# EDGAR Filing Document

**Accession Number:** 0002094379
**File Stem:** 0001960050-25-000016
**Filing Date:** 2025-8
**Character Count:** 28120
**Document Hash:** f9dce2e0d35526676962a3111a385fb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001960050-25-000016.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001960050-25-000016

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20250814

**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:** 251216670

**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:** 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:** 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  08-14-2025<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:** 244

**Form 13F Information Table Value Total:** $13651214558

      (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 |
| 3M CO | COM | 88579Y101 |  | 70060848 | 460200 | SH |  | SOLE |  | 460200 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 5984440 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 119223726 | 642300 | SH |  | SOLE |  | 642300 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 7350720 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 29174640 | 205600 | SH |  | SOLE |  | 205600 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 303088 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 12189321 | 60550 | SH |  | SOLE |  | 60550 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 237189056 | 1337105 | SH |  | SOLE |  | 1337105 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 538038473 | 3053047 | SH |  | SOLE |  | 3053047 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 476665801 | 2172687 | SH |  | SOLE |  | 2172687 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 165352494 | 694700 | SH |  | SOLE |  | 694700 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 21088797 | 59112 | SH |  | SOLE |  | 59112 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 9427026 | 544600 | SH |  | SOLE |  | 544600 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 2727404 | 62800 | SH |  | SOLE |  | 62800 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 867837914 | 4229848 | SH |  | SOLE |  | 4229848 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 32037250 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 6883380 | 75600 | SH |  | SOLE |  | 75600 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 40617070 | 397000 | SH |  | SOLE |  | 397000 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 15381474 | 95100 | SH |  | SOLE |  | 95100 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 7020260 | 80600 | SH |  | SOLE |  | 80600 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 19737600 | 64000 | SH |  | SOLE |  | 64000 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 8100246 | 827400 | SH |  | SOLE |  | 827400 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 389101192 | 8222764 | SH |  | SOLE |  | 8222764 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 6037182 | 89400 | SH |  | SOLE |  | 89400 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1293762 | 14200 | SH |  | SOLE |  | 14200 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 206792289 | 425700 | SH |  | SOLE |  | 425700 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 16248309 | 1588300 | SH |  | SOLE |  | 1588300 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 40087440 | 268000 | SH |  | SOLE |  | 268000 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1047650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 207254792 | 35800 | SH |  | SOLE |  | 35800 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 17185600 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 |  | 893214 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 |  | 18248140 | 649400 | SH |  | SOLE |  | 649400 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 43475568 | 939200 | SH |  | SOLE |  | 939200 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 662662600 | 2404000 | SH |  | SOLE |  | 2404000 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 9059610 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 16251690 | 91000 | SH |  | SOLE |  | 91000 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 1791240 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| CEVA INC | COM | 157210105 |  | 7801252 | 354925 | SH |  | SOLE |  | 354925 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 1896625 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 5615000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 298079237 | 4296328 | SH |  | SOLE |  | 4296328 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 13414912 | 157600 | SH |  | SOLE |  | 157600 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 |  | 3491490 | 90500 | SH |  | SOLE |  | 90500 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 43157500 | 610000 | SH |  | SOLE |  | 610000 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 81264600 | 894000 | SH |  | SOLE |  | 894000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 89453416 | 2506400 | SH |  | SOLE |  | 2506400 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 123437370 | 1375500 | SH |  | SOLE |  | 1375500 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 363604962 | 367300 | SH |  | SOLE |  | 367300 | 0 | 0 |
| COUCHBASE INC | COM | 22207T101 |  | 6309544 | 258800 | SH |  | SOLE |  | 258800 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 55942878 | 604200 | SH |  | SOLE |  | 604200 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 7204704 | 220800 | SH |  | SOLE |  | 220800 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 39508000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 15275750 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 6033015 | 582900 | SH |  | SOLE |  | 582900 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 34722800 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 799444 | 509200 | SH |  | SOLE |  | 509200 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 15534074 | 63016 | SH |  | SOLE |  | 63016 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 5521000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 14780480 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 286243416 | 367200 | SH |  | SOLE |  | 367200 | 0 | 0 |
