Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	241,453	$68,913	6.1%	$229.35	0.0%	COM	595112103
PTGX	PROTAGONIST THERAPEUTICS INC	571,825	$49,943	4.4%	$81.85	0.0%	COM	74366E102
MLYS	MINERALYS THERAPEUTICS INC	659,076	$23,918	2.1%	$40.10	0.0%	COM	603170101
GE	GE AEROSPACE	13,809	$4,254	0.4%	$300.80	0.0%	COM NEW	369604301
RTX	RTX CORPORATION	22,122	$4,057	0.4%	$173.32	0.0%	COM	75513E101
CAT	CATERPILLAR INC	6,785	$3,887	0.3%	$555.50	0.0%	COM	149123101
GEV	GE VERNOVA INC	3,452	$2,256	0.2%	$609.04	0.0%	COM	36828A101

Increased Positions (9)

GOOG ALPHABET INC 12.0%

Value ($000) $135,420 (+58.9%) Shares 431,550 (+23.3%) Est. Cost $201.57 Unrealized +42.1%

AMZN AMAZON COM INC 7.5%

Value ($000) $84,251 (+61.4%) Shares 365,006 (+53.6%) Est. Cost $200.34 Unrealized +14.2%

MSFT MICROSOFT CORP 4.0%

Value ($000) $45,472 (+90.6%) Shares 94,025 (+104.2%) Est. Cost $490.58 Unrealized +2.0%

AMD ADVANCED MICRO DEVICES INC 1.0%

Value ($000) $10,866 (+123.8%) Shares 50,738 (+69.1%) Est. Cost $165.93 Unrealized +35.4%

JPM JPMORGAN CHASE & CO. 0.5%

Value ($000) $5,832 (+323.5%) Shares 18,098 (+314.6%) Est. Cost $294.80 Unrealized +5.0%

WFC WELLS FARGO CO NEW 0.5%

Value ($000) $5,183 (+568.9%) Shares 55,616 (+501.6%) Est. Cost $83.29 Unrealized +4.0%

NFLX NETFLIX INC 0.1%

Value ($000) $584 (-87.4%) Shares 6,230 (+61.4%) Est. Cost $99.94 Unrealized +7.9%

BAC BANK AMERICA CORP 0.2%

Value ($000) $2,671 (+370.1%) Shares 48,556 (+340.9%) Est. Cost $50.38 Unrealized +4.5%

NKTR NEKTAR THERAPEUTICS 0.7%

Value ($000) $7,953 (-9.1%) Shares 188,112 (+22.3%) Est. Cost $37.26 Unrealized +50.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	431,550 (+23.3%)	$135,420 (+58.9%)	12.0%	$201.57	+42.1%	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	365,006 (+53.6%)	$84,251 (+61.4%)	7.5%	$200.34	+14.2%	COM	023135106
MSFT	MICROSOFT CORP	94,025 (+104.2%)	$45,472 (+90.6%)	4.0%	$490.58	+2.0%	COM	594918104
AMD	ADVANCED MICRO DEVICES INC	50,738 (+69.1%)	$10,866 (+123.8%)	1.0%	$165.93	+35.4%	COM	007903107
JPM	JPMORGAN CHASE & CO.	18,098 (+314.6%)	$5,832 (+323.5%)	0.5%	$294.80	+5.0%	COM	46625H100
WFC	WELLS FARGO CO NEW	55,616 (+501.6%)	$5,183 (+568.9%)	0.5%	$83.29	+4.0%	COM	949746101
NFLX	NETFLIX INC	6,230 (+61.4%)	$584 (-87.4%)	0.1%	$99.94	+7.9%	COM	64110L106
BAC	BANK AMERICA CORP	48,556 (+340.9%)	$2,671 (+370.1%)	0.2%	$50.38	+4.5%	COM	060505104
NKTR	NEKTAR THERAPEUTICS	188,112 (+22.3%)	$7,953 (-9.1%)	0.7%	$37.26	+50.2%	COM NEW	640268306

Exited Positions (5)

RBLX ROBLOX CORP 9.0%

Value ($000) $101,207 Shares 730,629 Est. Cost $124.28 Unrealized -14.6%

S SENTINELONE INC 4.3%

Value ($000) $48,888 Shares 2,776,171 Est. Cost $20.14 Unrealized -18.7%

XYZ BLOCK INC 2.7%

Value ($000) $30,541 Shares 422,597 Est. Cost $74.64 Unrealized -7.6%

ETN EATON CORP PLC 1.3%

Value ($000) $14,596 Shares 39,000 Est. Cost $311.73 Unrealized +13.7%

NOW SERVICENOW INC 0.1%

Value ($000) $1,164 Shares 1,265 Est. Cost $202.58 Unrealized -15.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBLX	ROBLOX CORP	730,629	$101,207	9.0%	$124.28	-14.6%	—	771049103
S	SENTINELONE INC	2,776,171	$48,888	4.3%	$20.14	-18.7%	—	81730H109
XYZ	BLOCK INC	422,597	$30,541	2.7%	$74.64	-7.6%	—	852234103
ETN	EATON CORP PLC	39,000	$14,596	1.3%	$311.73	+13.7%	—	G29183103
NOW	SERVICENOW INC	1,265	$1,164	0.1%	$202.58	-15.3%	—	81762P102

