Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	526,800	$107M	2.5%	$221.70	0.0%	COM	007903107
TSEM	TOWER SEMICONDUCTOR LTD	163,600	$28.71M	0.7%	$128.86	0.0%	SHS NEW	M87915274
BNO	UNITED STS BRENT OIL FD LP	513,197	$26.69M	0.6%	$52.01	—	UNIT	91167Q100
PAYP	PAYPAY CORP	1,136,222	$24.25M	0.6%	$21.34	—	SPONSORED ADS	70450C101
MRVL	MARVELL TECHNOLOGY INC	71,300	$7.062M	0.2%	$81.07	0.0%	COM	573874104
ASML	ASML HLDG NV	5,100	$6.736M	0.2%	$1320.83	—	N Y REGISTRY SHS	N07059210
GEV	GE VERNOVA INC	5,700	$4.976M	0.1%	$736.93	0.0%	COM	36828A101
DNTH	DIANTHUS THERAPEUTICS INC	50,000	$4.196M	0.1%	$47.58	0.0%	COM	252828108
SMH	VANECK ETF TRUST	10,000	$3.834M	0.1%	$383.40	—	SEMICONDUCTR ETF	92189F676
NVDA	NVIDIA CORPORATION	17,100	$2.982M	0.1%	$186.63	0.0%	COM	67066G104
ONTO	ONTO INNOVATION INC	13,700	$2.809M	0.1%	$206.81	0.0%	COM	683344105

Increased Positions (7)

INTC INTEL CORP 11.5%

Value $504M (+2571.5%) Shares 11,416,945 (+2133.8%) Est. Cost $46.04 Unrealized +0.8%

TSM TAIWAN SEMICONDUCTOR MANUFAC 2.8%

Value $122M (+69.0%) Shares 359,940 (+52.0%) Est. Cost $315.54 Unrealized —

INSM INSMED INC 0.9%

Value $38.02M (+81.3%) Shares 232,500 (+92.9%) Est. Cost $171.18 Unrealized -7.1%

PBR PETROLEO BRASILEIRO S A 0.5%

Value $20.52M (+266.3%) Shares 988,700 (+109.2%) Est. Cost $16.50 Unrealized —

TER TERADYNE INC 0.7%

Value $31.84M (+67.7%) Shares 107,400 (+9.5%) Est. Cost $179.67 Unrealized +48.0%

PONY PONY AI INC 0.1%

Value $3.302M (+127.7%) Shares 349,800 (+249.8%) Est. Cost $13.17 Unrealized —

RERE ATRENEW INC 0.0%

Value $1.344M (-6.0%) Shares 286,520 (+6.3%) Est. Cost $5.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	11,416,945 (+2133.8%)	$504M (+2571.5%)	11.5%	$46.04	+0.8%	COM	458140100
TSM	TAIWAN SEMICONDUCTOR MANUFAC	359,940 (+52.0%)	$122M (+69.0%)	2.8%	$315.54	—	SPONSORED ADS	874039100
INSM	INSMED INC	232,500 (+92.9%)	$38.02M (+81.3%)	0.9%	$171.18	-7.1%	COM PAR $.01	457669307
PBR	PETROLEO BRASILEIRO S A	988,700 (+109.2%)	$20.52M (+266.3%)	0.5%	$16.50	—	SPONSORED ADR	71654V408
TER	TERADYNE INC	107,400 (+9.5%)	$31.84M (+67.7%)	0.7%	$179.67	+48.0%	COM	880770102
PONY	PONY AI INC	349,800 (+249.8%)	$3.302M (+127.7%)	0.1%	$13.17	—	SPONSORED ADS	732908108
RERE	ATRENEW INC	286,520 (+6.3%)	$1.344M (-6.0%)	0.0%	$5.26	—	SPONSORED ADS	00138L108

Exited Positions (13)

