$81.36	—	COM	744573106
CMBT	CMB.TECH ORD	206 (+100.0%)	$2,882 (+121.2%)	0.0%	$13.12	—	COM	B38564108
EE	EXCELERATE ENERGY CL A ORD	72 (+100.0%)	$2,735 (+127.3%)	0.0%	$37.03	—	Class A	30069T101
BWLP	BW LPG ORD	162 (+100.0%)	$2,824 (+100.7%)	0.0%	$16.41	—	COM	Y10230103
BKR	BAKER HUGHES CL A ORD	46 (+100.0%)	$2,553 (+81.8%)	0.0%	$55.79	—	Class A	05722G100
—	AVADEL PHARMACEUTICALS CVR (ALKERMES PLC merger) ⚠	2,585,970 (+100.0%)	$0	0.0%	—	—	COM	G29CVR019
—	STERLING BANCORP ORD ⚠	384,252 (+100.0%)	$0	0.0%	—	—	COM	85917W102

Exited Positions (27)

STKL SUNOPTA ORD 5.7%

Value $9.321M Shares 1,438,474 Est. Cost $5.16 Unrealized —

HOLX HOLOGIC ORD 5.2%

Value $8.508M Shares 112,548 Est. Cost $75.02 Unrealized —

OS ONESTREAM CL A ORD 4.0%

Value $6.547M Shares 272,803 Est. Cost $23.28 Unrealized —

EWZ ISHARES MSCI BRAZIL ETF 3.9%

Value $6.314M Shares 164,457 Est. Cost $38.39 Unrealized —

VNM VANECK VIETNAM ETF 2.9%

Value $4.711M Shares 272,158 Est. Cost $17.31 Unrealized —

— DESKTOP METAL CL A ORD 2.3%

Value $3.791M Shares 764,361 Est. Cost $4.96 Unrealized —

QTRX QUANTERIX ORD 2.2%

Value $3.5M Shares 994,217 Est. Cost $7.35 Unrealized —

FFWM FIRST FOUNDATION ORD 1.6%

Value $2.613M Shares 442,850 Est. Cost $6.23 Unrealized —

ACI ALBERTSONS COMPANIES CL A ORD 1.4%

Value $2.323M Shares 136,318 Est. Cost $18.55 Unrealized —

EXC EXELON ORD 1.1%

Value $1.855M Shares 37,837 Est. Cost $45.26 Unrealized —

ONTF ON24 ORD 0.9%

Value $1.43M Shares 176,589 Est. Cost $7.96 Unrealized —

EMR EMERSON ELECTRIC ORD 0.8%

Value $1.23M Shares 9,389 Est. Cost $148.47 Unrealized —

PNR PENTAIR ORD 0.7%

Value $1.082M Shares 12,426 Est. Cost $106.55 Unrealized —

GBX GREENBRIER ORD 0.5%

Value $771K Shares 14,635 Est. Cost $45.97 Unrealized —

AIV APARTMENT INVST MGT CL A REIT ORD 0.4%

Value $658K Shares 161,593 Est. Cost $4.07 Unrealized —

SEE SEALED AIR ORD 0.2%

Value $392K Shares 9,322 Est. Cost $40.46 Unrealized —

DVS DOLLY VARDEN SILVER ORD 0.0%

Value $35,036 Shares 12,787 Est. Cost $4.82 Unrealized —

SNEX STONEX GROUP ORD 0.0%

Value $806 Shares 10 Est. Cost $114.27 Unrealized —

BLD TOPBUILD ORD 0.0%

Value $703 Shares 2 Est. Cost $391.69 Unrealized —

PANW PALO ALTO NETWORKS ORD 0.0%

Value $641 Shares 4 Est. Cost $172.15 Unrealized —

CTGO CONTANGO SILVER AND GOLD ORD 0.0%

Value $281 Shares 15 Est. Cost $28.64 Unrealized —

GNK GENCO SHIPPING TRADING ORD 0.0%

Value $226 Shares 10 Est. Cost $20.83 Unrealized —

CDE COEUR MINING ORD 0.0%

Value $75 Shares 4 Est. Cost $22.32 Unrealized —

FDP FRESH DEL MONTE PRODUCE ORD 0.0%

Value $40 Shares 1 Est. Cost $38.77 Unrealized —

DCH DAUCH ORD 0.0%

Value $36 Shares 6 Est. Cost $7.71 Unrealized —

DSX DIANA SHIPPING ORD 0.0%

Value $25 Shares 10 Est. Cost $2.20 Unrealized —

AVO MISSION PRODUCE ORD 0.0%

Value $14 Shares 1 Est. Cost $13.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STKL	SUNOPTA ORD	1,438,474	$9.321M	5.7%	$5.16	—	—	8676EP108
HOLX	HOLOGIC ORD	112,548	$8.508M	5.2%	$75.02	—	—	436440101
OS	ONESTREAM CL A ORD	272,803	$6.547M	4.0%	$23.28	—	—	68278B107
EWZ	ISHARES MSCI BRAZIL ETF	164,457	$6.314M	3.9%	$38.39	—	—	464286400
VNM	VANECK VIETNAM ETF	272,158	$4.711M	2.9%	$17.31	—	—	92189F817
—	DESKTOP METAL CL A ORD	764,361	$3.791M	2.3%	$4.96	—	—	25058X303
QTRX	QUANTERIX ORD	994,217	$3.5M	2.2%	$7.35	—	—	74766Q101
FFWM	FIRST FOUNDATION ORD	442,850	$2.613M	1.6%	$6.23	—	—	32026V104
