Contrarius Group Holdings Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	930,431	$181,350	8.8%	$238.05	0.0%	COM	68389X105
LULU	LULULEMON ATHLETICA INC	415,963	$86,441	4.2%	$181.15	0.0%	COM	550021109
NVO	NOVO-NORDISK A S	930,367	$47,337	2.3%	$50.88	—	ADR	670100205
CRCL	CIRCLE INTERNET GROUP INC	562,678	$44,620	2.2%	$103.35	0.0%	COM CL A	172573107
TAP	MOLSON COORS BEVERAGE CO	715,210	$33,386	1.6%	$45.79	0.0%	CL B	60871R209
MDLZ	MONDELEZ INTL INC	323,421	$17,410	0.8%	$57.06	0.0%	CL A	609207105
BIIB	BIOGEN INC	64,952	$11,431	0.6%	$163.37	0.0%	COM	09062X103
TIGR	UP FINTECH HLDG LTD	1,071,425	$10,243	0.5%	$9.56	—	SPONSORED ADS	91531W106
COTY	COTY INC	3,290,733	$10,135	0.5%	$3.64	0.0%	COM CL A	222070203
SOFI	SOFI TECHNOLOGIES INC	376,773	$9,864	0.5%	$27.87	0.0%	COM	83406F102
TEM	TEMPUS AI INC	135,026	$7,973	0.4%	$78.23	0.0%	CL A	88023B103
ASML	ASML HOLDING N V	6,280	$6,719	0.3%	$1069.86	—	N Y REGISTRY SHS	N07059210

Increased Positions (9)

SATS ECHOSTAR CORP 11.5%

Value ($000) $237,154 (+140.0%) Shares 2,181,728 (+68.6%) Est. Cost $59.99 Unrealized +35.7%

GOOGL ALPHABET INC 4.5%

Value ($000) $93,149 (+210.3%) Shares 297,602 (+141.0%) Est. Cost $250.84 Unrealized +13.9%

CROX CROCS INC 2.0%

Value ($000) $40,623 (+334.1%) Shares 475,011 (+324.1%) Est. Cost $88.53 Unrealized -5.5%

PSKY PARAMOUNT SKYDANCE CORP 9.8%

Value ($000) $202,181 (+8.3%) Shares 15,088,097 (+52.9%) Est. Cost $14.87 Unrealized +4.6%

U UNITY SOFTWARE INC 1.2%

Value ($000) $24,096 (+56.7%) Shares 545,529 (+42.1%) Est. Cost $38.17 Unrealized +6.8%

COIN COINBASE GLOBAL INC 3.5%

Value ($000) $73,117 (-10.6%) Shares 323,327 (+33.4%) Est. Cost $262.55 Unrealized +13.5%

QXO QXO INC 0.7%

Value ($000) $15,291 (+73.6%) Shares 792,686 (+71.5%) Est. Cost $15.92 Unrealized +20.4%

DELL DELL TECHNOLOGIES INC 4.2%

Value ($000) $87,184 (-6.0%) Shares 692,598 (+5.9%) Est. Cost $111.37 Unrealized +26.4%

PM PHILIP MORRIS INTL INC 0.4%

Value ($000) $8,083 (+31.1%) Shares 50,395 (+32.5%) Est. Cost $132.85 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	2,181,728 (+68.6%)	$237,154 (+140.0%)	11.5%	$59.99	+35.7%	CL A	278768106
GOOGL	ALPHABET INC	297,602 (+141.0%)	$93,149 (+210.3%)	4.5%	$250.84	+13.9%	CAP STK CL A	02079K305
CROX	CROCS INC	475,011 (+324.1%)	$40,623 (+334.1%)	2.0%	$88.53	-5.5%	COM	227046109
PSKY	PARAMOUNT SKYDANCE CORP	15,088,097 (+52.9%)	$202,181 (+8.3%)	9.8%	$14.87	+4.6%	COM CL B	69932A204
U	UNITY SOFTWARE INC	545,529 (+42.1%)	$24,096 (+56.7%)	1.2%	$38.17	+6.8%	COM	91332U101
COIN	COINBASE GLOBAL INC	323,327 (+33.4%)	$73,117 (-10.6%)	3.5%	$262.55	+13.5%	COM CL A	19260Q107
QXO	QXO INC	792,686 (+71.5%)	$15,291 (+73.6%)	0.7%	$15.92	+20.4%	COM NEW	82846H405
DELL	DELL TECHNOLOGIES INC	692,598 (+5.9%)	$87,184 (-6.0%)	4.2%	$111.37	+26.4%	CL C	24703L202
PM	PHILIP MORRIS INTL INC	50,395 (+32.5%)	$8,083 (+31.1%)	0.4%	$132.85	+15.6%	COM	718172109

