KP Management LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	20,000	$7,372	2.0%	$256.82	0.0%	COM	55024U109
TEL	TE CONNECTIVITY PLC	26,000	$5,915	1.6%	$231.27	0.0%	ORD SHS	G87052109
META	META PLATFORMS INC	7,500	$4,951	1.4%	$340.51	+96.0%	CALL	30303M102
TER	TERADYNE INC	25,000	$4,839	1.3%	$171.50	0.0%	COM	880770102
MSFT	MICROSOFT CORP	10,000	$4,836	1.3%	$445.76	+12.3%	CALL	594918104
TLN	TALEN ENERGY CORP	11,000	$4,123	1.1%	$388.68	0.0%	COM	87422Q109
BE	BLOOM ENERGY CORP	34,100	$2,963	0.8%	$105.07	0.0%	COM CL A	093712107
—	COHERENT CORP	16,000	$2,953	0.8%	$184.57	—	COM	19247G407
—	TTM TECHNOLOGIES INC	40,000	$2,760	0.8%	$69.00	—	COM	97305R109
AMAT	APPLIED MATLS INC	10,000	$2,570	0.7%	—	—	CALL	038222105
PWR	QUANTA SVCS INC	5,000	$2,110	0.6%	$439.27	0.0%	CALL	74762E102
V	VISA INC	5,000	$1,754	0.5%	$263.69	+29.1%	CALL	92826C839
PWR	QUANTA SVCS INC	4,000	$1,688	0.5%	$439.27	0.0%	COM	74762E102
ASML	ASML HOLDING N V	1,500	$1,605	0.4%	$968.09	—	CALL	N07059210
APH	AMPHENOL CORP NEW	10,000	$1,351	0.4%	$85.05	+57.0%	CALL	032095101
BE	BLOOM ENERGY CORP	10,000	$869	0.2%	$105.07	0.0%	CALL	093712107
INTC	INTEL CORP	20,000	$738	0.2%	$37.76	0.0%	COM	458140100

Increased Positions (9)

MSFT MICROSOFT CORP 3.5%

Value ($000) $12,816 (+83.3%) Shares 26,500 (+96.3%) Est. Cost $445.76 Unrealized +12.3%

AAPL APPLE INC 3.6%

Value ($000) $12,913 (+26.8%) Shares 47,500 (+18.8%) Est. Cost $196.47 Unrealized +36.6%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.4%

Value ($000) $12,156 (+24.4%) Shares 40,000 (+14.3%) Est. Cost $160.50 Unrealized —

AMZN AMAZON COM INC 1.2%

Value ($000) $4,501 (+70.8%) Shares 19,500 (+62.5%) Est. Cost $158.06 Unrealized +44.7%

STX SEAGATE TECHNOLOGY HLDNGS PL 1.1%

Value ($000) $3,855 (+63.3%) Shares 14,000 (+40.0%) Est. Cost $195.20 Unrealized +32.6%

TDG TRANSDIGM GROUP INC 1.8%

Value ($000) $6,649 (+18.7%) Shares 5,000 (+17.6%) Est. Cost $878.98 Unrealized +49.1%

MPWR MONOLITHIC PWR SYS INC 1.4%

Value ($000) $4,985 (+20.3%) Shares 5,500 (+22.2%) Est. Cost $595.09 Unrealized +61.4%

NOW SERVICENOW INC 0.9%

Value ($000) $3,255 (-16.8%) Shares 21,250 (+400.0%) Est. Cost $162.44 Unrealized +5.6%

