Pinpoint Asset Management (Singapore) Pte. Ltd. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IQ 6.5 03/15/28	IQIYI INC	22,600,000	$22,713	4.7%	$1.00	—	NOTE 6.500% 3/1	G4939KAF3
GLD	SPDR GOLD TR	51,590	$20,446	4.3%	$396.31	—	GOLD SHS	78463V107
TCOM	TRIP COM GROUP LTD	206,366	$14,840	3.1%	$71.91	—	ADS	89677Q107
—	LI AUTO INC	2,500,000	$2,526	0.5%	$1.01	—	NOTE 0.250% 5/0	50202MAB8
—	MARA HOLDINGS INC	2,000,000	$1,592	0.3%	$0.80	—	NOTE 3/0	565788AF3
MU	MICRON TECHNOLOGY INC	5,211	$1,487	0.3%	$229.35	0.0%	COM	595112103
HTHT	H WORLD GROUP LTD	29,202	$1,374	0.3%	$47.05	—	SPONSORED ADS	44332N106
BIDU	BAIDU INC	8,983	$1,174	0.2%	$130.66	—	SPON ADR REP A	056752108
SDRL	SEADRILL LTD	28,888	$1,000	0.2%	$31.15	0.0%	COM	G7997W102
ASML	ASML HOLDING N V	826	$884	0.2%	$1069.86	—	N Y REGISTRY SHS	N07059210
RIOT	RIOT PLATFORMS INC	69,579	$882	0.2%	$17.11	0.0%	COM	767292105
MP	MP MATERIALS CORP	15,376	$777	0.2%	$63.41	0.0%	COM CL A	553368101
DLTR	DOLLAR TREE INC	6,259	$770	0.2%	$107.15	0.0%	COM	256746108
AS	AMER SPORTS INC	20,061	$749	0.2%	$34.31	0.0%	COM SHS	G0260P102
NIO	NIO INC	139,176	$710	0.1%	$5.10	—	SPON ADS	62914V106
SANM	SANMINA CORPORATION	4,530	$680	0.1%	$147.61	0.0%	COM	801056102
LRCX	LAM RESEARCH CORP	3,856	$660	0.1%	$155.36	0.0%	COM NEW	512807306
FIVE	FIVE BELOW INC	3,404	$641	0.1%	$162.56	0.0%	COM	33829M101
SOLS	SOLSTICE ADVANCED MATLS INC	12,800	$622	0.1%	$47.08	0.0%	COM SHS	83443Q103
QFIN	QFIN HOLDINGS INC	28,375	$547	0.1%	$19.27	—	AMERICAN DEP	88557W101
INTC	INTEL CORP	14,800	$546	0.1%	$37.76	0.0%	COM	458140100
AEM	AGNICO EAGLE MINES LTD	3,217	$545	0.1%	$167.85	0.0%	COM	008474108
CCL	CARNIVAL CORP	17,053	$521	0.1%	$27.88	0.0%	UNIT 99/99/9999	143658300
HSHP	HIMALAYA SHIPPING LTD	53,407	$486	0.1%	$8.41	0.0%	ORD SHS	G4660A103
HUYA	HUYA INC	166,796	$480	0.1%	$2.88	—	ADS REP SHS A	44852D108
RCL	ROYAL CARIBBEAN GROUP	1,682	$469	0.1%	$281.58	0.0%	COM	V7780T103
GFS	GLOBALFOUNDRIES INC	12,588	$440	0.1%	$35.57	0.0%	ORDINARY SHARES	G39387108
CDE	COEUR MNG INC	22,411	$400	0.1%	$17.39	0.0%	COM NEW	192108504
LEVI	LEVI STRAUSS & CO NEW	18,139	$376	0.1%	$21.38	0.0%	CL A COM STK	52736R102
CAT	CATERPILLAR INC	609	$349	0.1%	$555.50	0.0%	COM	149123101
BITF	BITFARMS LTD	145,018	$341	0.1%	$3.42	0.0%	COM	09173B107
JBL	JABIL INC	1,446	$330	0.1%	$213.29	0.0%	COM	466313103
ALGM	ALLEGRO MICROSYSTEMS INC	12,050	$318	0.1%	$27.52	0.0%	COM	01749D105
CENX	CENTURY ALUM CO	7,032	$276	0.1%	$31.24	0.0%	COM	156431108
GAP	GAP INC	9,561	$245	0.1%	$24.07	0.0%	COM	364760108
YUMC	YUM CHINA HLDGS INC	5,093	$243	0.1%	$45.81	0.0%	COM	98850P109
MNSO	MINISO GROUP HLDG LTD	12,951	$243	0.1%	$18.75	—	SPONSORED ADS	66981J102
LULU	LULULEMON ATHLETICA INC	1,143	$238	0.0%	$181.15	0.0%	COM	550021109
CDLR	CADELER A S	12,693	$236	0.0%	$18.59	—	SPON ADR	12738K109
VALE	VALE S A	18,087	$236	0.0%	$13.03	—	SPONSORED ADS	91912E105
DECK	DECKERS OUTDOOR CORP	2,204	$228	0.0%	$93.73	0.0%	COM	243537107
ZTO	ZTO EXPRESS CAYMAN INC	10,863	$227	0.0%	$20.89	—	SPONSORED ADS A	98980A105
BTG	B2GOLD CORP	50,000	$226	0.0%	$4.66	0.0%	COM	11777Q209
AA	ALCOA CORP	4,158	$221	0.0%	$40.88	0.0%	COM	013872106
JD	JD.COM INC	7,245	$208	0.0%	$28.70	—	SPON ADS CL A	47215P106
LI	LI AUTO INC	11,400	$193	0.0%	$16.93	—	SPONSORED ADS	50202M102
DE	DEERE & CO	375	$175	0.0%	$467.69	0.0%	COM	244199105
SPGI	S&P GLOBAL INC	250	$131	0.0%	$494.21	0.0%	COM	78409V104
NE	NOBLE CORP PLC	4,430	$125	0.0%	$29.24	0.0%	ORD SHS A	G65431127
MLCO	MELCO RESORTS AND ENTMNT LTD	14,998	$114	0.0%	$7.57	—	ADR	585464100
SNDK	SANDISK CORP	272	$65	0.0%	$200.29	0.0%	COM	80004C200
LPLA	LPL FINL HLDGS INC	139	$50	0.0%	$353.69	0.0%	COM	50212V100
DG	DOLLAR GEN CORP NEW	300	$40	0.0%	$111.51	0.0%	COM	256677105
HMY	HARMONY GOLD MINING CO LTD	1,800	$36	0.0%	$19.90	—	SPONSORED ADR	413216300
VSCO	VICTORIAS SECRET AND CO	600	$33	0.0%	$39.72	0.0%	COMMON STOCK	926400102
OKTA	OKTA INC	278	$24	0.0%	$87.27	0.0%	CL A	679295105
KLAC	KLA CORP	19	$23	0.0%	$1171.91	0.0%	COM NEW	482480100
LAR	LITHIUM ARGENTINA AG	3,166	$18	0.0%	$4.75	0.0%	COM SHS	H5012F103
CRCL	CIRCLE INTERNET GROUP INC	71	$6	0.0%	$103.35	0.0%	COM CL A	172573107
MPWR	MONOLITHIC PWR SYS INC	1	$1	0.0%	$960.73	0.0%	COM	609839105
CRDO	CREDO TECHNOLOGY GROUP HOLDI	1	$0	0.0%	$153.78	0.0%	ORDINARY SHARES	G25457105
PSIX	POWER SOLUTIONS INTL INC	2	$0	0.0%	$71.37	0.0%	COM NEW	73933G202