| EMBECTA CORP | COMMON STOCK | 29082K105 |  | 2751960 | 284000 | SH |  | SOLE |  | 284000 | 0 | 0 |
| ESCO TECHNOLOGIES INC | COM | 296315104 |  | 5698539 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 |  | 8963748 | 147600 | SH |  | SOLE |  | 147600 | 0 | 0 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 |  | 9238066 | 292900 | SH |  | SOLE |  | 292900 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 7408730 | 21800 | SH |  | SOLE |  | 21800 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 7020610 | 623500 | SH |  | SOLE |  | 623500 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 6507072 | 1042800 | SH |  | SOLE |  | 1042800 | 0 | 0 |
| EXLSERVICE HOLDINGS INC | COM | 302081104 |  | 5675184 | 129600 | SH |  | SOLE |  | 129600 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 14305060 | 132700 | SH |  | SOLE |  | 132700 | 0 | 0 |
| FIRST FINL BANCORP OH | COM | 320209109 |  | 1215426 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 5851562 | 43300 | SH |  | SOLE |  | 43300 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 4439558 | 25750 | SH |  | SOLE |  | 25750 | 0 | 0 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 6138216 | 68400 | SH |  | SOLE |  | 68400 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 8258175 | 190500 | SH |  | SOLE |  | 190500 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 8323120 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 31066973 | 120700 | SH |  | SOLE |  | 120700 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 14291340 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 17919083 | 364135 | SH |  | SOLE |  | 364135 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 40924452 | 511300 | SH |  | SOLE |  | 511300 | 0 | 0 |
| GLOBAL X FDS | US PFD ETF | 37954Y657 |  | 6891780 | 366000 | SH |  | SOLE |  | 366000 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 26027961 | 631900 | SH |  | SOLE |  | 631900 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 |  | 20260345 | 202300 | SH |  | SOLE |  | 202300 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2229413 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| GRINDR INC | COM | 39854F101 |  | 8192430 | 360900 | SH |  | SOLE |  | 360900 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 6900018 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 |  | 2224698 | 102900 | SH |  | SOLE |  | 102900 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 |  | 2373404 | 16700 | SH |  | SOLE |  | 16700 | 0 | 0 |
| HARBORONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 628384 | 53800 | SH |  | SOLE |  | 53800 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 40942034 | 295525 | SH |  | SOLE |  | 295525 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 9972608 | 27200 | SH |  | SOLE |  | 27200 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 6307584 | 25800 | SH |  | SOLE |  | 25800 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1099456 | 65600 | SH |  | SOLE |  | 65600 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 118231680 | 5278200 | SH |  | SOLE |  | 5278200 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 24319350 | 82500 | SH |  | SOLE |  | 82500 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 8864208 | 362100 | SH |  | SOLE |  | 362100 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 98453750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 39125520 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 8043072 | 616800 | SH |  | SOLE |  | 616800 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 3043140 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S 500 MOMNTM | 46138E339 |  | 10324746 | 91800 | SH |  | SOLE |  | 91800 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 7539308 | 105800 | SH |  | SOLE |  | 105800 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 5026216 | 80600 | SH |  | SOLE |  | 80600 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 16208100 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 10078441 | 257300 | SH |  | SOLE |  | 257300 | 0 | 0 |
| ISHARES INC | MSCI EM ASIA ETF | 464286426 |  | 2145557 | 25991 | SH |  | SOLE |  | 25991 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 25658480 | 698000 | SH |  | SOLE |  | 698000 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 19375943 | 162700 | SH |  | SOLE |  | 162700 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 15416797 | 289300 | SH |  | SOLE |  | 289300 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 5512900 | 72500 | SH |  | SOLE |  | 72500 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 11348480 | 114400 | SH |  | SOLE |  | 114400 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 39074640 | 288800 | SH |  | SOLE |  | 288800 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 13744808 | 148400 | SH |  | SOLE |  | 148400 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 5502000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 31407293 | 355890 | SH |  | SOLE |  | 355890 | 0 | 0 |
