# EDGAR Filing Document

**Accession Number:** 0001999346
**File Stem:** 0001085146-25-005040
**Filing Date:** 2025-8
**Character Count:** 41416
**Document Hash:** b59c0624fab18758dc00b60104f8248e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005040.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001085146-25-005040

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Knollwood Investment Advisory, LLC
- **CENTRAL INDEX KEY:** 0001999346

**ORGANIZATION NAME:**
- **EIN:** 472504531
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23455
- **FILM NUMBER:** 251212975

**BUSINESS ADDRESS:**
- **STREET 1:** 217 INTERNATIONAL CIRCLE
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030
- **BUSINESS PHONE:** 443-541-2440

**MAIL ADDRESS:**
- **STREET 1:** 217 INTERNATIONAL CIRCLE
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Knollwood Investment Advisory LLC<br>**Address:** 217 INTERNATIONAL CIRCLE<br>HUNT VALLEY, MD 21030

**Form 13F File Number:** 028-23455

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:** Stacy Landsman<br>**Title:** Chief Compliance Officer<br>**Phone:** 443-541-2440

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

/s/Stacy Landsman  Hunt Valley, MD  08-13-2025<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:** 354

**Form 13F Information Table Value Total:** $1041202841

      (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 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 476035 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 2577030 | 8622 | SH |  | SOLE |  | 0 | 0 | 8622 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 | BBG0058YJ326 | 1889072 | 1628510 | SH |  | SOLE |  | 0 | 0 | 1628510 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 2804880 | 7250 | SH |  | SOLE |  | 0 | 0 | 7250 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 6251262 | 44054 | SH |  | SOLE |  | 0 | 0 | 44054 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | BBG001SCTQY4 | 2296475 | 19460 | SH |  | SOLE |  | 0 | 0 | 19460 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS16 | 5026935 | 37985 | SH |  | SOLE |  | 0 | 0 | 37985 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 266513 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| ALLEGION PLC | ORD SHS | G0176J109 | BBG003PS7JW0 | 574318 | 3985 | SH |  | SOLE |  | 0 | 0 | 3985 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 | BBG001S7FTC8 | 1746212 | 5355 | SH |  | SOLE |  | 0 | 0 | 5355 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 9534044 | 54100 | SH |  | SOLE |  | 0 | 0 | 54100 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 22543785 | 127086 | SH |  | SOLE |  | 0 | 0 | 127086 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 45289117 | 206432 | SH |  | SOLE |  | 0 | 0 | 206432 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 344587 | 3321 | SH |  | SOLE |  | 0 | 0 | 3321 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 255184 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG001S5NPQ6 | 1336950 | 6049 | SH |  | SOLE |  | 0 | 0 | 6049 |
| AMETEK INC | COM | 031100100 | BBG001S5NN54 | 1110732 | 6138 | SH |  | SOLE |  | 0 | 0 | 6138 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG001S5NSK6 | 9050438 | 91650 | SH |  | SOLE |  | 0 | 0 | 91650 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 1051810 | 4419 | SH |  | SOLE |  | 0 | 0 | 4419 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFL2 | 6612703 | 46611 | SH |  | SOLE |  | 0 | 0 | 46611 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 30741647 | 149835 | SH |  | SOLE |  | 0 | 0 | 149835 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 3285740 | 17948 | SH |  | SOLE |  | 0 | 0 | 17948 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 350080 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| ARCH CAP GROUP LTD | ORD | G0450A105 | BBG001S9HZ74 | 1306568 | 14350 | SH |  | SOLE |  | 0 | 0 | 14350 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVVC7 | 2615320 | 15100 | SH |  | SOLE |  | 0 | 0 | 15100 |
| ARGENX SE | SPONSORED ADR | 04016X101 | BBG00GHB88Y8 | 770606 | 1398 | SH |  | SOLE |  | 0 | 0 | 1398 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG001T51KQ0 | 7816484 | 76400 | SH |  | SOLE |  | 0 | 0 | 76400 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 | BBG001SCG0R3 | 368639 | 460 | SH |  | SOLE |  | 0 | 0 | 460 |
| ASTERA LABS INC | COM | 04626A103 | BBG00TDKHWK6 | 205073 | 2268 | SH |  | SOLE |  | 0 | 0 | 2268 |
| ATLASSIAN CORPORATION | CL A | 049468101 | BBG01BGWHFS4 | 403134 | 1985 | SH |  | SOLE |  | 0 | 0 | 1985 |
| AUTODESK INC | COM | 052769106 | BBG001S5SCD4 | 1055943 | 3411 | SH |  | SOLE |  | 0 | 0 | 3411 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG001S82KF6 | 1017720 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| AUTOZONE INC | COM | 053332102 | BBG001S6Q5D9 | 4261640 | 1148 | SH |  | SOLE |  | 0 | 0 | 1148 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG001S7J2H8 | 207774 | 1021 | SH |  | SOLE |  | 0 | 0 | 1021 |
