Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD Holdings Inc	424,500	$32.38M	14.6%	—	—	CALL	722304102
MU	Micron Technology Inc	25,240	$29.13M	13.2%	$1154.29	—	COM	595112103
LRCX	Lam Research Corp	57,100	$24.74M	11.2%	$433.33	—	COM NEW	512807306
BABA	Alibaba Group Holding Ltd	240,500	$23.08M	10.4%	$15.18	—	CALL	01609W102
STM	STMicroelectronics NV	14,800	$1.108M	0.5%	$74.89	—	NY REGISTRY	861012102
MRVL	Marvell Technology Inc	3,600	$1.072M	0.5%	$297.89	—	COM	573874104
AMD	Advanced Micro Devices Inc	1,000	$581K	0.3%	$580.91	—	COM	007903107
SMTC	Semtech Corp	2,800	$453K	0.2%	$161.85	—	COM	816850101

Increased Positions (2)

EDU New Oriental Education & Technology Group Inc 9.1%

Value $20.18M (+263.7%) Shares 439,500 (+348.6%) Est. Cost $47.61 Unrealized —

FN Fabrinet 0.2%

Value $472K (+50.9%) Shares 840 (+40.0%) Est. Cost $512.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EDU	New Oriental Education & Technology Group Inc	439,500 (+348.6%)	$20.18M (+263.7%)	9.1%	$47.61	—	SPON ADR	647581206
FN	Fabrinet	840 (+40.0%)	$472K (+50.9%)	0.2%	$512.48	—	SHS	G3323L100

Exited Positions (22)

