Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBIS	NEBIUS GROUP N.V.	25,487	$7.039M	3.3%	$276.17	—	SHS CLASS A	N97284108
WDC	WESTERN DIGITAL CORP	10,710	$6.841M	3.2%	$638.72	—	COM	958102105
LRCX	LAM RESEARCH CORP	14,660	$6.353M	3.0%	$433.33	—	COM NEW	512807306
STX	SEAGATE TECHNOLOGY HLDNGS PL	5,030	$4.854M	2.3%	$965.00	—	ORD SHS	G7997R103
DELL	DELL TECHNOLOGIES INC	4,950	$2.136M	1.0%	$431.46	—	CL C	24703L202
LSCC	LATTICE SEMICONDUCTOR CORP	13,200	$2.019M	0.9%	$152.96	—	COM	518415104
ADI	ANALOG DEVICES INC	4,600	$1.827M	0.8%	$397.17	—	COM	032654105
SNOW	SNOWFLAKE INC	3,130	$797K	0.4%	$254.50	—	COM SHS	833445109
AMAT	APPLIED MATLS INC	850	$615K	0.3%	$723.00	—	COM	038222105
ARM	ARM HOLDINGS PLC	1,250	$443K	0.2%	$354.57	—	SPONSORED ADS	042068205
CTRE	CARETRUST REIT INC	5,738	$232K	0.1%	$40.35	—	COM	14174T107
NOK	NOKIA CORP	13,190	$175K	0.1%	$13.28	—	SPONSORED ADR	654902204
GDS	GDS HLDGS LTD	4,640	$139K	0.1%	$30.03	—	SPONSORED ADS	36165L108

Increased Positions (12)

AMD ADVANCED MICRO DEVICES INC 10.1%

Value $21.71M (+918.3%) Shares 37,370 (+256.6%) Est. Cost $480.17 Unrealized —

SNDK SANDISK CORP 7.9%

Value $17.1M (+527.3%) Shares 7,520 (+75.3%) Est. Cost $1271.27 Unrealized —

MU MICRON TECHNOLOGY INC 7.2%

Value $15.44M (+450.1%) Shares 13,380 (+61.0%) Est. Cost $677.77 Unrealized —

YB YUANBAO INC 8.6%

Value $18.51M (+96.6%) Shares 1,214,593 (+127.5%) Est. Cost $16.44 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 3.9%

Value $8.322M (+5324.9%) Shares 249,996 (+6160.9%) Est. Cost $33.55 Unrealized —

AVGO BROADCOM INC 6.1%

Value $13.21M (+24.3%) Shares 34,980 (+1.8%) Est. Cost $334.94 Unrealized —

VTR VENTAS INC 0.1%

Value $322K (+688.5%) Shares 3,631 (+626.2%) Est. Cost $86.90 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 0.1%