Increased Positions (35)

GOOGL ALPHABET INC 10.7%

Value ($000) $51,301 (+111.4%) Shares 163,901 (+64.2%) Est. Cost $239.07 Unrealized +19.5%

PDD PDD HOLDINGS INC 14.8%

Value ($000) $70,960 (-13.3%) Shares 625,807 (+1.1%) Est. Cost $107.02 Unrealized —

VNET VNET GROUP INC 1.3%

Value ($000) $6,464 (-57.5%) Shares 764,056 (+1849.6%) Est. Cost $13.89 Unrealized —

META META PLATFORMS INC 1.6%

Value ($000) $7,648 (+414.0%) Shares 11,586 (+471.9%) Est. Cost $660.47 Unrealized +1.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.6%

Value ($000) $17,333 (+14.6%) Shares 57,038 (+5.5%) Est. Cost $230.55 Unrealized —

TER TERADYNE INC 1.1%

Value ($000) $5,489 (+53.2%) Shares 28,360 (+8.9%) Est. Cost $87.22 Unrealized +96.6%

AVGO BROADCOM INC 1.2%

Value ($000) $5,614 (+36.1%) Shares 16,222 (+29.7%) Est. Cost $256.64 Unrealized +39.1%

CYD CHINA YUCHAI INTL LTD 0.3%

Value ($000) $1,640 (+287.7%) Shares 46,196 (+351.8%) Est. Cost $32.19 Unrealized +13.2%

CSIQ CANADIAN SOLAR INC 0.3%

Value ($000) $1,284 (+1212.1%) Shares 54,005 (+619.8%) Est. Cost $20.43 Unrealized +6.7%

DKNG DRAFTKINGS INC NEW 0.2%

Value ($000) $968 (+725.3%) Shares 28,098 (+795.7%) Est. Cost $33.22 Unrealized -1.0%

TGB TASEKO MINES LTD 0.2%

Value ($000) $1,025 (+320.1%) Shares 181,064 (+214.0%) Est. Cost $4.19 Unrealized +12.2%

EL LAUDER ESTEE COS INC 0.2%

Value ($000) $975 (+240.2%) Shares 9,315 (+186.3%) Est. Cost $85.23 Unrealized +13.6%

SN SHARKNINJA INC 0.2%

Value ($000) $1,003 (+126.4%) Shares 8,961 (+108.7%) Est. Cost $92.76 Unrealized +6.3%

JOYY JOYY INC 0.1%

Value ($000) $501 (+21449.5%) Shares 7,730 (+19720.5%) Est. Cost $64.73 Unrealized —

BROS DUTCH BROS INC 0.2%

Value ($000) $962 (+106.3%) Shares 15,716 (+76.4%) Est. Cost $60.45 Unrealized -6.0%

AXTI AXT INC 0.1%

Value ($000) $557 (+431.6%) Shares 34,067 (+46.0%) Est. Cost $5.00 Unrealized +93.1%

RIG TRANSOCEAN LTD 0.1%

Value ($000) $500 (+507.4%) Shares 121,056 (+358.8%) Est. Cost $3.69 Unrealized +5.1%

TAL TAL EDUCATION GROUP 0.2%

Value ($000) $811 (+104.9%) Shares 74,346 (+110.4%) Est. Cost $10.58 Unrealized —

— TRIP COM GROUP LTD 5.0%

Value ($000) $24,058 (+1.7%) Shares 19,500,000 (+5.4%) Est. Cost $1.18 Unrealized —

