Graphene Investments SAS Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BURL	Burlington Stores	12,300 (+15.0%)	$3,553 (+30.5%)	2.2%	$187.28	+44.9%	COM	122017106
ITRI	Itron	29,400 (+13.1%)	$2,730 (-15.7%)	1.7%	$105.21	+3.5%	COM	465741106
CRM	Salesforce	12,700 (+3.3%)	$3,364 (+15.4%)	2.1%	$258.88	-4.1%	COM	79466L302
EOG	EOG Resources	30,400 (+22.1%)	$3,192 (+14.3%)	2.0%	$111.20	-3.6%	COM	26875P101
TMUS	T-Mobile US	17,100 (+31.5%)	$3,472 (+11.6%)	2.2%	$158.71	+33.1%	COM	872590104
WM	Waste Management	16,600 (+7.1%)	$3,647 (+6.6%)	2.3%	$168.32	+26.3%	COM	94106L109
BKR	Baker Hughes	73,000 (+14.2%)	$3,324 (+6.8%)	2.1%	$35.78	+32.3%	COM	05722G100
PINS	Pinterest	104,900 (+15.5%)	$2,716 (-7.0%)	1.7%	$31.96	-9.9%	COM	72352L106
BFAM	Bright Horizons Family Sol.	33,300 (+12.5%)	$3,377 (+5.1%)	2.1%	$122.72	-17.8%	COM	109194100
DBX	Dropbox	117,400 (+13.8%)	$3,264 (+4.7%)	2.0%	$24.76	+17.7%	COM	26210C104
PSTG	Pure Storage	40,800 (+31.2%)	$2,734 (+4.9%)	1.7%	$52.42	+59.4%	COM	74624M102
TENB	Tenable Hldgs	129,200 (+19.1%)	$3,040 (-3.9%)	1.9%	$34.73	-21.3%	COM	88025T102
CDW	CDW	21,200 (+21.8%)	$2,887 (+4.2%)	1.8%	$171.10	-14.1%	COM	12514G108
MSI	Motorola Solutions	9,500 (+20.3%)	$3,642 (+0.8%)	2.3%	$290.87	+37.8%	COM	620076307

Exited Positions (2)

FISV Fiserv 1.9%

Value ($000) $2,978 Shares 23,100 Est. Cost $158.21 Unrealized -47.0%

BBWI Bath & Body Works 1.9%

Value ($000) $2,955 Shares 114,700 Est. Cost $34.22 Unrealized -36.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv	23,100	$2,978	1.9%	$158.21	-47.0%	—	337738108
BBWI	Bath & Body Works	114,700	$2,955	1.9%	$34.22	-36.5%	—	070830104

Decreased Positions (17)

AAPL Apple 4.1%

Value ($000) $6,525 (-12.8%) Shares 24,000 (-18.4%) Est. Cost $157.95 Unrealized +69.9%

FLEX Flex 1.8%

Value ($000) $2,834 (-17.3%) Shares 46,900 (-20.6%) Est. Cost $20.37 Unrealized +203.2%

JAZZ Jazz Pharmaceuticals 1.8%

Value ($000) $2,941 (-16.7%) Shares 17,300 (-35.4%) Est. Cost $123.43 Unrealized +24.2%

GOOGL Alphabet cl. A 6.1%

Value ($000) $9,797 (+4.7%) Shares 31,300 (-18.7%) Est. Cost $153.72 Unrealized +85.8%

NUE Nucor 2.1%

Value ($000) $3,360 (+14.3%) Shares 20,600 (-5.1%) Est. Cost $140.51 Unrealized +6.6%

MS Morgan Stanley 2.1%

Value ($000) $3,409 (-6.8%) Shares 19,200 (-16.5%) Est. Cost $125.91 Unrealized +32.2%

VRT Vertiv Hldgs 1.6%

Value ($000) $2,592 (-8.6%) Shares 16,000 (-14.9%) Est. Cost $88.82 Unrealized +95.4%

AVGO Broadcom 3.4%

Value ($000) $5,434 (-4.2%) Shares 15,700 (-8.7%) Est. Cost $181.52 Unrealized +96.7%

LLY Eli Lilly 2.2%

Value ($000) $3,439 (+7.3%) Shares 3,200 (-23.8%) Est. Cost $525.47 Unrealized +81.8%

HCA HCA Healthcare 2.0%

Value ($000) $3,221 (-6.7%) Shares 6,900 (-14.8%) Est. Cost $308.69 Unrealized +50.2%

VRTX Vertex Pharmaceutical 2.1%

Value ($000) $3,400 (+4.6%) Shares 7,500 (-9.6%) Est. Cost $349.47 Unrealized +23.3%

GAP Gap 1.8%

Value ($000) $2,870 (-4.9%) Shares 112,100 (-20.6%) Est. Cost $21.84 Unrealized +10.2%

BK BNY Mellon 2.2%

Value ($000) $3,564 (-3.2%) Shares 30,700 (-9.2%) Est. Cost $44.31 Unrealized +149.4%

PATH UiPath 1.8%

Value ($000) $2,904 (-3.4%) Shares 177,200 (-21.1%) Est. Cost $17.63 Unrealized -11.7%

INTC Intel 1.9%

Value ($000) $2,989 (+2.5%) Shares 81,000 (-6.8%) Est. Cost $27.38 Unrealized +37.9%

ATI ATI 2.0%

Value ($000) $3,259 (-0.8%) Shares 28,400 (-29.7%) Est. Cost $63.16 Unrealized +54.3%