ETN EATON CORP PLC 1.0%

Value ($000) $3,504 (-6.4%) Shares 11,000 (+10.0%) Est. Cost $247.21 Unrealized +43.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	26,500 (+96.3%)	$12,816 (+83.3%)	3.5%	$445.76	+12.3%	COM	594918104
AAPL	APPLE INC	47,500 (+18.8%)	$12,913 (+26.8%)	3.6%	$196.47	+36.6%	COM	037833100
TSM	TAIWAN SEMICONDUCTOR MFG LTD	40,000 (+14.3%)	$12,156 (+24.4%)	3.4%	$160.50	—	SPONSORED ADS	874039100
AMZN	AMAZON COM INC	19,500 (+62.5%)	$4,501 (+70.8%)	1.2%	$158.06	+44.7%	CALL	023135106
STX	SEAGATE TECHNOLOGY HLDNGS PL	14,000 (+40.0%)	$3,855 (+63.3%)	1.1%	$195.20	+32.6%	ORD SHS	G7997R103
TDG	TRANSDIGM GROUP INC	5,000 (+17.6%)	$6,649 (+18.7%)	1.8%	$878.98	+49.1%	COM	893641100
MPWR	MONOLITHIC PWR SYS INC	5,500 (+22.2%)	$4,985 (+20.3%)	1.4%	$595.09	+61.4%	COM	609839105
NOW	SERVICENOW INC	21,250 (+400.0%)	$3,255 (-16.8%)	0.9%	$162.44	+5.6%	COM	81762P102
ETN	EATON CORP PLC	11,000 (+10.0%)	$3,504 (-6.4%)	1.0%	$247.21	+43.4%	SHS	G29183103

Exited Positions (13)

APP APPLOVIN CORP 0.9%

Value ($000) $3,233 Shares 4,500 Est. Cost $461.14 Unrealized +36.6%

SPOT SPOTIFY TECHNOLOGY S A 0.8%

Value ($000) $2,792 Shares 4,000 Est. Cost $444.55 Unrealized +40.6%

GTLB GITLAB INC 0.7%

Value ($000) $2,705 Shares 60,000 Est. Cost $45.75 Unrealized -5.4%

FICO FAIR ISAAC CORP 0.7%

Value ($000) $2,694 Shares 1,800 Est. Cost $2002.08 Unrealized -14.0%

STX SEAGATE TECHNOLOGY HLDNGS PL 0.7%

Value ($000) $2,361 Shares 10,000 Est. Cost $195.20 Unrealized +32.6%

WIX WIX COM LTD 0.6%

Value ($000) $2,220 Shares 12,500 Est. Cost $150.49 Unrealized -19.7%

AAPL APPLE INC 0.5%

Value ($000) $1,910 Shares 7,500 Est. Cost $196.47 Unrealized +36.6%

CP CANADIAN PACIFIC KANSAS CITY 0.5%

Value ($000) $1,676 Shares 22,500 Est. Cost $72.13 Unrealized +2.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.4%

Value ($000) $1,396 Shares 5,000 Est. Cost $160.50 Unrealized —

APG API GROUP CORP 0.4%

Value ($000) $1,375 Shares 40,000 Est. Cost $19.28 Unrealized +91.8%

OUST OUSTER INC 0.3%

Value ($000) $1,033 Shares 38,201 Est. Cost $27.89 Unrealized -5.3%

AVGO BROADCOM INC 0.2%

Value ($000) $825 Shares 2,500 Est. Cost $152.28 Unrealized +134.4%

AMZN AMAZON COM INC 0.2%

Value ($000) $549 Shares 2,500 Est. Cost $158.06 Unrealized +44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	4,500	$3,233	0.9%	$461.14	+36.6%	—	03831W108
SPOT	SPOTIFY TECHNOLOGY S A	4,000	$2,792	0.8%	$444.55	+40.6%	—	L8681T102
GTLB	GITLAB INC	60,000	$2,705	0.7%	$45.75	-5.4%	—	37637K108
FICO	FAIR ISAAC CORP	1,800	$2,694	0.7%	$2002.08	-14.0%	—	303250104
STX	SEAGATE TECHNOLOGY HLDNGS PL	10,000	$2,361	0.7%	$195.20	+32.6%	PUT	G7997R103
WIX	WIX COM LTD	12,500	$2,220	0.6%	$150.49	-19.7%	—	M98068105
AAPL	APPLE INC	7,500	$1,910	0.5%	$196.47	+36.6%	CALL	037833100
CP	CANADIAN PACIFIC KANSAS CITY	22,500	$1,676	0.5%	$72.13	+2.0%	—	13646K108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	5,000	$1,396	0.4%	$160.50	—	CALL	874039100
APG	API GROUP CORP	40,000	$1,375	0.4%	$19.28	+91.8%	—	00187Y100
OUST	OUSTER INC	38,201	$1,033	0.3%	$27.89	-5.3%	—	68989M202
AVGO	BROADCOM INC	2,500	$825	0.2%	$152.28	+134.4%	CALL	11135F101
AMZN	AMAZON COM INC	2,500	$549	0.2%	$158.06	+44.7%	PUT	023135106