| AVERY DENNISON CORP | COM | 053611109 | BBG001S5NZM8 | 572208 | 3261 | SH |  | SOLE |  | 0 | 0 | 3261 |
| AXON ENTERPRISE INC | COM | 05464C101 | BBG001SB2HG5 | 3932715 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| BAIDU INC | SPON ADR REP A | 056752108 | BBG001SNBKD5 | 292442 | 3410 | SH |  | SOLE |  | 0 | 0 | 3410 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 739990 | 15638 | SH |  | SOLE |  | 0 | 0 | 15638 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 | BBG00B6WF7V2 | 278381 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 2186400 | 3 | SH |  | SOLE |  | 0 | 0 | 3 |
| BILL HOLDINGS INC | COM | 090043100 | BBG00QVJV7L3 | 439979 | 9511 | SH |  | SOLE |  | 0 | 0 | 9511 |
| BIONTECH SE | SPONSORED ADS | 09075V102 | BBG00Q70B4L0 | 583349 | 5479 | SH |  | SOLE |  | 0 | 0 | 5479 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 | BBG00FQ8T4M6 | 1128225 | 10463 | SH |  | SOLE |  | 0 | 0 | 10463 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 2858157 | 2724 | SH |  | SOLE |  | 0 | 0 | 2724 |
| BLOCK INC | CL A | 852234103 | BBG001TFLWL5 | 496297 | 7306 | SH |  | SOLE |  | 0 | 0 | 7306 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | BBG00XV417S7 | 447593 | 23300 | SH |  | SOLE |  | 0 | 0 | 23300 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 286428 | 1367 | SH |  | SOLE |  | 0 | 0 | 1367 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 4926643 | 851 | SH |  | SOLE |  | 0 | 0 | 851 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 | BBG001T91S76 | 1041300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BRIGHT HORIZONS FAM SOL IN D | COM | 109194100 | BBG003LFWPT4 | 210103 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 9730446 | 35300 | SH |  | SOLE |  | 0 | 0 | 35300 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 | BBG001SR7MB9 | 1794777 | 7385 | SH |  | SOLE |  | 0 | 0 | 7385 |
| BROWN FORMAN CORP | CL B | 115637209 | BBG001S5P4H1 | 453434 | 16850 | SH |  | SOLE |  | 0 | 0 | 16850 |
| BRUKER CORP | COM | 116794108 | BBG001SF69P0 | 313120 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| BURLINGTON STORES INC | COM | 122017106 | BBG004S641P3 | 1613591 | 6936 | SH |  | SOLE |  | 0 | 0 | 6936 |
| BWX TECHNOLOGIES INC | COM | 05605H100 | BBG001SGJPH7 | 642508 | 4460 | SH |  | SOLE |  | 0 | 0 | 4460 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG001S65YK1 | 6910264 | 22425 | SH |  | SOLE |  | 0 | 0 | 22425 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG001S7F4Z8 | 320568 | 4044 | SH |  | SOLE |  | 0 | 0 | 4044 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG001S65PV8 | 566793 | 2664 | SH |  | SOLE |  | 0 | 0 | 2664 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG001S7PC34 | 940800 | 5600 | SH |  | SOLE |  | 0 | 0 | 5600 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | BBG00RP5HZM1 | 200467 | 2739 | SH |  | SOLE |  | 0 | 0 | 2739 |
| CARVANA CO | CL A | 146869102 | BBG00GCTWF71 | 336960 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| CASEYS GEN STORES INC | COM | 147528103 | BBG001S5PHZ2 | 794490 | 1557 | SH |  | SOLE |  | 0 | 0 | 1557 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 271747 | 700 | SH |  | SOLE |  | 0 | 0 | 700 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 | BBG001T71BP7 | 2052248 | 8800 | SH |  | SOLE |  | 0 | 0 | 8800 |
| CDW CORP | COM | 12514G108 | BBG001V18TB6 | 3113717 | 17435 | SH |  | SOLE |  | 0 | 0 | 17435 |
| CELESTICA INC | COM | 15101Q207 | BBG001S9CXM7 | 312220 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| CENCORA INC | COM | 03073E105 | BBG001S8X7P0 | 4572713 | 15250 | SH |  | SOLE |  | 0 | 0 | 15250 |
| CENTENE CORP DEL | COM | 15135B101 | BBG001S6T7Q8 | 717962 | 13227 | SH |  | SOLE |  | 0 | 0 | 13227 |
| CF INDS HLDGS INC | COM | 125269100 | BBG001SJ8KV8 | 334788 | 3639 | SH |  | SOLE |  | 0 | 0 | 3639 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 | BBG001S7W158 | 9008048 | 36991 | SH |  | SOLE |  | 0 | 0 | 36991 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 4254032 | 29709 | SH |  | SOLE |  | 0 | 0 | 29709 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG001SP50B3 | 5915404 | 105350 | SH |  | SOLE |  | 0 | 0 | 105350 |
| CHUBB LIMITED | COM | H1467J104 | BBG001S8S1L3 | 724300 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| CHURCH  DWIGHT CO INC | COM | 171340102 | BBG001S5PR99 | 318124 | 3310 | SH |  | SOLE |  | 0 | 0 | 3310 |
| CIENA CORP | COM NEW | 171779309 | BBG001S61J73 | 203325 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| CINTAS CORP | COM | 172908105 | BBG001S7CRG1 | 4879962 | 21896 | SH |  | SOLE |  | 0 | 0 | 21896 |