ACI	ALBERTSONS COMPANIES CL A ORD	136,318	$2.323M	1.4%	$18.55	—	—	013091103
EXC	EXELON ORD	37,837	$1.855M	1.1%	$45.26	—	—	30161N101
ONTF	ON24 ORD	176,589	$1.43M	0.9%	$7.96	—	—	68339B104
EMR	EMERSON ELECTRIC ORD	9,389	$1.23M	0.8%	$148.47	—	—	291011104
PNR	PENTAIR ORD	12,426	$1.082M	0.7%	$106.55	—	—	G7S00T104
GBX	GREENBRIER ORD	14,635	$771K	0.5%	$45.97	—	—	393657101
AIV	APARTMENT INVST MGT CL A REIT ORD	161,593	$658K	0.4%	$4.07	—	—	03748R747
SEE	SEALED AIR ORD	9,322	$392K	0.2%	$40.46	—	—	81211K100
DVS	DOLLY VARDEN SILVER ORD	12,787	$35,036	0.0%	$4.82	—	—	256827783
SNEX	STONEX GROUP ORD	10	$806	0.0%	$114.27	—	—	861896108
BLD	TOPBUILD ORD	2	$703	0.0%	$391.69	—	—	89055F103
PANW	PALO ALTO NETWORKS ORD	4	$641	0.0%	$172.15	—	—	697435105
CTGO	CONTANGO SILVER AND GOLD ORD	15	$281	0.0%	$28.64	—	—	21077F100
GNK	GENCO SHIPPING TRADING ORD	10	$226	0.0%	$20.83	—	—	Y2685T131
CDE	COEUR MINING ORD	4	$75	0.0%	$22.32	—	—	192108504
FDP	FRESH DEL MONTE PRODUCE ORD	1	$40	0.0%	$38.77	—	—	G36738105
DCH	DAUCH ORD	6	$36	0.0%	$7.71	—	—	024061103
DSX	DIANA SHIPPING ORD	10	$25	0.0%	$2.20	—	—	Y2066G104
AVO	MISSION PRODUCE ORD	1	$14	0.0%	$13.31	—	—	60510V108

Decreased Positions (11)

— SAPIENS INTERNATIONAL ORD 4.6%

Value $7.555M (-41.3%) Shares 173,884 (-41.3%) Est. Cost $43.45 Unrealized —

WM WASTE MANAGEMENT ORD 0.5%

Value $780K (-59.4%) Shares 3,500 (-58.2%) Est. Cost $201.53 Unrealized —

WTS WATTS INDUSTRIES CL A ORD 0.1%

Value $159K (-84.2%) Shares 406 (-88.3%) Est. Cost $272.75 Unrealized —

AYI ACUITY ORD 0.3%

Value $434K (-66.2%) Shares 1,152 (-74.8%) Est. Cost $284.17 Unrealized —

OC OWENS CORNING ORD 1.2%

Value $1.929M (+42.9%) Shares 12,134 (-2.7%) Est. Cost $144.88 Unrealized —

VLTO VERALTO ORD 0.4%

Value $697K (-42.1%) Shares 7,864 (-42.3%) Est. Cost $92.78 Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP CL A ORD 0.0%

Value $2,435 (-99.5%) Shares 246 (-99.7%) Est. Cost $6.70 Unrealized —

RSG REPUBLIC SERVICES ORD 1.1%

Value $1.832M (-16.8%) Shares 8,596 (-14.5%) Est. Cost $198.02 Unrealized —

GRC GORMAN RUPP ORD 0.4%

Value $606K (-11.8%) Shares 6,604 (-40.3%) Est. Cost $57.55 Unrealized —

JCI JOHNSON CONTROLS INTERNATIONAL ORD 0.9%

Value $1.49M (-2.6%) Shares 10,196 (-12.7%) Est. Cost $126.06 Unrealized —

NVT NVENT ELECTRIC ORD 1.2%

Value $1.893M (+0.9%) Shares 11,162 (-29.6%) Est. Cost $72.96 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SAPIENS INTERNATIONAL ORD	173,884 (-41.3%)	$7.555M (-41.3%)	4.6%	$43.45	—	COM	G7T16G103
WM	WASTE MANAGEMENT ORD	3,500 (-58.2%)	$780K (-59.4%)	0.5%	$201.53	—	COM	94106L109
WTS	WATTS INDUSTRIES CL A ORD	406 (-88.3%)	$159K (-84.2%)	0.1%	$272.75	—	Class A	942749102
AYI	ACUITY ORD	1,152 (-74.8%)	$434K (-66.2%)	0.3%	$284.17	—	COM	00508Y102
OC	OWENS CORNING ORD	12,134 (-2.7%)	$1.929M (+42.9%)	1.2%	$144.88	—	COM	690742101
VLTO	VERALTO ORD	7,864 (-42.3%)	$697K (-42.1%)	0.4%	$92.78	—	COM	92338C103
SHLS	SHOALS TECHNOLOGIES GROUP CL A ORD	246 (-99.7%)	$2,435 (-99.5%)	0.0%	$6.70	—	Class A	82489W107
RSG	REPUBLIC SERVICES ORD	8,596 (-14.5%)	$1.832M (-16.8%)	1.1%	$198.02	—	COM	760759100
GRC	GORMAN RUPP ORD	6,604 (-40.3%)	$606K (-11.8%)	0.4%	$57.55	—	COM	383082104
JCI	JOHNSON CONTROLS INTERNATIONAL ORD	10,196 (-12.7%)	$1.49M (-2.6%)	0.9%	$126.06	—	COM	G51502105
NVT	NVENT ELECTRIC ORD	11,162 (-29.6%)	$1.893M (+0.9%)	1.2%	$72.96	—	COM	G6700G107