SE SEA LTD 2.2%

Value $94.1M Shares 737,653 Est. Cost $178.73 Unrealized —

ZM ZOOM COMMUNICATIONS INC 2.0%

Value $88.76M Shares 1,028,600 Est. Cost $78.02 Unrealized +12.9%

SNPS SYNOPSYS INC 1.3%

Value $55.95M Shares 119,121 Est. Cost $565.30 Unrealized -16.6%

LYV LIVE NATION ENTERTAINMENT IN 1.0%

Value $44.26M Shares 310,600 Est. Cost $144.38 Unrealized +2.7%

AXON AXON ENTERPRISE INC 0.9%

Value $39.76M Shares 70,000 Est. Cost $758.81 Unrealized -30.6%

EA ELECTRONIC ARTS INC 0.5%

Value $22.36M Shares 109,429 Est. Cost $165.25 Unrealized +22.6%

VRT VERTIV HOLDINGS CO 0.4%

Value $16.1M Shares 99,400 Est. Cost $173.58 Unrealized +15.1%

TERN TERNS PHARMACEUTICALS INC 0.3%

Value $14.55M Shares 360,200 Est. Cost $23.11 Unrealized +62.1%

META META PLATFORMS INC 0.1%

Value $2.97M Shares 4,500 Est. Cost $743.23 Unrealized -11.8%

STX SEAGATE TECHNOLOGY HLDNGS PL 0.0%

Value $1.404M Shares 5,100 Est. Cost $258.92 Unrealized +45.4%

BILI BILIBILI INC 0.0%

Value $1.377M Shares 56,000 Est. Cost $24.59 Unrealized —

TIGR UP FINTECH HLDG LTD 0.0%

Value $771K Shares 80,700 Est. Cost $9.56 Unrealized —

BZ KANZHUN LIMITED 0.0%

Value $59,102 Shares 2,900 Est. Cost $20.38 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SE	SEA LTD	737,653	$94.1M	2.2%	$178.73	—	—	81141R100
ZM	ZOOM COMMUNICATIONS INC	1,028,600	$88.76M	2.0%	$78.02	+12.9%	—	98980L101
SNPS	SYNOPSYS INC	119,121	$55.95M	1.3%	$565.30	-16.6%	—	871607107
LYV	LIVE NATION ENTERTAINMENT IN	310,600	$44.26M	1.0%	$144.38	+2.7%	—	538034109
AXON	AXON ENTERPRISE INC	70,000	$39.76M	0.9%	$758.81	-30.6%	—	05464C101
EA	ELECTRONIC ARTS INC	109,429	$22.36M	0.5%	$165.25	+22.6%	—	285512109
VRT	VERTIV HOLDINGS CO	99,400	$16.1M	0.4%	$173.58	+15.1%	—	92537N108
TERN	TERNS PHARMACEUTICALS INC	360,200	$14.55M	0.3%	$23.11	+62.1%	—	880881107
META	META PLATFORMS INC	4,500	$2.97M	0.1%	$743.23	-11.8%	—	30303M102
STX	SEAGATE TECHNOLOGY HLDNGS PL	5,100	$1.404M	0.0%	$258.92	+45.4%	—	G7997R103
BILI	BILIBILI INC	56,000	$1.377M	0.0%	$24.59	—	—	090040106
TIGR	UP FINTECH HLDG LTD	80,700	$771K	0.0%	$9.56	—	—	91531W106
BZ	KANZHUN LIMITED	2,900	$59,102	0.0%	$20.38	—	—	48553T106

Decreased Positions (15)

GOOGL ALPHABET INC 20.5%

Value $897M (-36.5%) Shares 3,119,200 (-30.9%) Est. Cost $179.32 Unrealized +80.3%

MCO MOODYS CORP 3.4%

Value $147M (-57.3%) Shares 337,200 (-50.0%) Est. Cost $456.78 Unrealized +7.2%

MU MICRON TECHNOLOGY INC 3.3%

Value $146M (-54.0%) Shares 432,122 (-61.1%) Est. Cost $229.35 Unrealized +68.8%

GLW CORNING INC 6.3%

Value $273M (+47.5%) Shares 2,009,597 (-5.0%) Est. Cost $85.98 Unrealized +29.9%

SPGI S&P GLOBAL INC 2.6%

Value $115M (-34.9%) Shares 270,600 (-20.0%) Est. Cost $494.21 Unrealized -1.8%

GE GE AEROSPACE 13.7%

Value $598M (-9.2%) Shares 2,107,640 (-1.4%) Est. Cost $154.00 Unrealized +106.6%

COIN COINBASE GLOBAL INC 0.6%

Value $26.51M (-69.1%) Shares 151,850 (-60.0%) Est. Cost $245.58 Unrealized -18.3%

B BARRICK MNG CORP 3.9%

Value $169M (-15.9%) Shares 4,140,000 (-10.2%) Est. Cost $25.15 Unrealized +92.1%

SNDK SANDISK CORP 5.1%

Value $225M (-12.1%) Shares 353,862 (-67.2%) Est. Cost $200.29 Unrealized +157.9%

LITE LUMENTUM HLDGS INC 1.1%

Value $47.55M (-36.6%) Shares 67,655 (-66.8%) Est. Cost $256.82 Unrealized +81.9%

EQX EQUINOX GOLD CORP 4.2%

Value $183M (-7.8%) Shares 12,635,844 (-10.5%) Est. Cost $7.95 Unrealized +95.2%

PDD PDD HOLDINGS INC 1.9%

Value $83.06M (-15.1%) Shares 812,916 (-5.8%) Est. Cost $105.97 Unrealized —

ABVX ABIVAX SA 0.4%

Value $16.07M (-46.9%) Shares 144,300 (-35.7%) Est. Cost $84.90 Unrealized —

PAAS PAN AMERN SILVER CORP 1.6%

Value $71.69M (-14.6%) Shares 1,312,200 (-19.0%) Est. Cost $32.15 Unrealized +81.6%

