Nutshell Asset Management Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP NEW	101,242	$13,682	4.9%	$133.54	0.0%	CL A	032095101
PYPL	PAYPAL HLDGS INC	118,718	$6,931	2.5%	$64.84	0.0%	COM	70450Y103
ZTS	ZOETIS INC	52,316	$6,582	2.3%	$130.26	0.0%	CL A	98978V103
FDS	FACTSET RESH SYS INC	13,000	$3,772	1.3%	$280.03	0.0%	COM	303075105
XP	XP INC	200,000	$3,274	1.2%	$17.61	0.0%	CL A	G98239109
VRSN	VERISIGN INC	12,000	$2,915	1.0%	$250.80	0.0%	COM	92343E102
COKE	COCA COLA CONS INC	19,000	$2,913	1.0%	$146.39	0.0%	COM	191098102
MANH	MANHATTAN ASSOCIATES INC	16,500	$2,860	1.0%	$182.81	0.0%	COM	562750109
INTU	INTUIT	4,300	$2,848	1.0%	$660.69	0.0%	COM	461202103
TXN	TEXAS INSTRS INC	16,400	$2,845	1.0%	$170.73	0.0%	COM	882508104
PAYX	PAYCHEX INC	25,300	$2,838	1.0%	$116.54	0.0%	COM	704326107
DPZ	DOMINOS PIZZA INC	6,800	$2,834	1.0%	$415.46	0.0%	COM	25754A201
ROL	ROLLINS INC	47,000	$2,821	1.0%	$58.66	0.0%	COM	775711104
KLAC	KLA CORP	2,300	$2,795	1.0%	$1171.91	0.0%	COM NEW	482480100
MTD	METTLER TOLEDO INTERNATIONAL	2,000	$2,788	1.0%	$1396.48	0.0%	COM	592688105

Increased Positions (11)

NVDA NVIDIA CORPORATION 8.4%

Value ($000) $23,427 (+54.5%) Shares 125,613 (+54.5%) Est. Cost $160.40 Unrealized +16.0%

V VISA INC 4.9%

Value ($000) $13,774 (+132.6%) Shares 39,275 (+126.4%) Est. Cost $341.48 Unrealized -0.3%

FTNT FORTINET INC 9.6%

Value ($000) $27,055 (+35.3%) Shares 340,705 (+43.2%) Est. Cost $88.71 Unrealized -6.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 4.2%

Value ($000) $11,663 (+124.7%) Shares 38,379 (+106.5%) Est. Cost $250.62 Unrealized —

AZO AUTOZONE INC 2.7%

Value ($000) $7,471 (+136.6%) Shares 2,203 (+199.3%) Est. Cost $3593.48 Unrealized +5.1%

CHKP CHECK POINT SOFTWARE TECH LT 2.0%

Value ($000) $5,684 (+205.2%) Shares 30,633 (+240.4%) Est. Cost $195.74 Unrealized -1.2%

ORLY OREILLY AUTOMOTIVE INC 2.0%

Value ($000) $5,693 (+161.4%) Shares 62,415 (+209.0%) Est. Cost $95.59 Unrealized +2.2%

BKNG BOOKING HOLDINGS INC 2.4%

Value ($000) $6,737 (+103.6%) Shares 1,258 (+105.2%) Est. Cost $5345.31 Unrealized -3.9%

MSFT MICROSOFT CORP 4.8%

Value ($000) $13,454 (+31.4%) Shares 27,820 (+40.7%) Est. Cost $466.39 Unrealized +7.3%

MSCI MSCI INC 4.2%

Value ($000) $11,823 (+34.0%) Shares 20,608 (+32.5%) Est. Cost $582.14 Unrealized -3.8%

AXP AMERICAN EXPRESS CO 0.5%

Value ($000) $1,443 (+81.0%) Shares 3,900 (+62.5%) Est. Cost $332.09 Unrealized +7.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	125,613 (+54.5%)	$23,427 (+54.5%)	8.4%	$160.40	+16.0%	COM	67066G104
V	VISA INC	39,275 (+126.4%)	$13,774 (+132.6%)	4.9%	$341.48	-0.3%	COM CL A	92826C839
FTNT	FORTINET INC	340,705 (+43.2%)	$27,055 (+35.3%)	9.6%	$88.71	-6.5%	COM	34959E109
TSM	TAIWAN SEMICONDUCTOR MFG LTD	38,379 (+106.5%)	$11,663 (+124.7%)	4.2%	$250.62	—	SPONSORED ADS	874039100
AZO	AUTOZONE INC	2,203 (+199.3%)	$7,471 (+136.6%)	2.7%	$3593.48	+5.1%	COM	053332102
CHKP	CHECK POINT SOFTWARE TECH LT	30,633 (+240.4%)	$5,684 (+205.2%)	2.0%	$195.74	-1.2%	ORD	M22465104
ORLY	OREILLY AUTOMOTIVE INC	62,415 (+209.0%)	$5,693 (+161.4%)	2.0%	$95.59	+2.2%	COM	67103H107
BKNG	BOOKING HOLDINGS INC	1,258 (+105.2%)	$6,737 (+103.6%)	2.4%	$5345.31	-3.9%	COM	09857L108
MSFT	MICROSOFT CORP	27,820 (+40.7%)	$13,454 (+31.4%)	4.8%	$466.39	+7.3%	COM	594918104
MSCI	MSCI INC	20,608 (+32.5%)	$11,823 (+34.0%)	4.2%	$582.14	-3.8%	COM	55354G100
AXP	AMERICAN EXPRESS CO	3,900 (+62.5%)	$1,443 (+81.0%)	0.5%	$332.09	+7.5%	COM	025816109