Decreased Positions (14)

INTC INTEL CORP 0.9%

Value ($000) $10,679 (-84.8%) Shares 289,410 (-86.2%) Est. Cost $24.31 Unrealized +55.4%

META META PLATFORMS INC 1.3%

Value ($000) $14,247 (-76.6%) Shares 21,584 (-74.0%) Est. Cost $621.17 Unrealized +7.4%

CRWD CROWDSTRIKE HLDGS INC 2.9%

Value ($000) $33,175 (-52.7%) Shares 70,771 (-50.5%) Est. Cost $438.50 Unrealized +16.1%

NVDA NVIDIA CORPORATION 5.4%

Value ($000) $60,502 (-36.4%) Shares 324,405 (-36.4%) Est. Cost $170.72 Unrealized +9.0%

ABVX ABIVAX SA 8.3%

Value ($000) $93,316 (+50.3%) Shares 691,973 (-5.4%) Est. Cost $84.90 Unrealized —

ORCL ORACLE CORP 0.4%

Value ($000) $4,677 (-86.5%) Shares 23,994 (-80.6%) Est. Cost $226.38 Unrealized +5.2%

VRT VERTIV HOLDINGS CO 2.6%

Value ($000) $29,439 (-50.1%) Shares 181,710 (-53.6%) Est. Cost $112.97 Unrealized +53.7%

CYTK CYTOKINETICS INC 4.2%

Value ($000) $47,527 (-27.5%) Shares 747,983 (-37.3%) Est. Cost $37.69 Unrealized +65.0%

AVGO BROADCOM INC 3.3%

Value ($000) $36,935 (-26.3%) Shares 106,717 (-29.7%) Est. Cost $205.33 Unrealized +73.9%

AXSM AXSOME THERAPEUTICS INC 4.5%

Value ($000) $50,926 (+28.5%) Shares 278,835 (-14.6%) Est. Cost $110.65 Unrealized +26.2%

LIN LINDE PLC 2.4%

Value ($000) $27,421 (-24.8%) Shares 64,309 (-16.3%) Est. Cost $446.90 Unrealized -4.4%

AMAT APPLIED MATLS INC 1.8%

Value ($000) $19,837 (+20.2%) Shares 77,188 (-4.2%) Est. Cost $183.72 Unrealized +30.4%

WDC WESTERN DIGITAL CORP 3.5%

Value ($000) $39,161 (-5.1%) Shares 227,325 (-33.9%) Est. Cost $81.60 Unrealized +85.7%

MRVL MARVELL TECHNOLOGY INC 0.6%

Value ($000) $7,193 (-2.8%) Shares 84,648 (-3.9%) Est. Cost $81.79 Unrealized +6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	289,410 (-86.2%)	$10,679 (-84.8%)	0.9%	$24.31	+55.4%	COM	458140100
META	META PLATFORMS INC	21,584 (-74.0%)	$14,247 (-76.6%)	1.3%	$621.17	+7.4%	CL A	30303M102
CRWD	CROWDSTRIKE HLDGS INC	70,771 (-50.5%)	$33,175 (-52.7%)	2.9%	$438.50	+16.1%	CL A	22788C105
NVDA	NVIDIA CORPORATION	324,405 (-36.4%)	$60,502 (-36.4%)	5.4%	$170.72	+9.0%	COM	67066G104
ABVX	ABIVAX SA	691,973 (-5.4%)	$93,316 (+50.3%)	8.3%	$84.90	—	SPONSORED ADS	00370M103
ORCL	ORACLE CORP	23,994 (-80.6%)	$4,677 (-86.5%)	0.4%	$226.38	+5.2%	COM	68389X105
VRT	VERTIV HOLDINGS CO	181,710 (-53.6%)	$29,439 (-50.1%)	2.6%	$112.97	+53.7%	COM CL A	92537N108
CYTK	CYTOKINETICS INC	747,983 (-37.3%)	$47,527 (-27.5%)	4.2%	$37.69	+65.0%	COM NEW	23282W605
AVGO	BROADCOM INC	106,717 (-29.7%)	$36,935 (-26.3%)	3.3%	$205.33	+73.9%	COM	11135F101
AXSM	AXSOME THERAPEUTICS INC	278,835 (-14.6%)	$50,926 (+28.5%)	4.5%	$110.65	+26.2%	COM	05464T104
LIN	LINDE PLC	64,309 (-16.3%)	$27,421 (-24.8%)	2.4%	$446.90	-4.4%	SHS	G54950103
AMAT	APPLIED MATLS INC	77,188 (-4.2%)	$19,837 (+20.2%)	1.8%	$183.72	+30.4%	COM	038222105
WDC	WESTERN DIGITAL CORP	227,325 (-33.9%)	$39,161 (-5.1%)	3.5%	$81.60	+85.7%	COM	958102105
MRVL	MARVELL TECHNOLOGY INC	84,648 (-3.9%)	$7,193 (-2.8%)	0.6%	$81.79	+6.9%	COM	573874104