— Alphabet Inc 18.4%

Value $40.73M Shares 142,000 Est. Cost — Unrealized —

GOOG Alphabet Inc 18.2%

Value $40.22M Shares 104,209 Est. Cost $286.33 Unrealized —

XOP State Street SPDR S&P Oil & Gas Expl & Prod ETF 15.6%

Value $34.55M Shares 190,000 Est. Cost — Unrealized —

AXTI AXT Inc 7.2%

Value $16.03M Shares 281,250 Est. Cost $9.66 Unrealized —

TSLA Tesla Inc 7.0%

Value $15.52M Shares 41,760 Est. Cost $425.98 Unrealized —

SNDK Sandisk Corp 5.9%

Value $12.95M Shares 20,384 Est. Cost $266.56 Unrealized —

ATAT Atour Lifestyle Holdings Ltd 5.1%

Value $11.25M Shares 305,493 Est. Cost $32.14 Unrealized —

LMT Lockheed Martin Corp 3.6%

Value $7.978M Shares 13,200 Est. Cost $600.88 Unrealized —

RIG Transocean Ltd 2.9%

Value $6.405M Shares 966,000 Est. Cost $5.16 Unrealized —

GLD SPDR Gold Shares 2.9%

Value $6.334M Shares 14,720 Est. Cost $430.29 Unrealized —

INTC Intel Corp 1.9%

Value $4.261M Shares 96,550 Est. Cost $39.13 Unrealized —

LITE Lumentum Holdings Inc 1.5%

Value $3.402M Shares 4,841 Est. Cost $124.70 Unrealized —

HTHT H World Group Ltd 1.5%

Value $3.26M Shares 64,818 Est. Cost $47.05 Unrealized —

ZEPP Zepp Health Corp 0.9%

Value $2.077M Shares 173,847 Est. Cost $23.48 Unrealized —

HOOD Robinhood Markets Inc 0.7%

Value $1.649M Shares 23,800 Est. Cost $95.75 Unrealized —

FIX Comfort Systems USA Inc 0.5%

Value $1.214M Shares 880 Est. Cost $1196.06 Unrealized —

NVDA NVIDIA Corp 0.3%

Value $619K Shares 3,550 Est. Cost $186.13 Unrealized —

RMBS Rambus Inc 0.2%

Value $533K Shares 6,200 Est. Cost $104.73 Unrealized —

COHR Coherent Corp 0.2%

Value $429K Shares 1,800 Est. Cost $99.69 Unrealized —

FLEX Flex Ltd 0.2%

Value $399K Shares 6,100 Est. Cost $63.98 Unrealized —

AAOI Applied Optoelectronics Inc 0.1%

Value $262K Shares 3,100 Est. Cost $41.81 Unrealized —

FRO Frontline PLC 0.0%

Value $10,283 Shares 295 Est. Cost $28.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Alphabet Inc	142,000	$40.73M	18.4%	—	—	CALL	02079K907
GOOG	Alphabet Inc	104,209	$40.22M	18.2%	$286.33	—	—	02079K107
XOP	State Street SPDR S&P Oil & Gas Expl & Prod ETF	190,000	$34.55M	15.6%	—	—	CALL	78468R556
AXTI	AXT Inc	281,250	$16.03M	7.2%	$9.66	—	—	00246W103
TSLA	Tesla Inc	41,760	$15.52M	7.0%	$425.98	—	—	88160R101
SNDK	Sandisk Corp	20,384	$12.95M	5.9%	$266.56	—	—	80004C200
ATAT	Atour Lifestyle Holdings Ltd	305,493	$11.25M	5.1%	$32.14	—	—	04965M106
LMT	Lockheed Martin Corp	13,200	$7.978M	3.6%	$600.88	—	—	539830109
RIG	Transocean Ltd	966,000	$6.405M	2.9%	$5.16	—	—	H8817H100
GLD	SPDR Gold Shares	14,720	$6.334M	2.9%	$430.29	—	—	78463V107
INTC	Intel Corp	96,550	$4.261M	1.9%	$39.13	—	—	458140100
LITE	Lumentum Holdings Inc	4,841	$3.402M	1.5%	$124.70	—	—	55024U109
HTHT	H World Group Ltd	64,818	$3.26M	1.5%	$47.05	—	—	44332N106
ZEPP	Zepp Health Corp	173,847	$2.077M	0.9%	$23.48	—	—	98945L204
HOOD	Robinhood Markets Inc	23,800	$1.649M	0.7%	$95.75	—	—	770700102
FIX	Comfort Systems USA Inc	880	$1.214M	0.5%	$1196.06	—	—	199908104
NVDA	NVIDIA Corp	3,550	$619K	0.3%	$186.13	—	—	67066G104
RMBS	Rambus Inc	6,200	$533K	0.2%	$104.73	—	—	750917106
COHR	Coherent Corp	1,800	$429K	0.2%	$99.69	—	—	19247G107
FLEX	Flex Ltd	6,100	$399K	0.2%	$63.98	—	—	Y2573F102
AAOI	Applied Optoelectronics Inc	3,100	$262K	0.1%	$41.81	—	—	03823U102
FRO	Frontline PLC	295	$10,283	0.0%	$28.36	—	—	M46528101

Decreased Positions (5)

SNPS Synopsys Inc 7.9%

Value $17.49M (-46.6%) Shares 39,217 (-52.5%) Est. Cost $528.44 Unrealized —

TSEM Tower Semiconductor Ltd 0.4%

Value $782K (-92.5%) Shares 3,000 (-94.9%) Est. Cost $128.86 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co Ltd 19.1%

Value $42.24M (-15.0%) Shares 88,450 (-39.8%) Est. Cost $265.86 Unrealized —

BABA Alibaba Group Holding Ltd 5.1%

Value $11.28M (+127.6%) Shares 117,505 (-64.0%) Est. Cost $15.18 Unrealized —

MKSI MKS Incorporated 0.4%

Value $890K (+11.6%) Shares 2,000 (-42.4%) Est. Cost $225.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	Synopsys Inc	39,217 (-52.5%)	$17.49M (-46.6%)	7.9%	$528.44	—	COM	871607107
TSEM	Tower Semiconductor Ltd	3,000 (-94.9%)	$782K (-92.5%)	0.4%	$128.86	—	SHS NEW	M87915274
TSM	Taiwan Semiconductor Manufacturing Co Ltd	88,450 (-39.8%)	$42.24M (-15.0%)	19.1%	$265.86	—	SPONSORED ADS	874039100
BABA	Alibaba Group Holding Ltd	117,505 (-64.0%)	$11.28M (+127.6%)	5.1%	$15.18	—	SPONSORED ADS	01609W102
MKSI	MKS Incorporated	2,000 (-42.4%)	$890K (+11.6%)	0.4%	$225.13	—	COM	55306N104

Unchanged Positions (4)

HUYA HUYA Inc 2.0%

Value $4.521M Shares 1,965,800 Est. Cost $3.30 Unrealized —

SE Sea Ltd 1.7%

Value $3.838M Shares 40,050 Est. Cost $82.81 Unrealized —

CPNG Coupang Inc 1.5%

Value $3.407M Shares 196,150 Est. Cost $19.86 Unrealized —

NU Nu Holdings Ltd. 1.7%

Value $3.713M Shares 277,900 Est. Cost $17.34 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HUYA	HUYA Inc	1,965,800	$4.521M	2.0%	$3.30	—	ADS REP SHS A	44852D108
SE	Sea Ltd	40,050	$3.838M	1.7%	$82.81	—	SPONSORED ADS	81141R100
CPNG	Coupang Inc	196,150	$3.407M	1.5%	$19.86	—	CL A	22266T109
NU	Nu Holdings Ltd.	277,900	$3.713M	1.7%	$17.34	—	ORD SHS CL A	G6683N103