# EDGAR Filing Document

**Accession Number:** 0002094379
**File Stem:** 0001960050-25-000021
**Filing Date:** 2025-11
**Character Count:** 27252
**Document Hash:** 44222c4a923d8ff579cec9526af2f43f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001960050-25-000021.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001960050-25-000021

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITOLIS LIQUID GLOBAL MARKETS LLC
- **CENTRAL INDEX KEY:** 0002094379

**ORGANIZATION NAME:**
- **EIN:** 884400323
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23813
- **FILM NUMBER:** 251484500

**BUSINESS ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** FLOOR 15
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 646-831-5471

**MAIL ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** FLOOR 15
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Capitolis Liquid Global Markets LLC<br>**Address:** 11 WEST 42ND STREET FLOOR 15<br>NEW YORK, NY 10036

**Form 13F File Number:** 028-23813

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jon Borer<br>**Title:** Chief Compliance Officer<br>**Phone:** 6464805408

**Signature, Place, and Date of Signing:**

/s/ Jon Borer  New York, NY  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 237

**Form 13F Information Table Value Total:** $12522674848

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 136856579 | 591071 | SH |  | SOLE |  | 591071 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 6702250 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 287888 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 40414731 | 188282 | SH |  | SOLE |  | 188282 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 4374720 | 111600 | SH |  | SOLE |  | 111600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 148614210 | 610200 | SH |  | SOLE |  | 610200 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 433616741 | 1783697 | SH |  | SOLE |  | 1783697 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 468757139 | 2134887 | SH |  | SOLE |  | 2134887 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 13755000 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 2991048 | 40800 | SH |  | SOLE |  | 40800 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 24750000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| AMPRIUS TECHNOLOGIES INC | COMMON STOCK | 03214Q108 |  | 7159912 | 680600 | SH |  | SOLE |  | 680600 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 106142400 | 432000 | SH |  | SOLE |  | 432000 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 3476655 | 9750 | SH |  | SOLE |  | 9750 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 557758867 | 2190468 | SH |  | SOLE |  | 2190468 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 35829500 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| ARCHROCK INC | COM | 03957W106 |  | 7027401 | 267100 | SH |  | SOLE |  | 267100 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 59449680 | 408000 | SH |  | SOLE |  | 408000 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 10225720 | 120800 | SH |  | SOLE |  | 120800 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 1066408 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 8511500 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| AVEPOINT INC | COM CL A | 053604104 |  | 4714641 | 314100 | SH |  | SOLE |  | 314100 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 644680815 | 12496236 | SH |  | SOLE |  | 12496236 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 439788 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 16365792 | 150200 | SH |  | SOLE |  | 150200 | 0 | 0 |
| BANKUNITED INC | COM | 06652K103 |  | 4647888 | 121800 | SH |  | SOLE |  | 121800 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 5178264 | 218400 | SH |  | SOLE |  | 218400 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 220381106 | 438360 | SH |  | SOLE |  | 438360 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 14318656 | 1513600 | SH |  | SOLE |  | 1513600 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 31944838 | 27400 | SH |  | SOLE |  | 27400 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 53663985 | 314100 | SH |  | SOLE |  | 314100 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 24820450 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 147400071 | 27300 | SH |  | SOLE |  | 27300 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 22943050 | 235000 | SH |  | SOLE |  | 235000 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 |  | 643552 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 13313300 | 154000 | SH |  | SOLE |  | 154000 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 |  | 11310588 | 397700 | SH |  | SOLE |  | 397700 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 9290600 | 206000 | SH |  | SOLE |  | 206000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 743270734 | 2252950 | SH |  | SOLE |  | 2252950 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 25220131 | 268900 | SH |  | SOLE |  | 268900 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 2953051 | 18540 | SH |  | SOLE |  | 18540 | 0 | 0 |