Exited Positions (20)

WBD WARNER BROS DISCOVERY INC 11.2%

Value ($000) $230,517 Shares 11,803,203 Est. Cost $9.29 Unrealized +151.5%

INTC INTEL CORP 3.6%

Value ($000) $74,069 Shares 2,207,715 Est. Cost $20.72 Unrealized +82.2%

BEAM BEAM THERAPEUTICS INC 1.8%

Value ($000) $37,212 Shares 1,533,269 Est. Cost $19.89 Unrealized +28.3%

B BARRICK MNG CORP 0.8%

Value ($000) $16,738 Shares 510,779 Est. Cost $21.91 Unrealized +70.8%

MRVL MARVELL TECHNOLOGY INC 0.6%

Value ($000) $13,295 Shares 158,147 Est. Cost $65.22 Unrealized +34.1%

PDD PDD HOLDINGS INC 0.5%

Value ($000) $11,284 Shares 85,372 Est. Cost $97.64 Unrealized —

SE SEA LTD 0.5%

Value ($000) $11,211 Shares 62,728 Est. Cost $106.10 Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.5%

Value ($000) $10,932 Shares 896,055 Est. Cost $10.52 Unrealized +20.1%

PYPL PAYPAL HLDGS INC 0.5%

Value ($000) $10,863 Shares 161,995 Est. Cost $83.88 Unrealized -22.7%

XYZ BLOCK INC 0.4%

Value ($000) $8,645 Shares 119,624 Est. Cost $79.53 Unrealized -13.3%

DOCN DIGITALOCEAN HLDGS INC 0.4%

Value ($000) $7,911 Shares 231,598 Est. Cost $29.20 Unrealized +50.8%

PENN PENN ENTERTAINMENT INC 0.4%

Value ($000) $7,390 Shares 383,713 Est. Cost $19.60 Unrealized -20.4%

APP APPLOVIN CORP 0.3%

Value ($000) $7,027 Shares 9,780 Est. Cost $324.21 Unrealized +94.4%

AMZN AMAZON COM INC 0.3%

Value ($000) $5,250 Shares 23,909 Est. Cost $202.50 Unrealized +13.0%

GRAB GRAB HOLDINGS LIMITED 0.2%

Value ($000) $4,841 Shares 804,111 Est. Cost $4.55 Unrealized +21.4%

PAGS PAGSEGURO DIGITAL LTD 0.2%

Value ($000) $3,971 Shares 397,143 Est. Cost $8.07 Unrealized +18.8%

HPE HEWLETT PACKARD ENTERPRISE C 0.2%

Value ($000) $3,692 Shares 150,312 Est. Cost $19.41 Unrealized +20.8%

TME TENCENT MUSIC ENTMT GROUP 0.2%

Value ($000) $3,610 Shares 154,650 Est. Cost $11.35 Unrealized —

MO ALTRIA GROUP INC 0.1%

Value ($000) $2,927 Shares 44,301 Est. Cost $49.18 Unrealized +20.7%

DIS DISNEY WALT CO 0.1%

Value ($000) $2,837 Shares 24,778 Est. Cost $103.52 Unrealized +5.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	11,803,203	$230,517	11.2%	$9.29	+151.5%	—	934423104
INTC	INTEL CORP	2,207,715	$74,069	3.6%	$20.72	+82.2%	—	458140100
BEAM	BEAM THERAPEUTICS INC	1,533,269	$37,212	1.8%	$19.89	+28.3%	—	07373V105
B	BARRICK MNG CORP	510,779	$16,738	0.8%	$21.91	+70.8%	—	06849F108
MRVL	MARVELL TECHNOLOGY INC	158,147	$13,295	0.6%	$65.22	+34.1%	—	573874104
PDD	PDD HOLDINGS INC	85,372	$11,284	0.5%	$97.64	—	—	722304102
SE	SEA LTD	62,728	$11,211	0.5%	$106.10	—	—	81141R100
CLF	CLEVELAND-CLIFFS INC NEW	896,055	$10,932	0.5%	$10.52	+20.1%	—	185899101
PYPL	PAYPAL HLDGS INC	161,995	$10,863	0.5%	$83.88	-22.7%	—	70450Y103
XYZ	BLOCK INC	119,624	$8,645	0.4%	$79.53	-13.3%	—	852234103
DOCN	DIGITALOCEAN HLDGS INC	231,598	$7,911	0.4%	$29.20	+50.8%	—	25402D102
PENN	PENN ENTERTAINMENT INC	383,713	$7,390	0.4%	$19.60	-20.4%	—	707569109
APP	APPLOVIN CORP	9,780	$7,027	0.3%	$324.21	+94.4%	—	03831W108
AMZN	AMAZON COM INC	23,909	$5,250	0.3%	$202.50	+13.0%	—	023135106
GRAB	GRAB HOLDINGS LIMITED	804,111	$4,841	0.2%	$4.55	+21.4%	—	G4124C109
PAGS	PAGSEGURO DIGITAL LTD	397,143	$3,971	0.2%	$8.07	+18.8%	—	G68707101
HPE	HEWLETT PACKARD ENTERPRISE C	150,312	$3,692	0.2%	$19.41	+20.8%	—	42824C109
TME	TENCENT MUSIC ENTMT GROUP	154,650	$3,610	0.2%	$11.35	—	—	88034P109
MO	ALTRIA GROUP INC	44,301	$2,927	0.1%	$49.18	+20.7%	—	02209S103
DIS	DISNEY WALT CO	24,778	$2,837	0.1%	$103.52	+5.8%	—	254687106

