DEEPWATER ASSET MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RDDT	REDDIT INC	70,153	$16,126	4.7%	$210.30	0.0%	CL A	75734B100
TEAM	ATLASSIAN CORPORATION	91,162	$14,781	4.3%	$156.92	0.0%	CL A	049468101
ISRG	INTUITIVE SURGICAL INC	25,210	$14,278	4.2%	$532.37	0.0%	COM NEW	46120E602
CFLT	CONFLUENT INC	410,221	$12,405	3.6%	$24.55	0.0%	CLASS A COM	20717M103
NTRA	NATERA INC	39,645	$9,082	2.6%	$208.59	0.0%	COM	632307104
ALAB	ASTERA LABS INC	51,428	$8,556	2.5%	$167.29	0.0%	COM	04626A103
AVAV	AEROVIRONMENT INC	28,885	$6,987	2.0%	$314.38	0.0%	COM	008073108
RBLX	ROBLOX CORP	82,841	$6,713	2.0%	$106.17	0.0%	CL A	771049103
LRCX	LAM RESEARCH CORP	29,822	$5,105	1.5%	$155.36	0.0%	COM NEW	512807306
AXON	AXON ENTERPRISE INC	8,774	$4,983	1.5%	$620.52	0.0%	COM	05464C101
MRCY	MERCURY SYS INC	67,461	$4,925	1.4%	$74.39	0.0%	COM	589378108
CCJ	CAMECO CORP	53,390	$4,885	1.4%	$89.94	0.0%	COM	13321L108
COHR	COHERENT CORP	26,112	$4,819	1.4%	$149.58	0.0%	COM	19247G107
SNOW	SNOWFLAKE INC	21,540	$4,725	1.4%	$244.09	0.0%	COM SHS	833445109
VST	VISTRA CORP	29,215	$4,713	1.4%	$181.92	0.0%	COM	92840M102
LNG	CHENIERE ENERGY INC	24,169	$4,698	1.4%	$209.99	0.0%	COM NEW	16411R208
GTLB	GITLAB INC	124,217	$4,662	1.4%	$43.29	0.0%	CLASS A COM	37637K108
STRL	STERLING INFRASTRUCTURE INC	15,130	$4,633	1.3%	$344.54	0.0%	COM	859241101
DDOG	DATADOG INC	31,457	$4,278	1.2%	$158.02	0.0%	CL A COM	23804L103
CRWV	COREWEAVE INC	11,009	$788	0.2%	$101.39	0.0%	COM CL A	21873S108
AMZN	AMAZON COM INC	3,138	$724	0.2%	$228.79	0.0%	COM	023135106

Increased Positions (13)

CVNA CARVANA CO 3.3%

Value ($000) $11,343 (+133.4%) Shares 26,879 (+108.6%) Est. Cost $364.96 Unrealized +1.9%

FSLR FIRST SOLAR INC 1.9%

Value ($000) $6,564 (+604.8%) Shares 25,126 (+495.0%) Est. Cost $242.08 Unrealized +4.2%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 1.5%

Value ($000) $5,025 (+441.2%) Shares 19,626 (+446.1%) Est. Cost $224.32 Unrealized +11.1%

GLBE GLOBAL E ONLINE LTD 4.5%

Value ($000) $15,412 (+21.6%) Shares 392,063 (+10.6%) Est. Cost $46.61 Unrealized -20.4%

APP APPLOVIN CORP 4.8%

Value ($000) $16,648 (+19.6%) Shares 24,707 (+27.6%) Est. Cost $497.64 Unrealized +26.6%

MELI MERCADOLIBRE INC 4.6%

Value ($000) $15,641 (+19.5%) Shares 7,765 (+38.6%) Est. Cost $1673.12 Unrealized +25.5%

NU NU HLDGS LTD 4.9%

Value ($000) $16,705 (+17.0%) Shares 997,890 (+11.9%) Est. Cost $8.44 Unrealized +90.5%

UBER UBER TECHNOLOGIES INC 4.3%

Value ($000) $14,836 (+7.2%) Shares 181,566 (+28.6%) Est. Cost $92.75 Unrealized -2.9%

SNPS SYNOPSYS INC 0.5%

Value ($000) $1,668 (+77.6%) Shares 3,551 (+86.6%) Est. Cost $509.11 Unrealized -12.7%