Unchanged Positions (18)

QURE UNIQURE NV 1.1%

Value ($000) $12,484 Shares 521,677 Est. Cost $18.16 Unrealized +112.5%

FCX FREEPORT-MCMORAN INC 2.5%

Value ($000) $28,193 Shares 555,093 Est. Cost $9.77 Unrealized +343.5%

SRRK SCHOLAR ROCK HLDG CORP 3.0%

Value ($000) $33,894 Shares 769,442 Est. Cost $31.87 Unrealized +17.7%

VRDN VIRIDIAN THERAPEUTICS INC 1.2%

Value ($000) $13,172 Shares 423,272 Est. Cost $16.35 Unrealized +67.8%

JANX JANUX THERAPEUTICS INC 0.5%

Value ($000) $5,196 Shares 376,496 Est. Cost $43.50 Unrealized -45.9%

MELI MERCADOLIBRE INC 1.1%

Value ($000) $12,561 Shares 6,236 Est. Cost $1627.24 Unrealized +29.1%

FISV FISERV INC 0.2%

Value ($000) $1,976 Shares 29,423 Est. Cost $111.73 Unrealized -24.9%

SNOW SNOWFLAKE INC 4.0%

Value ($000) $45,054 Shares 205,389 Est. Cost $194.48 Unrealized +25.5%

SCCO SOUTHERN COPPER CORP 0.4%

Value ($000) $4,814 Shares 33,552 Est. Cost $68.17 Unrealized +94.8%

CRM SALESFORCE INC 0.2%

Value ($000) $2,433 Shares 9,183 Est. Cost $316.76 Unrealized -21.7%

WMT WALMART INC 0.3%

Value ($000) $3,244 Shares 29,117 Est. Cost $71.07 Unrealized +50.8%

AAPL APPLE INC 0.3%

Value ($000) $3,335 Shares 12,268 Est. Cost $170.06 Unrealized +57.8%

WM WASTE MGMT INC DEL 1.9%

Value ($000) $21,800 Shares 99,222 Est. Cost $218.90 Unrealized -2.9%

V VISA INC 0.2%

Value ($000) $1,954 Shares 5,571 Est. Cost $270.06 Unrealized +26.0%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $593 Shares 4,140 Est. Cost $163.97 Unrealized -10.2%

KO COCA COLA CO 0.0%

Value ($000) $365 Shares 5,218 Est. Cost $65.01 Unrealized +6.7%

PEP PEPSICO INC 0.0%

Value ($000) $451 Shares 3,143 Est. Cost $145.04 Unrealized +0.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value ($000) $4,794 Shares 9,537 Est. Cost $391.82 Unrealized +27.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QURE	UNIQURE NV	521,677	$12,484	1.1%	$18.16	+112.5%	SHS	N90064101
FCX	FREEPORT-MCMORAN INC	555,093	$28,193	2.5%	$9.77	+343.5%	CL B	35671D857
SRRK	SCHOLAR ROCK HLDG CORP	769,442	$33,894	3.0%	$31.87	+17.7%	COM	80706P103
VRDN	VIRIDIAN THERAPEUTICS INC	423,272	$13,172	1.2%	$16.35	+67.8%	COM	92790C104
JANX	JANUX THERAPEUTICS INC	376,496	$5,196	0.5%	$43.50	-45.9%	COM	47103J105
MELI	MERCADOLIBRE INC	6,236	$12,561	1.1%	$1627.24	+29.1%	COM	58733R102
FISV	FISERV INC	29,423	$1,976	0.2%	$111.73	-24.9%	COM	337738108
SNOW	SNOWFLAKE INC	205,389	$45,054	4.0%	$194.48	+25.5%	COM SHS	833445109
SCCO	SOUTHERN COPPER CORP	33,552	$4,814	0.4%	$68.17	+94.8%	COM	84265V105
CRM	SALESFORCE INC	9,183	$2,433	0.2%	$316.76	-21.7%	COM	79466L302
WMT	WALMART INC	29,117	$3,244	0.3%	$71.07	+50.8%	COM	931142103
AAPL	APPLE INC	12,268	$3,335	0.3%	$170.06	+57.8%	COM	037833100
WM	WASTE MGMT INC DEL	99,222	$21,800	1.9%	$218.90	-2.9%	COM	94106L109
V	VISA INC	5,571	$1,954	0.2%	$270.06	+26.0%	COM CL A	92826C839
PG	PROCTER AND GAMBLE CO	4,140	$593	0.1%	$163.97	-10.2%	COM	742718109
KO	COCA COLA CO	5,218	$365	0.0%	$65.01	+6.7%	COM	191216100
PEP	PEPSICO INC	3,143	$451	0.0%	$145.04	+0.6%	COM	713448108
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,537	$4,794	0.4%	$391.82	+27.0%	CL B NEW	084670702