Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AME	AMETEK INC	34,210	$8.277M	3.4%	$241.94	—	COM	031100100
Q	QNITY ELECTRONICS INC	45,740	$7.47M	3.0%	$163.31	—	COMMON STOCK	74743L100
TKR	TIMKEN CO	41,520	$6.034M	2.4%	$145.32	—	COM	887389104
RPM	RPM INTL INC	53,700	$5.969M	2.4%	$111.15	—	COM	749685103
WWD	WOODWARD INC	13,520	$5.752M	2.3%	$425.44	—	COM	980745103
SNDK	SANDISK CORP	2,445	$5.559M	2.3%	$2273.73	—	COM	80004C200
OKLO	OKLO INC	100,000	$5.233M	2.1%	—	—	CALL	02156V109
RBC	RBC BEARINGS INC	7,470	$4.811M	2.0%	$644.06	—	COM	75524B104
MCHP	MICROCHIP TECHNOLOGY INC.	51,590	$4.705M	1.9%	$91.20	—	COM	595017104
STX	SEAGATE TECHNOLOGY HLDNGS PL	4,590	$4.429M	1.8%	$965.00	—	ORD SHS	G7997R103
HON	HONEYWELL INTL INC	17,800	$3.985M	1.6%	$223.90	—	COM	438516205
KEYS	KEYSIGHT TECHNOLOGIES INC	11,240	$3.935M	1.6%	$350.07	—	COM	49338L103
MU	MICRON TECHNOLOGY INC	3,370	$3.89M	1.6%	$1154.29	—	COM	595112103
FPS	FORGENT POWER SOLUTIONS INC	64,700	$3.614M	1.5%	$55.86	—	COM SHS CL A	34631F102
BWA	BORGWARNER INC	51,680	$3.432M	1.4%	$66.40	—	COM	099724106
KRMN	KARMAN HLDGS INC	64,200	$3.205M	1.3%	$49.92	—	COMMON STOCK	485924104
DPC	DPC HOLDINGS PLC	63,300	$3.105M	1.3%	$49.06	—	ORDINARY SHARES	G2R11M108
DY	DYCOM INDS INC	5,830	$2.948M	1.2%	$505.59	—	COM	267475101
GLW	CORNING INC	9,200	$2.35M	1.0%	$255.43	—	COM	219350105
APD	AIR PRODUCTS AND CHEMICALS I	7,360	$2.158M	0.9%	$293.18	—	COM	009158106
FRMI	FERMI INC	107,200	$982K	0.4%	$9.16	—	COM	314911108

Increased Positions (3)

SPY STATE STR SPDR S&P 500 ETF T 37.8%

Value $93.35M (+378.4%) Shares 125,000 (+316.7%) Est. Cost — Unrealized —

CCJ CAMECO CORP 1.7%

Value $4.074M (+87.6%) Shares 40,000 (+100.0%) Est. Cost $109.07 Unrealized —

BWXT BWX TECHNOLOGIES INC 1.3%

Value $3.114M (+52.3%) Shares 16,000 (+60.0%) Est. Cost $199.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	125,000 (+316.7%)	$93.35M (+378.4%)	37.8%	—	—	PUT	78462F103
CCJ	CAMECO CORP	40,000 (+100.0%)	$4.074M (+87.6%)	1.7%	$109.07	—	COM	13321L108
BWXT	BWX TECHNOLOGIES INC	16,000 (+60.0%)	$3.114M (+52.3%)	1.3%	$199.86	—	COM	05605H100

Exited Positions (17)