Exited Positions (7)

MEDP MEDPACE HLDGS INC 3.4%

Value ($000) $9,621 Shares 18,712 Est. Cost $300.23 Unrealized +89.1%

META META PLATFORMS INC 1.8%

Value ($000) $5,100 Shares 6,945 Est. Cost $674.28 Unrealized -1.0%

CPRT COPART INC 1.4%

Value ($000) $4,060 Shares 90,275 Est. Cost $53.39 Unrealized -22.3%

ACN ACCENTURE PLC IRELAND 1.3%

Value ($000) $3,514 Shares 14,250 Est. Cost $260.61 Unrealized -2.5%

FISV FISERV INC 1.2%

Value ($000) $3,417 Shares 26,500 Est. Cost $169.86 Unrealized -50.6%

JKHY HENRY JACK AND ASSOC INC 1.1%

Value ($000) $2,949 Shares 19,800 Est. Cost $165.03 Unrealized +0.7%

DECK DECKERS OUTDOOR CORP 0.7%

Value ($000) $2,078 Shares 20,500 Est. Cost $109.07 Unrealized -14.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MEDP	MEDPACE HLDGS INC	18,712	$9,621	3.4%	$300.23	+89.1%	—	58506Q109
META	META PLATFORMS INC	6,945	$5,100	1.8%	$674.28	-1.0%	—	30303M102
CPRT	COPART INC	90,275	$4,060	1.4%	$53.39	-22.3%	—	217204106
ACN	ACCENTURE PLC IRELAND	14,250	$3,514	1.3%	$260.61	-2.5%	—	G1151C101
FISV	FISERV INC	26,500	$3,417	1.2%	$169.86	-50.6%	—	337738108
JKHY	HENRY JACK AND ASSOC INC	19,800	$2,949	1.1%	$165.03	+0.7%	—	426281101
DECK	DECKERS OUTDOOR CORP	20,500	$2,078	0.7%	$109.07	-14.1%	—	243537107

Decreased Positions (6)

ADP AUTOMATIC DATA PROCESSING IN 2.3%

Value ($000) $6,510 (-42.8%) Shares 25,307 (-34.8%) Est. Cost $298.68 Unrealized -11.3%

TW TRADEWEB MKTS INC 1.9%

Value ($000) $5,211 (-47.8%) Shares 48,457 (-46.1%) Est. Cost $130.18 Unrealized -17.5%

ADBE ADOBE INC 4.3%

Value ($000) $12,166 (-13.3%) Shares 34,762 (-12.6%) Est. Cost $451.04 Unrealized -24.6%

CALM CAL MAINE FOODS INC 1.0%

Value ($000) $2,823 (-17.3%) Shares 35,484 (-2.2%) Est. Cost $103.42 Unrealized -16.3%

MA MASTERCARD INCORPORATED 6.4%

Value ($000) $17,905 (-1.5%) Shares 31,363 (-1.8%) Est. Cost $546.02 Unrealized +2.4%

GOOGL ALPHABET INC 4.2%

Value ($000) $11,866 (-1.2%) Shares 37,909 (-23.3%) Est. Cost $176.28 Unrealized +62.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADP	AUTOMATIC DATA PROCESSING IN	25,307 (-34.8%)	$6,510 (-42.8%)	2.3%	$298.68	-11.3%	COM	053015103
TW	TRADEWEB MKTS INC	48,457 (-46.1%)	$5,211 (-47.8%)	1.9%	$130.18	-17.5%	CL A	892672106
ADBE	ADOBE INC	34,762 (-12.6%)	$12,166 (-13.3%)	4.3%	$451.04	-24.6%	COM	00724F101
CALM	CAL MAINE FOODS INC	35,484 (-2.2%)	$2,823 (-17.3%)	1.0%	$103.42	-16.3%	COM NEW	128030202
MA	MASTERCARD INCORPORATED	31,363 (-1.8%)	$17,905 (-1.5%)	6.4%	$546.02	+2.4%	CL A	57636Q104
GOOGL	ALPHABET INC	37,909 (-23.3%)	$11,866 (-1.2%)	4.2%	$176.28	+62.0%	CAP STK CL A	02079K305

Unchanged Positions (2)

BIL SPDR SERIES TRUST 11.1%

Value ($000) $31,069 Shares 340,000 Est. Cost $91.73 Unrealized —

FLOT ISHARES TR 0.7%

Value ($000) $2,036 Shares 40,026 Est. Cost $50.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR SERIES TRUST	340,000	$31,069	11.1%	$91.73	—	STATE STREET SPD	78468R663
FLOT	ISHARES TR	40,026	$2,036	0.7%	$50.99	—	FLTG RATE NT ETF	46429B655