RL RALPH LAUREN CORP 0.1%

Value ($000) $376 (+1185.2%) Shares 1,062 (+1041.9%) Est. Cost $331.72 Unrealized +2.5%

FSLR FIRST SOLAR INC 0.1%

Value ($000) $332 (+648.4%) Shares 1,270 (+531.8%) Est. Cost $242.67 Unrealized +3.9%

GDS GDS HLDGS LTD 0.8%

Value ($000) $3,815 (-5.4%) Shares 109,321 (+4.9%) Est. Cost $38.52 Unrealized —

MLI MUELLER INDS INC 0.1%

Value ($000) $243 (+178.7%) Shares 2,121 (+145.5%) Est. Cost $100.87 Unrealized +6.4%

AAOI APPLIED OPTOELECTRONICS INC 0.0%

Value ($000) $149 (+572811.6%) Shares 4,273 (+427200.0%) Est. Cost $29.85 Unrealized +0.0%

TSEM TOWER SEMICONDUCTOR LTD 0.0%

Value ($000) $125 (+86224.1%) Shares 1,066 (+53200.0%) Est. Cost $96.24 Unrealized +0.1%

WWW WOLVERINE WORLD WIDE INC 0.1%

Value ($000) $630 (-14.3%) Shares 34,684 (+29.6%) Est. Cost $24.71 Unrealized -18.7%

VIK VIKING HOLDINGS LTD 0.1%

Value ($000) $539 (+23.2%) Shares 7,542 (+7.2%) Est. Cost $59.91 Unrealized +6.5%

CEG CONSTELLATION ENERGY CORP 0.0%

Value ($000) $200 (+69.1%) Shares 567 (+57.5%) Est. Cost $337.15 Unrealized +7.7%

FUTU FUTU HLDGS LTD 0.3%

Value ($000) $1,595 (-4.6%) Shares 9,714 (+1.1%) Est. Cost $124.02 Unrealized —

RIO RIO TINTO PLC 0.1%

Value ($000) $284 (+31.8%) Shares 3,548 (+8.7%) Est. Cost $65.74 Unrealized —

ACMR ACM RESH INC 0.0%

Value ($000) $19 (+48353.8%) Shares 479 (+47800.0%) Est. Cost $37.23 Unrealized +0.1%

CLS CELESTICA INC 0.0%

Value ($000) $30 (+87.5%) Shares 100 (+56.3%) Est. Cost $236.57 Unrealized +27.4%