IWM ISHARES TR 25.1%

Value $62M Shares 250,000 Est. Cost — Unrealized —

IGV ISHARES TR 4.9%

Value $12.01M Shares 150,000 Est. Cost — Unrealized —

JCI JOHNSON CONTROLS INTERNATION 4.1%

Value $10.16M Shares 77,550 Est. Cost $126.06 Unrealized —

GLW CORNING INC 3.9%

Value $9.518M Shares 70,000 Est. Cost $255.43 Unrealized —

RKT ROCKET COS INC 3.7%

Value $9.12M Shares 640,000 Est. Cost — Unrealized —

LIN LINDE PLC 3.4%

Value $8.428M Shares 17,000 Est. Cost $460.00 Unrealized —

CAT CATERPILLAR INC 3.3%

Value $8.169M Shares 11,530 Est. Cost $425.39 Unrealized —

ECL ECOLAB INC 3.3%

Value $8.148M Shares 30,630 Est. Cost $286.24 Unrealized —

ADI ANALOG DEVICES INC 2.9%

Value $7.168M Shares 22,530 Est. Cost $316.17 Unrealized —

WMB WILLIAMS COS INC 2.9%

Value $7.162M Shares 98,410 Est. Cost $66.35 Unrealized —

AER AERCAP HOLDINGS NV 2.5%

Value $6.146M Shares 44,800 Est. Cost $145.79 Unrealized —

UNP UNION PAC CORP 1.7%

Value $4.219M Shares 17,390 Est. Cost $243.32 Unrealized —

CTAS CINTAS CORP 1.6%

Value $4.053M Shares 23,960 Est. Cost $193.33 Unrealized —

GPC GENUINE PARTS CO 1.6%

Value $4.05M Shares 38,300 Est. Cost $128.19 Unrealized —

CNM CORE & MAIN INC 1.2%

Value $2.964M Shares 60,000 Est. Cost $56.25 Unrealized —

KTOS KRATOS DEFENSE & SEC SOLUTIO 0.9%

Value $2.251M Shares 31,920 Est. Cost $102.40 Unrealized —

MIR MIRION TECHNOLOGIES INC 0.5%

Value $1.208M Shares 65,000 Est. Cost $24.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	250,000	$62M	25.1%	—	—	PUT	464287655
IGV	ISHARES TR	150,000	$12.01M	4.9%	—	—	CALL	464287515
JCI	JOHNSON CONTROLS INTERNATION	77,550	$10.16M	4.1%	$126.06	—	—	G51502105
GLW	CORNING INC	70,000	$9.518M	3.9%	$255.43	—	CALL	219350105
RKT	ROCKET COS INC	640,000	$9.12M	3.7%	—	—	CALL	77311W101
LIN	LINDE PLC	17,000	$8.428M	3.4%	$460.00	—	—	G54950103
CAT	CATERPILLAR INC	11,530	$8.169M	3.3%	$425.39	—	—	149123101
ECL	ECOLAB INC	30,630	$8.148M	3.3%	$286.24	—	—	278865100
ADI	ANALOG DEVICES INC	22,530	$7.168M	2.9%	$316.17	—	—	032654105
WMB	WILLIAMS COS INC	98,410	$7.162M	2.9%	$66.35	—	—	969457100
AER	AERCAP HOLDINGS NV	44,800	$6.146M	2.5%	$145.79	—	—	N00985106
UNP	UNION PAC CORP	17,390	$4.219M	1.7%	$243.32	—	—	907818108
CTAS	CINTAS CORP	23,960	$4.053M	1.6%	$193.33	—	—	172908105
GPC	GENUINE PARTS CO	38,300	$4.05M	1.6%	$128.19	—	—	372460105
CNM	CORE & MAIN INC	60,000	$2.964M	1.2%	$56.25	—	—	21874C102
KTOS	KRATOS DEFENSE & SEC SOLUTIO	31,920	$2.251M	0.9%	$102.40	—	—	50077B207
MIR	MIRION TECHNOLOGIES INC	65,000	$1.208M	0.5%	$24.17	—	—	60471A101

Decreased Positions (10)

MTZ MASTEC INC 1.3%

Value $3.179M (-65.9%) Shares 7,640 (-73.7%) Est. Cost $250.19 Unrealized —

CRS CARPENTER TECHNOLOGY CORP 0.9%

Value $2.208M (-71.4%) Shares 3,580 (-81.7%) Est. Cost $349.30 Unrealized —

PH PARKER-HANNIFIN CORP 2.9%

Value $7.101M (-28.9%) Shares 7,260 (-34.9%) Est. Cost $817.77 Unrealized —

CSX CSX CORP 3.2%

Value $7.98M (-25.2%) Shares 167,900 (-35.4%) Est. Cost $31.69 Unrealized —

BE BLOOM ENERGY CORP 2.7%

Value $6.687M (+65.6%) Shares 22,090 (-25.9%) Est. Cost $144.65 Unrealized —

FDX FEDEX CORP 3.0%

Value $7.387M (-19.8%) Shares 23,590 (-8.8%) Est. Cost $261.56 Unrealized —

FTAI FTAI AVIATION LTD 1.5%

Value $3.755M (-30.3%) Shares 13,880 (-36.9%) Est. Cost $270.82 Unrealized —

ATI ATI INC 2.3%

Value $5.791M (+24.4%) Shares 29,380 (-8.2%) Est. Cost $97.45 Unrealized —

GEV GE VERNOVA INC 2.4%

Value $5.933M (+7.7%) Shares 5,050 (-20.0%) Est. Cost $736.93 Unrealized —

CW CURTISS WRIGHT CORP 1.7%

Value $4.296M (+5.1%) Shares 5,670 (-5.5%) Est. Cost $362.04 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTZ	MASTEC INC	7,640 (-73.7%)	$3.179M (-65.9%)	1.3%	$250.19	—	COM	576323109
CRS	CARPENTER TECHNOLOGY CORP	3,580 (-81.7%)	$2.208M (-71.4%)	0.9%	$349.30	—	COM	144285103
PH	PARKER-HANNIFIN CORP	7,260 (-34.9%)	$7.101M (-28.9%)	2.9%	$817.77	—	COM	701094104
CSX	CSX CORP	167,900 (-35.4%)	$7.98M (-25.2%)	3.2%	$31.69	—	COM	126408103
BE	BLOOM ENERGY CORP	22,090 (-25.9%)	$6.687M (+65.6%)	2.7%	$144.65	—	COM CL A	093712107
FDX	FEDEX CORP	23,590 (-8.8%)	$7.387M (-19.8%)	3.0%	$261.56	—	COM	31428X106
FTAI	FTAI AVIATION LTD	13,880 (-36.9%)	$3.755M (-30.3%)	1.5%	$270.82	—	SHS	G3730V105
ATI	ATI INC	29,380 (-8.2%)	$5.791M (+24.4%)	2.3%	$97.45	—	COM	01741R102
GEV	GE VERNOVA INC	5,050 (-20.0%)	$5.933M (+7.7%)	2.4%	$736.93	—	COM	36828A101
CW	CURTISS WRIGHT CORP	5,670 (-5.5%)	$4.296M (+5.1%)	1.7%	$362.04	—	COM	231561101