| J JILL INC | COM | 46620W201 |  | 486048 | 33200 | SH |  | SOLE |  | 33200 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 19116487 | 215300 | SH |  | SOLE |  | 215300 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 10398675 | 204900 | SH |  | SOLE |  | 204900 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 53890200 | 352800 | SH |  | SOLE |  | 352800 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 235290956 | 811600 | SH |  | SOLE |  | 811600 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 23023000 | 1100000 | SH |  | SOLE |  | 1100000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 5630118 | 170300 | SH |  | SOLE |  | 170300 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 127195080 | 142000 | SH |  | SOLE |  | 142000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 19839307 | 577900 | SH |  | SOLE |  | 577900 | 0 | 0 |
| KULICKE  SOFFA INDS INC | COM | 501242101 |  | 5176160 | 149600 | SH |  | SOLE |  | 149600 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 9247300 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 15518583 | 140300 | SH |  | SOLE |  | 140300 | 0 | 0 |
| LIGHT  WONDER INC | COM | 80874P109 |  | 32728400 | 340000 | SH |  | SOLE |  | 340000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 16421300 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 |  | 3841489 | 149300 | SH |  | SOLE |  | 149300 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 27325260 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 4857928 | 216100 | SH |  | SOLE |  | 216100 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 5058696 | 78600 | SH |  | SOLE |  | 78600 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 424264700 | 755000 | SH |  | SOLE |  | 755000 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 55074045 | 188500 | SH |  | SOLE |  | 188500 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 4396680 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 93638014 | 1074200 | SH |  | SOLE |  | 1074200 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 52934292 | 668700 | SH |  | SOLE |  | 668700 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 6543600 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 782412305 | 1060050 | SH |  | SOLE |  | 1060050 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 17268828 | 214733 | SH |  | SOLE |  | 214733 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 18647725 | 151300 | SH |  | SOLE |  | 151300 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 560561174 | 1126960 | SH |  | SOLE |  | 1126960 | 0 | 0 |
| MOOG INC | CL A | 615394202 |  | 8632269 | 47700 | SH |  | SOLE |  | 47700 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 121139600 | 860000 | SH |  | SOLE |  | 860000 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 25977461 | 174100 | SH |  | SOLE |  | 174100 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 22726272 | 254152 | SH |  | SOLE |  | 254152 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 46869550 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 19225800 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 15758340 | 227000 | SH |  | SOLE |  | 227000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 22022400 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 28905296 | 2106800 | SH |  | SOLE |  | 2106800 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 882152964 | 5583600 | SH |  | SOLE |  | 5583600 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 17691618 | 196290 | SH |  | SOLE |  | 196290 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 |  | 5025600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PACIFIC PREMIER BANCORP | COM | 69478X105 |  | 5358969 | 254100 | SH |  | SOLE |  | 254100 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 20416510 | 149769 | SH |  | SOLE |  | 149769 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 7432000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 7954160 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 89127000 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 4789824 | 197600 | SH |  | SOLE |  | 197600 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 64359586 | 4616900 | SH |  | SOLE |  | 4616900 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 70903209 | 389300 | SH |  | SOLE |  | 389300 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 |  | 2562074 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| PIPER SANDLER COMPANIES | COM | 724078100 |  | 5808946 | 20900 | SH |  | SOLE |  | 20900 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 22228721 | 119240 | SH |  | SOLE |  | 119240 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 887800 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 62102936 | 389800 | SH |  | SOLE |  | 389800 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 158034492 | 592200 | SH |  | SOLE |  | 592200 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 6416847 | 116100 | SH |  | SOLE |  | 116100 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 94345624 | 592400 | SH |  | SOLE |  | 592400 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 9520086 | 264300 | SH |  | SOLE |  | 264300 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 23656650 | 86250 | SH |  | SOLE |  | 86250 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 88200000 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 964320 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 5018508 | 25300 | SH |  | SOLE |  | 25300 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 58717841 | 238100 | SH |  | SOLE |  | 238100 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM | 766559702 |  | 11079788 | 591553 | SH |  | SOLE |  | 591553 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 9016659 | 17100 | SH |  | SOLE |  | 17100 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 252622198 | 926408 | SH |  | SOLE |  | 926408 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 161275824 | 1767600 | SH |  | SOLE |  | 1767600 | 0 | 0 |