| CLEAN HARBORS INC | COM | 184496107 | BBG001S5PW98 | 1040310 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| CLOUDFLARE INC | CL A COM | 18915M107 | BBG001WMKHJ3 | 3289944 | 16800 | SH |  | SOLE |  | 0 | 0 | 16800 |
| CME GROUP INC | COM | 12572Q105 | BBG001S86547 | 1986393 | 7207 | SH |  | SOLE |  | 0 | 0 | 7207 |
| COMFORT SYS USA INC | COM | 199908104 | BBG001SB1GG8 | 482589 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 278194 | 3100 | SH |  | SOLE |  | 0 | 0 | 3100 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 | BBG001SD31G5 | 855534 | 5259 | SH |  | SOLE |  | 0 | 0 | 5259 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRPJ9 | 871452 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| COPART INC | COM | 217204106 | BBG001S7MTB1 | 1569847 | 31992 | SH |  | SOLE |  | 0 | 0 | 31992 |
| CORPAY INC | COM SHS | 219948106 | BBG001SHC7K8 | 1956743 | 5897 | SH |  | SOLE |  | 0 | 0 | 5897 |
| COSTAR GROUP INC | COM | 22160N109 | BBG001SD3DY9 | 3365785 | 41863 | SH |  | SOLE |  | 0 | 0 | 41863 |
| COTERRA ENERGY INC | COM | 127097103 | BBG001S6H6Y4 | 362680 | 14290 | SH |  | SOLE |  | 0 | 0 | 14290 |
| COUPANG INC | CL A | 22266T109 | BBG00XMJRPR7 | 1495004 | 49900 | SH |  | SOLE |  | 0 | 0 | 49900 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 14913106 | 29281 | SH |  | SOLE |  | 0 | 0 | 29281 |
| CROWN CASTLE INC | COM | 22822V101 | BBG001S7W5T3 | 1353262 | 13173 | SH |  | SOLE |  | 0 | 0 | 13173 |
| CSX CORP | COM | 126408103 | BBG001S5Q7Q3 | 309757 | 9493 | SH |  | SOLE |  | 0 | 0 | 9493 |
| CUBESMART | COM | 229663109 | BBG001SHP0D7 | 348883 | 8209 | SH |  | SOLE |  | 0 | 0 | 8209 |
| CUMMINS INC | COM | 231021106 | BBG001S5Q9M3 | 758818 | 2317 | SH |  | SOLE |  | 0 | 0 | 2317 |
| DARDEN RESTAURANTS INC | COM | 237194105 | BBG001S5QM08 | 1380186 | 6332 | SH |  | SOLE |  | 0 | 0 | 6332 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 3363758 | 25041 | SH |  | SOLE |  | 0 | 0 | 25041 |
| DAYFORCE INC | COM | 15677J108 | BBG005D7PF43 | 476354 | 8600 | SH |  | SOLE |  | 0 | 0 | 8600 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 1904295 | 3745 | SH |  | SOLE |  | 0 | 0 | 3745 |
| DESCARTES SYS GROUP INC | COM | 249906108 | BBG001SBJY34 | 264277 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| DEVON ENERGY CORP NEW | COM | 25179M103 | BBG001S63VG4 | 327643 | 10300 | SH |  | SOLE |  | 0 | 0 | 10300 |
| DEXCOM INC | COM | 252131107 | BBG001SKZG99 | 2723448 | 31200 | SH |  | SOLE |  | 0 | 0 | 31200 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | BBG001S7V596 | 1068601 | 10597 | SH |  | SOLE |  | 0 | 0 | 10597 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 | BBG002PHSZN7 | 752265 | 5475 | SH |  | SOLE |  | 0 | 0 | 5475 |
| DOCUSIGN INC | COM | 256163106 | BBG001T535D5 | 257115 | 3301 | SH |  | SOLE |  | 0 | 0 | 3301 |
| DOLLAR GEN CORP NEW | COM | 256677105 | BBG001T5BM30 | 226472 | 1980 | SH |  | SOLE |  | 0 | 0 | 1980 |
| DOLLAR TREE INC | COM | 256746108 | BBG001S6ZGL6 | 403093 | 4070 | SH |  | SOLE |  | 0 | 0 | 4070 |
| DOMINOS PIZZA INC | COM | 25754A201 | BBG001SL3ZH1 | 1562681 | 3468 | SH |  | SOLE |  | 0 | 0 | 3468 |
| DOORDASH INC | CL A | 25809K105 | BBG005D7QCK1 | 3366094 | 13655 | SH |  | SOLE |  | 0 | 0 | 13655 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 | BBG0134WCMB3 | 1104418 | 25750 | SH |  | SOLE |  | 0 | 0 | 25750 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG001S5QNR7 | 488756 | 4142 | SH |  | SOLE |  | 0 | 0 | 4142 |
| DYNATRACE INC | COM NEW | 268150109 | BBG00PNN7CW9 | 501748 | 9088 | SH |  | SOLE |  | 0 | 0 | 9088 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 1067400 | 2990 | SH |  | SOLE |  | 0 | 0 | 2990 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG001S5T5C9 | 453867 | 2842 | SH |  | SOLE |  | 0 | 0 | 2842 |
| ELEVANCE HEALTH INC | COM | 036752103 | BBG001S6KBQ8 | 1230669 | 3164 | SH |  | SOLE |  | 0 | 0 | 3164 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 10600828 | 13599 | SH |  | SOLE |  | 0 | 0 | 13599 |
| ELUTIA INC | CL A COM | 05479K106 | BBG00BRBB847 | 2048542 | 1034617 | SH |  | SOLE |  | 0 | 0 | 1034617 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG001SDHNW4 | 4987563 | 275100 | SH |  | SOLE |  | 0 | 0 | 275100 |
| ENTEGRIS INC | COM | 29362U104 | BBG001SF9YL6 | 1822287 | 22595 | SH |  | SOLE |  | 0 | 0 | 22595 |
| ENTERGY CORP NEW | COM | 29364G103 | BBG001S67KF5 | 365728 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG001S9P0Z1 | 5982914 | 192935 | SH |  | SOLE |  | 0 | 0 | 192935 |
| EOG RES INC | COM | 26875P101 | BBG001S5ZB93 | 394713 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| EQT CORP | COM | 26884L109 | BBG001S5QXJ4 | 2857680 | 49000 | SH |  | SOLE |  | 0 | 0 | 49000 |
| EQUIFAX INC | COM | 294429105 | BBG001S5QSK3 | 2396579 | 9240 | SH |  | SOLE |  | 0 | 0 | 9240 |