| CEVA INC | COM | 157210105 |  | 13012867 | 492725 | SH |  | SOLE |  | 492725 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 5116048 | 18935 | SH |  | SOLE |  | 18935 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 17354540 | 438800 | SH |  | SOLE |  | 438800 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 7840608 | 220800 | SH |  | SOLE |  | 220800 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 11308500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 4911880 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 5949853 | 562900 | SH |  | SOLE |  | 562900 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 30420198 | 143100 | SH |  | SOLE |  | 143100 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 9543000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 6490192 | 181900 | SH |  | SOLE |  | 181900 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 119108372 | 1247600 | SH |  | SOLE |  | 1247600 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 47039360 | 302913 | SH |  | SOLE |  | 302913 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 6886869 | 23892 | SH |  | SOLE |  | 23892 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 25246980 | 123000 | SH |  | SOLE |  | 123000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 196114162 | 2866328 | SH |  | SOLE |  | 2866328 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 53287500 | 525000 | SH |  | SOLE |  | 525000 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 16958040 | 319000 | SH |  | SOLE |  | 319000 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 47087200 | 710000 | SH |  | SOLE |  | 710000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 2699920 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 63112630 | 789500 | SH |  | SOLE |  | 789500 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 14405031 | 559636 | SH |  | SOLE |  | 559636 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 16690304 | 531200 | SH |  | SOLE |  | 531200 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 8907600 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 110433825 | 1167500 | SH |  | SOLE |  | 1167500 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 281282296 | 303882 | SH |  | SOLE |  | 303882 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 7546006 | 234348 | SH |  | SOLE |  | 234348 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 3116054 | 21400 | SH |  | SOLE |  | 21400 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 1608102 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 21808600 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 11775750 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 256722 | 188766 | SH |  | SOLE |  | 188766 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 17139722 | 63016 | SH |  | SOLE |  | 63016 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 11995760 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 12278560 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 270178300 | 354100 | SH |  | SOLE |  | 354100 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 |  | 14281932 | 224700 | SH |  | SOLE |  | 224700 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 5329800 | 630000 | SH |  | SOLE |  | 630000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 14961925 | 132700 | SH |  | SOLE |  | 132700 | 0 | 0 |
| FIRST FINL BANCORP OH | COM | 320209109 |  | 1265025 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 269314 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 196714947 | 1525750 | SH |  | SOLE |  | 1525750 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 8217000 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| FULTON FINL CORP PA | COM | 360271100 |  | 6323022 | 339400 | SH |  | SOLE |  | 339400 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 28186834 | 93700 | SH |  | SOLE |  | 93700 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 7931526 | 130089 | SH |  | SOLE |  | 130089 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 40404000 | 364000 | SH |  | SOLE |  | 364000 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 9263420 | 111500 | SH |  | SOLE |  | 111500 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 962934 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| GLOBAL X FDS | US PFD ETF | 37954Y657 |  | 5063458 | 260600 | SH |  | SOLE |  | 260600 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 5861770 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 25535079 | 631900 | SH |  | SOLE |  | 631900 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 82143502 | 103150 | SH |  | SOLE |  | 103150 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 87152724 | 2228400 | SH |  | SOLE |  | 2228400 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 22600900 | 830000 | SH |  | SOLE |  | 830000 | 0 | 0 |
| HARBORONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 278800 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| Hartford Insurance Group Inc | COM | 416515104 |  | 15740020 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| HASBRO INC | COM | 418056107 |  | 2559937 | 33750 | SH |  | SOLE |  | 33750 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 11021168 | 27200 | SH |  | SOLE |  | 27200 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 18103000 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1132912 | 65600 | SH |  | SOLE |  | 65600 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 94103523 | 2804874 | SH |  | SOLE |  | 2804874 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 7913150 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 4591080 | 27250 | SH |  | SOLE |  | 27250 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 65602200 | 232500 | SH |  | SOLE |  | 232500 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 37560050 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 19230890 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 7121929 | 530300 | SH |  | SOLE |  | 530300 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 28715720 | 698000 | SH |  | SOLE |  | 698000 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 112944000 | 1040000 | SH |  | SOLE |  | 1040000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 241069901 | 764258 | SH |  | SOLE |  | 764258 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 7166610 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 