| SELECTIVE INS GROUP INC | COM | 816300107 |  | 9124245 | 105300 | SH |  | SOLE |  | 105300 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 46841014 | 618200 | SH |  | SOLE |  | 618200 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 31966816 | 93100 | SH |  | SOLE |  | 93100 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 4322275 | 57500 | SH |  | SOLE |  | 57500 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 15175212 | 462800 | SH |  | SOLE |  | 462800 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 15668823 | 70022 | SH |  | SOLE |  | 70022 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 124061914 | 3824350 | SH |  | SOLE |  | 3824350 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 67527466 | 221525 | SH |  | SOLE |  | 221525 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 32672993 | 335900 | SH |  | SOLE |  | 335900 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 2839340 | 119300 | SH |  | SOLE |  | 119300 | 0 | 0 |
| SPRINKLR INC | CL A | 85208T107 |  | 5443164 | 643400 | SH |  | SOLE |  | 643400 | 0 | 0 |
| SPROUT SOCIAL INC | COM CL A | 85209W109 |  | 7178403 | 343300 | SH |  | SOLE |  | 343300 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 2739510 | 183000 | SH |  | SOLE |  | 183000 | 0 | 0 |
| STONECO LTD | COM CL A | G85158106 |  | 7925364 | 494100 | SH |  | SOLE |  | 494100 | 0 | 0 |
| STRIDE INC | COM | 86333M108 |  | 9509945 | 65500 | SH |  | SOLE |  | 65500 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 68443990 | 173000 | SH |  | SOLE |  | 173000 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 9146909 | 902062 | SH |  | SOLE |  | 902062 | 0 | 0 |
| TAL EDUCATION GROUP | SPONSORED ADS | 874080104 |  | 28451458 | 2783900 | SH |  | SOLE |  | 2783900 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 50212850 | 509000 | SH |  | SOLE |  | 509000 | 0 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 9807471 | 242100 | SH |  | SOLE |  | 242100 | 0 | 0 |
| TELEPHONE  DATA SYS INC | COM NEW | 879433829 |  | 6938100 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 59529484 | 187400 | SH |  | SOLE |  | 187400 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 81594660 | 393000 | SH |  | SOLE |  | 393000 | 0 | 0 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 11806830 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 50644856 | 153200 | SH |  | SOLE |  | 153200 | 0 | 0 |
| THERAVANCE BIOPHARMA INC | COM | G8807B106 |  | 1403016 | 127200 | SH |  | SOLE |  | 127200 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 136477836 | 336600 | SH |  | SOLE |  | 336600 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 20128870 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 17176453 | 226692 | SH |  | SOLE |  | 226692 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 6873963 | 122881 | SH |  | SOLE |  | 122881 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 114433509 | 497364 | SH |  | SOLE |  | 497364 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 39744978 | 127400 | SH |  | SOLE |  | 127400 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 5944306 | 175400 | SH |  | SOLE |  | 175400 | 0 | 0 |
| VALARIS LTD | CL A | G9460G101 |  | 5617474 | 133400 | SH |  | SOLE |  | 133400 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 2854800 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 13827136 | 265600 | SH |  | SOLE |  | 265600 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 7574580 | 298800 | SH |  | SOLE |  | 298800 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 7704730 | 97900 | SH |  | SOLE |  | 97900 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 20446531 | 106100 | SH |  | SOLE |  | 106100 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 4948386 | 17400 | SH |  | SOLE |  | 17400 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 3815472 | 23200 | SH |  | SOLE |  | 23200 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 47135322 | 198900 | SH |  | SOLE |  | 198900 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 54807074 | 310100 | SH |  | SOLE |  | 310100 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 73209302 | 1089100 | SH |  | SOLE |  | 1089100 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 3695725 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 13395340 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 7865424 | 61200 | SH |  | SOLE |  | 61200 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 50890950 | 670500 | SH |  | SOLE |  | 670500 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 15900000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 29194740 | 289200 | SH |  | SOLE |  | 289200 | 0 | 0 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 6299259 | 248100 | SH |  | SOLE |  | 248100 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 31609200 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 8819151 | 196900 | SH |  | SOLE |  | 196900 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 163331712 | 1670400 | SH |  | SOLE |  | 1670400 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 5873019 | 143700 | SH |  | SOLE |  | 143700 | 0 | 0 |
| WEAVE COMMUNICATIONS INC | COM | 94724R108 |  | 3099716 | 372562 | SH |  | SOLE |  | 372562 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 22615472 | 282270 | SH |  | SOLE |  | 282270 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 63990000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| WILLIS LEASE FIN CORP | COM | 970646105 |  | 5211470 | 36500 | SH |  | SOLE |  | 36500 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 17976225 | 58650 | SH |  | SOLE |  | 58650 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 5280000 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 46322640 | 707000 | SH |  | SOLE |  | 707000 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 9029400 | 447000 | SH |  | SOLE |  | 447000 | 0 | 0 |

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