GLW CORNING INC 0.0%

Value ($000) $38 (+49.9%) Shares 434 (+40.5%) Est. Cost $71.02 Unrealized +21.1%

ALAB ASTERA LABS INC 0.0%

Value ($000) $58 (+24.1%) Shares 349 (+46.0%) Est. Cost $165.34 Unrealized +1.2%

TSLA TESLA INC 0.0%

Value ($000) $80 (+8.4%) Shares 178 (+7.2%) Est. Cost $350.78 Unrealized +26.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	163,901 (+64.2%)	$51,301 (+111.4%)	10.7%	$239.07	+19.5%	CAP STK CL A	02079K305
PDD	PDD HOLDINGS INC	625,807 (+1.1%)	$70,960 (-13.3%)	14.8%	$107.02	—	SPONSORED ADS	722304102
VNET	VNET GROUP INC	764,056 (+1849.6%)	$6,464 (-57.5%)	1.3%	$13.89	—	SPONSORED ADS A	90138A103
META	META PLATFORMS INC	11,586 (+471.9%)	$7,648 (+414.0%)	1.6%	$660.47	+1.0%	CL A	30303M102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	57,038 (+5.5%)	$17,333 (+14.6%)	3.6%	$230.55	—	SPONSORED ADS	874039100
TER	TERADYNE INC	28,360 (+8.9%)	$5,489 (+53.2%)	1.1%	$87.22	+96.6%	COM	880770102
AVGO	BROADCOM INC	16,222 (+29.7%)	$5,614 (+36.1%)	1.2%	$256.64	+39.1%	COM	11135F101
CYD	CHINA YUCHAI INTL LTD	46,196 (+351.8%)	$1,640 (+287.7%)	0.3%	$32.19	+13.2%	COM	G21082105
CSIQ	CANADIAN SOLAR INC	54,005 (+619.8%)	$1,284 (+1212.1%)	0.3%	$20.43	+6.7%	COM	136635109
DKNG	DRAFTKINGS INC NEW	28,098 (+795.7%)	$968 (+725.3%)	0.2%	$33.22	-1.0%	COM CL A	26142V105
TGB	TASEKO MINES LTD	181,064 (+214.0%)	$1,025 (+320.1%)	0.2%	$4.19	+12.2%	COM	876511106
EL	LAUDER ESTEE COS INC	9,315 (+186.3%)	$975 (+240.2%)	0.2%	$85.23	+13.6%	CL A	518439104
SN	SHARKNINJA INC	8,961 (+108.7%)	$1,003 (+126.4%)	0.2%	$92.76	+6.3%	COM SHS	G8068L108
JOYY	JOYY INC	7,730 (+19720.5%)	$501 (+21449.5%)	0.1%	$64.73	—	ADS REPSTG COM A	46591M109
BROS	DUTCH BROS INC	15,716 (+76.4%)	$962 (+106.3%)	0.2%	$60.45	-6.0%	CL A	26701L100
AXTI	AXT INC	34,067 (+46.0%)	$557 (+431.6%)	0.1%	$5.00	+93.1%	COM	00246W103
RIG	TRANSOCEAN LTD	121,056 (+358.8%)	$500 (+507.4%)	0.1%	$3.69	+5.1%	REGISTERED SHS	H8817H100
TAL	TAL EDUCATION GROUP	74,346 (+110.4%)	$811 (+104.9%)	0.2%	$10.58	—	SPONSORED ADS	874080104
—	TRIP COM GROUP LTD	19,500,000 (+5.4%)	$24,058 (+1.7%)	5.0%	$1.18	—	NOTE 0.750% 6/1	89677QAB3
RL	RALPH LAUREN CORP	1,062 (+1041.9%)	$376 (+1185.2%)	0.1%	$331.72	+2.5%	CL A	751212101
FSLR	FIRST SOLAR INC	1,270 (+531.8%)	$332 (+648.4%)	0.1%	$242.67	+3.9%	COM	336433107
GDS	GDS HLDGS LTD	109,321 (+4.9%)	$3,815 (-5.4%)	0.8%	$38.52	—	SPONSORED ADS	36165L108
MLI	MUELLER INDS INC	2,121 (+145.5%)	$243 (+178.7%)	0.1%	$100.87	+6.4%	COM	624756102
AAOI	APPLIED OPTOELECTRONICS INC	4,273 (+427200.0%)	$149 (+572811.6%)	0.0%	$29.85	+0.0%	COM	03823U102
TSEM	TOWER SEMICONDUCTOR LTD	1,066 (+53200.0%)	$125 (+86224.1%)	0.0%	$96.24	+0.1%	SHS NEW	M87915274
WWW	WOLVERINE WORLD WIDE INC	34,684 (+29.6%)	$630 (-14.3%)	0.1%	$24.71	-18.7%	COM	978097103
VIK	VIKING HOLDINGS LTD	7,542 (+7.2%)	$539 (+23.2%)	0.1%	$59.91	+6.5%	ORD SHS	G93A5A101
CEG	CONSTELLATION ENERGY CORP	567 (+57.5%)	$200 (+69.1%)	0.0%	$337.15	+7.7%	COM	21037T109
FUTU	FUTU HLDGS LTD	9,714 (+1.1%)	$1,595 (-4.6%)	0.3%	$124.02	—	SPON ADS CL A	36118L106
RIO	RIO TINTO PLC	3,548 (+8.7%)	$284 (+31.8%)	0.1%	$65.74	—	SPONSORED ADR	767204100
ACMR	ACM RESH INC	479 (+47800.0%)	$19 (+48353.8%)	0.0%	$37.23	+0.1%	COM CL A	00108J109
CLS	CELESTICA INC	100 (+56.3%)	$30 (+87.5%)	0.0%	$236.57	+27.4%	COM	15101Q207
GLW	CORNING INC	434 (+40.5%)	$38 (+49.9%)	0.0%	$71.02	+21.1%	COM	219350105
ALAB	ASTERA LABS INC	349 (+46.0%)	$58 (+24.1%)	0.0%	$165.34	+1.2%	COM	04626A103
TSLA	TESLA INC	178 (+7.2%)	$80 (+8.4%)	0.0%	$350.78	+26.4%	COM	88160R101

Exited Positions (39)

— PDD HOLDINGS INC 4.4%

Value ($000) $21,149 Shares 21,327,000 Est. Cost $0.98 Unrealized —

— CANADIAN SOLAR INC 4.2%

Value ($000) $20,250 Shares 20,000,000 Est. Cost $0.98 Unrealized —

HDB HDFC BANK LTD 4.2%

Value ($000) $20,135 Shares 589,247 Est. Cost $34.17 Unrealized —

INFY INFOSYS LTD 3.2%

Value ($000) $15,225 Shares 935,797 Est. Cost $17.81 Unrealized —

IBN ICICI BANK LIMITED 1.6%

Value ($000) $7,544 Shares 249,550 Est. Cost $32.79 Unrealized —

BEKE KE HLDGS INC 1.5%

Value ($000) $6,994 Shares 368,114 Est. Cost $29.76 Unrealized —

VIPS VIPSHOP HLDGS LTD 1.0%

Value ($000) $4,971 Shares 253,118 Est. Cost $19.64 Unrealized —

RDY DR REDDYS LABS LTD 1.0%

Value ($000) $4,760 Shares 340,497 Est. Cost $13.98 Unrealized —

— WEIBO CORP 0.9%

Value ($000) $4,435 Shares 3,400,000 Est. Cost $1.14 Unrealized —

XYZ BLOCK INC 0.9%

Value ($000) $4,126 Shares 12,506 Est. Cost $74.85 Unrealized -7.8%

LNWO LIGHT & WONDER INC 0.6%

Value ($000) $3,027 Shares 36,067 Est. Cost $91.50 Unrealized -3.6%

ONTO ONTO INNOVATION INC 0.6%

Value ($000) $2,840 Shares 21,979 Est. Cost $106.80 Unrealized +33.0%

NVS NOVARTIS AG 0.5%

Value ($000) $2,565 Shares 20,000 Est. Cost $121.01 Unrealized —

— TOTALENERGIES SE 0.4%

Value ($000) $1,869 Shares 30,885 Est. Cost $61.39 Unrealized —

SMFG SUMITOMO MITSUI FINL GROUP I 0.3%

Value ($000) $1,674 Shares 100,000 Est. Cost $16.74 Unrealized —

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $1,446 Shares 36,863 Est. Cost $42.71 Unrealized +1.4%