| EQUINIX INC | COM | 29444U700 | BBG001SKBNS9 | 1684805 | 2118 | SH |  | SOLE |  | 0 | 0 | 2118 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 | BBG001S5T5G5 | 218003 | 3535 | SH |  | SOLE |  | 0 | 0 | 3535 |
| EURONET WORLDWIDE INC | COM | 298736109 | BBG001S9DW39 | 217967 | 2150 | SH |  | SOLE |  | 0 | 0 | 2150 |
| EXPAND ENERGY CORPORATION | COM | 165167735 | BBG00Z6DX607 | 210492 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 3582949 | 33237 | SH |  | SOLE |  | 0 | 0 | 33237 |
| FACTSET RESH SYS INC | COM | 303075105 | BBG001S5XRL6 | 1140564 | 2550 | SH |  | SOLE |  | 0 | 0 | 2550 |
| FAIR ISAAC CORP | COM | 303250104 | BBG001S8ZT61 | 2833338 | 1550 | SH |  | SOLE |  | 0 | 0 | 1550 |
| FASTENAL CO | COM | 311900104 | BBG001S5R1F7 | 3037104 | 72312 | SH |  | SOLE |  | 0 | 0 | 72312 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD786 | 1230723 | 5652 | SH |  | SOLE |  | 0 | 0 | 5652 |
| FERRARI N V | COM | N3167Y103 | BBG009PH3Q95 | 883332 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| FIFTH THIRD BANCORP | COM | 316773100 | BBG001S5R6S2 | 298933 | 7268 | SH |  | SOLE |  | 0 | 0 | 7268 |
| FISERV INC | COM | 337738108 | BBG001S5R6Q4 | 1906165 | 11056 | SH |  | SOLE |  | 0 | 0 | 11056 |
| FIVE BELOW INC | COM | 33829M101 | BBG001TCDMY9 | 429877 | 3277 | SH |  | SOLE |  | 0 | 0 | 3277 |
| FORTINET INC | COM | 34959E109 | BBG001S77BL6 | 6493851 | 61425 | SH |  | SOLE |  | 0 | 0 | 61425 |
| FORTUNE BRANDS INNOVATIONS I | COM | 34964C106 | BBG001THLZ70 | 555984 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| FRANKLIN TEMPLETON ETF TR | FTSE TAIWAN | 35473P686 | BBG00J3PQ9W6 | 5386008 | 103200 | SH |  | SOLE |  | 0 | 0 | 103200 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG001S5R3F3 | 1421880 | 32800 | SH |  | SOLE |  | 0 | 0 | 32800 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG001S5NKC2 | 2945104 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| GARTNER INC | COM | 366651107 | BBG001S5SD60 | 3405149 | 8424 | SH |  | SOLE |  | 0 | 0 | 8424 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 1113212 | 4325 | SH |  | SOLE |  | 0 | 0 | 4325 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 836057 | 1580 | SH |  | SOLE |  | 0 | 0 | 1580 |
| GODADDY INC | CL A | 380237107 | BBG006MDLXZ9 | 1093865 | 6075 | SH |  | SOLE |  | 0 | 0 | 6075 |
| GOLAR LNG LTD | SHS | G9456A100 | BBG001SHSF05 | 613731 | 14900 | SH |  | SOLE |  | 0 | 0 | 14900 |
| HALLIBURTON CO | COM | 406216101 | BBG001S5RS59 | 251673 | 12349 | SH |  | SOLE |  | 0 | 0 | 12349 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 | BBG001S8PXF3 | 2908622 | 22926 | SH |  | SOLE |  | 0 | 0 | 22926 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG001T8NTY2 | 1215959 | 3174 | SH |  | SOLE |  | 0 | 0 | 3174 |
| HEICO CORP NEW | COM | 422806109 | BBG001S5RVC4 | 623200 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| HERSHEY CO | COM | 427866108 | BBG001S5S148 | 1869925 | 11268 | SH |  | SOLE |  | 0 | 0 | 11268 |
| HESAI GROUP | SPONSORED ADS | 428050108 | BBG01CCYDDZ3 | 4438114 | 202192 | SH |  | SOLE |  | 0 | 0 | 202192 |
| HEXCEL CORP NEW | COM | 428291108 | BBG001S5S2J0 | 295330 | 5228 | SH |  | SOLE |  | 0 | 0 | 5228 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH49 | 8000854 | 30040 | SH |  | SOLE |  | 0 | 0 | 30040 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 3493346 | 9528 | SH |  | SOLE |  | 0 | 0 | 9528 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJH69 | 1662885 | 8934 | SH |  | SOLE |  | 0 | 0 | 8934 |
| HUBBELL INC | COM | 443510607 | BBG001S5S1L9 | 1963227 | 4807 | SH |  | SOLE |  | 0 | 0 | 4807 |
| HUBSPOT INC | COM | 443573100 | BBG001T53670 | 3114344 | 5595 | SH |  | SOLE |  | 0 | 0 | 5595 |
| HYPERFINE INC | COM CL A | 44916K106 | BBG00YVTN9K0 | 14500 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| IDEXX LABS INC | COM | 45168D104 | BBG001S5S4Y9 | 3110772 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| INSULET CORP | COM | 45784P101 | BBG001SRF439 | 911122 | 2900 | SH |  | SOLE |  | 0 | 0 | 2900 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 8033826 | 10200 | SH |  | SOLE |  | 0 | 0 | 10200 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 1945951 | 3581 | SH |  | SOLE |  | 0 | 0 | 3581 |
| INVESCO DB COMMDY INDX TRCK | UNIT | 46138B103 | BBG001SNZTS4 | 401849 | 18425 | SH |  | SOLE |  | 0 | 0 | 18425 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 3827407 | 61376 | SH |  | SOLE |  | 0 | 0 | 61376 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 | BBG001T13884 | 657044 | 6925 | SH |  | SOLE |  | 0 | 0 | 6925 |
| ISHARES INC | MSCI MLY ETF NEW | 46434G814 | BBG001S8SYP7 | 413780 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 | BBG001SFGL81 | 275520 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 307346 | 495 | SH |  | SOLE |  | 0 | 0 | 495 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 | BBG001S7XDQ8 | 447117 | 34105 | SH |  | SOLE |  | 0 | 0 | 34105 |