LEGN LEGEND BIOTECH CORP 0.0%

Value $1.473M (-44.5%) Shares 81,400 (-33.3%) Est. Cost $34.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	3,119,200 (-30.9%)	$897M (-36.5%)	20.5%	$179.32	+80.3%	CAP STK CL A	02079K305
MCO	MOODYS CORP	337,200 (-50.0%)	$147M (-57.3%)	3.4%	$456.78	+7.2%	COM	615369105
MU	MICRON TECHNOLOGY INC	432,122 (-61.1%)	$146M (-54.0%)	3.3%	$229.35	+68.8%	COM	595112103
GLW	CORNING INC	2,009,597 (-5.0%)	$273M (+47.5%)	6.3%	$85.98	+29.9%	COM	219350105
SPGI	S&P GLOBAL INC	270,600 (-20.0%)	$115M (-34.9%)	2.6%	$494.21	-1.8%	COM	78409V104
GE	GE AEROSPACE	2,107,640 (-1.4%)	$598M (-9.2%)	13.7%	$154.00	+106.6%	COM NEW	369604301
COIN	COINBASE GLOBAL INC	151,850 (-60.0%)	$26.51M (-69.1%)	0.6%	$245.58	-18.3%	COM CL A	19260Q107
B	BARRICK MNG CORP	4,140,000 (-10.2%)	$169M (-15.9%)	3.9%	$25.15	+92.1%	COM SHS	06849F108
SNDK	SANDISK CORP	353,862 (-67.2%)	$225M (-12.1%)	5.1%	$200.29	+157.9%	COM	80004C200
LITE	LUMENTUM HLDGS INC	67,655 (-66.8%)	$47.55M (-36.6%)	1.1%	$256.82	+81.9%	COM	55024U109
EQX	EQUINOX GOLD CORP	12,635,844 (-10.5%)	$183M (-7.8%)	4.2%	$7.95	+95.2%	COM	29446Y502
PDD	PDD HOLDINGS INC	812,916 (-5.8%)	$83.06M (-15.1%)	1.9%	$105.97	—	SPONSORED ADS	722304102
ABVX	ABIVAX SA	144,300 (-35.7%)	$16.07M (-46.9%)	0.4%	$84.90	—	SPONSORED ADS	00370M103
PAAS	PAN AMERN SILVER CORP	1,312,200 (-19.0%)	$71.69M (-14.6%)	1.6%	$32.15	+81.6%	COM	697900108
LEGN	LEGEND BIOTECH CORP	81,400 (-33.3%)	$1.473M (-44.5%)	0.0%	$34.61	—	SPONSORED ADS	52490G102

Unchanged Positions (7)

GLDM WORLD GOLD TR 5.5%

Value $240M Shares 2,587,215 Est. Cost $71.32 Unrealized —

XYZ BLOCK INC 2.6%

Value $113M Shares 1,870,994 Est. Cost $64.17 Unrealized -6.0%

ETHA ISHARES ETHEREUM TR 0.2%

Value $9.086M Shares 574,000 Est. Cost $31.51 Unrealized —

CMI CUMMINS INC 1.2%

Value $50.9M Shares 94,600 Est. Cost $466.32 Unrealized +23.4%

FDMT 4D MOLECULAR THERAPEUTICS IN 0.2%

Value $8.858M Shares 951,474 Est. Cost $10.14 Unrealized -15.5%

COGT COGENT BIOSCIENCES INC 0.2%

Value $9.623M Shares 250,000 Est. Cost $28.11 Unrealized +32.9%

IBIT ISHARES BITCOIN TRUST ETF 0.0%

Value $1.472M Shares 38,322 Est. Cost $65.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLDM	WORLD GOLD TR	2,587,215	$240M	5.5%	$71.32	—	SPDR GLD MINIS	98149E303
XYZ	BLOCK INC	1,870,994	$113M	2.6%	$64.17	-6.0%	CL A	852234103
ETHA	ISHARES ETHEREUM TR	574,000	$9.086M	0.2%	$31.51	—	SHS	46438R105
CMI	CUMMINS INC	94,600	$50.9M	1.2%	$466.32	+23.4%	COM	231021106
FDMT	4D MOLECULAR THERAPEUTICS IN	951,474	$8.858M	0.2%	$10.14	-15.5%	COM	35104E100
COGT	COGENT BIOSCIENCES INC	250,000	$9.623M	0.2%	$28.11	+32.9%	COM	19240Q201
IBIT	ISHARES BITCOIN TRUST ETF	38,322	$1.472M	0.0%	$65.00	—	SHS BEN INT	46438F101