SE SEA LTD 0.5%

Value ($000) $1,559 (+71.1%) Shares 12,219 (+139.7%) Est. Cost $148.91 Unrealized —

GOOG ALPHABET INC 0.5%

Value ($000) $1,618 (+55.7%) Shares 5,155 (+20.8%) Est. Cost $223.09 Unrealized +28.3%

FOUR SHIFT4 PMTS INC 3.8%

Value ($000) $12,985 (+2.0%) Shares 206,217 (+25.4%) Est. Cost $68.81 Unrealized +2.7%

RBRK RUBRIK INC. 3.6%

Value ($000) $12,520 (+0.1%) Shares 163,700 (+7.6%) Est. Cost $85.31 Unrealized -10.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	26,879 (+108.6%)	$11,343 (+133.4%)	3.3%	$364.96	+1.9%	CL A	146869102
FSLR	FIRST SOLAR INC	25,126 (+495.0%)	$6,564 (+604.8%)	1.9%	$242.08	+4.2%	COM	336433107
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	19,626 (+446.1%)	$5,025 (+441.2%)	1.5%	$224.32	+11.1%	COM	874054109
GLBE	GLOBAL E ONLINE LTD	392,063 (+10.6%)	$15,412 (+21.6%)	4.5%	$46.61	-20.4%	SHS	M5216V106
APP	APPLOVIN CORP	24,707 (+27.6%)	$16,648 (+19.6%)	4.8%	$497.64	+26.6%	COM CL A	03831W108
MELI	MERCADOLIBRE INC	7,765 (+38.6%)	$15,641 (+19.5%)	4.6%	$1673.12	+25.5%	COM	58733R102
NU	NU HLDGS LTD	997,890 (+11.9%)	$16,705 (+17.0%)	4.9%	$8.44	+90.5%	ORD SHS CL A	G6683N103
UBER	UBER TECHNOLOGIES INC	181,566 (+28.6%)	$14,836 (+7.2%)	4.3%	$92.75	-2.9%	COM	90353T100
SNPS	SYNOPSYS INC	3,551 (+86.6%)	$1,668 (+77.6%)	0.5%	$509.11	-12.7%	COM	871607107
SE	SEA LTD	12,219 (+139.7%)	$1,559 (+71.1%)	0.5%	$148.91	—	SPONSORD ADS	81141R100
GOOG	ALPHABET INC	5,155 (+20.8%)	$1,618 (+55.7%)	0.5%	$223.09	+28.3%	CAP STK CL C	02079K107
FOUR	SHIFT4 PMTS INC	206,217 (+25.4%)	$12,985 (+2.0%)	3.8%	$68.81	+2.7%	CL A	82452J109
RBRK	RUBRIK INC.	163,700 (+7.6%)	$12,520 (+0.1%)	3.6%	$85.31	-10.1%	CL A	781154109

Exited Positions (6)

— CONFLUENT INC 3.7%

Value ($000) $12,665 Shares 639,654 Est. Cost $23.53 Unrealized —

CWAN CLEARWATER ANALYTICS HLDGS I 3.6%

Value ($000) $12,265 Shares 680,652 Est. Cost $20.27 Unrealized -1.2%

ACVA ACV AUCTIONS INC 3.0%

Value ($000) $10,315 Shares 1,040,836 Est. Cost $13.58 Unrealized -40.4%

ANET ARISTA NETWORKS INC 0.5%

Value ($000) $1,886 Shares 12,944 Est. Cost $102.73 Unrealized +34.0%

IYK ISHARES TR 0.5%

Value ($000) $1,788 Shares 26,139 Est. Cost $68.39 Unrealized —

PINS PINTEREST INC 0.3%

Value ($000) $891 Shares 27,697 Est. Cost $36.26 Unrealized -20.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CONFLUENT INC	639,654	$12,665	3.7%	$23.53	—	—	20717MAB9
CWAN	CLEARWATER ANALYTICS HLDGS I	680,652	$12,265	3.6%	$20.27	-1.2%	—	185123106
ACVA	ACV AUCTIONS INC	1,040,836	$10,315	3.0%	$13.58	-40.4%	—	00091G104
ANET	ARISTA NETWORKS INC	12,944	$1,886	0.5%	$102.73	+34.0%	—	040413205
IYK	ISHARES TR	26,139	$1,788	0.5%	$68.39	—	—	464287812
PINS	PINTEREST INC	27,697	$891	0.3%	$36.26	-20.6%	—	72352L106

