Arrow Capital Pty Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMT	Walmart Inc	70,000	$7,799	7.5%	$107.20	0.0%	Common Stock	931142103
GOOGL	Alphabet Inc	22,500	$7,043	6.7%	$285.60	0.0%	Common Stock	02079K305
AMZN	Amazon.com Inc	30,000	$6,925	6.6%	$228.79	0.0%	Common Stock	023135106
C	Citigroup Inc	50,000	$5,835	5.6%	$103.64	0.0%	Common Stock	172967424
BAC	Bank of America Corp	100,000	$5,500	5.3%	$52.67	0.0%	Common Stock	060505104
WFC	Wells Fargo & Co	50,000	$4,660	4.5%	$86.63	0.0%	Common Stock	949746101
MS	Morgan Stanley	25,000	$4,438	4.3%	$166.47	0.0%	Common Stock	617446448

Increased Positions (9)

MPC Marathon Petroleum Corp 4.7%

Value ($000) $4,879 (-33.0%) Shares 30,000 (+20.0%) Est. Cost $152.03 Unrealized +22.6%

WPM Wheaton Precious Metals Corp 6.8%

Value ($000) $7,051 (-24.2%) Shares 60,000 (+9.1%) Est. Cost $98.49 Unrealized +8.7%

ETR Entergy Corp 6.6%

Value ($000) $6,932 (-18.0%) Shares 75,000 (+25.0%) Est. Cost $83.94 Unrealized +12.6%

TSM TSMC 7.3%

Value ($000) $7,597 (+20.0%) Shares 25,000 (+66.7%) Est. Cost $374.82 Unrealized —

CRH CRH PLC 5.4%

Value ($000) $5,616 (-17.4%) Shares 45,000 (+20.0%) Est. Cost $107.86 Unrealized +10.4%

DAL Delta Air Lines Inc 8.0%

Value ($000) $8,328 (-11.7%) Shares 120,000 (+9.1%) Est. Cost $46.97 Unrealized +33.0%

FCX Freeport-McMoRan Inc 4.4%

Value ($000) $4,571 (+30.7%) Shares 90,000 (+52.6%) Est. Cost $39.67 Unrealized +9.2%

NVO Novo Nordisk A/S 6.3%

Value ($000) $6,614 (+12.7%) Shares 130,000 (+85.7%) Est. Cost $68.64 Unrealized —

CCJ Cameco Corp 5.5%

Value ($000) $5,718 (+0.3%) Shares 62,500 (+38.9%) Est. Cost $63.53 Unrealized +41.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPC	Marathon Petroleum Corp	30,000 (+20.0%)	$4,879 (-33.0%)	4.7%	$152.03	+22.6%	Common Stock	56585A102
WPM	Wheaton Precious Metals Corp	60,000 (+9.1%)	$7,051 (-24.2%)	6.8%	$98.49	+8.7%	Common Stock	962879102
ETR	Entergy Corp	75,000 (+25.0%)	$6,932 (-18.0%)	6.6%	$83.94	+12.6%	Common Stock	29364G103
TSM	TSMC	25,000 (+66.7%)	$7,597 (+20.0%)	7.3%	$374.82	—	Common Stock	874039100
CRH	CRH PLC	45,000 (+20.0%)	$5,616 (-17.4%)	5.4%	$107.86	+10.4%	Common Stock	G25508105
DAL	Delta Air Lines Inc	120,000 (+9.1%)	$8,328 (-11.7%)	8.0%	$46.97	+33.0%	Common Stock	247361702
FCX	Freeport-McMoRan Inc	90,000 (+52.6%)	$4,571 (+30.7%)	4.4%	$39.67	+9.2%	Common Stock	35671D857
NVO	Novo Nordisk A/S	130,000 (+85.7%)	$6,614 (+12.7%)	6.3%	$68.64	—	Common Stock	670100205
CCJ	Cameco Corp	62,500 (+38.9%)	$5,718 (+0.3%)	5.5%	$63.53	+41.6%	Common Stock	13321L108

Exited Positions (17)