| ISHARES TR | IBONDS 25 TRM TS | 46436E866 | BBG00RYR2N19 | 1002144 | 42900 | SH |  | SOLE |  | 0 | 0 | 42900 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 | BBG001SQS9Y2 | 384373 | 4150 | SH |  | SOLE |  | 0 | 0 | 4150 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 | BBG001S56D46 | 9444140 | 171400 | SH |  | SOLE |  | 0 | 0 | 171400 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 4948560 | 88875 | SH |  | SOLE |  | 0 | 0 | 88875 |
| ISHARES TR | MSCI INDIA SM CP | 46429B614 | BBG002DMN5F9 | 385900 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| ISHARES TR | MSCI KUWAIT ETF | 46436E817 | BBG00S2GPDM0 | 240400 | 6343 | SH |  | SOLE |  | 0 | 0 | 6343 |
| ISHARES TR | MSCI QATAR ETF | 46434V779 | BBG006F3G5H6 | 236157 | 12683 | SH |  | SOLE |  | 0 | 0 | 12683 |
| ISHARES TR | MSCI SAUDI ARBIA | 46434V423 | BBG00B0943B2 | 999805 | 25942 | SH |  | SOLE |  | 0 | 0 | 25942 |
| ISHARES TR | MSCI UAE ETF | 46434V761 | BBG006F3JCX0 | 405063 | 21638 | SH |  | SOLE |  | 0 | 0 | 21638 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 755043 | 4943 | SH |  | SOLE |  | 0 | 0 | 4943 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 1829332 | 6310 | SH |  | SOLE |  | 0 | 0 | 6310 |
| KEURIG DR PEPPER INC | COM | 49271V100 | BBG001ST5W34 | 369479 | 11176 | SH |  | SOLE |  | 0 | 0 | 11176 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 | BBG0059FN820 | 2255533 | 13765 | SH |  | SOLE |  | 0 | 0 | 13765 |
| KINSALE CAP GROUP INC | COM | 49714P108 | BBG00D8JDB02 | 326633 | 675 | SH |  | SOLE |  | 0 | 0 | 675 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 239454 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 10292053 | 11490 | SH |  | SOLE |  | 0 | 0 | 11490 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 | BBG001S5S0N9 | 635127 | 2532 | SH |  | SOLE |  | 0 | 0 | 2532 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG001S5SW40 | 4086333 | 41980 | SH |  | SOLE |  | 0 | 0 | 41980 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 | BBG001S8KJC2 | 778888 | 6418 | SH |  | SOLE |  | 0 | 0 | 6418 |
| LANDSTAR SYS INC | COM | 515098101 | BBG001S5RWM1 | 361452 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 | BBG001S6C0G2 | 297761 | 6078 | SH |  | SOLE |  | 0 | 0 | 6078 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CH6 | 1653390 | 3524 | SH |  | SOLE |  | 0 | 0 | 3524 |
| LOAR HOLDINGS INC | COM SHS | 53947R105 | BBG01M86F4Z5 | 258510 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG001T5GK39 | 1977967 | 5275 | SH |  | SOLE |  | 0 | 0 | 5275 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG001STBM75 | 1506019 | 6339 | SH |  | SOLE |  | 0 | 0 | 6339 |
| LYFT INC | CL A COM | 55087P104 | BBG004M9ZHY4 | 7091999 | 450000 | SH |  | SOLE |  | 0 | 0 | 450000 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 | BBG001S71S35 | 750386 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| MARKETAXESS HLDGS INC | COM | 57060D108 | BBG001S8R6K4 | 441990 | 1979 | SH |  | SOLE |  | 0 | 0 | 1979 |
| MARRIOTT INTL INC NEW | CL A | 571903202 | BBG001S78K44 | 239332 | 876 | SH |  | SOLE |  | 0 | 0 | 876 |
| MARVELL TECHNOLOGY INC | COM | 573874104 | BBG00ZXBJ162 | 1699007 | 21951 | SH |  | SOLE |  | 0 | 0 | 21951 |
| MASIMO CORP | COM | 574795100 | BBG001S71GQ6 | 201864 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 10339696 | 18400 | SH |  | SOLE |  | 0 | 0 | 18400 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 211823 | 725 | SH |  | SOLE |  | 0 | 0 | 725 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 4823891 | 6583 | SH |  | SOLE |  | 0 | 0 | 6583 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 2574426 | 985 | SH |  | SOLE |  | 0 | 0 | 985 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 245396 | 3100 | SH |  | SOLE |  | 0 | 0 | 3100 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 38847891 | 52633 | SH |  | SOLE |  | 0 | 0 | 52633 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 | BBG001SB87G1 | 2611403 | 2223 | SH |  | SOLE |  | 0 | 0 | 2223 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 | BBG001S787B5 | 1222819 | 17377 | SH |  | SOLE |  | 0 | 0 | 17377 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 663948 | 5387 | SH |  | SOLE |  | 0 | 0 | 5387 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 45378714 | 91230 | SH |  | SOLE |  | 0 | 0 | 91230 |
| MOLINA HEALTHCARE INC | COM | 60855R100 | BBG001SKBQ20 | 1606277 | 5392 | SH |  | SOLE |  | 0 | 0 | 5392 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 374697 | 5556 | SH |  | SOLE |  | 0 | 0 | 5556 |
| MONGODB INC | CL A | 60937P106 | BBG0022FDRZ7 | 892458 | 4250 | SH |  | SOLE |  | 0 | 0 | 4250 |