Decreased Positions (21)

NTLA INTELLIA THERAPEUTICS INC 0.3%

Value ($000) $6,423 (-93.7%) Shares 714,480 (-87.9%) Est. Cost $12.46 Unrealized +10.5%

BIDU BAIDU INC 2.1%

Value ($000) $43,265 (-63.2%) Shares 331,123 (-62.9%) Est. Cost $123.86 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.4%

Value ($000) $8,778 (-85.3%) Shares 40,987 (-88.9%) Est. Cost $120.28 Unrealized +86.7%

META META PLATFORMS INC 0.7%

Value ($000) $13,888 (-78.0%) Shares 21,039 (-75.5%) Est. Cost $731.79 Unrealized -8.8%

FOX FOX CORP 4.6%

Value ($000) $95,505 (-29.7%) Shares 1,470,886 (-38.0%) Est. Cost $47.10 Unrealized +23.9%

BABA ALIBABA GROUP HLDG LTD 1.5%

Value ($000) $31,083 (-52.4%) Shares 212,054 (-41.9%) Est. Cost $138.66 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.9%

Value ($000) $60,148 (-33.8%) Shares 197,928 (-39.2%) Est. Cost $226.49 Unrealized —

MU MICRON TECHNOLOGY INC 5.7%

Value ($000) $117,474 (+30.6%) Shares 411,597 (-23.4%) Est. Cost $93.22 Unrealized +146.0%

JD JD.COM INC 1.1%

Value ($000) $22,435 (-37.4%) Shares 781,692 (-23.7%) Est. Cost $34.82 Unrealized —

CRSP CRISPR THERAPEUTICS AG 0.4%

Value ($000) $8,212 (-53.1%) Shares 156,605 (-42.1%) Est. Cost $46.24 Unrealized +29.5%

TSLA TESLA INC 11.3%

Value ($000) $233,040 (-1.6%) Shares 518,188 (-2.7%) Est. Cost $325.43 Unrealized +36.2%

SNAP SNAP INC 0.3%

Value ($000) $6,456 (-37.1%) Shares 799,959 (-39.9%) Est. Cost $8.30 Unrealized -4.7%

EQT EQT CORP 0.3%

Value ($000) $5,940 (-35.5%) Shares 110,815 (-34.5%) Est. Cost $40.84 Unrealized +37.4%

ROKU ROKU INC 0.5%

Value ($000) $11,283 (-13.0%) Shares 104,002 (-19.7%) Est. Cost $75.07 Unrealized +35.2%

VAL VALARIS LTD 0.4%

Value ($000) $8,513 (-12.5%) Shares 168,899 (-15.4%) Est. Cost $37.62 Unrealized +42.7%

NE NOBLE CORP PLC 0.3%

Value ($000) $5,932 (-15.8%) Shares 210,040 (-15.6%) Est. Cost $22.94 Unrealized +27.5%

WW WW INTL INC 0.4%

Value ($000) $9,249 (-10.2%) Shares 316,597 (-15.9%) Est. Cost $34.35 Unrealized -18.6%

NVDA NVIDIA CORPORATION 4.0%

Value ($000) $81,727 (-1.1%) Shares 438,214 (-1.0%) Est. Cost $126.59 Unrealized +47.0%

RIG TRANSOCEAN LTD 0.3%

Value ($000) $6,812 (+10.1%) Shares 1,649,457 (-16.8%) Est. Cost $2.58 Unrealized +50.6%