Decreased Positions (7)

GOOGL ALPHABET INC 0.9%

Value ($000) $3,130 (-48.5%) Shares 10,000 (-60.0%) Est. Cost $144.37 Unrealized +97.8%

TIC ACUREN CORP 0.3%

Value ($000) $1,062 (-65.3%) Shares 105,000 (-54.3%) Est. Cost $11.40 Unrealized -2.4%

UNH UNITEDHEALTH GROUP INC 0.7%

Value ($000) $2,641 (-33.5%) Shares 8,000 (-30.4%) Est. Cost — Unrealized —

SNPS SYNOPSYS INC 2.0%

Value ($000) $7,398 (-11.8%) Shares 15,750 (-7.4%) Est. Cost $543.46 Unrealized -18.3%

COST COSTCO WHSL CORP NEW 1.5%

Value ($000) $5,605 (-13.5%) Shares 6,500 (-7.1%) Est. Cost $573.49 Unrealized +57.9%

AVGO BROADCOM INC 3.3%

Value ($000) $12,114 (-3.4%) Shares 35,000 (-7.9%) Est. Cost $152.28 Unrealized +134.4%

INTC INTEL CORP 1.1%

Value ($000) $4,059 (+0.8%) Shares 110,000 (-8.3%) Est. Cost $37.76 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	10,000 (-60.0%)	$3,130 (-48.5%)	0.9%	$144.37	+97.8%	CALL	02079K305
TIC	ACUREN CORP	105,000 (-54.3%)	$1,062 (-65.3%)	0.3%	$11.40	-2.4%	COM	00510N102
UNH	UNITEDHEALTH GROUP INC	8,000 (-30.4%)	$2,641 (-33.5%)	0.7%	—	—	CALL	91324P102
SNPS	SYNOPSYS INC	15,750 (-7.4%)	$7,398 (-11.8%)	2.0%	$543.46	-18.3%	COM	871607107
COST	COSTCO WHSL CORP NEW	6,500 (-7.1%)	$5,605 (-13.5%)	1.5%	$573.49	+57.9%	COM	22160K105
AVGO	BROADCOM INC	35,000 (-7.9%)	$12,114 (-3.4%)	3.3%	$152.28	+134.4%	COM	11135F101
INTC	INTEL CORP	110,000 (-8.3%)	$4,059 (+0.8%)	1.1%	$37.76	0.0%	CALL	458140100

Unchanged Positions (37)

TSEM TOWER SEMICONDUCTOR LTD 2.0%

Value ($000) $7,167 Shares 61,035 Est. Cost $54.61 Unrealized +76.4%

GOOGL ALPHABET INC 3.1%

Value ($000) $11,112 Shares 35,500 Est. Cost $144.37 Unrealized +97.8%

ORLY OREILLY AUTOMOTIVE INC 1.7%

Value ($000) $6,157 Shares 67,500 Est. Cost $89.11 Unrealized +9.6%

AMD ADVANCED MICRO DEVICES INC 1.2%

Value ($000) $4,283 Shares 20,000 Est. Cost $108.87 Unrealized +106.3%

WWD WOODWARD INC 1.7%

Value ($000) $6,198 Shares 20,500 Est. Cost $187.85 Unrealized +46.3%

ASML ASML HOLDING N V 2.9%

Value ($000) $10,431 Shares 9,750 Est. Cost $968.09 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.6%