Value $252K (+239.7%) Shares 4,838 (+207.2%) Est. Cost $50.49 Unrealized —

WELL WELLTOWER INC 0.1%

Value $224K (+152.6%) Shares 988 (+120.0%) Est. Cost $208.57 Unrealized —

ETHA ISHARES ETHEREUM TR 0.1%

Value $199K (+68.9%) Shares 16,750 (+124.8%) Est. Cost $16.53 Unrealized —

IRM IRON MTN INC DEL 0.0%

Value $103K (+121.5%) Shares 815 (+79.1%) Est. Cost $107.59 Unrealized —

BMNR BITMINE IMMERSION TECHS INC 0.1%

Value $122K (+40.7%) Shares 9,200 (+109.1%) Est. Cost $26.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	37,370 (+256.6%)	$21.71M (+918.3%)	10.1%	$480.17	—	COM	007903107
SNDK	SANDISK CORP	7,520 (+75.3%)	$17.1M (+527.3%)	7.9%	$1271.27	—	COM	80004C200
MU	MICRON TECHNOLOGY INC	13,380 (+61.0%)	$15.44M (+450.1%)	7.2%	$677.77	—	COM	595112103
YB	YUANBAO INC	1,214,593 (+127.5%)	$18.51M (+96.6%)	8.6%	$16.44	—	SPONSORED ADS	987910106
IBIT	ISHARES BITCOIN TRUST ETF	249,996 (+6160.9%)	$8.322M (+5324.9%)	3.9%	$33.55	—	SHS BEN INT	46438F101
AVGO	BROADCOM INC	34,980 (+1.8%)	$13.21M (+24.3%)	6.1%	$334.94	—	COM	11135F101
VTR	VENTAS INC	3,631 (+626.2%)	$322K (+688.5%)	0.1%	$86.90	—	COM	92276F100
AHR	AMERICAN HEALTHCARE REIT INC	4,838 (+207.2%)	$252K (+239.7%)	0.1%	$50.49	—	COM SHS	398182303
WELL	WELLTOWER INC	988 (+120.0%)	$224K (+152.6%)	0.1%	$208.57	—	COM	95040Q104
ETHA	ISHARES ETHEREUM TR	16,750 (+124.8%)	$199K (+68.9%)	0.1%	$16.53	—	SHS	46438R105
IRM	IRON MTN INC DEL	815 (+79.1%)	$103K (+121.5%)	0.0%	$107.59	—	COM	46284V101
BMNR	BITMINE IMMERSION TECHS INC	9,200 (+109.1%)	$122K (+40.7%)	0.1%	$26.33	—	COM NEW	09175A206

Exited Positions (10)

PBR PETROLEO BRASILEIRO S A 8.2%

Value $17.69M Shares 852,338 Est. Cost $20.75 Unrealized —

GOOG ALPHABET INC 4.2%

Value $9.099M Shares 31,720 Est. Cost $303.26 Unrealized —

META META PLATFORMS CL A ORD 2.3%

Value $4.892M Shares 8,550 Est. Cost $663.98 Unrealized —

FUTU FUTU HLDGS LTD 1.9%

Value $4.011M Shares 29,330 Est. Cost $136.76 Unrealized —

VRT VERTIV HOLDINGS CO 1.5%

Value $3.159M Shares 12,605 Est. Cost $199.85 Unrealized —

RBLX ROBLOX CORP 0.8%

Value $1.697M Shares 30,000 Est. Cost $71.75 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.7%

Value $1.521M Shares 10,400 Est. Cost $154.17 Unrealized —

APH AMPHENOL CORP 0.7%

Value $1.472M Shares 11,650 Est. Cost $146.40 Unrealized —

LLY ELI LILLY & CO 0.4%

Value $920K Shares 1,000 Est. Cost $1047.09 Unrealized —

APP APPLOVIN CORP 0.1%

Value $110K Shares 277 Est. Cost $507.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBR	PETROLEO BRASILEIRO S A	852,338	$17.69M	8.2%	$20.75	—	—	71654V408
GOOG	ALPHABET INC	31,720	$9.099M	4.2%	$303.26	—	—	02079K107
META	META PLATFORMS CL A ORD	8,550	$4.892M	2.3%	$663.98	—	—	30303M102
FUTU	FUTU HLDGS LTD	29,330	$4.011M	1.9%	$136.76	—	—	36118L106
VRT	VERTIV HOLDINGS CO	12,605	$3.159M	1.5%	$199.85	—	—	92537N108
RBLX	ROBLOX CORP	30,000	$1.697M	0.8%	$71.75	—	—	771049103
PLTR	PALANTIR TECHNOLOGIES INC	10,400	$1.521M	0.7%	$154.17	—	—	69608A108
APH	AMPHENOL CORP	11,650	$1.472M	0.7%	$146.40	—	—	032095101
LLY	ELI LILLY & CO	1,000	$920K	0.4%	$1047.09	—	—	532457108
APP	APPLOVIN CORP	277	$110K	0.1%	$507.11	—	—	03831W108