16682704 | 164800 | SH |  | SOLE |  | 164800 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 4250286 | 83700 | SH |  | SOLE |  | 83700 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7045960 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 39908200 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 14607000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 4344353 | 170300 | SH |  | SOLE |  | 170300 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 3482130 | 123000 | SH |  | SOLE |  | 123000 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 57146019 | 847738 | SH |  | SOLE |  | 847738 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 12720500 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| LIGHT  WONDER INC | COM | 80874P109 |  | 13850100 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 16625000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 10641340 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | COM | 55405Y100 |  | 6722460 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 6005594 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 229401073 | 403300 | SH |  | SOLE |  | 403300 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 89799495 | 295500 | SH |  | SOLE |  | 295500 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 29524400 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 21293041 | 253700 | SH |  | SOLE |  | 253700 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 10531322 | 145400 | SH |  | SOLE |  | 145400 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 624076124 | 849800 | SH |  | SOLE |  | 849800 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 24897216 | 148800 | SH |  | SOLE |  | 148800 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 625481599 | 1207610 | SH |  | SOLE |  | 1207610 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 61561216 | 129200 | SH |  | SOLE |  | 129200 | 0 | 0 |
| MOOG INC | CL A | 615394202 |  | 16966639 | 81700 | SH |  | SOLE |  | 81700 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 48005920 | 302000 | SH |  | SOLE |  | 302000 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 20067208 | 95200 | SH |  | SOLE |  | 95200 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 2654137 | 26250 | SH |  | SOLE |  | 26250 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1032435765 | 5533475 | SH |  | SOLE |  | 5533475 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 21595244 | 244152 | SH |  | SOLE |  | 244152 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 3099151 | 36759 | SH |  | SOLE |  | 36759 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 58882200 | 780000 | SH |  | SOLE |  | 780000 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 57353195 | 531984 | SH |  | SOLE |  | 531984 | 0 | 0 |
| ORIX CORP | SPONSORED ADR | 686330101 |  | 1695188 | 64900 | SH |  | SOLE |  | 64900 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 12877100 | 305000 | SH |  | SOLE |  | 305000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 10044920 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 37683412 | 2498900 | SH |  | SOLE |  | 2498900 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 26108844 | 129940 | SH |  | SOLE |  | 129940 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 27320861 | 149769 | SH |  | SOLE |  | 149769 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3822420 | 57000 | SH |  | SOLE |  | 57000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 95780080 | 682000 | SH |  | SOLE |  | 682000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 39458328 | 1548600 | SH |  | SOLE |  | 1548600 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 103070000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 88164370 | 573800 | SH |  | SOLE |  | 573800 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 166567775 | 674500 | SH |  | SOLE |  | 674500 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 44983744 | 270400 | SH |  | SOLE |  | 270400 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 9430812 | 144600 | SH |  | SOLE |  | 144600 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 18023072 | 497600 | SH |  | SOLE |  | 497600 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 8537925 | 27229 | SH |  | SOLE |  | 27229 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 42170250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 1081170 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM | 766559702 |  | 16758696 | 591553 | SH |  | SOLE |  | 591553 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 8322741 | 17100 | SH |  | SOLE |  | 17100 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 55089870 | 720600 | SH |  | SOLE |  | 720600 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 212422626 | 896298 | SH |  | SOLE |  | 896298 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 19074000 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| WORLD GOLD TR | LONG TERM US | 808524680 |  | 4533093 | 140300 | SH |  | SOLE |  | 140300 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 51535680 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 8656500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SIMMONS 1ST NATL CORP | CL A $1 PAR | 828730200 |  | 5528628 | 288400 | SH |  | SOLE |  | 288400 | 0 | 0 |
| Six Flags Entertainment Corp | COM | 83001C108 |  | 8431392 | 371100 | SH |  | SOLE |  | 371100 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 5000814 | 49700 | SH |  | SOLE |  | 49700 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 72574508 | 2274350 | SH |  | SOLE |  | 2274350 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | CL A | 55826T102 |  | 9367696 | 150800 | SH |  | SOLE |  | 150800 | 0 | 0 |