Value ($000) $5,795 Shares 10,000 Est. Cost $480.76 Unrealized +17.6%

CMI CUMMINS INC 1.4%

Value ($000) $5,105 Shares 10,000 Est. Cost $216.82 Unrealized +115.1%

CDNS CADENCE DESIGN SYSTEM INC 1.6%

Value ($000) $5,939 Shares 19,000 Est. Cost $277.44 Unrealized +17.6%

PH PARKER-HANNIFIN CORP 1.5%

Value ($000) $5,274 Shares 6,000 Est. Cost $527.65 Unrealized +55.0%

APH AMPHENOL CORP NEW 2.3%

Value ($000) $8,446 Shares 62,500 Est. Cost $85.05 Unrealized +57.0%

KLAC KLA CORP 1.5%

Value ($000) $5,468 Shares 4,500 Est. Cost $930.36 Unrealized +26.0%

SHW SHERWIN WILLIAMS CO 2.1%

Value ($000) $7,777 Shares 24,000 Est. Cost $264.03 Unrealized +26.5%

META META PLATFORMS INC 1.3%

Value ($000) $4,621 Shares 7,000 Est. Cost $340.51 Unrealized +96.0%

NET CLOUDFLARE INC 1.5%

Value ($000) $5,478 Shares 27,786 Est. Cost $132.56 Unrealized +59.6%

GEV GE VERNOVA INC 2.2%

Value ($000) $7,925 Shares 12,125 Est. Cost $183.26 Unrealized +232.3%

AMZN AMAZON COM INC 2.5%

Value ($000) $9,002 Shares 39,000 Est. Cost $158.06 Unrealized +44.7%

ETN EATON CORP PLC 0.7%

Value ($000) $2,389 Shares 7,500 Est. Cost $247.21 Unrealized +43.4%

SPGI S&P GLOBAL INC 1.4%

Value ($000) $5,226 Shares 10,000 Est. Cost $388.21 Unrealized +27.3%

MCO MOODYS CORP 1.3%

Value ($000) $4,598 Shares 9,000 Est. Cost $341.78 Unrealized +42.6%

CVNA CARVANA CO 0.8%

Value ($000) $2,743 Shares 6,500 Est. Cost $61.03 Unrealized +509.1%

AMD ADVANCED MICRO DEVICES INC 0.3%

Value ($000) $1,071 Shares 5,000 Est. Cost $108.87 Unrealized +106.3%

AAPL APPLE INC 0.8%

Value ($000) $2,719 Shares 10,000 Est. Cost $196.47 Unrealized +36.6%

V VISA INC 1.7%

Value ($000) $6,137 Shares 17,500 Est. Cost $263.69 Unrealized +29.1%

DDOG DATADOG INC 0.8%

Value ($000) $2,720 Shares 20,000 Est. Cost $103.00 Unrealized +53.4%

CRH CRH PLC 0.9%

Value ($000) $3,120 Shares 25,000 Est. Cost $62.72 Unrealized +89.9%

GE GE AEROSPACE 1.4%

Value ($000) $5,082 Shares 16,500 Est. Cost $93.73 Unrealized +220.9%

JPM JPMORGAN CHASE & CO. 1.5%

Value ($000) $5,325 Shares 16,527 Est. Cost $144.89 Unrealized +113.6%

CRWD CROWDSTRIKE HLDGS INC 0.6%

Value ($000) $2,344 Shares 5,000 Est. Cost $209.43 Unrealized +143.1%

DSGR DISTRIBUTION SOLUTIONS GRP I 0.2%

Value ($000) $860 Shares 31,387 Est. Cost $27.95 Unrealized +0.6%

UNP UNION PAC CORP 1.0%

Value ($000) $3,470 Shares 15,000 Est. Cost $209.24 Unrealized +8.6%

GTLB GITLAB INC 0.1%

Value ($000) $375 Shares 10,000 Est. Cost $45.75 Unrealized -5.4%

BA BOEING CO 1.6%

Value ($000) $5,862 Shares 27,000 Est. Cost $159.27 Unrealized +29.1%

MA MASTERCARD INCORPORATED 1.8%

Value ($000) $6,565 Shares 11,500 Est. Cost $397.11 Unrealized +40.8%

HEI HEICO CORP NEW 2.6%

Value ($000) $9,303 Shares 28,750 Est. Cost $179.92 Unrealized +75.6%

NVDA NVIDIA CORPORATION 4.8%