ASX ASE TECHNOLOGY HLDG CO LTD 0.3%

Value ($000) $1,422 Shares 128,247 Est. Cost $11.09 Unrealized —

PAAS PAN AMERN SILVER CORP 0.2%

Value ($000) $1,074 Shares 27,741 Est. Cost $32.15 Unrealized +30.2%

KT KT CORP 0.2%

Value ($000) $1,003 Shares 51,420 Est. Cost $20.78 Unrealized —

SONY SONY GROUP CORP 0.2%

Value ($000) $843 Shares 29,296 Est. Cost $28.79 Unrealized —

WYNN WYNN RESORTS LTD 0.2%

Value ($000) $789 Shares 6,151 Est. Cost $115.07 Unrealized +7.4%

— FREEPORT-MCMORAN INC 0.1%

Value ($000) $424 Shares 522 Est. Cost — Unrealized —

BIRK BIRKENSTOCK HOLDING PLC 0.1%

Value ($000) $374 Shares 8,266 Est. Cost $50.75 Unrealized -16.6%

ONON ON HLDG AG 0.1%

Value ($000) $368 Shares 8,690 Est. Cost $47.59 Unrealized -9.5%

SMTC SEMTECH CORP 0.1%

Value ($000) $344 Shares 4,820 Est. Cost $54.29 Unrealized +30.7%

SIMO SILICON MOTION TECHNOLOGY CO 0.1%

Value ($000) $320 Shares 3,374 Est. Cost $94.81 Unrealized —

SITM SITIME CORP 0.1%

Value ($000) $290 Shares 964 Est. Cost $231.82 Unrealized +35.0%

LVS LAS VEGAS SANDS CORP 0.1%

Value ($000) $288 Shares 5,349 Est. Cost $52.28 Unrealized +17.1%

NGD NEW GOLD INC CDA 0.1%

Value ($000) $282 Shares 39,238 Est. Cost $4.11 Unrealized +83.3%

ROST ROSS STORES INC 0.1%

Value ($000) $256 Shares 1,681 Est. Cost $142.18 Unrealized +17.2%

H HYATT HOTELS CORP 0.1%

Value ($000) $252 Shares 1,773 Est. Cost $143.17 Unrealized +7.0%

SEI SOLARIS ENERGY INFRAS INC 0.0%

Value ($000) $180 Shares 4,506 Est. Cost $31.12 Unrealized +55.2%

CUK CARNIVAL PLC 0.0%

Value ($000) $127 Shares 4,400 Est. Cost $28.91 Unrealized —

DAL DELTA AIR LINES INC DEL 0.0%

Value ($000) $79 Shares 1,396 Est. Cost $56.83 Unrealized +9.9%

DQ DAQO NEW ENERGY CORP 0.0%

Value ($000) $74 Shares 2,633 Est. Cost $26.65 Unrealized —

— POWER SOLUTIONS INTL INC 0.0%

Value ($000) $35 Shares 354 Est. Cost $98.22 Unrealized —

TPR TAPESTRY INC 0.0%

Value ($000) $33 Shares 290 Est. Cost $74.95 Unrealized +52.1%

VST VISTRA CORP 0.0%

Value ($000) $28 Shares 144 Est. Cost $197.68 Unrealized -8.0%

TME TENCENT MUSIC ENTMT GROUP 0.0%

Value ($000) $7 Shares 317 Est. Cost $23.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PDD HOLDINGS INC	21,327,000	$21,149	4.4%	$0.98	—	—	722304AC6
—	CANADIAN SOLAR INC	20,000,000	$20,250	4.2%	$0.98	—	—	136635AG4
HDB	HDFC BANK LTD	589,247	$20,135	4.2%	$34.17	—	—	40415F101
INFY	INFOSYS LTD	935,797	$15,225	3.2%	$17.81	—	—	456788108
IBN	ICICI BANK LIMITED	249,550	$7,544	1.6%	$32.79	—	—	45104G104
BEKE	KE HLDGS INC	368,114	$6,994	1.5%	$29.76	—	—	482497104
VIPS	VIPSHOP HLDGS LTD	253,118	$4,971	1.0%	$19.64	—	—	92763W103
RDY	DR REDDYS LABS LTD	340,497	$4,760	1.0%	$13.98	—	—	256135203
—	WEIBO CORP	3,400,000	$4,435	0.9%	$1.14	—	—	948596AJ0
XYZ	BLOCK INC	12,506	$4,126	0.9%	$74.85	-7.8%	—	852234103
LNWO	LIGHT & WONDER INC	36,067	$3,027	0.6%	$91.50	-3.6%	—	80874P109
ONTO	ONTO INNOVATION INC	21,979	$2,840	0.6%	$106.80	+33.0%	—	683344105
NVS	NOVARTIS AG	20,000	$2,565	0.5%	$121.01	—	—	66987V109
—	TOTALENERGIES SE	30,885	$1,869	0.4%	$61.39	—	—	89151E109
SMFG	SUMITOMO MITSUI FINL GROUP I	100,000	$1,674	0.3%	$16.74	—	—	86562M209
FCX	FREEPORT-MCMORAN INC	36,863	$1,446	0.3%	$42.71	+1.4%	—	35671D857
ASX	ASE TECHNOLOGY HLDG CO LTD	128,247	$1,422	0.3%	$11.09	—	—	00215W100
PAAS	PAN AMERN SILVER CORP	27,741	$1,074	0.2%	$32.15	+30.2%	—	697900108
KT	KT CORP	51,420	$1,003	0.2%	$20.78	—	—	48268K101
SONY	SONY GROUP CORP	29,296	$843	0.2%	$28.79	—	—	835699307
WYNN	WYNN RESORTS LTD	6,151	$789	0.2%	$115.07	+7.4%	—	983134107
—	FREEPORT-MCMORAN INC	522	$424	0.1%	—	—	PUT	35671D957
BIRK	BIRKENSTOCK HOLDING PLC	8,266	$374	0.1%	$50.75	-16.6%	—	M2029K104
ONON	ON HLDG AG	8,690	$368	0.1%	$47.59	-9.5%	—	H5919C104
SMTC	SEMTECH CORP	4,820	$344	0.1%	$54.29	+30.7%	—	816850101
SIMO	SILICON MOTION TECHNOLOGY CO	3,374	$320	0.1%	$94.81	—	—	82706C108
SITM	SITIME CORP	964	$290	0.1%	$231.82	+35.0%	—	82982T106
LVS	LAS VEGAS SANDS CORP	5,349	$288	0.1%	$52.28	+17.1%	—	517834107
NGD	NEW GOLD INC CDA	39,238	$282	0.1%	$4.11	+83.3%	—	644535106
ROST	ROSS STORES INC	1,681	$256	0.1%	$142.18	+17.2%	—	778296103
H	HYATT HOTELS CORP	1,773	$252	0.1%	$143.17	+7.0%	—	448579102
SEI	SOLARIS ENERGY INFRAS INC	4,506	$180	0.0%	$31.12	+55.2%	—	83418M103
CUK	CARNIVAL PLC	4,400	$127	0.0%	$28.91	—	—	14365C103
DAL	DELTA AIR LINES INC DEL	1,396	$79	0.0%	$56.83	+9.9%	—	247361702
DQ	DAQO NEW ENERGY CORP	2,633	$74	0.0%	$26.65	—	—	23703Q203
—	POWER SOLUTIONS INTL INC	354	$35	0.0%	$98.22	—	—	73933G902
TPR	TAPESTRY INC	290	$33	0.0%	$74.95	+52.1%	—	876030107
VST	VISTRA CORP	144	$28	0.0%	$197.68	-8.0%	—	92840M102
TME	TENCENT MUSIC ENTMT GROUP	317	$7	0.0%	$23.34	—	—	88034P109