| MONOLITHIC PWR SYS INC | COM | 609839105 | BBG001SDRGP6 | 4157895 | 5685 | SH |  | SOLE |  | 0 | 0 | 5685 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 | BBG008NVB1F7 | 815823 | 13024 | SH |  | SOLE |  | 0 | 0 | 13024 |
| MOODYS CORP | COM | 615369105 | BBG001S5VP87 | 1786162 | 3561 | SH |  | SOLE |  | 0 | 0 | 3561 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 599782 | 4258 | SH |  | SOLE |  | 0 | 0 | 4258 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 | BBG001S5T9L1 | 2547147 | 6058 | SH |  | SOLE |  | 0 | 0 | 6058 |
| MSCI INC | COM | 55354G100 | BBG001SV8B05 | 3804754 | 6597 | SH |  | SOLE |  | 0 | 0 | 6597 |
| NATERA INC | COM | 632307104 | BBG001V0FSF8 | 253410 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 20973454 | 15662 | SH |  | SOLE |  | 0 | 0 | 15662 |
| NEUBERGER BERMAN ENERGY INFR | COM | 64129H104 | BBG003NBK4J2 | 694044 | 77116 | SH |  | SOLE |  | 0 | 0 | 77116 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 | BBG001S8W4X9 | 830434 | 6607 | SH |  | SOLE |  | 0 | 0 | 6607 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 685731 | 9878 | SH |  | SOLE |  | 0 | 0 | 9878 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 781440 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| NISOURCE INC | COM | 65473P105 | BBG001S5TMF9 | 228768 | 5671 | SH |  | SOLE |  | 0 | 0 | 5671 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 851966 | 1704 | SH |  | SOLE |  | 0 | 0 | 1704 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 820456 | 59800 | SH |  | SOLE |  | 0 | 0 | 59800 |
| NUTANIX INC | CL A | 67059N108 | BBG001V13SG8 | 244608 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 74308227 | 470335 | SH |  | SOLE |  | 0 | 0 | 470335 |
| NVR INC | COM | 62944T105 | BBG001S5TSM8 | 273269 | 37 | SH |  | SOLE |  | 0 | 0 | 37 |
| OKTA INC | CL A | 679295105 | BBG001YV1SN3 | 380786 | 3809 | SH |  | SOLE |  | 0 | 0 | 3809 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 | BBG001S6WQT9 | 2556874 | 15754 | SH |  | SOLE |  | 0 | 0 | 15754 |
| OMNICOM GROUP INC | COM | 681919106 | BBG001S5VR10 | 1039173 | 14445 | SH |  | SOLE |  | 0 | 0 | 14445 |
| ON SEMICONDUCTOR CORP | COM | 682189105 | BBG001SF7RS6 | 769274 | 14678 | SH |  | SOLE |  | 0 | 0 | 14678 |
| ONEOK INC NEW | COM | 682680103 | BBG001S5TWK1 | 3224140 | 39497 | SH |  | SOLE |  | 0 | 0 | 39497 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG001S78TL6 | 6362277 | 70590 | SH |  | SOLE |  | 0 | 0 | 70590 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60LN7 | 396872 | 4008 | SH |  | SOLE |  | 0 | 0 | 4008 |
| PACCAR INC | COM | 693718108 | BBG001S5V1S8 | 622928 | 6553 | SH |  | SOLE |  | 0 | 0 | 6553 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 17339904 | 127200 | SH |  | SOLE |  | 0 | 0 | 127200 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG001T9NWN5 | 12439657 | 60788 | SH |  | SOLE |  | 0 | 0 | 60788 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG001S5V554 | 436544 | 625 | SH |  | SOLE |  | 0 | 0 | 625 |
| PAYCHEX INC | COM | 704326107 | BBG001S5V135 | 2783086 | 19133 | SH |  | SOLE |  | 0 | 0 | 19133 |
| PAYCOM SOFTWARE INC | COM | 70432V102 | BBG0064N1009 | 496584 | 2146 | SH |  | SOLE |  | 0 | 0 | 2146 |
| PAYLOCITY HLDG CORP | COM | 70438V106 | BBG006598YZ0 | 398618 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| PENUMBRA INC | COM | 70975L107 | BBG001TRHPB0 | 516596 | 2013 | SH |  | SOLE |  | 0 | 0 | 2013 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 1671626 | 12660 | SH |  | SOLE |  | 0 | 0 | 12660 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 | BBG009XW2WC7 | 1027773 | 11750 | SH |  | SOLE |  | 0 | 0 | 11750 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 | BBG00D61Y2G3 | 318708 | 23400 | SH |  | SOLE |  | 0 | 0 | 23400 |
| PINTEREST INC | CL A | 72352L106 | BBG002583CW7 | 1070421 | 29850 | SH |  | SOLE |  | 0 | 0 | 29850 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 384771 | 2064 | SH |  | SOLE |  | 0 | 0 | 2064 |
| POOL CORP | COM | 73278L105 | BBG001S5VBK4 | 482399 | 1655 | SH |  | SOLE |  | 0 | 0 | 1655 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 2335473 | 14659 | SH |  | SOLE |  | 0 | 0 | 14659 |
| PROGRESSIVE CORP | COM | 743315103 | BBG001S5V509 | 1272922 | 4770 | SH |  | SOLE |  | 0 | 0 | 4770 |
| PROLOGIS INC. | COM | 74340W103 | BBG001S5NMN6 | 1531598 | 14570 | SH |  | SOLE |  | 0 | 0 | 14570 |
| PTC INC | COM | 69370C100 | BBG001S6DNK6 | 1740634 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 | BBG001S5TH79 | 278749 | 950 | SH |  | SOLE |  | 0 | 0 | 950 |
| PURE STORAGE INC | CL A | 74624M102 | BBG00212PW10 | 305174 | 5300 | SH |  | SOLE |  | 0 | 0 | 5300 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 2175332 | 13659 | SH |  | SOLE |  | 0 | 0 | 13659 |
| QUANTA SVCS INC | COM | 74762E102 | BBG001S5VH85 | 1455608 | 3850 | SH |  | SOLE |  | 0 | 0 | 3850 |
| QUANTUM SI INC | COM CL A | 74765K105 | BBG00X8RS972 | 588000 | 300000 | SH |  | SOLE |  | 0 | 0 | 300000 |