Value ($000) $17,251 Shares 92,500 Est. Cost $97.93 Unrealized +90.1%

BRK/A BERKSHIRE HATHAWAY INC DEL 1.3%

Value ($000) $4,529 Shares 6 Est. Cost $533852.10 Unrealized +39.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSEM	TOWER SEMICONDUCTOR LTD	61,035	$7,167	2.0%	$54.61	+76.4%	SHS NEW	M87915274
GOOGL	ALPHABET INC	35,500	$11,112	3.1%	$144.37	+97.8%	CAP STK CL A	02079K305
ORLY	OREILLY AUTOMOTIVE INC	67,500	$6,157	1.7%	$89.11	+9.6%	COM	67103H107
AMD	ADVANCED MICRO DEVICES INC	20,000	$4,283	1.2%	$108.87	+106.3%	COM	007903107
WWD	WOODWARD INC	20,500	$6,198	1.7%	$187.85	+46.3%	COM	980745103
ASML	ASML HOLDING N V	9,750	$10,431	2.9%	$968.09	—	N Y REGISTRY SHS	N07059210
TMO	THERMO FISHER SCIENTIFIC INC	10,000	$5,795	1.6%	$480.76	+17.6%	COM	883556102
CMI	CUMMINS INC	10,000	$5,105	1.4%	$216.82	+115.1%	COM	231021106
CDNS	CADENCE DESIGN SYSTEM INC	19,000	$5,939	1.6%	$277.44	+17.6%	COM	127387108
PH	PARKER-HANNIFIN CORP	6,000	$5,274	1.5%	$527.65	+55.0%	COM	701094104
APH	AMPHENOL CORP NEW	62,500	$8,446	2.3%	$85.05	+57.0%	CL A	032095101
KLAC	KLA CORP	4,500	$5,468	1.5%	$930.36	+26.0%	COM NEW	482480100
SHW	SHERWIN WILLIAMS CO	24,000	$7,777	2.1%	$264.03	+26.5%	COM	824348106
META	META PLATFORMS INC	7,000	$4,621	1.3%	$340.51	+96.0%	CL A	30303M102
NET	CLOUDFLARE INC	27,786	$5,478	1.5%	$132.56	+59.6%	CL A COM	18915M107
GEV	GE VERNOVA INC	12,125	$7,925	2.2%	$183.26	+232.3%	COM	36828A101
AMZN	AMAZON COM INC	39,000	$9,002	2.5%	$158.06	+44.7%	COM	023135106
ETN	EATON CORP PLC	7,500	$2,389	0.7%	$247.21	+43.4%	CALL	G29183103
SPGI	S&P GLOBAL INC	10,000	$5,226	1.4%	$388.21	+27.3%	COM	78409V104
MCO	MOODYS CORP	9,000	$4,598	1.3%	$341.78	+42.6%	COM	615369105
CVNA	CARVANA CO	6,500	$2,743	0.8%	$61.03	+509.1%	CL A	146869102
AMD	ADVANCED MICRO DEVICES INC	5,000	$1,071	0.3%	$108.87	+106.3%	CALL	007903107
AAPL	APPLE INC	10,000	$2,719	0.8%	$196.47	+36.6%	PUT	037833100
V	VISA INC	17,500	$6,137	1.7%	$263.69	+29.1%	COM CL A	92826C839
DDOG	DATADOG INC	20,000	$2,720	0.8%	$103.00	+53.4%	CL A COM	23804L103
CRH	CRH PLC	25,000	$3,120	0.9%	$62.72	+89.9%	ORD	G25508105
GE	GE AEROSPACE	16,500	$5,082	1.4%	$93.73	+220.9%	COM NEW	369604301
JPM	JPMORGAN CHASE & CO.	16,527	$5,325	1.5%	$144.89	+113.6%	COM	46625H100
CRWD	CROWDSTRIKE HLDGS INC	5,000	$2,344	0.6%	$209.43	+143.1%	CL A	22788C105
DSGR	DISTRIBUTION SOLUTIONS GRP I	31,387	$860	0.2%	$27.95	+0.6%	COM	520776105
UNP	UNION PAC CORP	15,000	$3,470	1.0%	$209.24	+8.6%	COM	907818108
GTLB	GITLAB INC	10,000	$375	0.1%	$45.75	-5.4%	CALL	37637K108
BA	BOEING CO	27,000	$5,862	1.6%	$159.27	+29.1%	COM	097023105
MA	MASTERCARD INCORPORATED	11,500	$6,565	1.8%	$397.11	+40.8%	CL A	57636Q104
HEI	HEICO CORP NEW	28,750	$9,303	2.6%	$179.92	+75.6%	COM	422806109
NVDA	NVIDIA CORPORATION	92,500	$17,251	4.8%	$97.93	+90.1%	COM	67066G104
BRK/A	BERKSHIRE HATHAWAY INC DEL	6	$4,529	1.3%	$533852.10	+39.8%	CL A	084670108