Decreased Positions (30)

YMM FULL TRUCK ALLIANCE CO LTD 4.8%

Value ($000) $22,860 (-56.7%) Shares 2,130,451 (-47.6%) Est. Cost $11.81 Unrealized —

LITE LUMENTUM HLDGS INC 1.3%

Value ($000) $6,304 (+55.3%) Shares 17,103 (-31.4%) Est. Cost $70.96 Unrealized +261.9%

WDC WESTERN DIGITAL CORP 0.0%

Value ($000) $0 (-100.0%) Shares 1 (-100.0%) Est. Cost $81.60 Unrealized +85.7%

RDDT REDDIT INC 0.5%

Value ($000) $2,365 (-42.6%) Shares 10,290 (-42.6%) Est. Cost $204.09 Unrealized +3.0%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $919 (-62.4%) Shares 6,272 (-54.1%) Est. Cost $178.73 Unrealized —

NEM NEWMONT CORP 0.1%

Value ($000) $331 (-78.9%) Shares 3,313 (-82.2%) Est. Cost $69.39 Unrealized +30.0%

FRO FRONTLINE PLC 1.2%

Value ($000) $5,945 (-16.4%) Shares 272,455 (-12.7%) Est. Cost $16.83 Unrealized +38.9%

ATAT ATOUR LIFESTYLE HLDGS LTD 0.0%

Value ($000) $237 (-82.8%) Shares 6,006 (-83.6%) Est. Cost $41.99 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value ($000) $7 (-99.4%) Shares 14 (-99.3%) Est. Cost $508.71 Unrealized -1.6%

STX SEAGATE TECHNOLOGY HLDNGS PL 1.9%

Value ($000) $8,979 (+6.6%) Shares 32,603 (-8.5%) Est. Cost $102.43 Unrealized +152.8%

WMT WALMART INC 0.1%

Value ($000) $520 (-43.1%) Shares 4,668 (-47.4%) Est. Cost $99.23 Unrealized +8.0%

RMBS RAMBUS INC DEL 0.0%

Value ($000) $0 (-100.0%) Shares 1 (-100.0%) Est. Cost $77.08 Unrealized +27.7%

SCCO SOUTHERN COPPER CORP 0.2%

Value ($000) $758 (-29.2%) Shares 5,284 (-40.1%) Est. Cost $97.61 Unrealized +36.0%

CSCO CISCO SYS INC 0.0%

Value ($000) $3 (-99.0%) Shares 41 (-99.1%) Est. Cost $60.38 Unrealized +22.2%

UEC URANIUM ENERGY CORP 0.1%

Value ($000) $412 (-40.6%) Shares 35,242 (-32.2%) Est. Cost $10.01 Unrealized +31.2%

RERE ATRENEW INC 0.0%

Value ($000) $80 (-77.5%) Shares 15,000 (-80.5%) Est. Cost $4.60 Unrealized —

YSG YATSEN HLDG LTD 0.0%

Value ($000) $104 (-70.6%) Shares 26,826 (-31.5%) Est. Cost $9.64 Unrealized —

COHR COHERENT CORP 0.1%

Value ($000) $436 (-31.2%) Shares 2,361 (-59.8%) Est. Cost $71.97 Unrealized +107.8%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $1,134 (-13.8%) Shares 6,083 (-13.8%) Est. Cost $174.29 Unrealized +6.8%