JPM JPMorgan Chase & Co 10.3%

Value ($000) $10,726 Shares 22,500 Est. Cost $252.67 Unrealized +22.5%

PFE Pfizer Inc 9.2%

Value ($000) $9,627 Shares 250,000 Est. Cost $22.76 Unrealized +10.0%

MSFT Microsoft Corp 9.0%

Value ($000) $9,394 Shares 12,000 Est. Cost $405.08 Unrealized +23.6%

UBER Uber Technologies Inc 8.5%

Value ($000) $8,884 Shares 60,000 Est. Cost $72.90 Unrealized +23.5%

BAESY BAE Systems PLC 8.0%

Value ($000) $8,359 Shares 49,507 Est. Cost $168.85 Unrealized —

RTX RTX Corp 7.3%

Value ($000) $7,587 Shares 30,000 Est. Cost $133.65 Unrealized +29.7%

FUTU Futu Holdings Ltd 6.9%

Value ($000) $7,228 Shares 27,500 Est. Cost $262.84 Unrealized —

ALLE Allegion plc 6.4%

Value ($000) $6,701 Shares 25,000 Est. Cost $165.14 Unrealized +0.9%

HUBB Hubbell Inc 6.2%

Value ($000) $6,504 Shares 10,000 Est. Cost $428.19 Unrealized +2.1%

DOW Dow Inc 6.1%

Value ($000) $6,411 Shares 185,000 Est. Cost $24.31 Unrealized -6.3%

LEN Lennar Corp 5.9%

Value ($000) $6,191 Shares 32,500 Est. Cost $107.30 Unrealized +12.5%

HOOD Robinhood Markets Inc 5.7%

Value ($000) $5,951 Shares 27,500 Est. Cost $47.54 Unrealized +173.5%

MT ArcelorMittal SA 5.2%

Value ($000) $5,464 Shares 100,000 Est. Cost $48.20 Unrealized —

NXE NexGen Energy Ltd 5.2%

Value ($000) $5,411 Shares 400,000 Est. Cost $7.37 Unrealized +19.8%

MRK Merck & Co Inc 4.9%

Value ($000) $5,074 Shares 40,000 Est. Cost $81.01 Unrealized +15.1%

EADSY Airbus SE 4.2%

Value ($000) $4,400 Shares 50,000 Est. Cost $87.99 Unrealized —

CRCL Circle Internet Group Inc 3.1%

Value ($000) $3,206 Shares 16,000 Est. Cost $158.24 Unrealized -34.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JPM	JPMorgan Chase & Co	22,500	$10,726	10.3%	$252.67	+22.5%	—	46625H100
PFE	Pfizer Inc	250,000	$9,627	9.2%	$22.76	+10.0%	—	717081103
MSFT	Microsoft Corp	12,000	$9,394	9.0%	$405.08	+23.6%	—	594918104
UBER	Uber Technologies Inc	60,000	$8,884	8.5%	$72.90	+23.5%	—	90353T100
BAESY	BAE Systems PLC	49,507	$8,359	8.0%	$168.85	—	—	05523R107
RTX	RTX Corp	30,000	$7,587	7.3%	$133.65	+29.7%	—	75513E101
FUTU	Futu Holdings Ltd	27,500	$7,228	6.9%	$262.84	—	—	36118L106
ALLE	Allegion plc	25,000	$6,701	6.4%	$165.14	+0.9%	—	G0176J109
HUBB	Hubbell Inc	10,000	$6,504	6.2%	$428.19	+2.1%	—	443510607
DOW	Dow Inc	185,000	$6,411	6.1%	$24.31	-6.3%	—	260557103
LEN	Lennar Corp	32,500	$6,191	5.9%	$107.30	+12.5%	—	526057104
HOOD	Robinhood Markets Inc	27,500	$5,951	5.7%	$47.54	+173.5%	—	770700102
MT	ArcelorMittal SA	100,000	$5,464	5.2%	$48.20	—	—	03938L203
NXE	NexGen Energy Ltd	400,000	$5,411	5.2%	$7.37	+19.8%	—	65340P106
MRK	Merck & Co Inc	40,000	$5,074	4.9%	$81.01	+15.1%	—	58933Y105
EADSY	Airbus SE	50,000	$4,400	4.2%	$87.99	—	—	009279100
CRCL	Circle Internet Group Inc	16,000	$3,206	3.1%	$158.24	-34.7%	—	172573107

Unchanged Positions (1)

SHOP Shopify Inc 4.6%

Value ($000) $4,829 Shares 30,000 Est. Cost $100.02 Unrealized +60.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHOP	Shopify Inc	30,000	$4,829	4.6%	$100.02	+60.5%	Common Stock	82509L107