Decreased Positions (11)

MU MICRON TECHNOLOGY INC 0.6%

Value ($000) $2,056 (-85.4%) Shares 7,205 (-91.4%) Est. Cost $114.26 Unrealized +100.7%

VRT VERTIV HOLDINGS CO 1.6%

Value ($000) $5,596 (-60.6%) Shares 34,544 (-63.3%) Est. Cost $90.98 Unrealized +90.8%

ASML ASML HOLDING N V 1.3%

Value ($000) $4,632 (-63.6%) Shares 4,330 (-67.1%) Est. Cost $718.15 Unrealized —

WDAY WORKDAY INC 2.7%

Value ($000) $9,339 (-27.1%) Shares 43,483 (-18.3%) Est. Cost $231.22 Unrealized -1.7%

META META PLATFORMS INC 3.2%

Value ($000) $11,007 (-23.3%) Shares 16,675 (-14.6%) Est. Cost $116.61 Unrealized +472.3%

FWRG FIRST WATCH RESTAURANT GROUP 2.5%

Value ($000) $8,689 (-23.3%) Shares 576,166 (-20.5%) Est. Cost $20.10 Unrealized -16.1%

BROS DUTCH BROS INC 3.2%

Value ($000) $10,965 (-10.4%) Shares 179,106 (-23.4%) Est. Cost $63.23 Unrealized -10.1%

FRPT FRESHPET INC 2.8%

Value ($000) $9,675 (-7.7%) Shares 158,792 (-16.6%) Est. Cost $80.10 Unrealized -29.2%

AVGO BROADCOM INC 0.4%

Value ($000) $1,503 (-17.9%) Shares 4,342 (-21.8%) Est. Cost $158.39 Unrealized +125.4%

NVDA NVIDIA CORPORATION 0.5%

Value ($000) $1,716 (-13.6%) Shares 9,202 (-13.6%) Est. Cost $118.57 Unrealized +57.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.5%

Value ($000) $1,763 (-5.6%) Shares 5,801 (-13.2%) Est. Cost $163.80 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	7,205 (-91.4%)	$2,056 (-85.4%)	0.6%	$114.26	+100.7%	COM	595112103
VRT	VERTIV HOLDINGS CO	34,544 (-63.3%)	$5,596 (-60.6%)	1.6%	$90.98	+90.8%	COM CL A	92537N108
ASML	ASML HOLDING N V	4,330 (-67.1%)	$4,632 (-63.6%)	1.3%	$718.15	—	N Y REGISTRY SHS	N07059210
WDAY	WORKDAY INC	43,483 (-18.3%)	$9,339 (-27.1%)	2.7%	$231.22	-1.7%	CL A	98138H101
META	META PLATFORMS INC	16,675 (-14.6%)	$11,007 (-23.3%)	3.2%	$116.61	+472.3%	CL A	30303M102
FWRG	FIRST WATCH RESTAURANT GROUP	576,166 (-20.5%)	$8,689 (-23.3%)	2.5%	$20.10	-16.1%	COM	33748L101
BROS	DUTCH BROS INC	179,106 (-23.4%)	$10,965 (-10.4%)	3.2%	$63.23	-10.1%	CL A	26701L100
FRPT	FRESHPET INC	158,792 (-16.6%)	$9,675 (-7.7%)	2.8%	$80.10	-29.2%	COM	358039105
AVGO	BROADCOM INC	4,342 (-21.8%)	$1,503 (-17.9%)	0.4%	$158.39	+125.4%	COM	11135F101
NVDA	NVIDIA CORPORATION	9,202 (-13.6%)	$1,716 (-13.6%)	0.5%	$118.57	+57.0%	COM	67066G104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	5,801 (-13.2%)	$1,763 (-5.6%)	0.5%	$163.80	—	SPONSORED ADS	874039100

Unchanged Positions (1)

AAPL APPLE INC 0.3%

Value ($000) $980 Shares 3,605 Est. Cost $234.51 Unrealized +14.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	3,605	$980	0.3%	$234.51	+14.4%	COM	037833100