VIOT VIOMI TECHNOLOGY CO LTD 0.0%

Value ($000) $28 (-86.2%) Shares 14,988 (-75.0%) Est. Cost $3.34 Unrealized —

HERE HERE GROUP LTD 0.0%

Value ($000) $88 (-66.0%) Shares 17,200 (-40.0%) Est. Cost $9.45 Unrealized —

BE BLOOM ENERGY CORP 0.0%

Value ($000) $1 (-99.5%) Shares 10 (-99.5%) Est. Cost $46.44 Unrealized +126.3%

ESLT ELBIT SYS LTD 0.8%

Value ($000) $3,712 (+4.5%) Shares 6,425 (-7.8%) Est. Cost $451.24 Unrealized +10.9%

AREC AMERICAN RES CORP 0.0%

Value ($000) $30 (-75.1%) Shares 11,902 (-72.9%) Est. Cost $1.71 Unrealized +94.9%

UUUU ENERGY FUELS INC 0.0%

Value ($000) $38 (-58.8%) Shares 2,599 (-56.5%) Est. Cost $8.82 Unrealized +92.4%

ZIM ZIM INTEGRATED SHIPPING SERV 0.0%

Value ($000) $147 (-17.1%) Shares 6,940 (-47.1%) Est. Cost $15.18 Unrealized +10.5%

AMAT APPLIED MATLS INC 0.1%

Value ($000) $620 (+4.6%) Shares 2,411 (-16.7%) Est. Cost $180.78 Unrealized +32.5%

IBKR INTERACTIVE BROKERS GROUP IN 0.0%

Value ($000) $49 (-29.6%) Shares 768 (-24.6%) Est. Cost $62.79 Unrealized +6.5%

SGML SIGMA LITHIUM CORPORATION 0.1%

Value ($000) $297 (-3.7%) Shares 22,498 (-53.2%) Est. Cost $6.01 Unrealized +43.2%

CRML CRITICAL METALS CORP 0.0%

Value ($000) $31 (-17.8%) Shares 4,522 (-26.3%) Est. Cost $5.12 Unrealized +112.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
YMM	FULL TRUCK ALLIANCE CO LTD	2,130,451 (-47.6%)	$22,860 (-56.7%)	4.8%	$11.81	—	SPONSORED ADS	35969L108
LITE	LUMENTUM HLDGS INC	17,103 (-31.4%)	$6,304 (+55.3%)	1.3%	$70.96	+261.9%	COM	55024U109
WDC	WESTERN DIGITAL CORP	1 (-100.0%)	$0 (-100.0%)	0.0%	$81.60	+85.7%	COM	958102105
RDDT	REDDIT INC	10,290 (-42.6%)	$2,365 (-42.6%)	0.5%	$204.09	+3.0%	CL A	75734B100
BABA	ALIBABA GROUP HLDG LTD	6,272 (-54.1%)	$919 (-62.4%)	0.2%	$178.73	—	SPONSORED ADS	01609W102
NEM	NEWMONT CORP	3,313 (-82.2%)	$331 (-78.9%)	0.1%	$69.39	+30.0%	COM	651639106
FRO	FRONTLINE PLC	272,455 (-12.7%)	$5,945 (-16.4%)	1.2%	$16.83	+38.9%	COM	M46528101
ATAT	ATOUR LIFESTYLE HLDGS LTD	6,006 (-83.6%)	$237 (-82.8%)	0.0%	$41.99	—	SPONSORED ADS	04965M106
MSFT	MICROSOFT CORP	14 (-99.3%)	$7 (-99.4%)	0.0%	$508.71	-1.6%	COM	594918104
STX	SEAGATE TECHNOLOGY HLDNGS PL	32,603 (-8.5%)	$8,979 (+6.6%)	1.9%	$102.43	+152.8%	ORD SHS	G7997R103
WMT	WALMART INC	4,668 (-47.4%)	$520 (-43.1%)	0.1%	$99.23	+8.0%	COM	931142103
RMBS	RAMBUS INC DEL	1 (-100.0%)	$0 (-100.0%)	0.0%	$77.08	+27.7%	COM	750917106
SCCO	SOUTHERN COPPER CORP	5,284 (-40.1%)	$758 (-29.2%)	0.2%	$97.61	+36.0%	COM	84265V105
CSCO	CISCO SYS INC	41 (-99.1%)	$3 (-99.0%)	0.0%	$60.38	+22.2%	COM	17275R102
UEC	URANIUM ENERGY CORP	35,242 (-32.2%)	$412 (-40.6%)	0.1%	$10.01	+31.2%	COM	916896103
RERE	ATRENEW INC	15,000 (-80.5%)	$80 (-77.5%)	0.0%	$4.60	—	SPONSORED ADS	00138L108
YSG	YATSEN HLDG LTD	26,826 (-31.5%)	$104 (-70.6%)	0.0%	$9.64	—	SPONSORED ADS	985194208
COHR	COHERENT CORP	2,361 (-59.8%)	$436 (-31.2%)	0.1%	$71.97	+107.8%	COM	19247G107
NVDA	NVIDIA CORPORATION	6,083 (-13.8%)	$1,134 (-13.8%)	0.2%	$174.29	+6.8%	COM	67066G104
VIOT	VIOMI TECHNOLOGY CO LTD	14,988 (-75.0%)	$28 (-86.2%)	0.0%	$3.34	—	SPONSORED ADS	92762J103
HERE	HERE GROUP LTD	17,200 (-40.0%)	$88 (-66.0%)	0.0%	$9.45	—	ADS	74767N107
BE	BLOOM ENERGY CORP	10 (-99.5%)	$1 (-99.5%)	0.0%	$46.44	+126.3%	COM CL A	093712107
ESLT	ELBIT SYS LTD	6,425 (-7.8%)	$3,712 (+4.5%)	0.8%	$451.24	+10.9%	ORD	M3760D101
AREC	AMERICAN RES CORP	11,902 (-72.9%)	$30 (-75.1%)	0.0%	$1.71	+94.9%	CL A	02927U208
UUUU	ENERGY FUELS INC	2,599 (-56.5%)	$38 (-58.8%)	0.0%	$8.82	+92.4%	COM NEW	292671708
ZIM	ZIM INTEGRATED SHIPPING SERV	6,940 (-47.1%)	$147 (-17.1%)	0.0%	$15.18	+10.5%	SHS	M9T951109
AMAT	APPLIED MATLS INC	2,411 (-16.7%)	$620 (+4.6%)	0.1%	$180.78	+32.5%	COM	038222105
IBKR	INTERACTIVE BROKERS GROUP IN	768 (-24.6%)	$49 (-29.6%)	0.0%	$62.79	+6.5%	COM CL A	45841N107
SGML	SIGMA LITHIUM CORPORATION	22,498 (-53.2%)	$297 (-3.7%)	0.1%	$6.01	+43.2%	COM	826599102
CRML	CRITICAL METALS CORP	4,522 (-26.3%)	$31 (-17.8%)	0.0%	$5.12	+112.8%	PUBCO ORD SHS	G2662B103