| RB GLOBAL INC | COM | 74935Q107 | BBG001SBQWW8 | 632043 | 5952 | SH |  | SOLE |  | 0 | 0 | 5952 |
| REDDIT INC | CL A | 75734B100 | BBG015RGX648 | 999785 | 6640 | SH |  | SOLE |  | 0 | 0 | 6640 |
| REPLIGEN CORP | COM | 759916109 | BBG001S5VNT9 | 310950 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| REPUBLIC SVCS INC | COM | 760759100 | BBG001S9DL33 | 2182992 | 8852 | SH |  | SOLE |  | 0 | 0 | 8852 |
| RESMED INC | COM | 761152107 | BBG001SBGRC2 | 1664100 | 6450 | SH |  | SOLE |  | 0 | 0 | 6450 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 | BBG0076WG2T4 | 416169 | 6278 | SH |  | SOLE |  | 0 | 0 | 6278 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG001SB0LX9 | 230404 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 | BBG008NMBXP6 | 7010734 | 74877 | SH |  | SOLE |  | 0 | 0 | 74877 |
| ROBLOX CORP | CL A | 771049103 | BBG001V1Y6Z1 | 2125040 | 20200 | SH |  | SOLE |  | 0 | 0 | 20200 |
| ROCKWELL AUTOMATION INC | COM | 773903109 | BBG001S5VRF5 | 2308582 | 6950 | SH |  | SOLE |  | 0 | 0 | 6950 |
| ROLLINS INC | COM | 775711104 | BBG001S5VRG4 | 795522 | 14100 | SH |  | SOLE |  | 0 | 0 | 14100 |
| ROOT INC | CL A NEW | 77664L207 | BBG002GMC9G9 | 3213327 | 25110 | SH |  | SOLE |  | 0 | 0 | 25110 |
| ROPER TECHNOLOGIES INC | COM | 776696106 | BBG001S9B362 | 833255 | 1470 | SH |  | SOLE |  | 0 | 0 | 1470 |
| ROSS STORES INC | COM | 778296103 | BBG001S5VRS1 | 3193455 | 25031 | SH |  | SOLE |  | 0 | 0 | 25031 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 | BBG001S5RMJ7 | 806336 | 2575 | SH |  | SOLE |  | 0 | 0 | 2575 |
| RPM INTL INC | COM | 749685103 | BBG001S7X317 | 878720 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| RUBRIK INC. | CL A | 781154109 | BBG008D32614 | 10816380 | 120732 | SH |  | SOLE |  | 0 | 0 | 120732 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 | BBG011K4W1Y0 | 394342 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| S GLOBAL INC | COM | 78409V104 | BBG001S5T5M8 | 5591911 | 10605 | SH |  | SOLE |  | 0 | 0 | 10605 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 7494067 | 27482 | SH |  | SOLE |  | 0 | 0 | 27482 |
| SAMSARA INC | COM CL A | 79589L106 | BBG0099PW5Q0 | 648414 | 16300 | SH |  | SOLE |  | 0 | 0 | 16300 |
| SANDISK CORP | COM | 80004C200 | BBG01R388JK6 | 247883 | 5466 | SH |  | SOLE |  | 0 | 0 | 5466 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 | BBG001SCWNN9 | 2734242 | 11643 | SH |  | SOLE |  | 0 | 0 | 11643 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 1168784 | 12810 | SH |  | SOLE |  | 0 | 0 | 12810 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 2520553 | 29720 | SH |  | SOLE |  | 0 | 0 | 29720 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 2538096 | 18830 | SH |  | SOLE |  | 0 | 0 | 18830 |
| SERVICE CORP INTL | COM | 817565104 | BBG001S5WBJ5 | 1291655 | 15868 | SH |  | SOLE |  | 0 | 0 | 15868 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 21559865 | 20971 | SH |  | SOLE |  | 0 | 0 | 20971 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG001S5W2F9 | 1259788 | 3669 | SH |  | SOLE |  | 0 | 0 | 3669 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NC7 | 2388899 | 20710 | SH |  | SOLE |  | 0 | 0 | 20710 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 | BBG001S77WM9 | 1069054 | 6650 | SH |  | SOLE |  | 0 | 0 | 6650 |
| SOUTHERN CO | COM | 842587107 | BBG001S5W777 | 530410 | 5776 | SH |  | SOLE |  | 0 | 0 | 5776 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 16957997 | 55631 | SH |  | SOLE |  | 0 | 0 | 55631 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFD1 | 7212996 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 1160127 | 12661 | SH |  | SOLE |  | 0 | 0 | 12661 |
| STEEL DYNAMICS INC | COM | 858119100 | BBG001S98JK5 | 412960 | 3226 | SH |  | SOLE |  | 0 | 0 | 3226 |
| STERIS PLC | SHS USD | G8473T100 | BBG00MRHG532 | 666370 | 2774 | SH |  | SOLE |  | 0 | 0 | 2774 |
| SYNOPSYS INC | COM | 871607107 | BBG001S5VTR8 | 7347217 | 14331 | SH |  | SOLE |  | 0 | 0 | 14331 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 3356129 | 14818 | SH |  | SOLE |  | 0 | 0 | 14818 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 | BBG001S9TN41 | 4295046 | 17686 | SH |  | SOLE |  | 0 | 0 | 17686 |
| TARGA RES CORP | COM | 87612G101 | BBG001TC94B9 | 9872947 | 56715 | SH |  | SOLE |  | 0 | 0 | 56715 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 | BBG01Q08MMX4 | 253005 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 | BBG001S70FY0 | 352176 | 2001 | SH |  | SOLE |  | 0 | 0 | 2001 |
| TERADYNE INC | COM | 880770102 | BBG001S5WMZ3 | 665408 | 7400 | SH |  | SOLE |  | 0 | 0 | 7400 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 7904969 | 24885 | SH |  | SOLE |  | 0 | 0 | 24885 |