| SPRINKLR INC | CL A | 85208T107 |  | 10082320 | 1306000 | SH |  | SOLE |  | 1306000 | 0 | 0 |
| SPROUT SOCIAL INC | COM CL A | 85209W109 |  | 4435436 | 343300 | SH |  | SOLE |  | 343300 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 5812101 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 26643481 | 271900 | SH |  | SOLE |  | 271900 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 1077300 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| STEPSTONE GROUP INC | COM CL A | 85914M107 |  | 6792240 | 104000 | SH |  | SOLE |  | 104000 | 0 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 19386600 | 395000 | SH |  | SOLE |  | 395000 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 944288 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| TAL EDUCATION GROUP | SPONSORED ADS | 874080104 |  | 79087680 | 7061400 | SH |  | SOLE |  | 7061400 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 74871720 | 518000 | SH |  | SOLE |  | 518000 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 12484538 | 902062 | SH |  | SOLE |  | 902062 | 0 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 6097518 | 102600 | SH |  | SOLE |  | 102600 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 10185360 | 74000 | SH |  | SOLE |  | 74000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 122475888 | 275400 | SH |  | SOLE |  | 275400 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 60998360 | 332000 | SH |  | SOLE |  | 332000 | 0 | 0 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 10467450 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 47531960 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| TOAST INC | CL A | 888787108 |  | 10405350 | 285000 | SH |  | SOLE |  | 285000 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 30444948 | 665900 | SH |  | SOLE |  | 665900 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 90041L105 |  | 30487633 | 308392 | SH |  | SOLE |  | 308392 | 0 | 0 |
| TUYA INC | SPONSERED ADS | 90114C107 |  | 2451475 | 992500 | SH |  | SOLE |  | 992500 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 16089057 | 332900 | SH |  | SOLE |  | 332900 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 62401680 | 264000 | SH |  | SOLE |  | 264000 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 |  | 5627325 | 179500 | SH |  | SOLE |  | 179500 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3107700 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 12771476 | 164200 | SH |  | SOLE |  | 164200 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 4477005 | 175500 | SH |  | SOLE |  | 175500 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 40209858 | 563400 | SH |  | SOLE |  | 563400 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 10023300 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 5401700 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 7667919 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 3997882 | 22900 | SH |  | SOLE |  | 22900 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 13044240 | 148500 | SH |  | SOLE |  | 148500 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 3339360 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 26902824 | 105800 | SH |  | SOLE |  | 105800 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1488240 | 10800 | SH |  | SOLE |  | 10800 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 122057705 | 654500 | SH |  | SOLE |  | 654500 | 0 | 0 |
| VERITEX HLDGS INC | COM | 923451108 |  | 1512203 | 45100 | SH |  | SOLE |  | 45100 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 4639850 | 130700 | SH |  | SOLE |  | 130700 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 23494640 | 2025400 | SH |  | SOLE |  | 2025400 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 2650754 | 31700 | SH |  | SOLE |  | 31700 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 169533700 | 1645000 | SH |  | SOLE |  | 1645000 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 14621952 | 385600 | SH |  | SOLE |  | 385600 | 0 | 0 |
| WEAVE COMMUNICATIONS INC | COM | 94724R108 |  | 2488714 | 372562 | SH |  | SOLE |  | 372562 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 5638571 | 67270 | SH |  | SOLE |  | 67270 | 0 | 0 |
| WILLIS LEASE FIN CORP | COM | 970646105 |  | 3907065 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 1019077 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 6357120 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 |  | 24124840 | 1735600 | SH |  | SOLE |  | 1735600 | 0 | 0 |
| WORTHINGTON ENTERPRISES INC | COM | 981811102 |  | 5393628 | 97200 | SH |  | SOLE |  | 97200 | 0 | 0 |
| ZTO EXPRESS CAYMAN INC | SPONSORED ADS A | 98980A105 |  | 25672320 | 1337100 | SH |  | SOLE |  | 1337100 | 0 | 0 |
| ZHIHU INC | SPONSORED ADS | 98955N207 |  | 752895 | 148500 | SH |  | SOLE |  | 148500 | 0 | 0 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 |  | 4077383 | 149300 | SH |  | SOLE |  | 149300 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 6489393 | 54300 | SH |  | SOLE |  | 54300 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 1141299 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2546350 | 25400 | SH |  | SOLE |  | 25400 | 0 | 0 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 5596838 | 128900 | SH |  | SOLE |  | 128900 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 52998400 | 364000 | SH |  | SOLE |  | 364000 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 14982906 | 157400 | SH |  | SOLE |  | 157400 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 2249346 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 5561000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 26175579 | 292890 | SH |  | SOLE |  | 292890 | 0 | 0 |

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