Unchanged Positions (14)

IBIT ISHARES BITCOIN TRUST ETF 18.5%

Value ($000) $88,753 Shares 1,787,571 Est. Cost $61.21 Unrealized —

— LUMENTUM HLDGS INC 3.0%

Value ($000) $14,196 Shares 5,000,000 Est. Cost $1.40 Unrealized —

— COINBASE GLOBAL INC 1.1%

Value ($000) $5,141 Shares 5,000,000 Est. Cost $1.31 Unrealized —

— H WORLD GROUP LTD 1.3%

Value ($000) $6,380 Shares 5,000,000 Est. Cost $1.06 Unrealized —

— JD.COM INC 2.1%

Value ($000) $10,030 Shares 10,000,000 Est. Cost $1.05 Unrealized —

— COINBASE GLOBAL INC 0.9%

Value ($000) $4,500 Shares 4,500,000 Est. Cost $1.16 Unrealized —

ONC BEONE MEDICINES LTD 0.3%

Value ($000) $1,329 Shares 4,374 Est. Cost $242.07 Unrealized —

— MARA HOLDINGS INC 0.2%

Value ($000) $930 Shares 1,000,000 Est. Cost $0.94 Unrealized —

CCJ CAMECO CORP 0.0%

Value ($000) $91 Shares 1,000 Est. Cost $77.39 Unrealized +16.2%

MTSI MACOM TECH SOLUTIONS HLDGS I 0.0%

Value ($000) $0 Shares 1 Est. Cost $116.84 Unrealized +35.8%

TTMI TTM TECHNOLOGIES INC 0.0%

Value ($000) $0 Shares 1 Est. Cost $27.65 Unrealized +136.0%

KLIC KULICKE & SOFFA INDS INC 0.0%

Value ($000) $0 Shares 1 Est. Cost $32.05 Unrealized +31.3%

HIMX HIMAX TECHNOLOGIES INC 0.0%

Value ($000) $0 Shares 1 Est. Cost $9.00 Unrealized —

NVTS NAVITAS SEMICONDUCTOR CORP 0.0%

Value ($000) $0 Shares 1 Est. Cost $3.85 Unrealized +149.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	1,787,571	$88,753	18.5%	$61.21	—	SHS BEN INT	46438F101
—	LUMENTUM HLDGS INC	5,000,000	$14,196	3.0%	$1.40	—	NOTE 0.500% 6/1	55024UAF6
—	COINBASE GLOBAL INC	5,000,000	$5,141	1.1%	$1.31	—	NOTE 0.250% 4/0	19260QAF4
—	H WORLD GROUP LTD	5,000,000	$6,380	1.3%	$1.06	—	NOTE 3.000% 5/0	44332NAB2
—	JD.COM INC	10,000,000	$10,030	2.1%	$1.05	—	NOTE 0.250% 6/0	47215PAJ5
—	COINBASE GLOBAL INC	4,500,000	$4,500	0.9%	$1.16	—	NOTE 0.500% 6/0	19260QAB3
ONC	BEONE MEDICINES LTD	4,374	$1,329	0.3%	$242.07	—	SPONSORED ADS	07725L102
—	MARA HOLDINGS INC	1,000,000	$930	0.2%	$0.94	—	NOTE 1.000%12/0	565788AB2
CCJ	CAMECO CORP	1,000	$91	0.0%	$77.39	+16.2%	COM	13321L108
MTSI	MACOM TECH SOLUTIONS HLDGS I	1	$0	0.0%	$116.84	+35.8%	COM	55405Y100
TTMI	TTM TECHNOLOGIES INC	1	$0	0.0%	$27.65	+136.0%	COM	87305R109
KLIC	KULICKE & SOFFA INDS INC	1	$0	0.0%	$32.05	+31.3%	COM	501242101
HIMX	HIMAX TECHNOLOGIES INC	1	$0	0.0%	$9.00	—	SPONSORED ADR	43289P106
NVTS	NAVITAS SEMICONDUCTOR CORP	1	$0	0.0%	$3.85	+149.6%	COM	63942X106