| TEXAS INSTRS INC | COM | 882508104 | BBG001S5WYZ7 | 335514 | 1616 | SH |  | SOLE |  | 0 | 0 | 1616 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDQ9 | 892566 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 1390728 | 3430 | SH |  | SOLE |  | 0 | 0 | 3430 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 2039560 | 16516 | SH |  | SOLE |  | 0 | 0 | 16516 |
| TOAST INC | CL A | 888787108 | BBG00BTJVKB1 | 1285296 | 29020 | SH |  | SOLE |  | 0 | 0 | 29020 |
| TORO CO | COM | 891092108 | BBG001S5WX98 | 505503 | 7152 | SH |  | SOLE |  | 0 | 0 | 7152 |
| TRACTOR SUPPLY CO | COM | 892356106 | BBG001S7K017 | 2907363 | 55095 | SH |  | SOLE |  | 0 | 0 | 55095 |
| TRADEWEB MKTS INC | CL A | 892672106 | BBG00NK8H9M7 | 3200304 | 21860 | SH |  | SOLE |  | 0 | 0 | 21860 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 | BBG001S5SBV6 | 4078411 | 9324 | SH |  | SOLE |  | 0 | 0 | 9324 |
| TRANSDIGM GROUP INC | COM | 893641100 | BBG001SPV1C1 | 3768146 | 2478 | SH |  | SOLE |  | 0 | 0 | 2478 |
| TRANSUNION | COM | 89400J107 | BBG002Q7J607 | 1205600 | 13700 | SH |  | SOLE |  | 0 | 0 | 13700 |
| TRAVELERS COMPANIES INC | COM | 89417E109 | BBG001S5R103 | 377766 | 1412 | SH |  | SOLE |  | 0 | 0 | 1412 |
| TYLER TECHNOLOGIES INC | COM | 902252105 | BBG001S5WZB0 | 2532020 | 4271 | SH |  | SOLE |  | 0 | 0 | 4271 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 709080 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| ULTA BEAUTY INC | COM | 90384S303 | BBG00FWQ4W44 | 1773506 | 3791 | SH |  | SOLE |  | 0 | 0 | 3791 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 2073711 | 9013 | SH |  | SOLE |  | 0 | 0 | 9013 |
| UNITED RENTALS INC | COM | 911363109 | BBG001SBGZ25 | 2827510 | 3753 | SH |  | SOLE |  | 0 | 0 | 3753 |
| UNITED STS COMMODITY INDEX F | CM REP COPP FD | 911718104 | BBG00280GFJ5 | 1737606 | 54918 | SH |  | SOLE |  | 0 | 0 | 54918 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 1421023 | 4555 | SH |  | SOLE |  | 0 | 0 | 4555 |
| US BANCORP DEL | COM NEW | 902973304 | BBG001S6T8C1 | 271545 | 6001 | SH |  | SOLE |  | 0 | 0 | 6001 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 485500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 263351 | 2957 | SH |  | SOLE |  | 0 | 0 | 2957 |
| VEEVA SYS INC | CL A COM | 922475108 | BBG001TX0CB4 | 3000752 | 10420 | SH |  | SOLE |  | 0 | 0 | 10420 |
| VERISK ANALYTICS INC | COM | 92345Y106 | BBG001SBRX64 | 3164217 | 10158 | SH |  | SOLE |  | 0 | 0 | 10158 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 | BBG001S68LJ8 | 2220658 | 4988 | SH |  | SOLE |  | 0 | 0 | 4988 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8LM7 | 4747960 | 36975 | SH |  | SOLE |  | 0 | 0 | 36975 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 | BBG004YZ9G74 | 1067772 | 20037 | SH |  | SOLE |  | 0 | 0 | 20037 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 20611363 | 58052 | SH |  | SOLE |  | 0 | 0 | 58052 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 3167631 | 16344 | SH |  | SOLE |  | 0 | 0 | 16344 |
| VULCAN MATLS CO | COM | 929160109 | BBG001S5X8R2 | 3396137 | 13021 | SH |  | SOLE |  | 0 | 0 | 13021 |
| WABTEC | COM | 929740108 | BBG001S5XBT3 | 334960 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 1384272 | 14157 | SH |  | SOLE |  | 0 | 0 | 14157 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG001SKJ4K1 | 2062322 | 11045 | SH |  | SOLE |  | 0 | 0 | 11045 |
| WATSCO INC | COM | 942622200 | BBG001S82CQ2 | 1114207 | 2523 | SH |  | SOLE |  | 0 | 0 | 2523 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 1168710 | 14587 | SH |  | SOLE |  | 0 | 0 | 14587 |
| WESTERN DIGITAL CORP | COM | 958102105 | BBG001S5XD28 | 1049436 | 16400 | SH |  | SOLE |  | 0 | 0 | 16400 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 | BBG003M3V2V9 | 11649938 | 301032 | SH |  | SOLE |  | 0 | 0 | 301032 |
| WEX INC | COM | 96208T104 | BBG001SCJLG6 | 256176 | 1744 | SH |  | SOLE |  | 0 | 0 | 1744 |
| WILLIAMS SONOMA INC | COM | 969904101 | BBG001SBW7S1 | 1377863 | 8434 | SH |  | SOLE |  | 0 | 0 | 8434 |
| WINGSTOP INC | COM | 974155103 | BBG008N298X9 | 387251 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| WORKDAY INC | CL A | 98138H101 | BBG001T21KQ7 | 1248000 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 226296 | 3323 | SH |  | SOLE |  | 0 | 0 | 3323 |
| XPENG INC | ADS | 98422D105 | BBG00WKJG3N6 | 256578 | 14350 | SH |  | SOLE |  | 0 | 0 | 14350 |
| YUM BRANDS INC | COM | 988498101 | BBG001S7JQ30 | 1311245 | 8849 | SH |  | SOLE |  | 0 | 0 | 8849 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 | BBG001S6SX73 | 362015 | 1174 | SH |  | SOLE |  | 0 | 0 | 1174 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 1076835 | 6905 | SH |  | SOLE |  | 0 | 0 | 6905 |
| ZSCALER INC | COM | 98980G102 | BBG003338H61 | 2715581 | 8650 | SH |  | SOLE |  | 0 | 0 | 8650 |

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