NXT Nextpower 1.8%

Value ($000) $2,857 (-0.2%) Shares 32,800 (-15.2%) Est. Cost $51.68 Unrealized +75.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	Apple	24,000 (-18.4%)	$6,525 (-12.8%)	4.1%	$157.95	+69.9%	COM	037833100
FLEX	Flex	46,900 (-20.6%)	$2,834 (-17.3%)	1.8%	$20.37	+203.2%	COM	Y2573F102
JAZZ	Jazz Pharmaceuticals	17,300 (-35.4%)	$2,941 (-16.7%)	1.8%	$123.43	+24.2%	COM	G50871105
GOOGL	Alphabet cl. A	31,300 (-18.7%)	$9,797 (+4.7%)	6.1%	$153.72	+85.8%	COM	02079K305
NUE	Nucor	20,600 (-5.1%)	$3,360 (+14.3%)	2.1%	$140.51	+6.6%	COM	670346105
MS	Morgan Stanley	19,200 (-16.5%)	$3,409 (-6.8%)	2.1%	$125.91	+32.2%	COM	617446448
VRT	Vertiv Hldgs	16,000 (-14.9%)	$2,592 (-8.6%)	1.6%	$88.82	+95.4%	COM	92537N108
AVGO	Broadcom	15,700 (-8.7%)	$5,434 (-4.2%)	3.4%	$181.52	+96.7%	COM	11135F101
LLY	Eli Lilly	3,200 (-23.8%)	$3,439 (+7.3%)	2.2%	$525.47	+81.8%	COM	532457108
HCA	HCA Healthcare	6,900 (-14.8%)	$3,221 (-6.7%)	2.0%	$308.69	+50.2%	COM	40412C101
VRTX	Vertex Pharmaceutical	7,500 (-9.6%)	$3,400 (+4.6%)	2.1%	$349.47	+23.3%	COM	92532F100
GAP	Gap	112,100 (-20.6%)	$2,870 (-4.9%)	1.8%	$21.84	+10.2%	COM	364760108
BK	BNY Mellon	30,700 (-9.2%)	$3,564 (-3.2%)	2.2%	$44.31	+149.4%	COM	064058100
PATH	UiPath	177,200 (-21.1%)	$2,904 (-3.4%)	1.8%	$17.63	-11.7%	COM	90364P105
INTC	Intel	81,000 (-6.8%)	$2,989 (+2.5%)	1.9%	$27.38	+37.9%	COM	458140100
ATI	ATI	28,400 (-29.7%)	$3,259 (-0.8%)	2.0%	$63.16	+54.3%	COM	01741R102
NXT	Nextpower	32,800 (-15.2%)	$2,857 (-0.2%)	1.8%	$51.68	+75.5%	COM	65290E101

Unchanged Positions (11)

IQV Iqvia Holdings 2.2%

Value ($000) $3,471 Shares 15,400 Est. Cost $195.44 Unrealized +11.3%

MSFT Microsoft 3.8%

Value ($000) $6,094 Shares 12,600 Est. Cost $259.84 Unrealized +92.6%

NDAQ Nasdaq 2.3%

Value ($000) $3,642 Shares 37,500 Est. Cost $92.14 Unrealized -2.6%

ON Onsemi 1.9%

Value ($000) $3,022 Shares 55,800 Est. Cost $62.59 Unrealized -18.0%

RJF Raymond James Financial 2.1%

Value ($000) $3,292 Shares 20,500 Est. Cost $105.50 Unrealized +52.5%

MCK McKesson 2.2%

Value ($000) $3,527 Shares 4,300 Est. Cost $552.67 Unrealized +47.6%

RGA Reinsurance Group of America 2.2%

Value ($000) $3,459 Shares 17,000 Est. Cost $161.31 Unrealized +19.9%

AMZN Amazon 2.2%

Value ($000) $3,439 Shares 14,900 Est. Cost $113.06 Unrealized +102.4%

CPAY Corpay 2.1%

Value ($000) $3,310 Shares 11,000 Est. Cost $291.86 Unrealized -0.5%

PFE Pfizer 2.0%

Value ($000) $3,230 Shares 129,700 Est. Cost $25.84 Unrealized -3.1%

NVDA Nvidia 4.1%

Value ($000) $6,490 Shares 34,800 Est. Cost $101.63 Unrealized +83.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IQV	Iqvia Holdings	15,400	$3,471	2.2%	$195.44	+11.3%	COM	46266C105
MSFT	Microsoft	12,600	$6,094	3.8%	$259.84	+92.6%	COM	594918104
NDAQ	Nasdaq	37,500	$3,642	2.3%	$92.14	-2.6%	COM	631103108
ON	Onsemi	55,800	$3,022	1.9%	$62.59	-18.0%	COM	682189105
RJF	Raymond James Financial	20,500	$3,292	2.1%	$105.50	+52.5%	COM	754730109
MCK	McKesson	4,300	$3,527	2.2%	$552.67	+47.6%	COM	58155Q103
RGA	Reinsurance Group of America	17,000	$3,459	2.2%	$161.31	+19.9%	COM	759351604
AMZN	Amazon	14,900	$3,439	2.2%	$113.06	+102.4%	COM	023135106
CPAY	Corpay	11,000	$3,310	2.1%	$291.86	-0.5%	COM	219948106
PFE	Pfizer	129,700	$3,230	2.0%	$25.84	-3.1%	COM	717081103
NVDA	Nvidia	34,800	$6,490	4.1%	$101.63	+83.2%	COM	67066G104