Decreased Positions (7)

CRCL CIRCLE INTERNET GROUP INC 0.0%

Value $54,488 (-99.9%) Shares 870 (-99.8%) Est. Cost $69.79 Unrealized —

NVDA NVIDIA CORPORATION 9.2%

Value $19.73M (-65.3%) Shares 98,619 (-69.8%) Est. Cost $186.44 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 9.8%

Value $21.03M (-35.6%) Shares 44,040 (-54.4%) Est. Cost $321.22 Unrealized —

LITE LUMENTUM HLDGS INC 1.8%

Value $3.947M (-70.7%) Shares 4,600 (-76.0%) Est. Cost $467.14 Unrealized —

EQIX EQUINIX INC 0.0%

Value $83,391 (-68.1%) Shares 80 (-70.0%) Est. Cost $781.19 Unrealized —

HST HOST HOTELS & RESORTS INC 0.1%

Value $128K (-41.4%) Shares 5,395 (-52.7%) Est. Cost $16.93 Unrealized —

DLR DIGITAL RLTY TR INC 0.1%

Value $168K (-26.3%) Shares 938 (-26.0%) Est. Cost $163.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRCL	CIRCLE INTERNET GROUP INC	870 (-99.8%)	$54,488 (-99.9%)	0.0%	$69.79	—	COM CL A	172573107
NVDA	NVIDIA CORPORATION	98,619 (-69.8%)	$19.73M (-65.3%)	9.2%	$186.44	—	COM	67066G104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	44,040 (-54.4%)	$21.03M (-35.6%)	9.8%	$321.22	—	SPONSORED ADS	874039100
LITE	LUMENTUM HLDGS INC	4,600 (-76.0%)	$3.947M (-70.7%)	1.8%	$467.14	—	COM	55024U109
EQIX	EQUINIX INC	80 (-70.0%)	$83,391 (-68.1%)	0.0%	$781.19	—	COM	29444U700
HST	HOST HOTELS & RESORTS INC	5,395 (-52.7%)	$128K (-41.4%)	0.1%	$16.93	—	COM	44107P104
DLR	DIGITAL RLTY TR INC	938 (-26.0%)	$168K (-26.3%)	0.1%	$163.13	—	COM	253868103

Unchanged Positions (7)

PDD PDD HOLDINGS INC 17.6%

Value $37.98M Shares 497,860 Est. Cost $108.99 Unrealized —

TER TERADYNE INC 1.1%

Value $2.419M Shares 5,000 Est. Cost $265.87 Unrealized —

PHM PULTE GROUP INC 0.1%

Value $269K Shares 1,960 Est. Cost $122.44 Unrealized —

COLD AMERICOLD REALTY TRUST INC 0.1%

Value $137K Shares 8,730 Est. Cost $12.86 Unrealized —

DHI D R HORTON INC 0.1%

Value $175K Shares 1,077 Est. Cost $152.01 Unrealized —

VICI VICI PPTYS INC 0.0%

Value $60,959 Shares 2,296 Est. Cost $29.30 Unrealized —

BEKE KE HLDGS INC 0.0%

Value $58,120 Shares 4,000 Est. Cost $15.76 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	497,860	$37.98M	17.6%	$108.99	—	SPONSORED ADS	722304102
TER	TERADYNE INC	5,000	$2.419M	1.1%	$265.87	—	COM	880770102
PHM	PULTE GROUP INC	1,960	$269K	0.1%	$122.44	—	COM	745867101
COLD	AMERICOLD REALTY TRUST INC	8,730	$137K	0.1%	$12.86	—	COM	03064D108
DHI	D R HORTON INC	1,077	$175K	0.1%	$152.01	—	COM	23331A109
VICI	VICI PPTYS INC	2,296	$60,959	0.0%	$29.30	—	COM	925652109
BEKE	KE HLDGS INC	4,000	$58,120	0.0%	$15.76	—	SPONSORED ADS	482497104