SDRL SEADRILL LTD 0.4%

Value ($000) $8,549 (-5.9%) Shares 247,094 (-17.8%) Est. Cost $23.60 Unrealized +32.0%

AMR ALPHA METALLURGICAL RESOUR I 0.6%

Value ($000) $11,689 (-3.8%) Shares 58,481 (-21.0%) Est. Cost $138.64 Unrealized +24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTLA	INTELLIA THERAPEUTICS INC	714,480 (-87.9%)	$6,423 (-93.7%)	0.3%	$12.46	+10.5%	COM	45826J105
BIDU	BAIDU INC	331,123 (-62.9%)	$43,265 (-63.2%)	2.1%	$123.86	—	SPON ADR REP A	056752108
AMD	ADVANCED MICRO DEVICES INC	40,987 (-88.9%)	$8,778 (-85.3%)	0.4%	$120.28	+86.7%	COM	007903107
META	META PLATFORMS INC	21,039 (-75.5%)	$13,888 (-78.0%)	0.7%	$731.79	-8.8%	CL A	30303M102
FOX	FOX CORP	1,470,886 (-38.0%)	$95,505 (-29.7%)	4.6%	$47.10	+23.9%	CL B COM	35137L204
BABA	ALIBABA GROUP HLDG LTD	212,054 (-41.9%)	$31,083 (-52.4%)	1.5%	$138.66	—	SPONSORED ADS	01609W102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	197,928 (-39.2%)	$60,148 (-33.8%)	2.9%	$226.49	—	SPONSORED ADS	874039100
MU	MICRON TECHNOLOGY INC	411,597 (-23.4%)	$117,474 (+30.6%)	5.7%	$93.22	+146.0%	COM	595112103
JD	JD.COM INC	781,692 (-23.7%)	$22,435 (-37.4%)	1.1%	$34.82	—	SPON ADS CL A	47215P106
CRSP	CRISPR THERAPEUTICS AG	156,605 (-42.1%)	$8,212 (-53.1%)	0.4%	$46.24	+29.5%	NAMEN AKT	H17182108
TSLA	TESLA INC	518,188 (-2.7%)	$233,040 (-1.6%)	11.3%	$325.43	+36.2%	COM	88160R101
SNAP	SNAP INC	799,959 (-39.9%)	$6,456 (-37.1%)	0.3%	$8.30	-4.7%	CL A	83304A106
EQT	EQT CORP	110,815 (-34.5%)	$5,940 (-35.5%)	0.3%	$40.84	+37.4%	COM	26884L109
ROKU	ROKU INC	104,002 (-19.7%)	$11,283 (-13.0%)	0.5%	$75.07	+35.2%	COM CL A	77543R102
VAL	VALARIS LTD	168,899 (-15.4%)	$8,513 (-12.5%)	0.4%	$37.62	+42.7%	CL A	G9460G101
NE	NOBLE CORP PLC	210,040 (-15.6%)	$5,932 (-15.8%)	0.3%	$22.94	+27.5%	ORD SHS A	G65431127
WW	WW INTL INC	316,597 (-15.9%)	$9,249 (-10.2%)	0.4%	$34.35	-18.6%	COM NEW	98262P200
NVDA	NVIDIA CORPORATION	438,214 (-1.0%)	$81,727 (-1.1%)	4.0%	$126.59	+47.0%	COM	67066G104
RIG	TRANSOCEAN LTD	1,649,457 (-16.8%)	$6,812 (+10.1%)	0.3%	$2.58	+50.6%	REGISTERED SHS	H8817H100
SDRL	SEADRILL LTD	247,094 (-17.8%)	$8,549 (-5.9%)	0.4%	$23.60	+32.0%	COM	G7997W102
AMR	ALPHA METALLURGICAL RESOUR I	58,481 (-21.0%)	$11,689 (-3.8%)	0.6%	$138.64	+24.7%	COM	020764106

Unchanged Positions (2)

QVCGA QVC GROUP INC 0.4%

Value ($000) $7,351 Shares 702,768 Est. Cost $5.74 Unrealized +89.6%

CZR CAESARS ENTERTAINMENT INC NE 0.5%

Value ($000) $10,147 Shares 433,832 Est. Cost $34.85 Unrealized -35.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QVCGA	QVC GROUP INC	702,768	$7,351	0.4%	$5.74	+89.6%	COM SER A NEW	74915M605
CZR	CAESARS ENTERTAINMENT INC NE	433,832	$10,147	0.5%	$34.85	-35.5%	COM	12769G100